Repaying an Avanse loan requires effective strategies to help you manage and pay off your debt more efficiently. You must begin with Avanse loan repayment once the moratorium period ends. However, starting to repay your loan early helps in reducing outstanding debt. You can begin hassle-free payments towards the principal and interest amount using Paytm and Avanse’s online platform. Know more details on Avanse education loan repayment in this blog.
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Overview of Avanse Loan Repayment
Though a study abroad Avanse education loan is a significant step taken towards achieving your academic goals, it is equally important to have a solid plan for Avanse loan repayment. Avanse Financial Services offers 100% financing up to INR 75 lakhs at interest rates between 14% to 16.5% per annum for up to 15 years. You can choose to repay from the 3 loan options offered-
| EMI Payments | Opt for fixed monthly payments throughout the loan tenure. |
| Interest Payments during Moratorium | Choose regular payments towards the loan’s interest, reducing the principal amount. |
| Partial Interest Payments During Moratorium | Make partial interest payments during the moratorium period to avoid accrued interest. |
Also Read: Check out this blog to know the frequently asked questions (FAQS) on personal loans for debt consolidation.
Avanse Loan Repayment During Moratorium
The moratorium period refers to the holiday period, which is calculated as course duration + 6 months. Borrowers are not required to start repayment of loans during the moratorium period. This relief period allows them peace of mind and start Avanse loan repayment after graduating or securing a good job.
However, many opt to start the Avanse education loan repayment during the moratorium period as starting earlier can make the process smoother and less stressful. Longer repayment years can add to the interest, making it difficult to repay the amount. By starting to repay your loan while still in school, you can:
- Lower your loan balance before graduation, making repayment after graduation less burdensome.
- Build a good credit score that can benefit you in the future.
- Get into the habit of making regular loan payments, which can help you manage your finances effectively.
Avanse Education Loan Repayment Options
You can always use the National Automated Clearing House (NACH) and Electric Clearance Services (ECS) for automatic EMI deductions. However, for manual payments online, Avanse offers digital repayment methods for Avanse education loan repayment. This allows for convenient online transactions making the repayment process hassle-free. You can choose to repay your Avanse education loan via these most-used methods mentioned-
Avanse Payment Platform
- Head to the Avanse Payment Platform.
- Enter your loan number.
- Select your DOB/ PAN/ Registered mobile number or email to proceed.
- Enter the instalment amount and proceed accordingly.
Paytm
Paytm also allows you to make Avanse education loan repayments by paying your EMIs online.
- Head to the Paytm online portal.
- Click on ‘Pay Loan’.
- Enter ‘Avanse Financial Services’ as the lender’s name.
- Enter the loan account number and get the payable amount.
- Make payment using UPI.
Also Read: HDFC Bank is one of the most preferred choices for personal loans for education abroad. Read all about HDFC Bank Personal Loan for Education.
Effective Strategies for Avanse Loan Repayment
It is advisable to begin making small payments during the moratorium period to develop a habit of timely repayments and reduce the outstanding debt before graduation. Other strategies that can also help you make hassle-free Avanse education loan repayments are-
- Develop a detailed budget that allocates specific amounts for loan repayments each month. This helps in managing finances better and ensuring that EMIs are paid on time.
- Automating payments through NACH or ECS (Electronic Clearance Services) can help avoid missed payments and late fees, ensuring consistent repayment without manual intervention.
- Whenever possible, consider making additional payments toward the principal amount. This reduces the overall interest paid and shortens the repayment period.
- Timely repayments contribute positively to your credit score, which can help you secure better loan terms in the future.
- If you’re struggling with repayments, consider consulting a financial advisor who can provide tailored advice based on your situation.
This was all about Avanse loan repayment towards your education loan. To learn more about education loans, 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 experience with studying abroad.
FAQs
Avanse offers digital repayment methods for Avanse education loan repayment. By using the Avanse online payment platform and Paytm use can make hassle-free EMI payments.
You can make Avanse education loan repayment via cheques, Post-Dated cheques (PDCs), National Automated Clearing House (NACH), and Electronic Clearance Services (ECS). Avanse Online platform and Paytm also lets you make EMI payments.
The minimum loan tenure is 1 year and the maximum loan tenure for Avanse education loan is 15 years. Avanse also offers a grace period of 6 months after graduation and 3 months after securing the first job.
An education loan repayment must be done as per the terms and conditions of the lender. It starts after a moratorium period, allowing 6 months to 1 year post-study, with a maximum tenure of up to 15 years for repayment.
