Avanse Dollar Loan: No Collateral or Co-Applicant Education Loan

Ever wondered about a student loan for your education overseas without needing collateral or a co-applicant? Surprised? Well, it is totally possible with the brand new Avanse Dollar Loan—designed specifically for students who wish to pursue education abroad but lack a co-applicant or collateral. Keep reading to learn about Avanse's global finance dollar loan features, the application process, the documents required, and more.

What is Avanse Dollar Loan?

Avanse dollar loan is an education loan that does not require the borrower to pledge collateral against the loan amount or a financial co-applicant with a good CIBIL score and monthly income. This unsecured loan option is tailored for students pursuing STEM or MBA courses from a pre-approved list of institutions only. Avanse approves this loan solely focusing on the student’s academic profile, employability potential, and the institution's reputation and course they are applying.

Avanse Global Finance Dollar Loan Eligibility Criteria

To be eligible for the Avanse global finance dollar loan, the applicant must fulfill the following eligibility criteria -

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  The applicant must be an Indian citizen. 
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  The applicant must be over 18 years of age.
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  The applicant must have secured admission to a chosen course should be either from the STEM or MBA niche. Please note that the admission must be confirmed before the final disbursement. 
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  The chosen institute must be from Avanse’s pre-approved university/college lists. 
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  Avanse dollar loan does not require a co-applicant. However, a co-borrower is a must. A co-borrower can be a student’s parents or siblings. The co-borrower has no financial obligations towards the education loan.

 Avanse Dollar Loan Features 

The Avanse dollar loan is an education loan that tags along several benefits and features. Some of them are mentioned below -

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  No Co-Applicant or Collateral Required:

The biggest advantage of the Avanse global finance dollar loan is that students can get an education loan without a co-applicant or collateral. This feature allows students to achieve their education goals with adequate financial backing even if they do not fulfill the eligibility criteria of traditional banks and NBFCs.

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  Expenses Covered:

The Avanse dollar loan covers up to 100% of the expenses including tuition fees, living expenses, and any additional costs like study materials and travel.

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  Quick Processing:

With Avanse's fast-track loan approval process, students can receive funding in three to seven working days, making it an ideal solution for those facing tight deadlines for tuition payments.

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  Flexible Repayment Options:

Under the Avanse dollar loan scheme the repayment period is spread over 15 years. Additionally, the scheme also comes with a moratorium period of course period plus 6 months where the borrower has to make simple interest or partial simple interest payments.

How to Apply for an Avanse Global Finance Dollar Loan

Interested candidates can apply for the Avanse dollar loan directly through the Avanse website. Those who are looking for a straightforward process can connect with GyanDhan. The application process includes the following steps -

Step 1 - Check your loan eligibility.

Step 2 - Fill out the online application form available on Avanse's official website.

Step 3 - After submitting your form, a loan consultant from Avanse will reach out to guide you through the required documentation and next steps. If you apply through GyanDhan, you will be connected with a dedicated education loan counselor. The counselor will fill out the form for you and then provide you with a customized document checklist. 

Step 4 - Submit the necessary documents, admission letter, previous academic transcripts, and personal identification.

Step 5 - Once the paperwork is complete, Avanse processes the loan swiftly, typically approving it within three working days.

Step 6 - Upon approval, the loan amount will be disbursed directly to the institution or your bank account as required.

Eligible Universities for Avanse Global Finance Dollar Loan 

The Avanse dollar loan comes with a pre-approved list of universities and colleges. This no collateral and co-applicant education loan is eligible only for STEM and MBA courses for selected universities only. Below is the list of approved universities for STEM courses and MBA courses.