The non-banking financial company Avanse Financial Services is an NBFC. Students wishing to pursue higher education overseas can apply for education loans through them. The organization provides loan solutions for various courses and colleges by making the loan application procedure as easy and hassle-free as possible.
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Highlight of Avanse Finance Education Loan
More than 2000 universities and colleges and 27,000 pre-approved courses in more than 50 countries are covered by Avanse Financial Services education loans for study abroad. They offer pre-admission, pre-visa disbursement, bridge, fast-track, score-based advantages, and score-based perks to guarantee that applicants have no financial difficulties while studying overseas to advance their careers.
| Feature | Description |
|---|---|
| Loan amount | Up to USD 53,000 |
| Rate of interest | 11%-13% |
| Processing fees | 0.5 – 1% |
| Processing time | 7-10 days |
| Margin money | Nil |
| Moratorium period | Course duration + 1-year |
| Repayment tenure | 10 years |
| Collateral | Optional |
Eligibility Criteria Avanse Education Loan for Studying Abroad
In order to apply for a study loan through Avanse for overseas education, both the applicant and the co-applicant must fulfill certain requirements.
For Applicant:
- An applicant must be a citizen of the individual country
- A candidate must be at least eighteen years old.
- An accredited university ought to have sent an offer letter to the candidate.
- A candidate must have a respectable GRE, GMAT, IELTS, or TOEFL score.
For the Co-applicant:
Who is a co-applicant
A co-applicant is a co-borrower who signs the loan agreement and application for an education loan with the primary loan applicant. For an education loan, a co-applicant is required since, in the event of an unforeseen occurrence, the financial lender will turn to them. Who can be a co-applicant:
- Parent
- legal guardian
- sibling or any blood relative
Eligibility Criteria:
- A co-applicant needs to be the applicant’s biological relative.
- A co-applicant must be employed, have a fixed income, and have filed income tax returns for the previous two years at the very least.
- A co-applicant CIBIL score ought to be high.
Requirements for Unsecured Loan:
- 300+ GRE and 6.5 IELTS Bands
- A candidate needs to have a place of their own.
- The applicant needs to be pursuing a postgraduate diploma or master’s degree.
- The applicant must have decided to enrol in a management or STEM-related course.
- For a bachelor’s degree, Avanse does not provide education loans (rarely with direct EMI).
- Parents must have an annual income of at least USD 72,182 and be free of co-applicant debt.
Requirements for Secured Loan:
- A secured student loan is available at 90% of the property’s market value.
Documents Required
Avanse requests the applicant’s academic records and the co-applicant’s financial records. This is the comprehensive list of required documents:
- The co-applicants need the identification proof and passport of the applicant
- GRE, TOEFL, or any other pertinent exam results for the candidate
- Admissions letter from the candidate’s university
- Proof of Residence for the Co-Applicant
- All academic records, including the applicant’s grade reports and certificates of completion
- Two Passport-size images of the applicant and the additional applicant
- Income Tax Returns, and Salary Slips of the Co-Applicant if the Individual is Salaried
- Bank Statement of Salaried Account for the co-applicants final six months
- In terms of businessmen, Income tax returns, balance sheets, profit and loss accounts, income computations, and bank statements for the co-applicants current or savings accounts for the previous six months
- If the co-applicant is self-employed, proof of business
Advantages and Features of Avanse Student Loans
The following is a list of some of the noteworthy characteristics of Avanse education loans:
- Avanse ensures prompt payment to the institution and offers 100% support for your educational costs. The student’s living expenses are also paid for by the loan during the study term.
- Avanse is offering loans with a minimum of USD 1,200
- The loan amount is not subject to any defined cap. The business will cover the entire cost of the course as assessed by the academic institution.
- Pre-admission costs including exam preparation, consultant fees, admission applications, etc. are covered by the loan provided by Avanse.
How to Apply at Avance Finance Education Loan for Studying Abroad
Use these easy steps to apply for an Avanse education loan for study abroad:
- To start the application process for an education loan, contact via their official website, www.avanse.com,
- You can apply for a loan online or offline. You can upload your documents through the FundRight platform to apply for the loan Avanse offers.
- Additionally, Avanse provides phone or in-person individualised loan counselling to walk you through the process and answer any questions you may have. If you would like, you can choose to use this service.
- Collect the documents needed for the loan application. These consist of academic records, identification and residence verification, letters of admission, and proof of income.
- Await to receive an email or SMS confirming your loan sanction. Avanse hopes to approve the loan in 72 hours, pending eligibility and documentation confirmation.
Important Points to consider while applying for an Avanse student loan
- You can avoid students’ frequent stumbling blocks when applying for an education loan by using the following advice.
- Read the eligibility requirements for the Avanse Education Loan carefully.
- There is a genuine chance of losing out on university spots because of missing paperwork. Make sure you have every document required for a quick application procedure.
- To prevent delays, apply for your school loan well in advance. Verifying documents and going through pre-sanction procedures can take some time.
- Your education loan application requires a co-applicant, such as a parent or sibling. They must present a clean credit report and arrange their documentation.
FAQs:
In more than 46 nations, including the USA, the UK, Canada, Australia, France, Germany, Ireland, Switzerland, and more, Avanse offers student loans for overseas schools.
Avanse may be your best bet if you’re concerned about your chances of receiving an education loan. An NBFC called Avanse is well-known for accepting more applications for student loans than any other lender. Avanse was founded in 2013 and provides student loans for over 3,000 universities across 50 countries.
The simplest and most popular way of loan distribution is an electronic transfer of the loan amount to a co-applicant account. Your tuition is paid to the university directly. The remaining monies are credited to your account or the accounts of your co-applicants.