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Avanse financial services ltd. do not cap student loan limits to a certain amount. They offer customized student loans depending on the applicant’s profile. The interest rate for education loans without collateral generally ranges from 10.5% to 13.5%.
Overview of Avanse Student Loans:
All the essential information regarding the Avanse financial sevices ltd. Student Loan for overseas studies is comprehensively covered in this video. This includes details about various schemes, the loan amount, interest rates, and processing fees. Additionally, the video provides insights directly sourced from their circulars, which are not accessible online, not even on Avanse's official website.
| Parameter | When approached directly | WeMakeScholars |
| Loan Limit | 75 Lakhs | 80-85 Lakhs |
| Interest Rate | 11% | 10.5% |
| Parameter | When approached directly | WeMakeScholars |
| Loan Limit | 65 Lakhs | 75 Lakhs |
| Interest Rate | 11% - 11.15% | 10.5% - 11% |
| Parameter | When approached directly | WeMakeScholars |
| Loan Limit | 50 Lakhs | 60 Lakhs |
| Interest Rate | 11.25% - 11.75% | 10.75% - 11.25% |
No finacial co applicant is required for these three products
| Parameter | When approached directly | WeMakeScholars |
| Loan Limit | 35 - 40 Lakhs | 35 - 40 Lakhs |
| Interest Rate | 11.5% - 12% | 0.5% Lower |
| Loan Parameter | Details |
| Loan Limit | Depends on the profile |
| Expenses covered | - Up to 100% of the cost of tuition may be covered through funding. - Up to 75% of living expenses, such as books, laptops, and other equipment, may be funded as long as they do not exceed 20% of the tuition fee. - Up to 100% of the building fund may be funded, or a refundable deposit may be made as long as it is less than 10% of the tuition and the school provides bills and receipts. |
| Accepted co-applicant | Parents/ Parents- in- law, Siblings, Spouse, Brother in law, parent’s siblings, first cousins |
| Avanse Education loan interest rate/rate of interest | Current static rate: 13.65% |
| Moratorium Period | Course period + 1-year |
| Repayment Duration | 10 years including course duration |
| Repayment policies | Avanse provides various ways of repayment like: Interest payment during the moratorium period Partial interest payment during the moratorium period EMI payment during the course Step up repayment EMI payment after the grace period |
| Eligibility Criteria | Student eligibility:
|
Pro tip: If a student has already paid the university fee, they can ask their financial officer to talk to the bank's staff about getting the amount reimbursed (if you paid the fee within 6 months).
| Parameters | When approached directly | WeMakeScholars |
| Loan Limit | 45 Lakhs | 55 Lakhs |
| Interest Rate | 12.25% | 11.6% - 12% |
| Parameters | When approached directly | WeMakeScholars |
| Loan Limit | 35 Lakhs | 40 Lakhs |
| Interest Rate | 12.5% | 12% |
| Parameters | When approached directly | WeMakeScholars |
| Loan Limit | 25 Lakhs | 35 Lakhs |
| Interest Rate | 13% - 13.5% | 12.5% |
| Parameters | When approached directly | WeMakeScholars |
| Loan Limit | 40 - 45 Lakhs | 60 Lakhs |
| Interest Rate | 12.5% | 12% |
| Parameters | When approached directly | WeMakeScholars |
| Loan Limit | 20 Lakhs | 30 Lakhs |
| Interest Rate | 12.5% - 13% | 0.5% discount |
| Parameters | When approached directly | WeMakeScholars |
| Loan Limit | 25 Lakhs | 30 Lakhs |
| Interest Rate | 12.25% - 12.75% | 12% |
| Parameter | Details |
| Loan Limit | Starting from 1 lac, however, is not capped to a maximum limit |
| Expenses covered | - 100% of the tuition fee is covered - Up to 75% of living expenses, such as books, laptops, and other equipment, may be funded as long as they do not exceed 20% of the tuition fee. - Up to 100% of the building fund may be funded, or a refundable deposit may be made as long as it is less than 10% of the tuition and the school provides bills and receipts. - Up to 75k as travel expenses |
| Accepted co-applicant | Parents/ Parents- in- law, Siblings, Spouse, Brother in law, parent’s siblings, first cousins |
| Avanse Education loan interest rate/rate of interest | Current static rate of 13.15% |
| Moratorium Period | Course duration + 1-year |
| Repayment Duration | 10 years |
| Repayment policies | Repay the loan by the following ways
|
| Eligibility Criteria | Student eligibility:
|
Students who have secured admission into an educational course of their choice:
To get an student loan without security, the Co-Applicant
The processing fee is anywhere between 1- 1.5% of the sanctioned loan amount as the processing fees. But on going through WMS it is around 0.5% to 0.75%*
You can request a call back from our team to know more about the case-specific charges levied.
You won't have to pay anything for the services we offer at WeMakeScholars since we do not charge any processing fees. This is possible because our organization is supported by the Ministry of IT, Government of India as part of the Digital India campaign, which allows us to provide free services to students looking for scholarships and financial aid.
