Avanse Education Loan: All You Need to Know

Avanse Financial Services offers education loans to Indian students for both domestic and international studies. It covers expenses like tuition fees, cost of living, and travel costs up to INR 75,000 for the applicant. If an eligible student submits their documents on time, they can get the loan disbursed in just 3 days.

The moment a student decides to pursue higher studies the first thing that comes to mind, is how to finance my dream of higher education. The options are limited. While scholarships are a viable option for some, most students rely on savings or education loans. There are multiple education loan providers in India including banks and NBFC. A popular education loan provider is Avanse Financial Services, providing loans for both domestic and international studies.

In this article, we will cover information about Avanse Education Loans to study in India and abroad. Also, we’ll let you know about key features, eligibility, repayment options and how to apply for Avanse Student Loan. 

Avanse Education Loan

Avanse Financial Services is a popular NBFC (Non-Banking Financial Company) that offers education loans to Indian students who are studying abroad and in India. To make the education loan process easy, smooth and quicker, Avanse Financial Services has a tie-up with 1,550+ universities located in 49 countries across the world.

It is one of the best education loans in India as the Avanse Education Loan covers 100% of the expenses of your overseas higher education, including tuition fees, living costs, learning devices, and more. Also, students can customise their education loans according to their needs. From pre-visa education loans to Score-based benefits, Avanse Financial Services offers different types of study loans to cater for the needs of students.

Also Read:

Vidyalakshmi Education Loan	Indian Banks Offering Education Loans for Studying Abroad
Education Loan Calculator	Public v/s Private Education Loan Providers

Key Features of Avanse Education Loan

Here are some key features of the Avanse education loan:

• Quick Disbursal Process: If you are eligible and submitted documents on time then you can get quick disbursal in just 3 days.
• Floating Interest Rates: Avanse Education loan is available at only floating ROI. It means it can change based on different conditions.
• Flexible Repayment Options: You can choose desired repayment options, as tenure varies between 1 year to 18 years. 
• With Collateral or Without Collateral: Students can choose any education loan option (Depending on your course, creditworthiness and the university you choose).
• No Limit on Maximum: Students can borrow any amount they need. The minimum loan amount for abroad studies is 1.00 Lakh.

Expenses Covered Under Avanse Education Loan

As mentioned on the website of Avanse Financial Services, the overseas education loan covers expenses like tuition fees, living expenses, travel expenses, the price of books, devices and other equipment for learning, and refundable deposits. Now, let’s understand the conditions for each one. 

• Tuition Fee: Up to 100% of the university tuition fee.
• Living Expenses: 75% of the total cost of living. Also, up to 20% of tuition fee to buy books, and electronic devices (Laptop, etc).
• Travel Expenses: Upto INR 75,000 to cover the travel expense of student only.
•  Accommodation: Up to 10% of tuition fee for building fund caution deposit or refundable deposit (With bill).

Eligibility Criteria of Avanse Education Loan

To borrow the education loan offered by Avanse Financial Services, students need to meet the eligibility set for it. No student will get the approval for a student loan without fulfilling the requirements. Here we have mentioned point-wise Avanse Education Loan eligibility:

• Nationality: Applicant must be an Indian Citizen. 
• Age: The age of the applicant should not be less than 18 years.
• Co-Borrower: Must apply with a co-borrower who earns in India.
• Academic Requirement: There is no written academic eligibility for borrowing Avanse Education Loan.

Related Read:

• Things to Know Before Applying for a Foreign Education Loan
• Education Loan Eligibility

Documents Required for Avanse Education Loan

After eligibility, now let’s understand which are the required documents you should have to apply for Avanse Education Loan. Below, we have mentioned a list of documents required for an education loan:

Documents Required For Avanse Student Loan
From Students	2 Colour Passport-sized Photos Photo ID (Passport, Aadhaar card, PAN card) Residence Proof Date of Birth Proof  Signature Verification Academic Documents (Marksheets, Certificates) Proof of Admission Fee Structure
From Co-Applicant	2 Colour Passport-sized Photos Photo ID Residence Proof Date of Birth Proof  Signature Verification Income Proof  Collateral Documents  8-month Bank Statement  Relationship Proof

Collateral Documents

• Resident Property (House or Apartment) 
• Non-agricultural land
• Life insurance with a surrender value equal to the required security coverage.

How to Apply for Avanse Education Loan?

To apply for an Avanse Student Loan, the process is not complex at all. There are just 3 to 5 steps to complete the education loan process offered by Avanse Financial Services. We have mentioned the step-by-step process below:

1. Visit the official website of Avanse Financial Services, or call at toll-free number at 1800-266-0200 or submit a filled application form.
2. A representative of Avanse will connect you for counselling.
3. Submit all the documents required.
4. If all things are okay, you will get an education loan confirmation by SMS/Email in just 3 days.
5. Easy disbursement of tuition fees and living expenses in your bank account.

Tips to Apply for Avanse Student Loan

To get the education loan approved quickly, you need to help the counselling team. Here are some tips for it:

• Prepare all the documents before you apply.
• If possible keep scanned copies of documents.
• Tell the correct information about you and your academics.
• Keep in contact with loan representative and answer their calls/emails.

Avanse Education Loan Interest Rates

As mentioned earlier, Avanse Financial Services offers education loans at a floating rate of interest. The formula to calculate Avanse Education loan interest rate is Avanse Base Rate + Spread. 

Here the average base rate is 14.55% on 1 Dec 2024. While the Spread percentage changes periodically based on your overall credit and course profiling.  

Loan Processing Fee

The processing fee of student loans offered by Avanse Financial Services varies between 1% to 2%. The final amount of the loan processing fee depends on your situation. However, you will get to know about the exact percentage during your counselling.

How to Repay Avanse Student Loan? 

Repayment of education loans is crucial to understand. It helps you to understand how much amount you are actually going to repay the lender against your student loan. You can choose to start the repayment after the college time or during the college time. Here are some information that you should know about repaying Avanse education loan:

• Loan Tenure: Varies between 12 Months to 180 Months.
• Moratorium Period: 6 months post-course completion or 3 months post-job, whichever is later.

Related Read: How to Repay Student Loans Faster?

This is all about the Avanse Education Loan offered by Avanse Financial Services. We have covered every possible query of a student who wants to apply for a student loan. If you have any queries or want to ask anything related to this, feel free to connect with us. Also, you can mention your query in the comment box below.

You can Apply for education loan through Shiksha Study Abroad.