Avanse Education Loan: All You Need to Know
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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.
It covers expenses like tuition fees, travelling costs, accommodation expenses, cost of living, and other education-related costs. If a student meets the eligibility criteria, submits their documents on time and fulfils the company’s requirements, they can get the education loan sanctioned in just 3 days*. 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 new-age, education-focused NBFC. It offers study loans to make education financing seamless and affordable for every deserving Indian student.. Avanse Financial Services has offered education loans for 1,580+ educational institutions located in 49 countries across the world.
Student loans offered by Avanse are one of the best education loans in India as they cover the holistic cost of education, including tuition fees, travelling expenses, living costs, learning devices, and other education-related expenses. Also, students can customise their loans according to their needs. From pre-visa education loans to score-based benefits, Avanse Financial Services offers financing solutions that consider a wide spectrum of students’ needs.
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Key Features of Avanse Education Loan
Here are some key features of the Avanse education loan:
- Quick Disbursal Process: If you meet their eligibility criteria and submit documents on time, then you can get quick disbursal in just 3 days*. (Please remember that your student profile will be thoroughly examined to determine your employability potential)
- 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 is up to 17 years.
- With Collateral or Without Collateral: Students can choose between secured (with collateral) and unsecured (without collateral) education loans based on their financial requirements and preferences.
- No Limit on Maximum: Students can borrow any amount they need. The minimum education loan amount is Rs. 1 Lakh.
Expenses Covered Under Avanse Education Loan
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 expenses better.
- Tuition Fee: Up to 100% of the university tuition fee.
- Living Expenses: 75% of the cost of living, including the purchase of books, computers and other equipment, as long as it does not exceed 20% of the tuition fee.
- Travel Expenses: Upto INR 75,000 to cover the travel expense of student only.
- Other Expenses: Up to 100% of the building fund or caution deposit or refundable deposit as long as it does not exceed 10% of the tuition fee and comes with valid bills or receipts from the educational institution.
Eligibility Criteria of Avanse Education Loan
To borrow the education loan offered by Avanse Financial Services, students need to meet basic eligibility requirements. No student will get approval for an education loan without fulfilling the eligibility criteria. Here we have mentioned point-wise Avanse Student Loan eligibility:
For students
- Nationality: Applicant must be an Indian citizen
- Age: The applicant should be 18 or older
- Admission: Should have a confirmed admission before the final disbursal
- Co-borrower: Should have a co-borrower who earns in India
For Co-borrowers
- Who can be a co-applicant: The co-borrower should be an Indian citizen and must be a parent, legal guardian, sibling or other blood relative.
- Bank account: Should have a bank account in India that allows them to sign cheques
- Responsibility: Must be the primary debtor
Related Read:
Predict your IELTS, TOEFL, and PTE in just 4 steps!
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 |
|
| From Co-Applicant |
|
Collateral Documents
If you choose a secured education loan, the collateral Avanse accepts as security includes:
- Resident property (house or apartment)
- Fixed deposit
- Non-agricultural land
How to Apply for Avanse Education Loan?
The process of applying for an Avanse Student Loan is not complex at all. There are just 4 steps to complete the education loan process. We have mentioned the step-by-step process below:
- Visit the official website of Avanse Financial Services to apply online, or visit their nearest branch office.
- An Avanse representative will connect with you for counselling.
- Submit all the documents required.
- If you tick all the boxes, your education loan will be approved.
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.
- Share accurate information about yourself and your academics
- Keep in contact with loan representative and be available on calls/emails
Avanse Education Loan Interest Rates
Avanse Financial Services offers education loans at a floating rate of interest. The formula to calculate the Avanse education loan interest rate is Avanse Base Rate + Spread.
Here, the current base rate is 14.55% (w.e.f. 1st December 2024). Meanwhile, the Spread percentage changes periodically based on your overall credit and course profiling. The interest rate may vary due to various macroeconomic factors and the company policies.
Loan Processing Fee
The processing fee of student loans offered by Avanse Financial Services varies between 1% to 2% of the education loan amount. The final amount of the loan processing fee depends on your application and may vary on a case-to-case basis. However, you will get to know about the exact percentage when you speak to an Avanse representative.
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:
Q: Â Is university of West of Scotland good for international students?
Q: Â What rank is Wolverhampton University in UK?
The University of Wolverhampton is one of the best universities in the United Kingdom. The university is consistently ranked among the best universities nationally and globally. For nearly 200 years, the University of Wolverhampton has been consistently providing a quality of education to students and producing highly skilled graduates. The national rankings of the University of Wolverhampton are given below:
| Ranking Body | Ranking |
|---|---|
| The Guardian University Guide 2024 | #101 |
| The Complete University Guide 2024 | #117 |
Q: Â Does the University of Essex require IELTS?
International students whose native language is not English must meet the University of Essex English language requirements to get admission. The university accepts IELTS scores as proof of English language proficiency. Mentioned below are the IELTS scores required for UG and PG admission at the university:
English Language Test | Score |
|---|---|
IELTS | Overall score of 5.5 to 8.0 with minimum of 5.5 to 7.5 in each section |
The university also accepts the score of other English language tests such as TOEFL and PTE for admission to undergraduate and graduate programs:
English Language Test | Score |
TOEFL iBT | Overall score of 72 to 114 |
PTE | Overall score of 59 to 84 with minimum of 59 to 80 in each section |
Also read: Required IELTS Score for UK Universities
Q: Â How can I get admission in the University of Manchester?
