Education Loan for Studies Abroad

This is our eligibility criteria:

• The student taking the study loan must be an Indian Citizen and 18 years old or above.
• There must be confirmed admission in the Institute before final disbursement of the education loan
• The student loan must be co-signed by an earning co-borrower in India.

CO-BORROWERS

• The co-borrower of abroad studies loan must be an Indian Citizen and could be a Parent, Sibling, Legal Guardian, or any other Relative.
• The co-borrower must have a bank account in any bank in India with cheque writing facilities
• The Co-borrower would necessarily be the primary debtor.

COURSES

• Graduation/ Post-graduation for job oriented professional/ technical courses offered by reputed universities outside India as well as courses and universities approved by Avanse for education financing.

DOCUMENTS REQUIRED

• Student KYC & Educational Documents
• Course & Fee Details
• Co-Borrower KYC and Income Documents
• Collateral Documents

The Minimum amount given as study abroad loan is Rs. 1,00,000.00/- At Avanse we do not believe in putting limits to your dream of pursuing higher studies, we look at structuring the study abroad loan to meet your necessary needs and cost of education.

Margin

At Avanse we do not ask for any Margin money contribution from our applicants. Our study abroad loans are designed to provide 100% coverage of the cost of education, thus doing away with this burden, leaving you to focus on your studies.

Loan Coverage

• 100% Tuition Fee as determined by the Institute or University
• Living Expenses including purchase of Books, Computers and other expenses essential to complete the course (up to 75% of total living cost though not exceeding 20% of the total tuition fee)
• Caution Deposit / Building Fund / Refundable Deposit supported by Institution Bills / Receipts but not exceeding 10% of the total tuition fee.
• Travel expenses / passage money up to Rs. 75000/- for students travelling abroad.

Faster, Transparent and Hassle Free. These are the benefits that you get when you come to Avanse for an education loan. Our optimized processes ensure you get the required education loan easily and at the right time.
You can apply for an Avanse Education Loan process even before you enrol for your course. However, disbursement of the loan will only be done after you have secured a confirmed admission at the reputed/ recognised Institute or University.
You can apply for an Avanse Education Loan before you enrol for your study, however you will need to be fully enrolled before we can make any disbursements for you.

Applying for an Avanse study loan procedure is quite simple. You can,

• apply online – click here
• Simply write to us at wecare@avanse.com

While applying for your education loan procedure, kindly ensure the following:

• Ascertain how much finance you need from Avanse
• Finalise the course you plan to pursue and the university you would be studying in.
• Identify the Co-applicant or Guarantor
• Check the documents required to be submitted
• Submit the application form duly filled in and complete in all respects
• Apply for the Education loan well in advance, to ensure timely disbursement

We will review your application and verify the information you have provided. Should we need any • additional information to complete the study loan procedure, we will get in touch with you.
We assess your education loan based on the information and documents provided. Once your loan application is verified, we will issue our in – principle approval through a Loan Offer letter, outlining the loan amount you qualify for. We will also intimate you about any additional documents that may be required to be submitted prior to disbursement. You can use this Loan Offer letter to declare the source of funds, during the process of admission.
On submission of your admission confirmation, we will verify your admission details with the Institute or University; collect details like Course duration and commencement, Fee Schedules, etc.
If all conditions covered in the education loan procedure in India are met then we will send you an Education Loan Agreement. The agreement will contain the terms and conditions for your review, and the same will need to be signed by you as a token of acceptance. You will be expected to return the signed agreement quickly along with the original or verified copies that are required prior to disbursement of your loan.

The education loan amount is provided to you by:

1. DD –Demand Draft
2. Cheque
3. Or it is electronically transferred to the designated bank account.

We always aim to offer you competitive interest rates on your Avanse Education loan. The rate of interest on your loan is calculated as: Interest Rate = Avanse Base Rate + Spread.
Our current Base Rate is 12.65% (w.e.f. 01.11.2018).
The Spread is floating and is based on analysis of the overall credit and course profiling.

• Rate of interest on student loan will be floating in nature.
• Interest is calculated using Simple Interest Rate with Monthly rest.

This rate is subject to the terms and conditions of Avanse Financial Services Ltd.

Security for the Loan is determined by the quantum of amount required and the credit worthiness of the principal borrower. At Avanse, following types of Collateral Security are accepted:

• Residential property ( house/flat/apartment)
• Fixed deposit with any deposit-taking organization assigned in favor of Avanse.
• Life insurance with surrender Value equivalent to required security coverage.
• Non agricultural land

• The Study Loan Amount will be disbursed in Indian Rupees.
• The Tuition and hostel Fees will be directly disbursed to the educational institute,in installments, as per the requirement of the specific educational institute
• The loan amount related to other expenses will be disbursed in installments spread over the duration of the study, and ideally will be transferred to the co-borrower's account
• In case the student resides outside the hostel, the fee will be transferred to the co-borrower's account.
• In case it is needed, money will be transferred as per agreement with third party FOREX vendor.

Avanse Education loan Service charges and fees are as follows:
Effective: 14th February 2013

Any other additional services requested by the customer such as Document Retrieval, Account Statement etc, will be charged on nominal basis, as per the policy of the company

Minimum Repayment Tenure: 12 Months
Maximum Repayment Tenure: 120 Months (Including course duration)
Grace Period is of 6 Months after the course is complete or 3 months after getting the Job,

REPAYMENT TYPES

As a responsible lender, Avanse understands the importance of your education loan and ensures that you are supported with various options to maintain a good credit so that you not just enjoy your financial independence but are responsible for maintaining it too.
Avanse offers you the flexibility of repaying your education loan while in school as well as on completion of your course,

• Interest servicing during the course
• Partial Interest servicing during the course
• EMI Repayment during the course
• EMI repayment post Holiday / Moratorium period
• Step Up repayment facility

Avanse charges Processing fee between 1-2% of the loan amount and is calculated on a case-to-case basis. The final amount is arrived in the course of processing the loan application.

Document Checklist : Checklist of Supporting Documents

For more information go on Downloads section.

Must Have Downloads
Get into form! These must-have downloads are your immediate pre-requisites that are the starting points to open up academic doors and, perhaps, your world.

Document Checklist