With an increasing number of students making plans to pursue their higher education outside India, the demand for education loan has also seen a huge jump. Interestingly, the demand for such finances are no longer limited to banks offering loans on a standard interest and borrowing limit.
As Mr. Neeraj Saxena, CEO of Avanse Education Loans, puts it: "India’s strong youth population has fuelled a growing demand for higher education and the lack of quality institutes in India that can cater to this demand has meant that the number of students attempting to go to foreign destinations to pursue their higher education is constantly increasing. As a result, the demand for such loans has only expanded."
Interestingly, Avanse being a new age education finance company not only funds regular, mainstream courses that Indian students have traditionally pursued but also extends education finance to new and upcoming courses, including fine arts, music, sports management, photography, film making as well as certification courses and diplomas. Besides, the company also provides assistance to working professionals who want to pursue short term courses outside India.
What makes things easier for the students applying for an education loan is that these loans do not require the applicant to arrange for any margin money, which means 100% education finance. Avanse's education loan covers all expenses related to studying abroad which includes expenses related to food, travel, and stay in the foreign country. The loans also include conditional benefits like money for insurance, telecom services, etiquette training, personality training and travel assistance.
Also, Avanse offers a loan facility called Pre Approved Loan (PAL) under which students who are planning to pursue their higher education overseas where admission to the institution depends on the student’s ability to demonstrate “Assured Funding to Complete the Course” are provided an in-Principle Sanction letter of Education loan.
Avanse lists the following features which sets apart their education loan:
Loan sanction letter- Avanse’s unique disbursement facility lets it to disburse loans to the student even while applying for a visa or before admission.
Margin money- Avanse has eliminated the need for a margin money while covering 100% finance for the student.
Sanction-One of the interesting features of Avanse is that the loan gets sanctioned in 4 days
Special client relationship manager visits home/office and works with the student to complete loan requirements
Track your loan: Avanse moves your loan account to an online portal where you can access the loan account seamlessly
Certificate of availability of funds provided for student applying to US universities
Education loan covers all expenses such as cost of Test preps, admission application fees, consultant charges, living expenses and course fees.
What makes you eligible for a loan from Avanse?
While the broad rules for an education loan are more or less the same, Avanse has set certain criteria which students as well as co-borrowers have to fulfill before the loan being sanctioned. Some of them are:
The student taking the study abroad loan should be an Indian citizen and 18 years old or above
There must be confirmed admission in the Institute before final disbursement of the education loan
The study abroad loan must be co-signed by an earning co-borrower in India.
Students wanting to study in a US university can apply for an unsecured loan if they have a GRE score of 295 and above.
Students should be pursuing job oriented professional/ technical courses offered by reputed universities outside India as well as courses and universities approved by Avanse for education financing.
Co-borrowers should have a bank account in any bank in India with cheque writing facilities as they will be the primary debtor of the loan.
You need to submit the following documents to ensure a loan from Avanse:
Student KYC & Educational Documents
Course & Fee Details
Co-Borrower KYC and Income Documents
Steps to take education loan
Education loan FAQ
Your brochure has been successfully mailed to your registered email id .
The Question containing Inaapropriate or Abusive Words
Question lacks the basic details making it difficult to answer
Topic Tagged to the Question are not relevant to Question
Question drives traffic to external sites for promotional or commercial purposes
The Question is not relevant to User
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile