Collateral free education loans are an amazing facilitator to your study abroad dreams when you do not have property to pledge with government banks. In India, unsecured education loans are provided by Non-Banking Financial Companies (NBFCs). If you are looking for a non collateral loan, you need to know everything about the Avanse Education Loan Scheme. Avanse Financial Services Ltd is one of India’s leading Non- Banking Financial Companies (NBFCs) that provide collateral-free loans to students planning to study abroad.
Here are the basic details of Avanse Education Loan for Abroad Studies:
Avanse Education Loan Topics Covered
To get started with the best package at Avanse Education Loan apply here!
|Main points of consideration in Avanse Education Loan without Collateral||Key pointers of Avanse Education Loan for Abroad Studies|
|Eligible Courses||Mostly Masters and Diploma programs from STEM field only. Professional and technical courses like MS and MBA are preferred|
|Eligible Countries||USA, Germany, Canada and Ireland are preferred|
|Rate of Interest||11% - 15% depending on the profile of the student|
|Maximum Loan amount||45 Lacs (unsecured), secured can be higher|
|Repayment Begins||Simple Interest during the course, Partial Interest and full EMI options are available|
|Processing Charges||1- 2% of the loan amount- depending on the student’s profile|
|Maximum Tenure||10 years|
For an unsecured education loan, the terms and conditions are dependent on so many factors- the course and country, the student’s academic profile and the co-applicant’s financial profile. Hence the Avanse Education Loan terms and conditions are also flexible. This is where WeMakecholars helps you. Since we have partnered with innumerable banks and NBFCS, we can tell you exactly what a student with your profile can expect. Sign up for a free assessment of your overall profile with our experts.
According to Avanse Education Loan guidelines:
To get an education loan without security in Avanse, the Co- Applicant:
According to Avanse Education Loan rules, Masters and Diploma Courses are selected for funding with collateral-free loans for international studies. Technical and Professional courses in the STEM field are preferred like MS and MBA. Arts and Humanities courses or even pilot training and license courses will be rejected. According to the Avanse Education Loan rules, Ph.D. and Bachelors programs are not eligible. This is because the duration of such courses is much longer and so the repayment tenure gets extended that much more. This is why longer duration courses do not meet the Avanse Education Loan eligibility criteria. However, Bachelors programs are sometimes considered if collateral security is provided.
This video by WeMakeScholars co- founder Damini Mahajan systematically explains all the main Non Collateral Avanse Education Loan details. Watch the video to become a Avanse Education Loan expert yourself!
Unsecured Education Loans from Avanse Financial Services Ltd are limited to a few destinations. It is easiest to get an Education loan from Avanse for USA, Germany, Canada and Ireland. This is because it is much easier to get Permanent Resident Status and eventual citizenship in these countries. Unsecured Education Loan providers want the student to earn in foreign currency because that makes the repayment possibilities more viable. A limited amount of collateral free education loan can be given for Australia as well.
Fill the Avanse Education Loan Application Form to start your loan processing right away!
Most of the required documents revolve around the academic profile of the applicant and the financial profile of the coapplicant. Here is a brief list of the documents asked by Avanse:
|Documents to be submitted by the Applicant in Avanse Bank Education Loan Scheme||Documents to be submitted by the Co-Applicant in Avanse Bank Education Loan scheme|
|Passport, PAN and Aadhar Card||Bank Statement of Salaried Account for the last 6 months|
|Scorecard of GRE, TOEFL or any other relevant exams||Payslips for the last 3 months|
|Admission Letter from the University||Residence Proof|
|All academic documents- marksheets and passing certificates||PAN and Aadhar Card|
|2 Passport Size Photographs||Proof of business (if self employed)|
According to Avanse Education Loan terms and conditions, there are specifications depending on the country. Here is a country-wise breakdown of the maximum Avanse loan amount possible.
|Preferred Countries to get an education loan without collateral in Avanse||Maximum Amount of Education Loan in Avanse|
|Ireland||15- 18 L|
|Australia||10- 12 L|
|Avanse Interest Rate in 2021 Bracket||11%- 15% depending on the student’s profile|
Avanse Education Loan rate of interest depends on the applicant’s academic profile-their marks during graduation, GRE/ IELTS/ TOEFL/ GMAT scores as well as the university ranking.
The Avanse Education Loan rate also depends on the financial profile of the co-applicant-their monthly salary, income tax receipts and credit score are of prime importance.
