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Executive Education Loans
We all know that learning never stops. You can learn something new every day, irrespective of whether you're 10, 40 or 90. Once you start your career journey, you may want to enhance your skills or even learn new ones to achieve all your aspirations. Unfortunately, a lack of finances can create a roadblock that prevents you from acquiring new skills.
At Avanse, we provide executive education loans for professionals looking to grow and climb the corporate ladder. We offer special education loans for working professionals in India, including education loans for MBA. We have curated education financing solutions that allow you to focus on your professional growth journey.
Benefits of Executive Education Loans
Most professionals today hope to complete an MBA and improve their career prospects. But, taking time off to study isn?t always easy. Many people do not have the resources to fund an MBA programme in India or abroad. That?s where our executive education loans come into the picture. We help you pay for your course so that you can achieve your goals. If you aren?t sure whether an education loan for working professionals is the right option for you, here?s a look at the benefits they offer:
You Don't Miss Out
There's no denying the fact that today's job market is incredibly competitive and cutthroat. If you want to make the most of every opportunity, you must have all the right tools. An MBA is one crucial degree that many employers look for today. With an education loan for an executive MBA, you can get the degree you require without having to worry about your finances.
You Can Master New Skills
Your education loan for MBA and other professional courses can teach you more than you expect. When you go back to your higher studies in India and abroad, you also pick up crucial life skills such as time management, effective social skills, awareness and more. Additionally, you have the opportunity to grow your social network and build connections with like-minded professionals. In the future, they could help you with your career aspirations.
Stress-Free Financing
When you opt for an executive MBA loan in India, you don't have to worry about saving up the money for your course. Instead, you can rely on Avanse to provide you with the required funds. We offer an easy repayment schedule, so you can focus on getting your professional degree and furthering your career trajectory.
Ready to take charge of your future?
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Education Loans for Working Professionals?
The Avanse Advantage
When you opt for an Avanse loan for higher studies in India, you can enjoy quick and hassle-free disbursals. Once we receive your application, we can disburse the loan in just a few days! You can fast-track your education loan for executive MBA application and get the funds you need exactly when you need them!
How Do I Apply for an Avanse
Education Loan for MBA in India?
Want to start the application process right away? Here?s what you need to do:
Speak to our consultants
Send us the requisite documents
Receive the loan amount
Understanding Your Avanse
Education Loan for MBA
Who can apply for an education loan for MBA in India?
Professionals can apply if they:
- Are Indian citizens who are 18 or older
- Have a confirmed admission before the final disbursal
- Have a co-borrower who earns in India
For Which Courses Can Professionals Avail Executive Education Loans in India? With an education loan for MBA in India, you can cover the cost of postgraduate courses, specialist courses, management courses, vocational up-gradation courses or other courses leading to a higher professional qualification.
To complete your application for a higher education loan in the country, 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
Here?s a document checklist that will help you get your papers in order:
| Documents | Applicant | Co-Applicant | Additional Co-Applicant | Guarantor |
|---|---|---|---|---|
| 2 Colour Passport-sized Photos | ||||
| Photo ID | ||||
| Residence Proof | ||||
| Date of Birth Proof | ||||
| Signature Verification | ||||
| Academic Documents | ||||
| Proof of Admission | ||||
| Fee Structure | ||||
| Income Proof | ||||
| Collateral Documents | ||||
| 8-month Bank Statement | ||||
| Relationship Proof |
At Avanse, we don?t want to limit your dreams. While the minimum loan amount for an education loan for MBA is INR 1,00,000, we do not put a cap on the maximum loan amount. We strive to create customised loans that meet all your financial needs with ease. Additionally, we will not ask for any margin contribution. Our goal is to provide holistic funding for your education so you can achieve your academic aspirations successfully.
Our executive loans for professionals in India 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
- Up to INR 75,000 as travel expenses or passage money for individuals travelling abroad.
When you choose Avanse as your education financing partner, you can count on quick, transparent and completely hassle-free loans. To apply for an executive education loan, you can fill up the online form or send an e-mail to wecare@avanse.com. For a smooth application journey, you should inform us about:
- The amount of financial assistance required
- The course and institute where you intend to study
- The identity of your co-applicant or guarantor
Ideally, check which documents you need to submit and apply for the professional education loan well in advance to avoid last-minute hassles.
Once we receive the application, our consultants will review it and get in touch with you if they require any additional information. If your application checks all our boxes, we will provide you with a formal Loan Offer letter. Here, we outline the loan amount you can get as well as a list of documents we require from you. You may use the loan offer letter to secure your seat at your preferred university or institute.
Once all the paperwork is ready, we will provide you with an education loan agreement. The agreement lists out all the terms and conditions. After you review the paperwork and sign it, we will disburse the loan amount via DD, cheque or electronic transfer.
Avanse provides secured loans for better interest rates and higher amounts. 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
Take a look at how the loan amount gets disbursed to ensure you?re making an informed decision:
- The professional education loan amount will be disbursed in Indian Rupees.
- Tuition and hostel fees will be 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.
- Should the professional choose to reside outside the hostel, the money gets transferred directly to the co-borrower?s account.
- Whenever required, money will be transferred with a third-party FOREX vendor as per the agreement.
Generally, Avanse charges 1-2% of the loan amount as the processing fee. However, we evaluate the amount on a case-to-case basis and share the final amount while processing the loan.
To ensure you always enjoy a competitive rate of interest, we work with floating rates. We calculate the interest on your loan using the formula: Interest = Avanse Base Rate + Spread.Our base rate is currently static at 12.65%. The spread changes periodically based on your overall credit and course profiling. We use a simple interest rate with monthly rest to calculate the rate of interest on your professional education loan.
At Avanse, we believe in being transparent. We want you to have all the information required, so here?s a look at our service charges:
| Description of Charges | Charges and Fees |
|---|---|
| Pre-payment charges | No pre-payment allowed within 6 months from the disbursal of the loan |
| Charges for late payment of PMII/EMI | 2% per month |
| Cheque/ECS bounce charges (per bounce) | INR 500/- plus applicable GST |
| Document handling charges (during foreclosure) | INR 2,000 onwards plus applicable GST |
Additional services, as required, will be charged at a nominal fee as per Avanse policy.
You can choose a loan repayment tenure that suits your needs as long as it falls within the following limits:
Minimum loan repayment tenure ? 12 months
Maximum loan repayment tenure ? 120 months (including the course duration)
We also offer a grace period of 6 months from the time you complete the course or a grace period of 3 months from the time you secure your first job.
Our professional loans are designed to help you meet all your education-related financial needs. So, we provide multiple repayment options. You can start repaying while you?re still studying or once you complete the course and secure a job. While repaying, you can choose between:
- Interest servicing during the course
- Partial interest servicing during the course
- EMI repayment during the course
- EMI repayment after a holiday/moratorium period
- Step up repayment facility
Do you still need some more information about our best educational loan in India? Download our document checklists and more:
- Application Form
- Loan Process
- Document checklist for salaried individuals
- Document checklist for employed professionals
Frequently Asked Questions
It's okay to have questions, because we've got answers!
To be eligible for a study abroad loan from Avanse, you only need to meet the following eligibility criteria:
- You should be a citizen of India?
- You should be 18 years old or above?
- You should have a confirmed admission in the Institute of your choice?
- You should have an earning co-borrower in India
Do you check all the above boxes? Well, congratulations, you are eligible to apply for our education loans for abroad studies! As for point number 3 ? if you do not have a confirmed admission in the Institute, you can still get a pre-admission loan. This will help you cover all your pre-admission expenses including entrance exam fees, consultation fees, the cost of prep tests, etc. These loans can also provide proof of funds to increase the chances of your application being selected.
Our loans cover your entire student life journey. Right from the course fee to the purchase of study material, we will take care of everything! Here is a rough list of expenses you can get covered with our loan for higher education abroad:
- The course fees
- Purchase of books, study material, computers and project expenses
- Traveling expenses for students traveling abroad
- We also cover your insurance premium
- Caution deposit, building fund, entrance exam fees, the cost of prep tests and entrance exams, consultation fees, etc
With an education loan for abroad, you get 100% finance. This ensures that all your expenses are taken care of. Therefore, instead of worrying about funds, you can focus fully on your studies. We will handle the costs for you!
At Avanse, we believe that you should aspire without boundaries! That?s why we do not have any limit when it comes to the loan amount. However, the loan amount that we can provide depends on numerous factors such as your academic record, the course you?ve selected, your parent?s ability to repay the loan, etc. To get a better idea of the loan amount you can avail, use our eligibility calculator. You can also come to the nearest Avanse Financial Services branch office or you can contact us to schedule a home visit.
We provide 100% finance. This means that you do not need to provide any margin money to get an educational loan for abroad studies. Amazing isn?t it?
You do not need to provide collateral or any form of security to get an educational loan for abroad studies. However, if you are able to provide security in the form of residential/commercial property or a fixed deposit, then you will enjoy higher loan amounts and/or reduced interest rates.