Avanse Education Loan to Study Abroad: Features, Eligibility, Interest Rate

Avanse Education Loan to Study Abroad
Home » Education Loan » Avanse Education Loan to Study Abroad: Features, Eligibility, Interest Rate

Avanse Education Loan to Study Abroad: Education loans to study abroad are a great way to finance and pursue your global dreams. With Avanse education loans, covering all your education-related expenses becomes even easier. They provide up to 100% finance for course fees and other expenses like travel, books, and learning materials. You can get a loan between INR 10 lakhs to INR 75 lakhs at competitive interest rates and loan sanctions within 72 hours. In this blog, we will cover the features, eligibility and interest rates of Avanse education loans to study abroad.

Also Read: Confused between Indian Banks and Foreign Banks to apply for education loans? Check out our blog on Why Choose Indian Banks over Foreign Banks for Education Loans to Study Abroad.

What is Avanse Education Loan to Study Abroad?

Avanse is a non-banking financial institution providing financial services like education loans to study-abroad students. It provides education loans for 50+ countries including the US, the UK, Canada, Australia, France, Germany, Switzerland, Ireland, and many more. It has tie-ups with 3000+ universities, and loan facilities available for 30,000+ courses like medicine, engineering, technology, computer science, economics, and much more. 

Their hassle-free application process allows students and professionals to avail Indian education loans to study abroad. You can apply for Avanse Education Loan to study abroad before your enrollment. However, loan disbursal is provided once you have secured a seat in your desired country, university and course. 

Features of Avanse Education Loan to Study Abroad

With Avanse Education loans, you can move overseas and fulfil your study abroad aspirations. You can apply for foreign education loans for graduate, post-graduate, and other job-related and technical courses. Let’s check the features of Avanse Education Loans to study abroad. 

  • 100% finance for study abroad plans that cover course fees, travel, living, and other related expenses.
  • Security: Secured and unsecured loan options provided (unsecured loans of up to INR 75 lakhs)
  • Education Loan sanction within 72 years  
  • Flexible loan repayment options
  • Attractive interest rates 
  • Loan tenure up to 15 years
  • Faster loan application processing 

Avanse Education Loan Eligibility Criteria

To avoid unnecessary application rejection, there is a set of eligibility criteria for education loans. You must know about the age criteria and other minimum requirements to make your application process quicker and easier. Let’s have a look at the eligibility criteria for an overseas education loan with Avanse. 

BasisEligibility Criteria
Age18 years and above
NationalityIndian Citizen
Admission StatusConfirmed admission before loan disbursal
Co-borrowerIndian citizen (parent, legal guardian, sibling, or any blood relative)
Have an Indian Bank account that allows them to sign cheques
Be the primary debtor
Proof of funds (Minimum Bank Balance)Required

Also Read: Education student loans to study in the US are a fantastic option to bridge the gap and overcome the financial barrier. Learn all about Education Loans in the US for International Students. 

Interest Rate and Charges on Avanse Education Loan

Avanse provides education loans between INR 10 lakhs to INR 75 lakhs at competitive interest rates between 14%-16.5% per annum

However, the actual interest on your loan amount is calculated using the formula: 

Interest Rate = Avanse Base Rate + Spread 

  • The base rate is the minimum interest rate set by the RBI, below which banks are not allowed to lend loans. The Avanse base rate is set at 14.25% (with effect from 01.05.2023)
  • Spread is the floating interest rate that changes periodically based on your overall credit history and course profile.  

Besides the interest rate on education loans, Avanse also has some additional service charges. 

CategoryDetails of charges
Pre-payment chargesNo pre-payment charges within the 6 months from the loan disbursal
Late EMI payment charges2% per month
Cheque/ECS bounce chargesINR 500/- per bounce + GST applicable
Document Handling Charges (during foreclosure)INR 2000/- onwards + GST applicable

Documents Required for Avanse Education Loan to Study Abroad

When completing your application process for an education loan to study abroad, you must be ready with a list of documents. Keeping these documents handy will ease the process of applying for the loan. Here’s the list of following documents required- 

  • Student KYC and educational documents
  • Details regarding the course and fees
  • Co-borrower KYC and income details
  • Collateral documents

The table will help you understand the documentation process in detail. This includes the list of additional documents to be submitted by the applicant and the co-applicant. 

Coloured Passport-sized Photographs
Photo ID
Residence Proof
Date of Birth Proof
Signature Verification
Academic Documents
Proof of Admission
Fees Structure
Income Proof
Collateral Documents
8- month Bank Statement
Relationship Proof

FAQs on Avanse Education Loan to Study Abroad

What is the processing fee for an Avanse abroad education loan?

Avanse charges 1-2% of the processing fees when providing education loans to study abroad. 

What is the maximum amount of the Avanse education loan?

Avanse provides education loans starting from INR 1 lakh up to 75 lakhs. On secured education loans, there is no maximum cap on the loan amount offered. 

How long does it take to get a loan from Avanse?

Avanse takes time of 72 hours after you submit your completed application. If you have applied for education loans without collateral, it can take 4-6 working days before funds are available. Loans with collateral can take 8-10 days. 

Is Avanse approved by RBI?

Yes, Avanse is an RBI-approved NBFC (non-banking financial company). It is regulated by the Reserve Bank of India. 

What is the CIBIL score required for an Avanse education loan?

No minimum CIBIL score is required but having a credit score of 650 or above allows you to enjoy Avanse education loan options at lower interest rates.  

This was all about Avanse Education Loan to study abroad. Their quick and easy application process allows you to apply for a loan hassle-free. Keeping track of the documents required will help you complete the application process faster. You must also check the eligibility criteria before applying for an education loan. 

To know more about the loan application process, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience. 

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About Shubhika Garg

Hey there! I'm Shubhika- a proud graduate in English Literature and Language from Delhi University. My journey as a content writer transitioned from online teacher into the world of words. Stepping into the domain of blogs and articles, I discovered my passion for writing growing deeper and stronger. Having said that, I have experience of writing for diverse industries in automobile, technology, ed-tech, finance and mental-health; crafting details to help you find the solution to what you are looking for. Join me as I invite you all explore and learn together.

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