These days, higher studies in India is expensive. If you hope to pursue an engineering or medical degree, you would have to pay a few lakhs out of your pocket. With an education loan for India, you can get 100% of the finance without touching your family's savings. Additionally, the loan will help you build your credit score, making it the ideal way to finance your higher education.
To benefit from an Avanse Education Loan, you must be an Indian citizen and 18 or older, have a confirmed seat at your preferred institute.
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.
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
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. If you'd like to understand the maximum loan amount you can opt for, you can use our Education Loan Eligibility Calculator or contact an Avanse advisor.
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% finance for your course, so we do not charge a margin amount.
At Avanse, we offer both secured and unsecured loans. If you do not have collateral, that's fine, we'll still provide you with an education loan.
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
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
Absolutely! We offer affordable balance transfers so you can get us to refinance your existing loan.
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.
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 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.
Yes, you can prepay your loan by filling out the education loan pre-payment and foreclosure form. Our prevailing policies will dictate the pre-payment charges on a case-by-case basis.
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.
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 year, you have to submit a form that outlines the fee requirement so that we can disburse the money directly to the institute.
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 14.25% (WEF 01.05.2023). The Spread is floating and is based on analysis of overall credit and course profiling.
You can understand that process by using our free EMI calculator .
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!