The application process at the University of Manchester may vary depending on the course and level of study. However, here is the application process for UG and PG courses:
The Undergraduate Application Process:
Step 1: You can apply through the UCAS common application portal.
Step 2: Go to the website and select the course you are interested in.
Step 3: Ensure you meet the Entry requirements (Academic qualifications, English proficiency, etc.
Step 4: Once you decide on the course, submit documents such as SOP, Transcripts and personal statements.
Check out: tips to improve your SOP.
Step 5: You can track the application's progress through your given credentials by UCAS.
Step 6: Once the applicant submits the application to UCAS, it forwards to the University, and the admission teams carefully analyse the application document.
Step 7: The university will send you an offer letter once selected. Hence keep checking your UCAS portal for your application status.
The Postgraduate application process:
Step 1: Select the postgraduate course you are interested in from the University of Manchester.\
Step 2: Ensure you meet the entry requirements for the chosen program, as they vary depending on the course.
Step 3: Complete the online application by providing your personal information.
Step 4: Upload the required documents, such as Academic transcripts and proof of English language proficiency ( TOEFL/ IELTS). experience in your fields and references (depending on the course). You also may require Two LORs depending on the course.
To make your admission better, check out the following: How Admission Officers Evaluate your application.
Step 5: If your application is successful, you will receive an offer from the University of Manchester.
Q: Â Is Hertfordshire University hard to get into?
With a 70% acceptance rate, the University of Hertfordshire is not hard to get into and follows easy selection criteria during admissions. This does not mean the university accepts all the students applying for different programs. The selection is based on academic performance, English language requirements, references, and many more. Some of the programs at Hertfordshire even demand an experience of 4-5 years. Students must fulfill the eligibility criteria to enroll in any programme at Hertfordshire University. In addition, students with average performance can showcase their relevant experience or extracurricular activities participation to increase their selection probability.
Q: Â How much IELTS score is required for Hertfordshire University?
International students coming from diverse backgrounds must prove their English language proficiency by submitting the scores of IELTS, PTE, and Duolingo at Hertfordshire University. The university demands an IELTS score of 6 from the students. Along with the IELTS scores, students can refer to the table below for all the required English proficiency score:
English language test | Minimum Score required UG | Minimum Score required PG |
|---|---|---|
6 or above | 6 or above | |
59 or above | 58 or above | |
105 or above | 120 or above |
Q: Â What is University of Wales, Trinity Saint famous for?
University of Wales, Trinity Saint (UWTSD) was founded in 2010, is a public institution for higher education and research at multiple locations. It was set up under the 1828 royal charter of Lampeter, the institution was the result of the merger between Trinity University College and the University of Wales. The institution merged with the Swansea Metropolitan University in 2013.
- Top Ranked University: The UWTSD is not ranked by any major ranking body, however as per the university ranking given on the official website of the university, it is ranked among:
- #1st in Wales and UK Top 5 Film Production and Photography
- #1st in Wales and UK Top 5 Fashion and Textiles
- #1st in Wales and UK Top 20 Graphic Design
- #1st in Wales and UK Top 5 Education
- #1st in Wales and UK Top 20 Sports Science
- #1st in Wales and UK Top 20 Mechanical Engineering
- #1st in Wales for Fine Arts
- Variety of Courses: UWTSD offers more than 300 programs at various levels including undergraduate, postgraduate degrees as well as multiple online courses.
- Highly distinguished and learned faculties: the faculty at UWTSD is highly learned and distinguished which enables students to be the best in their field of study.
- High Placements: According to Graduate Outcome data 2019-2020 quoted by the UWTSD, more than 95% of its graduates were found to be employed within 15 Months of graduation. The average salary of a graduate is not explicitly released by UWTSD, however, as per some unofficial sources the average salary of the graduates of UWTSD is approximately INR 30-35L. with the highest salary being reported as high as INR 66.5L for jobs in Financial Services.
Q: Â What is the ranking of NTU UK in terms of employability?
According to Uni Compare rankings 2024, NTU has been placed at #1 in the UK for employability. In addition to this, as per the details available on the web, some of the top companies where NTU UK alumni work are Deloitte, Microsoft, Tesco, Turner & Townsend, The Access Group, etc. Some of the industries where the alumni work are Operations, Business Development, Arts and Design, Sales, Marketing, IT, Engineering, Finance, Media & Communication, etc.
- Loan Tenure: Varies between 12 months and 17 years
- Moratorium Period: 6 months post-course completion or 3 months after finding a job, whichever is earlier.
- Flexible Repayment options:
- You can pay simple interest (SI)/partial interest (PI) during the course
- EMI payment during the course
- EMI payment after the course and more flexible options
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.
Raj Vimal has experience of 7+ years in SEO Content Writing, which includes 5+ years in the Ed-Tech industry. He has written articles about studying abroad, especially in the USA, UK, and other English-speaking coun... Read Full Bio
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The University of the West of Scotland has five modern and diverse campuses in United Kingdom. The University has welcomed more than 3,000 international students which are representing 1/3 of the globe. They also have 130 European partners who are actively in global study and exchange options through the Commonwealth universities programmes. The University also offers study abroad opportunities for UWS who are eligible for the same and also have more than 20 transnational education partners worldwide which helps them deliver UWS Bachelors and Masters Degrees around the world.