Contact our financial officers to find out what are the prevailing Avanse ROI ranges of students with similar profilesand also to get the best and latest Avanse Education Loan interest rate for your profile!
As Avanse Financial Services Ltd is an NBFC, it primarily processes the non collateral education loan scheme for abroad studies. When you take an education loan without collateral in Avanse, the additional charges are lesser, as you need not pay for legal and valuation process.
Please note that if you have a collateral, it makes more sense to take a loan from a public bank. Get in touch with our financial officers to understand all the government bank schemes for abroad education!
But there are some benefits of taking a collateral loan from Avanse too! Read on!
Here are some benefits of pledging your collateral to get an Avanse Education Loan:
Wondering what kind of properties are accepted as collateral by Avanse Education Loan for abroad studies? Our financial counselors will guide you.
|Avanse Education Loan Processing Fee||0.9%- 1.5% of the loan amount.|
The Avanse Processing Fee varies from case to case. However, when you approach Avanse Financial Services Ltd through WeMakeScholars, we can negotiate with the assigned team to keep it to the least rate.
The Avanse Education Loan Processing Time is about 10 days with the digital team of Avanse Financial Services Ltd, which WeMakeScholars will connect you to. It does not get faster than this.
To be connected with the digital team of Avanse, fill this online Avanse Education Loan Application Form now.
Avanse Disbursement of loan amount is done in Rupees typically. For all international transactions, Avanse Financial Services avails the services of a third party Forex software.
The tuition fee is directly sent to the university from your Avanse Loan Account. The Living Expenses are generally directed to the student’s bank account. If the student lives in the university, then the rental expenses will be sent to the university, as per the requirements.
The student should know that the Education Loan from Avanse is very flexible and the amount can be disbursed according to student’s requirements.
Some countries have specific disbursement specifications. Read more about how Avanse Education Loans meet those requirements here!
|Maximum duration of Avanse Loan||10 years|
The maximum period for your Avanse Education Loan for abroad studies is 10 years. Failure to stick to the maximum period will incur penalizing charges.
Wondering how WeMakeScholars assists you in the processing of your Avanse unsecured education loan? Read this!
There are several options to pay off your Avanse Education Loan. The most common method of Avanse Loan Repayment is to pay partial interest while the student is studying. The rest of the money is paid as part of the EMI on compound interest terms after the student has completed his course.
Another option is to to repay your education loan without security in Avanse is topay the whole simple interest on the disbursed amount while the student is still studying. EMIs will begin after course completion and will be carried out on compound interest.
The final method is to pay full EMI from the month following the disbursement. That is, while the student is still studying.
The first option of patial payment is most commonly opted by students taking a collateral free education loan to study abroad.
Contact us to get a deeper understanding of the repayment options in Avanse Loans.
|Loan Margin for Avanse Education Loan||0%|
There is no loan margin for an unsecured education loan from Avanse. This advantage is solely claimed by NBFCs like Avanse. Whereas, if you take a loan from a private or public bank, with every disbursement, you will be required to pay about 10-15% of the amount you require.
Fill your Avanse Education Loan Form here to get the best unsecured education loan package!
According to the Avanse Education Loan agreement, the applicant must sign up for the Insurance policy which is provided by Avanse Financial Services Ltd. The Avanse Loan insurance fee is usually 1% of the loan amount. It must be paid after the Avanse Sanction Letter is issued to the applicant.
|Country||Specification of the Student||Will it be taken by Avanse?|
|USA||Needs to show loan letter to get i20 to confirm admission and book visa slot|||
|Germany||Needs to create a blocked account of 7-8 L to be used as living expenses. Cannot apply for visa before this.|||
|Canada||Needs to pay first-semester tuition fee and need to create GIC account of 20,000 CAD to show living expenses|||
|New Zealand||Need to set aside 15,000 NZD under the FTS scheme to show as living expenses|||
|Australia||Needs to pay 1st semester tuition fee and also set aside Rs. 10 Lacs to show as living expenses.|||
When students apply for Avanse Education Loan through WeMakeScholars, they also act as mediators in case there is any disagreement or doubts of any kind. Your financial counselor will be the point of contact and will resolve any issue that might crop up on your behalf, as you try for an education loan in Avanse.
Register with WeMakeScholars and get your loan issues resolved today!
Here are some of the benefits when you process your Avanse Education Loan for Abroad Studies with WeMakeScholars:
Sign up for a discussion with WeMakeScholars to fund your study abroad plans in the wisest way possible!