12.5%
0.5% of Loan Amount
10 % of Loan amount
Avanse Financial Services is a Non-banking Financial Company (NBFC). They offer education loans to students who want to pursue their higher studies in India or abroad. The company offers customized loan solutions for a wide range of courses and universities and aims to make the loan application process as smooth and hassle-free as possible.
Avanse financial services education loan for studies abroad covers 2000+ universities and colleges, and 27,000 pre-approved courses across 50+ countries. They provide pre-visa disbursement loans, pre-admission loans, bridge loans, fast-track loans, and score-based benefits, and ensure that the applicant faces no financial issues while studying abroad to elevate their career to the next level.
| Feature | Description |
|---|---|
| Loan Amount | Up to INR 75 Lakh |
| Rate of Interest | 12.5 - 13.5% |
| Processing fees | 0.5-1% |
| Processing time | 7-10 days |
| Margin money* | nil |
| Moratorium period* | Course duration + 1-year |
| Repayment tenure | 15 years |
*Moratorium period is the time duration during which you are not required to make payments toward your education loan.
*Margin money refers to the amount of money that a borrower is required to contribute towards the loan, while the remaining amount is paid by the lender.
Avanse Financial Services offers both secured and unsecured loans for study-abroad students. One of the unique features of Avanse is its customer-centric approach. Please note that if you are applying for a Bachelor’s course then the collateral is mandatory.
Below are some criteria that you need to ensure so that you can be eligible for taking a loan from Avanse Bank
Age: The applicant must be at least 18 years of age or older at the time of application. The student should have secured admission to a recognized university.
Academic performance: The applicant should have a good academic record and must meet the minimum academic criteria set by the lending institution. Also, the student must appear for the required tests such as GRE, IELTS, or TOEFL. Please note for the US, GRE plays a vital role in securing an education loan.
Co-applicant: The loan applicant must have a co-applicant, who could be the applicant’s mother, father, sister, brother, spouse, paternal or maternal relative, or a legal guardian, with a regular source of income and good credit history.
Course and country of study: Under this scheme regular graduate degree/post-graduate degree/diploma/certificate/doctorate courses in any discipline offered by foreign Institutes/Universities in the USA, UK, Canada, Australia, New Zealand, France, Germany, Ireland to name a few will be covered under the scheme.
| Feature | Description |
|---|---|
| Loan Amount | Up to INR 75 Lakh |
| Rate of Interest | 12.5 - 13.5% |
| Processing fees | 0.5-1% |
| Processing time | 7-10 days |
| Margin money* | nil |
| Moratorium period* | Course duration + 1-year |
| Repayment tenure | 15 years |
| Feature | Australia / New Zealand | Canada | UK | Germany/Ireland/France/Italy |
|---|---|---|---|---|
| Rate of Interest | 12.5 - 12.75% | 12.5 - 13% | 12.5 - 13.5% | 12.5 - 13.5% |
| Loan Amount | INR 40 Lakh | INR 20 - 25 Lakh | INR 40 Lakh | INR 20 Lakh |
| Co-applicant minimum income | INR 35K | INR 35K | INR 40K | INR 40K |
| Monthly installments during the course | Partial simple interest | \Simple interest / Partial simple interest | Simple interest / Partial simple interest | Simple interest |
| Processing fee | 1% | 0.75 - 1% | 0.75 - 1.25% | 1 - 1.5% |
Note:
Getting your Avanse Education Loan through 24x7 Loan Services
24x7 Loan Services officials coordinate with various departments within Avanse Finance and escalate the process and get a loan approval in just 5-7 days. This is why thousands of students trust us with their loan requests every year. If a student applies directly to the NBFC, the usual loan processing time is around 10-12 days.
In case of any hurdles regarding documentation or application, 24x7 Loan Services intervenes and resolves the problem by coordinating with the officials at Avanse.
At 24x7 Loan Services, we are committed to providing you with the best education loan in the market. Our aim is to secure the best deal possible for you. However, if you come across a better offer elsewhere, we will cover the difference in interest rates for the ENTIRE duration of your education loan.
24x7 Loan Services’s services for applicants are absolutely free. We do not charge any kind of processing fees or commissions from the applicants at all.
If you directly apply for an education loan you might face several challenges but with 24x7 Loan Services all you need to do is check your eligibility at 24x7 Loan Services’s website and if you are eligible then all you need to do is relax because you will be assigned a dedicated education loan counsellor.
If you are looking to obtain an education loan from Avanse, you can apply online through their website. However, for a hassle-free and fast application process, you can apply for your education loan through 24x7 Loan Services.
24x7 Loan Services is an online platform designed to assist Indian students in financing their education abroad and can help you get your education loan approved in just four uncomplicated steps.
| Feature | With 24x7 Loan Services | Without 24x7 Loan Services |
|---|---|---|
| Personalized document checklist according to profile & area | Yes | No |
| Personalized document checklist according to profile & area | Yes | No |
| Branch visits | 0 | 3-4 |
| Pre-visa disbursements | Easy | Difficult |
A student had been applying for an education loan through various lenders, such as HDFC Credila and Auxilo, but was declined by all due to their poor credit score. Fortunately, their fortunes took a turn for the better when they came to 24x7 Loan Services, and we were able to secure their education loan through Avanse, even without an offer letter from the university. Given the student's financially weaker background, we also negotiated with the bank on the processing fee. Eventually, the student paid a portion of the processing fee upfront and the rest after receiving their admission letter.
A student with over 5 backlogs during their graduation was facing difficulties securing a loan due to the lack of collateral or a co-applicant. Despite applying to multiple banks and NBFCs, they were rejected by more than 3 institutions. Fortunately, the student reached out to 24x7 Loan Services, who connected them with Avanse. Based on the student's bank statement and GRE score of 304, the loan was successfully sanctioned and disbursed to the customer.
Easily up to INR 50 Lakh (without collateral) and INR 80 Lakh (with collateral), which can be increased as per course fee, country, and co-applicant income, etc.
Typically for the US, it’s between 12.25 to 14%, and for other countries, it’s between 12.5 and 13.5%, depending on the college/university.
The tenure of an abroad education loan from Avanse is up to 15 years.
Tuition fees and on-campus housing fee is transferred to the university’s account, whereas other living expenses are transferred to the borrower’s account.
No. Avanse covers 100% of students' expenses.
No, there is no penalty on prepayment after 6 months of disbursement.
My experience with 24x7 Loan Services was great. Keep doing the good work.
24x7 Loan Services helped me a lot in getting my loan approved at the last moment and I appreciate it.
Keep up the great work. You are helping in making future for students, and I really appreciate that.