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Read GyanDhan’s guide on Avanse disbursement process, documents required for disbursement, and perks of the Avanse education loan.
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 process
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
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 |
Check Your Education Loan Eligibility
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 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).
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.
Read more about: Repaying Avanse Education Loans: A Comprehensive Guide
During the disbursement process, Avanse requires a set of documents. A general list of documents is as follows -
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.
Check Your Education Loan Eligibility
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