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Avanse is a leading NBFC offering education loans for courses in India and abroad. Both with and without collateral options are available. Read ahead for details.
In your quest for higher education, an education loan plays a very important role. With the cost of higher education rising, many deserving students find it difficult to meet the educational expenses that are associated with higher education, both in India and abroad. It is at this crucial juncture that higher education loans come as a savior. Both banks and NBFCs give out education loans. In this blog, we will discuss the education loan from Avanse. So, without further ado, let’s get going.
Check Your Education Loan Eligibility
A non-banking financial corporation (NBFC), Avanse has been leading the way for NBFCs when it comes to offering education loans. With the aim of making education accessible for all, they started Avanse education loan for studying in India and abroad. In fact, they claim to hold the leadership position in education loans among popular NBFCs offering education loans and were awarded “The Best education loan provider: in 2019 by BFSI. Avanse education loan for abroad study covers more than 6,000 courses at 1,626 universities and 1,262 colleges across 44 countries.
Avanse offers tailor-made education loans to its applicants. The NBFC offers study loans for studying in India as well as abroad. Based on a student’s profile, Avanse offers both secured as well as unsecured loans. Avanse education loan covers all expenses related to studying and includes not just the tuition fee but also the living expenses. More details:
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Avanse does not mandate any margin money for its education loans.
The Avanse education loan eligibility criteria is as follows -
Avanse offers educational loans at competitive rates of interest. The ROI is calculated as “Interest Rate = Avanse Base Rate + Spread". The current base rate, as of November 2018, is 12.65%. The “Spread” for education loans from Avanse depends on course profiling and an analysis of overall credit quality. The Avanse education loan rate of interest is typically between 11.75% - 16%. Avanse also gives score-based benefits. This means that students with exceptional scores get special privileges like a preferential rate of interest.
Calculate Your Education Loan EMI
Students applying for an education loan need to submit 2 color photos, a photo identity proof, residence proof, date of birth proof, signature verification, academic documents, proof of admission and the fee structure. The co-applicant with the student needs to submit 2 color photos, a photo identity proof, residence proof, date of birth proof, signature verification, bank statement of the last 8 months, proof of income, collateral documents and relationship prof. If there is an additional co-applicant, they need to submit all the documents that the primary co-applicant needs to submit. If the loan also has a guarantor, the guarantor has to submit 2 color photos, a photo identity proof, residence proof, date of birth proof, signature verification, income proof and collateral documents.
The above list is a general list of documents that are required by Avanse and may change on different factors. GyanDhan gives a customized list of documents to students who apply for an Avanse education loan through us.
The minimum repayment tenure for an Avanse Education loan is 12 months while the maximum tenure is 120 months. The maximum repayment tenure also includes the course duration. The NBFC gives a grace period of 6 months once the course gets completed or three months from starting a job.
Also, check - How To Get Abroad Education Loan From ..
Now that our readers know the A to Z of Avanse education loan, the next obvious question would be “how to apply for the loan”? Avanse is one of our partners and we have a fast, efficient, fully online process mapped out, which ensures a greater chance of loan approval, in addition to a quick turn around. GyanDhan’s does not charge any processing fee from its students and thus students get our loan application service absolutely free! What’s more, you don’t need to go anywhere physically - just apply and upload your documents on our website and we take care of the rest. We even provide step-wise updates through notifications so that you know exactly where your loan application process is. So, what are you waiting for? Apply here and make your dream of higher study a reality now.
Check Your Education Loan Eligibility
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