Avanse Education Loan Review – Pros, Cons and Alternatives [2023]

ByArnav Arora

Avanse Financial Services was established in 2013 with the purpose of enabling students to achieve their academic aspirations. They are a new-age, education-focused, technologically advanced NBFC that provides hyper-personalised education financing solutions to every deserving Indian student. In this article, you’ll get Avanse Education loan review, its pros and cons, and alternative apps to consider.

Avanse Education loan review

About the Company

Warburg Pincus, a leading global private equity firm, holds the majority stake at Avanse Financial Services. The global growth investor is known for its highly diversified portfolio and has over ~$85 billion in assets under management across 260 companies. Kedaara Capital, an operationally oriented private equity firm pursuing control & minority investment opportunities in India, and International Finance Corporation (IFC), an arm of the World Bank, are the other shareholders of the organisation.

Their mission is to make education financing seamless and affordable for every deserving student in India and their purpose is democratizing education and education financing in India. Their education loans are designed to provide financial assistance across a wide spread spectrum of student needs. Their solutions include:

  • Loan for Higher Education – With their loan you can focus on your course in institute of your dreams and they’ll take care of your finances.
  • Study Abroad – they help students fund up to 100% of the cost of studying and living abroad!
  • Study in India – They enable students to achieve their academic aspirations by offering 100% of the tuition fees!
  • Short term loans – Get the funds you need to pay your child’s school fees upfront or fund your child’s online/offline tutoring or courses.
  • Student loan refinancing – Their loan refinancing allows the aspirants to switch their existing loan provider or apply for a new loan to pay off their existing loan

How to Get Education Loan for students?

To apply for an Avanse student loan all you have to do is follow 4 easy steps.

  1. Reach them
  2. Fill in your details
  3. Share Documents 
  4. Loan Distributed

Merits of Avanse Education Loan Review

  • 100% Finance

Their education loans cover your course fee, the cost of books, housing, travel and even your college laptop! You don’t have to worry about anything except getting your degree.

  • Customized Loans

Every student, course and university is different. So, they provide tailored educational loans to meet your unique needs.

  • Flexible Repayment Options

They offer repayment options that you can customise based on your financial needs. With Avanse, you’re on your way to financial independence.

  • Fast-track Loans

Sometimes, you need to show proof of funds before you can secure your admission and apply for a visa. Avanse process your educational loan paperwork with lightning speed, so you have everything you need to start your higher studies.

  • End-to-End Support

Students need more than money to turn their dreams into reality. Avanse also offer financial guidance and several other resources to help you make informed decisions.

  • Quick Applications

You can complete the education loan process from the comfort of your home when you apply for an education loan online. Their executives provide doorstep services, ensuring your online education loan application is ready on time!

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Eligibility Criteria

Applying for a loan can be daunting. Nobody wants to face rejection, especially if their future depends on it. To avoid uncomfortable situations, you should always check the loan for education eligibility criteria in advance. Understanding the education loan age limit and other minimum requirements can make the application process quick and easy. Let’s look at the eligibility criteria for education loan. If you want an education loan, you must fulfil the following criteria:

  • Be an Indian citizen who is 18 or older
  • Have a confirmed admission before the final disbursal
  • Have a co-borrower who earns in India

Co-borrowers also need to meet the following loan for education eligibility criteria:

  • Be an Indian citizen and should be a parent, legal guardian, sibling or other blood relative
  • Have a bank account in India that allows them to sign cheques
  • Be the primary debtor

Documents Required

  • Your KYC and educational documents 
  • Details about your course and fees
  • Your co-borrower’s KYC and income details.
  • Collateral documents, if any

Also read: ETmoney Vs Groww – Which app is better?

Frequently Asked Questions (FAQ’s)

Q.1 What is the process for an educational loan?

To apply for an education loan, you must find a lender. Once you fill out their application form, share the requisite documents and meet all the eligibility criteria, your loan will get approved, and the amount will be disbursed.

Q.2 What are the benefits and features of an educational loan?

When you opt for an education loan, you benefit from 100% financing. You get funds to cover your education-related expenses. Additionally, you enjoy student-friendly interest rates, flexible repayment options and help with your application paperwork. A student loan is a fantastic way of earning a self-made badge and building a healthy credit score.

Q.3 How long will the education loan process take?

It will vary depending on the lender, and multiple other elements, such as the availability of the documents. As a student-centric organisation, at Avanse Financial Services, they provide quick sanctions within 72 hours, provided you meet our preset eligibility criteria.

Q.4 How can I pay the monthly instalments of my educational loan?

When you have to start repaying your education loan, you need to contact your bank. They can help you set up an auto-debit feature so that the monthly instalments get paid to your lender.

Q.5 How much education loan can I get without collateral?

Many banks limit your loan amount when you choose an education loan without collateral. At Avanse, they evaluate each case and let you know the maximum loan amount you can take. They also have a handy education loan eligibility calculator that helps you understand the loan amount you can apply for without worrying about rejection

Q.6 Is it possible to get an education loan without collateral?

1. Yes, you can get a loan for education without collateral. Before approaching a lender, you must decide whether you want a secured or unsecured loan. You may offer your residential property, life insurance policy, or non-agricultural land as collateral for your loan. Lenders will evaluate the collateral documents for education loan and provide a loan amount and education loan rate of interest accordingly.
2. If you don’t have anything to offer as security, don’t worry! You can opt for a non-collateral education loan instead. When you partner with Avanse, you can get an education loan for abroad studies without collateral. We believe every student deserves a chance to access the world’s best education. After evaluating your previous academic records and your family’s financial history, we will offer you a security-free education loan.

CA, CFA and MBA from IIM Indore. I have strong domain knowledge of finance industry and years of experience in trading. Hence, you can trust my reviews and recommendations.

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