*Maximum 1% for some cases
| Parameter | Documents |
| Applicant and co-applicant basic documents |
Note: If the permanent address and the applicant's current address are not the same two different proofs are needed.
|
| Applicant’s academic documents | 1. Mark sheets of 10th, 12th, and undergraduate/ degree. 2. Evidence of enrollment into the course. 3. The fee system of the curriculum/course (i20 for the USA if available) 4. Scorecard of GRE, IELTS, or GMAT 5. Ranking of the university (print-out form) |
|
Income documents of co-applicant Financial Co-applicant Income documents |
If Salaried: 1 latest salary slip for last 3 months. 2. Form 16 of the last 2 yrs. 3. Identity proof/ ID card of the Employer 4. ITR filed for the last 2 years If Self-employed: 1. Income tax return of last 3 years 2. Balance sheet and Profit & Loss account for the last 3 years (Only in case the co-applicant is self-employed) 3. Business address proof |
|
Other Documents |
1. A letter evidencing that the extra expenses/leftover expenses would be borne by the co-applicant. 2. A check for the processing fee of Rs. 11,800/- Optional documents (only for collateral loans) Cheques to the lawyer fees and evaluator fees (in case they were done by the bank) Affidavit of the collateral property owner (on a stamp paper of 20 Rs or 100 Rs). Note: If the property has more than one owner more than 1 owner then each of them has to get an affidavit - format |
|
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1. An invoice for travel reimbursement or devices such as a laptop if asking loan is being asked for it. 2. If any advance payments were made their receipts would be required. 3. All statements from pending loans if any (for 1 year) 4. A Letter explaining gaps if any on Rs.100 stamp paper. 5. A letter explaining the lack of ITRs of the co-applicant if not filed properly. |
To help you save time and prevent any potential enrollment-related issues or delays, we can provide you with a personalized document checklist that considers your unique profile and requirements.
The processing fee is usually charged around 1-2% of the loan amount as loan insurance.
With loan insurance, you can make sure that the burden of repayment isn’t borne by your co-applicant in case of your inability to pay due to disability or death.
Under the applicability of these schemes, the interest charged by the banks during the moratorium period is paid for by the Government Of India. The moratorium period is considered as the 1 year after finishing the course.
The student must:
Be a member of a religious minority (Christian, Buddhist, Zoroastrian, Sikh, Muslim, or Jain) and have a gross family income of fewer than 6 Lakhs.
The student seeking the subsidy has a gross family yearly income of fewer than 4.5 lakhs
Step 1: Request a callback from WeMakeScholars
Step 2: To determine if you qualify, talk to a 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 thorough comparison of all the lenders so you can make a choice between all the lenders.
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 sanction letter following the acceptance of the loan agreement.
Benefits of going through with WeMakeScholars
To better understand how loan transfers work and what are the benefits of getting your loan transferred you can watch our video on education loan transfer which you can find below. In this video, we covered many topics such as the Student loan transfer savings calculator, the Loan amount you can avail while transferring, the Process and documentation of studen loan takeover, and many more.
The student loan EMI calculation as per the rate of interest is generally based on these parameters.
The simple and compound interest charged on the loan
Using the WMS EMI calculator is simple, convenient, and can save you time and stress in the long run. The WMS EMI calculator allows you to adjust the loan amount, interest rate, and loan tenure to see how it affects your monthly payments. This flexibility allows you to choose the loan that best fits your financial situation.
When a student takes out a loan of 35 Lakhs at an interest rate of 11.25% with a repayment tenure of 10 years. Their EMI payment schedule would look something like this.
| Repayment cycle | EMI | Interest portion | Principal portion | Loan Outstanding |
| End of 1st year | 58684 | 37462 | 21222 | 3974695 |
| End of 2nd year | 58684 | 34947 | 23737 | 3703962 |
| End of 3rd year | 58684 | 32135 | 26549 | 3401152 |
| End of 4th year | 58684 | 28989 | 29695 | 3062462 |
| End of 5th year | 58684 | 25471 | 33214 | 2683643 |
| End of 6th year | 58684 | 21535 | 37149 | 2259938` |
| End of 7th year | 58684 | 17134 | 41550 | 1786031 |
| End of 8th year | 58684 | 12210 | 46474 | 1255972 |
| End of 9th year | 58684 | 6704 | 51980 | 663109 |
| End of 10th year | 58684 | 545 | 58139 | 0 |
When you choose to pursue your student loan with us, we don't just stop at the approval of your loan. We provide continuous post-sanction support throughout the entire repayment process until you make your final EMI payment. We are committed to helping you achieve your educational goals and ensuring that the loan process is as smooth and stress-free as possible. You can rely on us to be there every step of the way, providing any assistance you may need and answering any questions you may have.
Education Loan FAQsAre 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.
NEWSIn 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