Student loans have become a lifeline for ambitious Indian students dreaming of pursuing their education abroad. These financial aids open doors to world-class universities and life-changing experiences that were once out of reach for many. By bridging the financial gap, education loans empower students to focus on their studies and personal growth without the burden of immediate financial strain. But with numerous options available, how does one navigate the complex landscape of education financing?
This article delves into the world of the best education loan in India for study abroad, focusing on Avanse Loans. We’ll explore their key features, including 100% financing options, competitive interest rates, and flexible repayment terms. Additionally, we’ll guide you through the eligibility criteria and application process, ensuring you’re well-equipped to make an informed decision about funding your international education journey.
Key Features of Avanse Loans
The Key Features of Avanse Loans are as follows
- Funds Offered: 100% financing on secured loans, unsecured loans up to Rs. 75 lakhs for USA and Rs 40 lakhs for other countries.
- Rate of interest: The rate of interest for secured loans offered by Avanse Loans is 11% to 12.5%. For unsecured loans the rate of interest ranges from 11.5% to 14%.
- Study Level: Avanse offers Secured loans for Masters and Bachelors and unsecured loans for Masters, PG Diploma and Graduate diploma in STEM and Management courses.
- Tenure: The tenure for repayment for these loans is 10-14 years.
These are the key features of Avanse education loan for abroad studies, now let’s see what the eligibility criteria for this loan are for these loans and then how you can apply for the loans.
Eligibility Criteria
The eligibility criteria for applicants and co-applicants is as follows:
For applicants
- Applicants should be an Indian citizen
- For students with a score of 300 in GRE do not require to show Income Tax Return for the co-borrower.
- Should have a confirmation letter from the university
- Must have completed 18 years of age
- Should have a co-applicant.
For Co-applicants
- The co-applicant could be a parent, legal guardian, sibling or any other relative.
- Should be an Indian citizen
- They will be the primary debtor
Application Process
To apply for the loan students need to follow these steps:
Step 1: Fill up the loan application form on their website.
Step 2: After filling the application form there will be a home visit for verification and documentation process.
Step 3: After the verification process the bank will evaluate your application and approve the application.
Step 4: Congratulations! Your loan has been approved, now you just have to complete the formalities before disbursement.
This is how students can apply for an education loan for abroad studies from Avanse loans.
In summary, Avanse offers a comprehensive education loan solution tailored to the needs of Indian students aspiring to study abroad. With 100% financing available, interest rates starting from 11%, and repayment terms up to 14 years, Avanse provides a flexible and accessible financing option.
The eligibility criteria are straightforward, requiring Indian citizenship, university admission confirmation, and a co-applicant. The application process is streamlined, involving form filling, documentation, evaluation, and final formalities. Avanse’s expertise in education financing has made them a trusted partner for many students realizing their international study dreams.
For those seeking guidance, overseas education loan experts can provide valuable insights and support in finding the lowest interest rate on education loan and helping out throughout the loan application process.
