We always aim to offer you competitive interest rates on your Avanse loans. The rate of interest on your loan is calculated as: Interest Rate = Avanse Base Rate + Spread. Our current Base Lending Rate is 12.65% (w.e.f. 01.11.2018). The Spread is floating and is based on analysis of overall credit and customer profiling. Interest is calculated using Simple Interest Rate with Monthly rest. This rate is subject to the terms and conditions of Avanse Financial Services Ltd.
Terms & Conditions
Avanse Financial Services Ltd. is authorized to disclose from time to time any information relating to the loan to any credit bureau (existing or future) approved by Government of India and Reserve Bank of India without any notice to the borrower. We are also authorized to make inquiries with the Credit Information Bureau of India (CIBIL) and get the applicants Credit Information Report. All Education loans are subject to approval and credit terms of Avanse Financial Services Ltd.
India’s education system is very intense; it has numerous universities with specializations in arts, science, engineering, medical, literature, alternative healing and many others. A lot of students from abroad are opting-in for study in India due to the presence of these opportunities.
BET YOU DIDN’T KNOW!
India has become one of the world’s most exciting and advancing education hub. New age Universities and educational institutes offer both niche as well as the entire gamut of programmes in education that encourages study in India for international students as well!
Your new age courses need a new age finance company. Avanse offers 100% education finance options without any margin money and we don’t have a cap on the loan amount. Our tailor-made student loans are designed to finance your study in India for most traditional and non-traditional courses from engineering, medicine, law, management to hospitality, culinary, aviation, arts, media studies and much, much more.
Avanse believes in being accessible to every aspiring student that desires to Study in India; empowering education loan to 183 locations. We therefore support multi-city co-borrowers and customised options, along with door-step advise and solutions. We are known and valued for our quick sanctioning and processing
Our study india loans are customized to help you achieve
your higher education aspirations.
This is what you can opt for depending on your needs
This is an Education Loan Sanction prior to getting a Confirmed Admission to an Institute/University in India. Actual disbursement of the loan is done after the necessary documentation process is complete... Apply Now
A loan for Higher Studies in India that is express processed, sanctioned and disbursed, subject to all documentation procedures being followed... Apply Now
The minimum amount given as study india loan is Rs. 1 lac. At Avanse we do not believe in putting limits to your dream of pursuing higher studies, even in India. We look at structuring your domestic loan to meet your necessary needs and cost of education.
At Avanse we do not ask for any margin money contribution from our applicants. Like our study abroad loans, our study in India loans are designed to provide 100% coverage of the cost of education, thus making it easy for the student and the co-borrower.
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.
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 is quite simple. You can:
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 your 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 and 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:
DD –Demand Draft
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 are accepted:
Residential property (house/flat/apartment)
Fixed deposit with DHFL preferably or any other deposit-taking organization assigned in favor of Avanse.
Life insurance with surrender value equivalent to required security coverage.
Existing house mortgaged with DHFL can be taken as security on second charge basis, provided it covers the required amount.
Non agricultural land.
The study loan amount will be disbursed in Indian Rupees.
The tuition and hostel fee will be directly disbursed to the respective institute in instalments, as per the stated schedule. The student loan amount related to other expenses will be disbursed in instalments spread over the duration of the study, and ideally will be transferred to the co-borrower’s account. In case the student is not residing in a hostel, the fee is transferred to the co-borrower’s account.
Services & Charges
Avanse Education loan Service charges and fees are as follows:
Description of Charges
Charges and Fees
No pre-payment allowed in the first six months of loan disbursement
Charges for late payment of PMII / EMI
2% per month
Cheque/ECS Swap charges:
Rs 500/- plus applicable GST
Cheque/ECS Bounce charges:
Rs 400/- plus applicable GST
Document handling charges (At the time of foreclosure)
Rs 1500/- + plus applicable GST
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 six months after the course is complete or three months after getting a job.
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 still 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’s processing fee is anything 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