Avanse Education Loan FAQs

Complaints are rare at Avanse, but we take them incredibly seriously. We are happy to listen to everything you want to say, from suggestions and complaints to secrets and questions. You can get in touch with us by:

• Calling our toll-free number 1-800-266-0200
• Writing to us at wecare@avanse.com

Yes, you can definitely apply again. Make sure you have all the necessary documents attached to your profile and that you meet our eligibility criteria so you are not disappointed again.

Your academic record isn't the only criteria we look at, so you could still get the loan you need. When you have a consistently good record, we provide you with additional benefits on your Avanse Education Loan.

Yes, we will provide education loans for admissions secured through paid seats or a management quota.

We do not want anything to come between you and your higher education. So, we are happy to provide education loans for part-time, online and correspondence courses as long as they meet our requirements.

You can opt for a minimum loan amount of INR 1,00,000. The maximum loan amount we provide will depend on your parents' financial standing and your fund requirements.

You can opt for a loan from Avanse for:

• Graduate, post-graduate and professional degree or diploma courses offered by colleges and universities approved by UGC, AICTE, IMC and the Government
• Technical and other professional courses such as engineering, medicine, management, law and aviation
• Courses offered by recognised foreign universities
• Executive programmes, vocational training and other courses approved by Avanse Financial Services Ltd.

Our education loans will cover:

• Up to 100% of the tuition fee as decided by the university or institute
• Up to 75% of your living expenses, including the purchase of books, computers and other equipment, as long as it does not exceed 20% of the tuition fee
• Up to 100% of the building fund or caution deposit or refundable deposit as long as it does not exceed 10% of the tuition fee and comes with valid bills or receipts from the institution
• Travel expenses or passage money up to INR 75,000 for students travelling abroad

To complete your application, you will have to provide the following documents:

• Student KYC and educational documents
• Details regarding the course and fees
• Co-borrower KYC and income details
• Collateral documents

At Avanse, we charge a one-time processing fee that amounts to around 1-2% of your total loan amount.

A margin amount is a lump sum that you contribute towards your education. It's a bit similar to a down payment on a home or car before you apply for a loan. At Avanse, we provide up to 100% funding for your course, so we do not charge a margin amount.

At Avanse, we offer floating interest rates, so your education loan interest rate may go up or down depending on the economic conditions and our company policies.

You can pick a loan tenure option that works for you and your finances. We offer a minimum tenure of 12 months, but you can opt to repay your loan over 10 years. If you need a little time to get your finances in order after you complete your course, don't worry. We offer a grace period of 6 months from the day you finish your course or 3 months from the day you get a job.

At Avanse, we believe in making everything about you. You can choose to repay your loan based on your needs. We offer the following repayment options:

• Start paying education loan EMIs while studying
• Make payments towards education loan interest during your course
• Pay off a partial amount of the education loan interest during the course

The holiday or moratorium period refers to the time between the loan amount reaching you and when you make your first EMI payment. It's the time during which you don't have to make any payments towards repaying your loan. We offer a holiday period of up to six months since you complete your course or up to three months since securing employment, whichever is earlier.

Your education loan amount gets disbursed in Indian Rupees. The tuition and hostel fees get sent directly to the institute or university as per the agreed-upon schedule of payments. The loan amount for other expenses will get transferred to the co-borrower's account in instalments over the duration of the course. If you choose to reside outside the hostel, the money gets transferred directly to your co-borrower's account.

Institutes that are affiliated to the state or central universities and fall under the Central Government University Grants Commission (UGC) or the All-India Council on Technical Education (AICTE) are ‘recognised' institutes.
Reputed institutes, on the other hand, are well known and offer standard courses of ‘repute'. Different financial institutions may have their own definition of reputed. We have a list of institutes we define as reputed on our website.

When you initially apply for a loan, we verify details such as the course duration and estimated fees for each year. For every subsequent year, you have to submit a form that outlines the fee requirement so that we can disburse the money directly to the institute.

Absolutely not. We ask for security coverage based on your academic record and your credit rating. Each situation is different and we evaluate our requirements on a case-by-case basis. If you can offer more collateral, we could provide you with a higher loan amount.

The collateral we accept as security includes:

• Residential property (apartment/house)
• Fixed deposit by any registered deposit-taking organisation, assigned in favour of Avanse
• Life insurance with a surrender value equal to the required security coverage
• Non-agricultural land

We'll need a few common documents to verify your identity and address. You can check the complete list of documents on our website.

The current interest rate is between 10% and 16.5%. The rate varies depending on your loan amount requirements, security offered and credit rating. Secured loans often have a lower interest rate.

Yes, absolutely! We offer unsecured loans as well, so you do not have to provide any collateral to get the funds you require.

To apply for an education loan, you need to complete three quick steps:

You can understand the process by using our free EMI calculator

We offer education loans before admission only in specific circumstances. Currently, we only have this facility for the Master's Level STEM Program in the United States of America.

Once we receive your application and all the documents, we will take just 4-6 working days to disburse an unsecured loan. For secured loans, the duration might be slightly longer.

It's always a good idea to understand how your education loan works. You can use our Education Loan Interest Calculator to check indicative interest rates for your loan amount and tenure. While these rates may not be accurate, they do offer a good indication of what you can expect. The ideal way to find out more about the interest on your loan is by getting in touch with an Avanse consultant. They will help you with the interest rate, a personal assessment of your financial situation and provide any other information you require.

Of course! We never want anything to come in the way of your bright future. We offer loans for MBA programmes in India and abroad!

To benefit from an Avanse Education Loan, you must be an Indian citizen over the age of 18, have a confirmed seat at your preferred institute and should have cleared your 10th standard exams.
It will greatly benefit your application if you have a good academic record and your co-borrower has a steady source of income. To enhance your higher education, you should find institutions that have a good rating.

There's no such thing as a bad time when it comes to applying for an education loan. Ideally, you should start the process roughly 8 months before your course is scheduled to start. Having said that, you must understand that we can only release the funds once the institution confirms your admission. If you require emergency funds, you can apply for a Pre-Admission Loan (PAL).

A pre-approved education loan lets your institution know that you have the funds required to complete the course abroad. It works as a proof of funds certificate, something that many higher education institutes abroad require.

At Avanse, we believe that the early bird gets the education loan. You should start applying for a loan as soon as you have an idea of which institute you want to attend and what the fees will likely be for the year. We may take between 6 to 8 weeks to disburse the fees to the institute, so you can plan accordingly.

At Avanse, we specialise in education loans and nothing else. We will walk you through the entire loan process and ensure that you have no stress at all while preparing for your higher studies. We also provide:

• Bridge loans
• Score-based benefits
• Pre-admission loans
• Fast-track loans
• Funds availability certificate

You also benefit from:

• 100% financing
• Flexible repayment options
• Quick sanctions
• Customisable loans
• Door-step service