Avanse Education Loan

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Table of content

  1. What is Avanse?
  2. Types of loans offered by Avanse
  3. What are the Courses you can do with Avanse Education Loan
  4. Avanse Education Loan Eligibility
  5. Loan details of Avanse Study Loan
  6. Avanse Education Loan to Study in India and for MBA
  7. Avanse Education Loan to Study in the USA
  8. Avanse education loan to study in the UK and Canada
  9. Avanse education loan study in Australia
  10. Avanse education loan to study in Germany
  11. More details on all the above Avanse education loan products for all countries
  12. Expenses covered under Avanse education loan
  13. Documents required to apply for Avanse Education Loan:
  14. Advantages and disadvantages of Avanse loan
  15. How to apply for Avanse education loan
  16. Benefits of going through with WeMakeScholars
  17. FAQ's
  18. Need Help? Ask Here!

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What is Avanse?

Avanse Financial Services is an Indian Non-banking Financial Company that specializes in providing fully funded higher education loans for students to study in India and abroad. They offer customized, no-margin, collateral-free loans according to students’ profiles and give wings to students’ career dreams. 

Types of loans offered by Avanse

Like the diverse interests of students, Avanse has types of loans to offer. It depends on a few factors. Let us see what they are:

Collateral-free loans:

These loans do not require pledging of any collateral, neither immovable (House, Flat, Plots, etc.) nor liquid (Fixed deposits, Government bonds, Term insurance policies, etc. 

Pro-tip: If you have credit-worthy properties, then choose to go for secured loans from public banks. A higher loan amount will be offered with a relatively lower rate of interest.

Study in India loans:

We always think that education loans are for students going to foreign countries. But that is not true. Avanse has student loans for India also. This helps to increase higher education academic enrolment and thus build a better future for our country.

Study abroad loans:

Foreign education is expensive and that's the same reason why we would require an education loan for it. Avanse gives student loans to top countries like the USA, UK, Australia, Germany, Canada, and many other countries abroad.

What are the Courses you can do with Avanse Education Loan

Avanse prioritizes variety. They finance various types of courses, which is helpful for the student to expand their horizons and have options to choose from.

This is a list of courses that the Avanse education loan covers:

For India:

  • Undergraduate courses approved by UGC, AICTE, GOI, and IMC. 
  • Postgraduate degrees and postgraduate diplomas approved by UGC, AICTE, GOI, and IMC.
  • Technical and professional courses like engineering, medicine, management, law, and aviation.
  • Courses offered by recognized foreign universities in India.
  • Executive programs, vocational training, and other courses approved by Avanse Financial Services Ltd.
  • An exclusive loan is available, especially for MBA and its specializations.    

For Foreign Countries:

  • STEM Courses- Sciences, Technology, Engineering, Management.
  • Post-graduate courses.
  • Job-oriented professional or technical courses.

(The courses and the institute offering them must be approved by Avanse.)

If you are thinking why Undergraduate degrees and diplomas are not mentioned for foreign countries, that is because Avanse does not provide loans for those courses. 

This is where WeMakeScholars comes to help. We can take deviation for such cases if the co-applicant is making more than 12 LPA and the student has a good academic profile.

After knowing the types of loans offered and the variety of courses available, do you feel like applying for an Avanse education loan? Sure, we can do that. But first, you should check your eligibility. 

Avanse Education Loan Eligibility

 

Avanse loan eligibility for students studying abroad
  • Must be a citizen of India.
  • Should be at least 18 years of age.
  • Should have received admission into a recognized university abroad.
  • Qualified for the relevant competitive exams like GRE, GMAT, IELTS, and TOEFL.

 

Avanse loan eligibility for co-applicant
  • Should be a close relative of the applicant. Parents and siblings are the first choices. (In-laws or parents’ siblings can be considered on a case-by-case basis.)
  • Should NOT be the spouse of the applicant.
  • Should be working and must be filing Income Tax Returns at least for the past 2 years.
  • Should have a good CIBIL score.

Speak to non-collateral student loan experts about what is considered a good credit score.

Now that we know the education loan eligibility criteria of Avanse, we will move on to loan details of every country and course. This way, we will be able to understand and have clarity on what we are looking for.

Loan details of Avanse Study Loan

Watch this video where our co-founder Damini Mahajan clearly explains all the loan details you need to know about Avanse Education Loan. She talks in-depth about loan features such as loan amount, interest rate, repayment tenure, and specific conditions set by avanse. 

Avanse has a distinctive way of categorizing its' education loan products. They have three products namely:

  • Platinum product
  • Titanium product
  • Gold-Vanilla product  

All these three loan products are available for all top countries and each product is based on which country you’re going to, what university you chose, and your academic performance.

Remember, Avanse does not provide loans for students who opt to study MBBS in countries like the Philippines, Ukraine, China, etc. If that is your case, you can choose to proceed with public banks for an education loan. 

NOTE- Avanse does not put a cap on the maximum loan amount. Although the minimum amount for an overseas loan is 1 lakh rupees, there is no limit on the maximum limit. All the loan amount is personalized according to students’ needs, academics, and financial co-applicant status.

Best solution about your loan will be suggested by our financial officers.

Avanse Education Loan to Study in India and for MBA

Loan Details:

Loan Parameters Details
Loan limit Depends on the profile 
Interest rate*
  • Avanse Current static rate: 13.65% 
  • WeMakeScholars: As low as 10.5%
Moratorium period  Course duration + 1 year 
Repayment tenure 15 years including course duration
Processing fee 1% to 1.5% of the loan amount
Loan insurance Upto 2% of the sanctioned loan amount.

The product details for the Avanse Education Loan for an MBA are the same as the Avanse Education loan to study in India.

*The interest can vary based on changes in the repo rate click here to know the latest interest rates.

Avanse Education Loan to Study in the USA

Let’s see the loan details for a few countries that are given by Avanse.

Loan Details:

American education loan by Avanse has four loan products, unlike the standard three products. Avanse gives more priority to the USA loans because of higher chances of employability and it being a top country preferred by students.

Avanse USA education study loan details are broken down as follows:

The processing fee for all USA products is 1%

IVY League Product

The Ivy League is a group of eight private institutions for higher education in the United States known for their academic excellence, selective admissions processes, and historic significance. 

Read more here- Ivy League Schools.

Parameter When approached directly WeMakeScholars
Loan Limit  75 Lakhs  80-85 Lakhs 
Interest Rate  11% 10.5%

Platinum Plus Product

Parameter When approached directly WeMakeScholars
Loan Limit 65 Lakhs  75 Lakhs
Interest Rate 11% - 11.15% 10.5% - 11%

Platinum List Product

Parameter When approached directly WeMakeScholars
Loan Limit 50 Lakhs  60 Lakhs
Interest Rate 11.25% - 11.75% 10.75% - 11.25%

Note: Financial co-applicant is waived off for Ivy-League, Platinum Plus, and Platinum List products of the USA.

Titanium and Gold - Vanilla Product 

Parameter When approached directly WeMakeScholars
Loan Limit  35 - 40 Lakhs  35 - 45 Lakhs 
Interest Rate 11.5% - 12% 0.5% Lower 

 

Avanse education loan to study in the UK and Canada

The loan schemes for studying in the UK and Canada are the same. Take a look at the details:

The processing fee for all UK-Canada products is 1.5%

Platinum Product 

Parameters When approached directly WeMakeScholars
Loan Limit  45 Lakhs  55 Lakhs 
Interest Rate  12.25% 11.6% - 12%

Titanium product

Parameters When approached directly WeMakeScholars
Loan Limit  35 Lakhs  40 Lakhs
Interest Rate 12.5% 12%

Financial co-applicant is waived off for Platinum and Titanium products for the UK and Canada if you choose to process your loan with WeMakeScholars.

Gold-Vanilla product

Parameters When approached directly WeMakeScholars 
Loan Limit  25 Lakhs  35 Lakhs 
Interest Rate 13% - 13.5% 12.5%

 

Avanse education loan study in Australia

Australian universities do not accept education loans given by NBFCs. Avanse is an NBFC so the loan is not approved by institutions in Australia. That is because Australian universities think NBFCS are not actual banks and because it is an unsecured loan, the loan might not have security. 

Does that mean you cannot proceed with Avanse to finance your course in your dream university? Don't worry, WeMakeScholars is here for you. We will talk to Avanse and get the best deal for you so you can go to Australia and fulfill your dreams.

