Avanse Student Loan

In today’s fast world, higher education is important for career success. However, the cost of tuition fees, accommodation, and other educational expenses can be a significant barrier for many students. There are several financial solutions that help students pursue their dreams, and one of the best options for students in India is the Avanse Student Loan. This loan program is meant to make education more accessible by providing students with the financial support they need to further their studies.

All issues from eligibility to benefits, its application process, repayment, and many more will be addressed in this article. Be you a student requiring to source finance for your education, a parent seeking a reliable form of loan for your children for their future, this broad scope will guide you through these valued insights.

What is Avanse Student Loan?

Avanse Student Loan is a product provided by Avanse Financial Services Ltd., which happens to be one of the major education loan providers in India. The loan assists students in financing their education in India and abroad, thereby catering to the growing costs associated with education. Increasing education expenses can often make it quite impossible for students and families to bear the cost fully. Avanse Student Loan bridges this gap by providing affordable financing solutions to students who are planning to pursue undergraduate, postgraduate, or professional courses.

This loan can cover various expenses, such as:

Tuition fees

Examination fees

Hostel accommodation

Travel expenses (for foreign education)

Purchase of books, laptops, and other essential study materials

Benefits of Avanse Student Loan

There are several key benefits of choosing the Avanse Student Loan for financing your education. Some of the most notable advantages include:

Flexible Loan Amounts: The loan amount offered by Avanse can cover a wide range of educational expenses. Whether you are studying in India or abroad, Avanse can provide loans for tuition fees, living costs, books, and other requirements.

The feature that really makes Avanse Student Loan stand out is that no collateral is required for loans up to ₹40 Lakhs. Therefore, this can be considered one of the best loan options for students who may not have any assets to use as collateral.

Avanse offers competitive interest rates for its education loans. Compared with many other traditional bank loans, interest rates can often be lower. It is hence considered a cost-effective way of funding students’ education.

Flexible Repayment Options: Avanse Student Loan offers flexibility in repayment. It allows the loan to be repaid after the course completion, thereby giving the students grace time to get employment and start earning. The other advantage is that students have an option to repay through EMIs over a specific period of time.

Easy Online Application Process: Avanse makes the loan application easy and accessible. Students can apply for a loan online through filling a simple form and submitting the required documents. Online convenience saves time and ensures an easy application process.

Avanse Student Loan is disbursed quickly after your loan application gets approved, and it allows students to meet financial obligations without delay.

Special Benefits for Women and Meritorious Students: Avanse also offers special benefits such as lower interest rates for women students and discounts for meritorious candidates, which makes it even more affordable for eligible applicants.

Tax Benefits: Students can also claim tax benefits offered under Section 80E of the Income Tax Act on Avanse Student Loan. In this regard, the borrower gets a reduction in tax liabilities by the deduction of interest on the loan.

Eligibility Criteria for Avanse Student Loan

Before obtaining the Avanse Student Loan, it is necessary to establish the eligibility criteria. Although it is a student loan, there are specific requirements that will be needed to make the whole process smooth.

1. Age Requirement:

The applicant should have an age range of 18 to 35 years. In case the student wants a loan for undergraduate studies, then the co-applicant is typically the parent or the guardian and he/she has to be within the range of 18 to 60 years of age.

2. Course and Institution:

This loan can be availed for students taking undergraduate, postgraduate, or professional courses. The students have to join the recognized institutions either within India or abroad.

3. Academic Performance:

Avanse does not expect excellent academic records for approving the loan, but good grades or a merit-based scholarship improve your chances of getting the loan.

4. Co-applicant requirement:

A co-applicant is necessary for most education loans. This is mostly a parent or legal guardian, who will be liable for repaying the loan in case the student is unable to pay.

5. Indian Nationality:

Only Indians can apply for the Avanse Student Loan. No foreigner or international student can get this loan.

Documents Required for Avanse Student Loan

Avanse Student Loan is availed to students based on the submission of certain documents as part of the application. Some of the key documents that are required are:

Identity Proof: A government-issued ID card, which could be an Aadhaar card, voter ID, passport, or driver’s license.

Address Proof: Electricity bills, bank statements, or a rental agreement can be considered proof of address.

Academic Documents: Transcripts, certificates and an admission letter proving you are admitted to a recognized college.

Co-Applicant Documents: Identity proof, income documents, and residence documents of the co-applicant usually being a parent or legal guardian.

Income Documents: Salary slips, ITRs, or bank statements that prove the financial standing of the co-applicant.

Application Procedure for Avanse Student Loan

The application procedure for the Avanse Student Loan is quite straightforward and can be done in a few easy steps.

Step 1: Visit the Official Website:

First, visit the official website of Avanse Financial Services and fill up the online application form.

Step 2: Submit Required Documents:

You are required to upload scanned copies of all the necessary documents that may include your identity proof, academic records, admission letter, and co-applicant details.

Step 3: Loan Assessment:

The Avanse team will review your financial needs and academic background after you have submitted your application. They will ensure that the applicant and the co-applicant are eligible before proceeding with the process.

4: Loan Approval:

After reviewing your application, the Avanse will let you know whether the loan has been accepted or not. In case accepted, you will be given a Loan Agreement stating the loan details, interest rates, etc., and repayment terms.

Stage 5: Loan Pay-out

Once the agreement is signed, the loan would be paid directly to the learning institution or according to their terms.

Repayment options for Avanse student loan

Avanse Student Loan presents flexible repayment options. In repayment, a student may begin repaying the loan from the day he/she concludes the course and lands on a job. 

Key Options of Repayment Options as Followed by Avanse: Moratorium Period:

Avanse gives a moratorium period usually between six to twelve months after course completion. This means you need to pay no repayments.

Repayment in EMIs: You can commence repaying the loan at the end of the moratorium period with easy, monthly installments (EMIs). Repayment of the loan is available on a tenure between 5 to 15 years, that depends on the loan quantum and your repayment capacity.

Prepayment: Repayment Options: The loan can also be repaid in full or partially within the due date and no loss is incurred due to penal charges.

Conclusion

Avanse and Lorien Finance are excellent options for students seeking financial aid to achieve their educational aspirations. They offer competitive interest rates, simple application processes, and flexible repayment options, making higher education more accessible to students studying in India or abroad. With comprehensive coverage of all educational expenses, these institutions ensure students can focus on their studies without financial worries, empowering them to pursue their dreams with confidence.

The Avanse Student Loan offers the much-needed support that a student aims to have to achieve his/her academic and professional goals by making it one of the finest choices of financing education in this competitive world.