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Tuition fees: The tuition fees and accommodation costs are directly transferred to the respective university, in installments, as per the requirement.
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Accommodation: If the student is living off-campus the loan amount for the off-campus accommodation will be transferred to the co-applicant account.
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Other expense: The loan amount related to other expenses such as the purchase of equipment, books, etc. will be transferred to the co-applicant’s account. It will be disbursed in installments throughout the study period.
- As per the loan agreement, students can also request for the loan amount to be transferred to a third-party FOREX card.
- Fee structure and proof of admission
- KYC documents of the applicant and the co-applicant - includes PAN card, Aadhar card, and Passport
- Signature verification from the bank
- Loan application form with a signed photograph
- Signature verification from the bank
- In the case of pre-visa disbursement, an undertaking has to be submitted
- The co-applicant will have to submit 9-12 post-dated cheques as security, in case the co-applicant cannot make an interest payment in a particular month
- NACH form - It will be attached to the loan agreement booklet applicants receive. Applicants can complete this step online.
- Repayment account documents - at most 4 cheques have to be submitted. The cheques should be from the bank from where the EMI payment will be made
Updated on: 30 Sep 2023
Avanse offers additional features on education loans such as pre-visa disbursement, pre-admission, bridge, and fast-track loans, and offers benefits based on the applicant's credit score. Avanse Financial Services aims to ensure that students do not face any financial difficulties while pursuing their education abroad, which can help them advance their careers. Here is your comprehensive guide on education loan sanction letter and process Table of Content Feature Description Loan amount Up to INR 75 Lakh Rate of Interest 12.5 - 13.5% Processing Fees 0.5 - 1% Processing time 5 - 7 days nil Course duration + 1-year 15 years The Avanse education loan disbursement process is pretty straightforward. After you receive your Avanse sanction letter, the loan amount is disbursed in INR. The loan amount can be provided by a DD (demand draft), cheque, or transferred electronically. The easiest and most preferred method of disbursement is getting the loan amount transferred electronically to a co-applicant account. Your tuition fee is disbursed directly to the university. The remaining funds are disbursed in your or your co-applicants account. Once you are through with the education loan disbursement process your next step is to ensure the timely repayment of the Installments. Use Gyandhan's education loan EMI calculator to plan your repayment schedule. It's quick, easy, and will give you a clear understanding of your monthly repayments. During the disbursement process, Avanse requires a set of documents. A general list of documents is as follows - Looking For An Abroad Education Loan? Note: There might be some subjective conditions that would require additional case-based documents. Advantage Description Expenses covered Cover 100% of expenses incurred Pre-visa disbursement Pre-visa disbursement for selected universities and courses Pre-admission loan Provides a certificate of availability of funds to students that can be presented at the time of admission. Avanse is a preferred choice for education loans, especially for those with average academic records or low CIBIL or GRE scores. GyanDhan's partnership with Avanse offers several benefits for students seeking education loans. The loan processing time is faster, with approval in just 5-7 days, and it's free of cost. Additionally, the chances of approval are higher due to GyanDhan's intervention in case of hurdles. Read also: Avanse cannot cancel a sanctioned loan without a valid reason, such as the borrower providing false information or defaulting on the loan agreement. However, if there are any changes in the borrower's circumstances or creditworthiness, Avanse may reassess the loan and adjust the terms or cancel it altogether. Yes, you can apply for an education loan from Avanse even if you have already started your course. However, the loan approval and disbursement process may take longer than usual, and you may need to provide additional documents. No, there is no penalty for pre-paying the education loan. In fact, Avanse encourages early repayment as it can help reduce the overall interest burden. Yes, you can change your repayment plan during the loan tenure. However, you will need to inform Avanse about the changes and provide the necessary documents to support the changes. Yes, students can apply for an education loan from Avanse even before securing admission to a university. Avanse offers a certificate of availability of funds to students that can be presented at the time of admission.
The disbursement process at Avanse is as simple as its loan application process. The entire loan process takes around 5 - 7 days after document submission. Once you have submitted the required documents, the bank will approve your loan request and issue a sanction letter. Avanse will issue an in-principle approval through a loan offer letter. It will include the loan amount you qualify for, any case-based documents required, and other details of the loan. This loan offer letter or the Avanse education loan sanction letter can also be used as a source of funds during your admission processOverview of the Avanse abroad education loan
Avanse education loan disbursement process
Once the loan is disbursed, the borrower will be required to start repaying the loan as per the repayment schedule. The repayment can be done through post-dated cheques or electronic clearing services (ECS).Documents required for the Avanse disbursement process
Fill the form to get free expert helpPerks of Avanse education loan
Frequently asked questions
Can Avanse cancel my sanctioned loan?
Can I apply for an education loan if I have already started my course?
Is there a penalty for pre-paying the education loan?
Can I change my repayment plan during the loan tenure?
Can students apply for an education loan from Avanse even before securing admission to a university?
First published date: 16 Sep 2020