Australia has two loan products only-Platinum and Titanium. Let us see their details:

The processing fee for an Australian education loan is 1.5%.

Platinum Product 

Applicable for top 10 universities in Australia.

Parameters  When approached directly WeMakeScholars 
Loan Limit  40 - 45 Lakhs 60 Lakhs 
Interest Rate  12.5% 12%

Titanium Product

Parameters When approached directly WeMakeScholars 
Loan Limit  20 Lakhs  30 Lakhs 
Interest Rate  12.5% - 13% 12% - 12.5%

Avanse education loan to study in Germany

Germany is a popular destination for students who enrolled in courses such as Humanities, Engineering, etc.

Avanse has one loan product for Germany and that is the Titanium product.

The processing fee for a German loan is 1.5% by Avanse and just 1% by WeMakeScholars.

Titanium product

Parameters When approached directly WeMakeScholars 
Loan Limit  25 Lakhs  30 Lakhs 
Interest Rate 12.25% - 12.75% 12%

 

More details on all the above Avanse education loan products for all countries

Accepted Co-applicants
  • Parents/ Parents- in-law
  • Siblings
  • Spouse
  • Brother in law
  • Parents’ siblings
  • First cousins

Moratorium Period

  • Course duration + 1 year

Avanse loan repayment:

Repayment tenure: 

  • Minimum time to repay- 1 year
  • Maximum time to repay- 15 years

There is a grace period of 6 months from the time you complete the course or a grace period of 3 months from the time you secure your first job.

Repayment policy:

  • Paying interest partially or fully in the moratorium period.
  • EMI payment after the moratorium time is completed with full interest.
  • Step up repayment facility

Use our EMI calculator to calculate your EMI.

We now have enough knowledge of Avanse education loan products, their details, and repayment information. You might be willing to choose Avanse as your loan lender. But before that, we need to know what expenses are covered under the Avanse study loan. 

Expenses covered under Avanse education loan

Expenses covered under Avanse education loan:
Academic expenses extend beyond tuition fees and consist of various costs such as plane tickets, accommodation, study materials, laptops, and miscellaneous items. Avanse aims to fix the students' focus on education by covering a comprehensive range of expenses through their student loans.

S.No Overseas education costs covered by Avanse:
1. 100% of tuition fee.
2. 75% of living costs- shouldn’t exceed 20% of tuition fee.
3. 100% of security deposit- shouldn't be more than 10% of tuition fee and must have valid receipts.
4. Travel expenses up to 75 thousand for air tickets.

Documents required to apply for Avanse Education Loan:

Documents are a prerequisite to the loan process. Before starting the loan process, your documents must be submitted to Avanse. Keep the below-mentioned documents handy before the loan application. Below named ones are a few main documents. There are many other documents that you will have to produce. 

See the full list and never miss any document with our handy checklist of documents.

S.No Documents required to apply for Avanse Education Loan
1. Completed Application Form from Auxilo (Or you can get it from WeMakeScholars)

2.

Admission Confirmation: Proof of acceptance into the university.

3.

Passport Photos: Two recent passport-sized photos of the applicant, co-applicant, and guarantor.

4.

ID Copies: Copies of identification like a Passport, Voter ID, Driving Licence, or PAN Card.

5.

Educational Records: Your latest exam scores and entrance test results (e.g., CAT, GRE, TOEFL, IELTS, etc.) for course admission.

6.

Financial Documentation:

  • Income Proof: Show your parents' or guardians' income by their last two years' tax statements.
  • Financial Statements: Provide the last six months' bank statements or three months’ payslip
  • Course Expenses Plan: A detailed breakdown of expected course costs

7.

Institute Brochure: Include a copy of the institute's booklet for accurate cost estimation.

Advantages and disadvantages of Avanse loan

Advantages  Disadvantages 
  • Fastest sanction.
  • 15 years repayment tenure.
  • Unsecured loans up to 75 lakhs
  • 100% financing.
  • Students might feel confused about all the loan products.
  • Longer and time-consuming process

How to apply for Avanse education loan

Online application procedure via WeMakeScholars

Step 1: Request a call from WeMakeScholars financial officers.

Step 2: To determine if you qualify, talk to the financial officer from our team who will get in touch with you. Give all the information that is asked of you.

