Avanse Education Loan: Avanse Financial Services is a company that provides education loans to students who want to pursue higher education in India or abroad. It offers customised education loans to eligible students to achieve their career goals.
Students can get 100% financing through this company. So, many candidates are willing to take student education loans here. From this page, get to know the features, eligibility conditions, needed documents, interest rates, and the Avanse Education Loan application procedure.
Avanse Education Loan
Avanse is one of the most popular non-banking corporations that mainly focuses on education finance. It gives loans for various education requirements and thus helps to make their future better. The hassle-free application process offered by the company is useful for managing education loans easily.
Before applying for the Avanse education loans, students have to know that interest rates are high and 100% financing is provided. The student loan will be sanctioned only after getting the admission letter from the college or university. The different loans offered by the company are as follows:
- Study in India
- Study Abroad Loans
- Student Loan Refinancing
- Executive Education Loans
Features of Avanse Education Loan
Some of the features of Avase education loans are listed as follows:
- Avanse offers 100% funding for education expenses.
- The minimum student loan amount is Rs.1 lakh.
- The loan offered by Avanse covers pre-admission expenses.
- The company provides a user-friendly application process. Students can get help from the company during the documentation process.
- The company promotes responsible borrowing by encouraging customers to have a good credit history.
- The education loan account can be managed online by students.
- To study abroad, the company offers a certificate of availability of funds.
Interest Rates of Education Loans @ Avanse
The interest rates and charges applicable to Avanse education loans are along the lines:
| Category | Details |
| Rate of interest | 10% p.a. to 16.5% p.a.
Spread is a floating interest rate, and it is determined based on the credit history of the borrower and the course chosen. |
| Processing fee | 1% to 2% of the loan amount (calculated on a case-by-case basis) |
Eligibility for Avanse Student Education Loan
The eligibility criteria for getting Avanse education loans are as follows:
- Applicant should be more than 18 years old.
- He/she must be a citizen of India.
- They must have secured an admission letter from a recognized organisation.
- The student must have an earning co-borrower.
- The co-borrower should have a bank account in India.
- Students should have good credit score.
- You should have collateral for bigger loan amounts as security for lower interest rates.
Needed Documents for Education Loan in Avanse
These are the list of documents needed for the education loan approval.
Identity Details
- PAN card
- Aadhar card
- Passport
- Voter ID
- Date of Birth certificate
- Driving License
Academic Documents
- 10th and 12th mark sheets
- Graduation certificate
- Last 6 months’ bank statements
Post Disbursal Documents
- College fee receipts
For Co-applicants
- Collateral documents
- Relationship proof with the student
- Income proof
- Last 8 months’ bank statements
- Identity proof
- Address proof
- Signature verification
How to Apply for an Avanse Education Loan?
The simple Avanse education loan application process is given here:
- Visit the Avanse official portal i.e. https://avanse.com/.
- Click on the “Apply Now” button at the top of the page.
- Enter your details in the application form.
- Also, write an email to response@avanse.com with all your details.
- Attach the needed documents.
FAQs on Avanse Education Loan
- What is the interest rate of an Avanse loan?
The interest rate of an Avanse loan is 10% to 16% per annum.
- What is the maximum loan amount for Avanse?
The maximum education loan amount for Avanse is up to INR 25 lakhs.
- Can I get a 25 lakh education loan without collateral?
Yes, you can get a 25 lakh education loan without collateral. Public banks offer a maximum of INR 7.5 laks without collateral. Private banks offer loans of INR 40 lakhs without collateral.
- Is Avanse approved by RBI?
Yes, Avanse Financial Services is regulated by the RBI.
Conclusion
Hoping that the data enclosed here about the Avanse Education Loan is useful for you. Know the eligibility criteria, interest rates, different education loans, application procedures and so on. Get in touch with our site to know more articles like Incred Education Loan, and Auxilo Education Loan.
The post Avanse Education Loan: Interest Rates, Eligibility, Features, Application Process appeared first on Learn CBSE.
