Avanse Education Loan Without Security

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avanse education loanAre you planning to fund your higher studies abroad with an unsecured education loan? Are you looking for a hassle-free education loan process? If your answer to all these questions is ‘yes’, then an unsecured education loan from Avanse financial services is your one-stop solution. By borrowing an Avanse education loan, you get unlimited access to a wide variety of services for non-collateral loans.

Avanse Financial Services is one of the most prominent NBFCs (Non Banking Finance Company) functioning in India. The NBFC mainly grants non-collateral education loans to students who wish to fund their higher education abroad or in India with the help of one. Avanse education loan schemes are specially designed for students who have enrolled in top ranking courses in some of the best universities throughout the world. The financial team of WeMakeScholars shares a long-standing association with Avanse Financial Services. One of the biggest limitations of applying for unsecured education loans through Avanse Financial Services is that the NBFC does not have branches in certain parts of the country. So, if you are looking to apply for an abroad education loan without collateral with Avanse but are not able to do so due to the place in which you stay, do get in touch with the financial team of WeMakeScholars. Students from all over India may avail the services of WeMakeScholars for unsecured education loans from NBFCs like Avanse Financial Services.

Avanse Education Loan Basic Details

Avanse Financial Services Ltd. offers collateral-free education loans with the following terms:

Avanse Education Loan Parameters Values
Eligible courses* Masters & Diploma programmes in any of the STEM programmes offered by reputed universities of certain notable countries. Professional & Technical courses like MBA and Masters are given due preference.
Eligible Countries** USA, Germany, Canada, Ireland
Avanse Education loan Rate of Interest*** Varies between 11% and 15%.
Maximum loan amount Rs.45 Lakhs (Unsecured edu loans) loan amounts vary for collateral education loans
Avanse loan repayment**** Simple interest levied in the course duration
Avanse education loan processing fees Varies between 1%-2% of the total loan amount
Loan Margin Nil
Avanse education loan maximum loan tenure 10 years

 

*Eligible courses for a collateral free education loan from Avanse

Avanse Financial Services Ltd. caters to the funding requirements of students who wish to fund their higher education course in any of the fields belonging to the STEM (Science, Technology, Engineering and Math) category. Students who wish to fund their courses belonging to other professional fields such as Arts & Humanities, pilot training and license courses, etc. can apply for an Avanse education loan with collateral.

** Eligible countries for an unsecured education loan from Avanse

Students who wish to pursue their higher studies from any of the major countries mentioned in the table above are granted an education loan from Avanse. However, students who wish to study in countries other than the ones mentioned in the above table are also granted unsecured education loans from Avanse, provided that their profile meets all the Avanse education loan eligibility criteria.

Maximum Education Loan Amount from Avanse:  The final unsecured education loan amount provided by NBFCs like Avanse depends on a lot of factors. The country of study chosen by the respective candidate plays the biggest role in determining this amount. The following table will give you an idea of the maximum education loan amount granted to students who wish to pursue their higher education in the different countries.

Countries Maximum Edu Loan Amount
Avanse education loan for USA  INR 45 Lakhs
Avanse education loan for Germany INR 20 Lakhs
Avanse education loan for Australia INR 10 Lakhs to INR 12 Lakhs
Avanse Education loan for Ireland INR 15 lakhs to INR 18 lakhs
Avanse education loan for Canada INR 20 Lakhs


Avanse Education Loan Processing Fee: 

  • The Avanse education loan processing fee comprises close to 1% to 2% of the total education loan amount. 
  • If the candidate’s profile meets most of the Avanse loan eligibility criteria, the processing fees can be negotiated.
  • The processing fees are charged once a candidate’s Avanse education loan is sanctioned and when they receive their Avanse education loan sanction letter.
  • According to the Avanse education loan terms and conditions, candidates will have to purchase the Avanse education loan insurance as a form of security against their unsecured education loan from Avanse. Buying an insurance for your non-collateral education loan from Avanse is recommended. This is because if students are unable to repay their education loan due to certain unfortunate events, the burden of repayment does not fall on their family. Instead, the insurance money can be used for the same.  The loan insurance fee is 1% of the loan amount. It is also one of the conditions to be fulfilled for Avanse loan eligibility.
  • This fee can be paid once candidates receive their Avanse sanction letter for their loan.

In order to know more details about collateral-free education loan from Avanse, do avail the guidance and assistance of the WeMakeScholars financial team.

Avanse Education Loan Eligibility 

Like most NBFCs, Avanse Financial Services also have certain eligibility criteria set for students All loan applicants, as well as co-applicants, are required to meet following Avanse education loan eligibility criteria in order to qualify for an unsecured education loan from Avanse Financial Services Pvt. Ltd.

Avanse Education loan eligibility criteria for students:

  1. The candidate should be an Indian citizen.
  2. The candidate should have completed 18 years of age.
  3. The candidate should have secured admission for any of the courses mentioned in the above table in a reputed university/college abroad. They should possess an admission letter at the time of applying.
  4. The candidate should have passed the necessary qualifications to study in universities abroad, such as GRE, GMAT, TOEFL, IELTS, etc.

Avanse Education loan requirements to be fulfilled by co-applicants

  1. The co-applicant should be a close relative of the candidate. 
  2. Parents and siblings are the most preferred co-applicants. 
  3. In rare cases, where both the parents as well as siblings of a candidate are unemployed or do not meet all the criteria, other co-applicants are accepted. 
  4. A candidate’s in-laws (if married) and immediate relatives from the candidate’s maternal or paternal side can be considered as co-applicants for unsecured education loans from Avanse Financial Services 
  5. Spouses are not eligible to be co-applicants as per the Avanse education loan terms and conditions.
  6. The co-applicants must have a steady source of income. They can either be salaried professionals or self-employed.
  7. The co-applicant must have a CIBIL score of above 700 in order to qualify for an Avanse education loan.
Read about A guide to education loan without collateral for Indian students

Avanse Education Loan Documents

Candidates need to have sufficient knowledge about the Avanse education loan documents, to have an easy education loan process.  The education loan documents checklist required by Avanse Financial Services Ltd. contains the following documents. These documents are very crucial to the Avanse unsecured education loan process.

Avanse Education loan documents to be submitted by Loan Applicants:

  1. KYC documents such as Passport, PAN Card, Aadhar Card.
  2.   Score cardsof qualifying exams like GRE, GMAT, IELTS, TOEFL, etc.
  3. Admission letter from the respective university/college.
  4. Academic documents such as mark sheets of 10th & 12th grades, Graduation certificate, Postgraduation certificate (if applicable), etc.
  5. 2 passport-sized photographs.
  6. A document that states the expected financial requirements for the course duration. Mostly this is mentioned in the admission letter provided by the university/college.

Avanse Education Loan documents to be submitted by Co-applicants:

  1. Bank account statement for the previous 6 months.
  2. If the co-applicant is a salaried professional, then they will be required to present the payslips of the previous 3 months to their lending authorities at Avanse.
  3. Documents that can be presented as proof of residence (Aadhar card, Driving license, etc.)
  4. PAN card and Aadhar card.
  5. If the co-applicant is self-employed then they will be required to present a document that can be submitted as proof of business.

 

Avanse Education Loan Interest Rate

The Avanse education loan interest rate falls in the range of 11% to 15%. The final rate of interest is decided after giving due consideration to a lot of factors. One of them is the co-applicant’s financial profile and the applicant’s academic profile. Both the loan applicants as well as their co-applicants will be required to meet the following eligibility criteria to qualify for an education loan from Avanse.

  • The Candidate’s academic profile: A candidate’s academic profile is given a lot of consideration for an Avanse education loan for abroad studies. If their academics are good, then the Avanse interest rate can be negotiated. 
  • The country and the course chosen for higher studies by the candidate: Avanse Financial Services Ltd. pays close attention to the country chosen by the candidate for pursuing their higher education abroad. If the immigration laws of the respective country promise excellent opportunities of employment for these candidates, the Avanse education loan rate of interest can be negotiated and reduced.
  • The co-applicants financial details: Candidates having co-applicants with strong financial profiles are given due consideration for concession in their Avanse education loan rate of interest

If you fit into all the Avanse education loan eligibility criteria, and are in need of an unsecured education loan from Avanse, then you may apply for it by getting in touch with the financial team of WeMakeScholars.

abroad education loan

Avanse Education Loan Disbursement

  1. All transactions related to the Avanse education loan disbursement procedure are conducted according to the standard Indian currency rates.
  2. If candidates require their tuition fees to be transferred directly to their respective universities, or if any component of the Avanse education loan is to be transferred into an international bank account, Avanse takes the support of third party money payment applications for the same purpose.
  3. Otherwise, the education loan amount can be transferred either into the candidate’s personal Avanse loan account, which can be operated by candidates online, post their education loan disbursement.
  4. The tuition fee component of a candidate’s Avanse education loan can be sent directly to their respective university through the Avanse loan account or through the candidate’s personal savings account. Again, this policy is subject to variations with respect to the timely modifications made to the Avanse education rules regarding the Avanse education loan disbursement process.
  5. The living expenses are disbursed directly into the co-applicant’s bank account.
  6. If candidates choose to live within their university premises, then they have the option of requesting their rental expenses to be deposited directly into their university account.

Avanse Education loan pre-visa disbursement:

The immigration laws of certain countries require international students to show proof of their living expenses before commencing their visa process. Students are deemed as eligible for student visas only after fulfilling this financial pre-conditions. Students who wish to study in Australia, Germany, Canada, New Zealand are required to deposit their living expenses for a year, along with the tuition fees for a semester and health insurance charges, way before they even begin the visa process. In the education loan process, students are often concerned about getting their living expenses disbursed in order to qualify for a student visa.

  1. Avanse Education loan for Canada: Similar to Australia, students who aspire to study in Canada need to deposit their one year’s living expenses into a GIC account. This facility is also available from Avanse Financial Services Ltd.
  2. Avanse Education Loan For Australia: Similar to the education loan process for Canada, Avanse also approves a pre-visa disbursement for students who are enrolled in Australian universities, as the Australian government also has a similar financial requirement from international students.
  3. Avanse Education loan for New Zealand: Avanse also provides pre-visa disbursements to candidates who wish to fulfil their financial pre-conditions in order to  qualify for a New Zealand student visa.

In order to avail all the benefits of an unsecured education loan scheme from Avanse and to know further details about the Avanse unsecured education loan disbursement process, do get in touch with the financial officers of WeMakeScholars.

Read about Abroad Education Loan Without Collateral NBFCs, Processing time & More!

Avanse Education Loan Repayment and Maximum Loan Tenure

  • According to the Avanse education loan terms and conditions for unsecured education loans, candidates are supposed to start repayment of their Avanse education loan interest from the month following their Avanse education loan disbursement.
  • This interest component is calculated on the basis of simple interest and can be paid partially as well. According to the clauses stated in the Avanse education loan agreement, students are required to make regular payments of their interest. Failure to adhere to the same may invite additional penalties to candidates.
  • The EMI payment of the unsecured education loan from Avanse begins once the student has successfully completed his/her course.
  • The total tenure granted for Avanse education loan repayment is 10 years. According to the Avanse education loan terms and conditions, this tenure cannot be extended further.

In order to avail further information about the Avanse disbursement process or regarding the Avanse education loan repayment or the maximum loan tenure, do get in touch with the WeMakeScholars financial team.

abroad education loan

How Many Days Does It Take For an Avanse education loan Sanction? 

  • Once the duly filled Avanse education loan application form is received by our office, the Avanse education loan sanction process does not take a long time. 
  • Due to the absence of collateral security, the amount of paperwork involved in the Avanse education loan process is less. 
  • Depending on the candidate’s profile and provided that all documents have been submitted within a stipulated time frame, Avanse processes education loans within 8-10 days of submitting your application form.
  • Candidates may expect their Avanse education loan sanction letters to arrive within 8-10 days of submitting their education loan application form.

Note: WeMakeScholars is an organization funded and supported by the Government of India that focuses on International Education finance. We are associated with 10+ public/Pvt banks/ NBFCs in India and help you get the best abroad education loan matching your profile. As this initiative is under the Digital India campaign, it’s at free of cost. The organization has vast experience dealing with students going to various abroad education destinations like the US, Canada, UK, Australia, Germany, Sweden, Italy, China, France among others

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Bibliophile, wanderer, major foodie. I write too :)

 

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