Step 3: Our financial officer will provide you with a detailed comparison of all the lenders so you can make a choice.

Step 4: You will also be given a document uploading link. Send the required paperwork to the bank or put it on the secure document gateway on WeMakeScholars.

Step 5: Your file will be logged in as soon as you submit your papers. In other words, you will find out the outcome of your loan application form in 2–6 days.

Step 6: Obtain a sanction letter following the acceptance of the loan agreement.

Directly applying from the Avanse website:

Step 1: Fill out the loan for abroad study application

Step 2: Speak to educational loan to study abroad consultants

Step 3: Send the requisite documents

Step 4: Receive the student loans for studying abroad amount

Issues while applying to the lender directly

  • When you go straight via the lender, it takes a longer time.
  • Because the lenders don't explain the application process in detail, students frequently feel misinformed about the entire procedure.
  • Students frequently lack the skills necessary to advocate for themselves and negotiate a reduced interest rate, which results in their paying far more than necessary.
  • The lender does not give a clear list of the papers required to process the loan.
  • Lenders do not provide post-loan disbursement process assistance when contacted directly.

Benefits of going through with WeMakeScholars

  • WeMakeScholars staff offers 24/7 comprehensive customer assistance for any questions you may have.
  • Fastest processing time within 1 to 2 days along with the benefit of waiving off processing fee.
  • Transparency and professionalism are our priority.
  • You can contact the lender’s team directly to learn more about your loan process using the contact details of the executives managing your profile.
  • By applying, you will be given a payback on multiple loan disbursements up to a maximum of INR 3000 as a thank you for supporting the Digital India initiative.
Save your time and money - enjoy the benefits of our free services.

Education Loan FAQs

  • Are there any advantages to borrowing money for your education?

    The ability to finance higher-quality education without worrying about the cost is only one of the numerous advantages of taking out an education loan. You may get a solid credit score by making your loan payments on time. This will benefit you in the future. The repayment terms offered by most banks are very acceptable, thus many people do not find the education loan to be a strain.

  • Can a student take out a loan without their parents?

    You may apply for a student loan either studying abroad or within India without including your parents as co-applicants.es, guardian, siblings, spouses, and in-laws can also be considered as co-applicants.

  • Do I need form 16 for an education loan?

    Yes, you do need form 16 to process an education loan. Form 16 is a certificate issued by your employer for tax deductions performed. It acts as a salary statement for banks.

  • How should I proceed if my loan payment is very high?

    If your EMI seems to be more than you can take, you may always extend the repayment period. However, you wind up paying a lot more interest each month if your tenure is extended. You can also attempt to renegotiate the interest rates with the lenders, but many students lack the necessary resources to do so. Request a callback to learn how to lower your EMI and request reduced interest rates.

  • What does CIBIL stand for?

    Your credit history and history of debt payments are taken into account when calculating your CIBIL score. Scores on the CIBIL can vary from 300 to 900. A bank agent can determine your ability to repay a loan based on your prior transactions and your CIBIL score.

NEWS

ISIC Collaborates with Avanse Financial Services to Simplify Study Abroad Education Loan Experience

In an effort to support students traveling abroad for education, the International Student Identity Card (ISIC) has partnered with Avanse Financial Services, a non-banking financial company (NBFC) in India. This collaboration aims to simplify the study abroad journey for students by offering customized education financing solutions and exclusive access to discounted products, services, and experiences that cater to various aspects of student life.

The number of Indian students pursuing education overseas is rapidly increasing and is projected to reach approximately 1.8 million by the end of 2024. The cost of tuition fees, travel, and accommodation plays a significant role in their academic journey. As a result, tailored financing solutions have become essential to empower students to pursue their educational goals independently.

This collaboration between ISIC and Avanse Financial Services recognizes the importance of providing students with seamless financial support. By offering hyper-personalized education financing options, this partnership aims to assist students in realizing their academic aspirations while mitigating financial burdens. Additionally, the partnership ensures that students gain preferential access to a range of products and services that enhance their overall student experience.

Last update on - 05/07/2023

Our Education Loan team will help you with any questions

Ajay Kumar
WeMakeScholars- supported by IT Ministry, Govt. of India.
Published: | Updated: