Student Loan Refinancing
- The Prudent Choice
Did you opt for an educational loan to finance your higher studies? Are you worried that your monthly outgoings are starting to look higher than you'd like? You can opt for the best private student loan refinance with Avanse and explore more viable options to pay your loan back.
Refinancing your education loan allows you to switch your loan provider or apply for a new loan to pay off your existing debt. Generally, individuals choose to refinance student loans to optimise their monthly payouts, lower the interest rate or change the loan tenure. When you opt to partner with Avanse to refinance your loan, you can benefit from our experienced education finance experts. They will help you identify the best possible way to optimise your loan payoff.
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Who Should Opt to Refinance Student Loans?
Many people today do not know their options to refinance student loans. You can benefit from refinancing your loan if:
- You have recently taken a loan to pursue your higher education in India or abroad
- You have completed your education and are about to start repaying or have just started repaying the loan
- You are a working professional who is still repaying an educational loan
If you'd like to go ahead with your loan refinancing, your co-borrower needs to meet the following education loan criteria:
- The co-borrower should be an Indian national or Indian passport-holder or an NRI who is currently working in India and holds an OCI card.
- The individual must have a steady income and could either be a parent, sibling or brother-in-law.
- For secured loans, your co-borrower could be a parent, sibling, uncle, grandparent or even a friend.
You can apply for a loan for graduate or post-graduate courses or other job-oriented professional or technical courses. The courses and the institute offering them must be approved by Avanse.
If you meet the above criteria, you can go ahead and use the education loan calculator to understand your education loan eligibility in India. Your student loan eligibility in India depends on your monthly earnings and outgoings as well as your loan interest and tenure.
If you’re looking for education loan refinance in India, look no further than Avanse. Here’s how we can help you:
Lower Interest Rates
If you want to lower your overall cost, we have the solution. We offer up to 100 basis points lower interest rates than your current education loan finance provider.
Affordable EMIs
With lowest student loan refinance rates and longer tenures, you can pay affordable EMIs when you opt for education loan refinancing.
Repayment Flexibility
At Avanse, we offer longer student loan refinance tenures and payment schedule flexibility. You can decide what payment scheme works best for you and your finances.
Zero Processing Fee
We won't charge you any processing fee when you decide to refinance your education loan with Avanse.
Top-Up on Existing Loans
If you need additional finance, we can help you with our top-up loans.
Remittance Payments
If you're studying or working abroad, you don't have to worry. We accept foreign remittances as part of your repayment.
Transparent Process
We are committed to being 100% transparent. We'll update you at every stage of the process and present all the costs and terms and conditions upfront. There won't be any unpleasant surprises later.
Convenient Service
If you'd like to meet face-to-face, our specialists provide door-step service. We'll come with all the papers you need and walk you through everything.
Funds for Switchover Charges
If you need to pay any switchover charges while refinancing your loan for education at Avanse, we can help with the funds for them.
Are You Eligible to Get Refinancing
for Your Education Loan?
You can get refinancing if you have a loan amount between INR 2 lakhs and INR 1 crore and if:
- You've just taken a loan and are studying in India or abroad.
- You've taken a loan and completed your education, and you're about to start repaying or have just started repaying.
- You're a working professional who is repaying a student loan.
Your co-borrower also needs to meet the following eligibility criteria:
- They must be Indian nationals, passport-holders or NRIs who are currently working in India with an OCI card.
- They must be a parent, sibling or brother-in-law when you have to showcase their income eligibility.
- They must be a parent, sibling, uncle, grandparent or friend when you opt for a secured loan against eligible collateral.
Now Refinance Your Loan With Us
Now Refinance Your Loan With Us
Apply NowAvanse offers the best student loan refinance rates for all accredited courses in India and abroad.
Things to Consider While Opting for Refinancing
Before you sign your refinance documents, you must carefully consider the following:
Foreclosure Charges
Many agencies will charge you prepayment or foreclosure charges if you finish paying your loan before your tenure. With Avanse, you can rest assured that we will not penalise you for repaying the loan early.
The Best Deal
If you have a great credit score, you can use it to your advantage. Use your credit rating to negotiate a better deal on interest rates.
If you have a great credit score and repayment history, you can use it to your advantage. Use your credit rating to negotiate a better deal on interest rates.
The Earlier, the Better
If you do want to opt for refinancing, the earlier you start the process, the better it is for you and your financial health.
Check the Documents
Finally, as with all financial documents, make sure you read all the terms and conditions carefully. You should never agree to anything unless you understand it perfectly.
Frequently Asked Questions
It’s okay to have questions, because we’ve got answers!
Student loan refinancing allows individuals to switch to another lender to help them pay their existing student loans. The new or refinanced loan generally offers lower interest or better repayment terms. Almost every education loan provider offers refinancing options on loans for students.
If you’re looking to refinance your education loan, you need to follow these steps:
Step 1: Request your current lender for a foreclosure form.
Step 2: Approach a new lender to refinance your existing loan for education.
Step 3: Allow the new lender time to complete the paperwork and approve the request.
Step 4: Wait for the new lender to provide you with a cheque for your old lender to clear the outstanding amount.
If you want to refinance student loans for education abroad or in India, you need to provide the following documents:
- Loan application form
- Passport photographs of the person applying for student loan refinancing
- KYC documents of the applicant and co-applicant
- Identity proof
- Residence proof
- Bank account statements of the student or co-applicant or guarantor for the previous six months
- Documents provided by the previous lender
Some lenders may also ask for IT returns and proof of income documents.
When you choose to refinance student loans with Avanse, you enjoy a completely transparent process. Avanse also provides top-ups on existing loans for students, ensuring you have the funds required to cover all your costs. Additionally, we accept remittance payments, allowing you to repay your education loan from anywhere in the world.
