Credila vs. Avanse: Which is Better for Education Loans?

Question

Which is better for MS in the US education loan - Credila or Avanse?

What is the processing fee for Credila and Avanse education loans?

How many days does it take to get an education loan from Credila and Avanse?

Which lender has more chance of accepting my application - Credila or Avanse?

Is Avanse good for education loan?

What is the Credila education loan review from students going abroad?

Accepted Answer

Both Credila and Avanse offer education loans for MS in the US, but the better choice depends on your profile.

Choose Credila if you have a GRE score of 320+, admission to a top 100 university, and want a loan without a co-applicant. Credila also offers tax benefits under section 80 E.
Go with Avanse if you need more flexibility, higher loan amount (up to INR 90 lakhs) quicker processing, or are applying to a non-top-tier university.

Accepted Answer

The loan processing fee is the amount the lender charges to process and evaluate the loan application. The processing fee for Credila and Avanse education loans is fixed, which is 0.75%-1.25% for Credila and 0.5% to 1% for Avanse.

Accepted Answer

Compared to banks, the loan processing time is shorter for NBFCs like Credila and Avanse. It takes around 5 - 7 days after document submission to get an education loan from Credila and Avanse.

Accepted Answer

Compared to Credila, Avanse has a higher acceptance rate of applications. However, operations of Avanse are restricted to select cities and do not penetrate remote or rural regions. On the other hand, Credila offers education loans to more states and Union Territories than all other NBFCs.

Accepted Answer

Yes, Avanse is a good choice for education loans, particularly for studying abroad. They offer customized loan solutions with competitive interest rates and cover a wide range of expenses, including tuition and living costs. Avanse provides flexible repayment options and quick loan processing, and they offer unsecured loans for eligible students, eliminating the need for collateral.

Accepted Answer

Students generally give a positive review of Credila education loans for studying abroad. They appreciate the customized loan options, quick processing, and loan sanction before admission. Many also highlight benefits like no margin money, flexible repayment, and the option for loans without a co-applicant for strong profiles.

Features	Credila	Avanse
Maximum loan amount	Up to INR 1.5 Crores (Secured loan) Up to INR 75 Lakh (Unsecured)	Up to INR 1.5 Crores (Secured) Up to INR 90 Lakh (Unsecured)
Interest rate*	10.50% - 13%	9.75% - 13.5%
Moratorium period	Course period + 1 year	Course period + 1 year
Repayment during the moratorium period	Simple Interest (SI) or partial Simple Interest (PSI)	Simple Interest (SI) or partial Simple Interest (PSI)
Processing fee	0.75%-1.25% of the loan amount + GST	0.5 - 1% of the loan amount + GST
Loan tenure	15 years	15 years
Margin money	Nil	Nil
Minimum co-applicant income (negotiable for secured education loans)	INR 30,000 - 60,000	INR 30,000 - 40,000
Loan Approval Based on GRE / GMAT?	Yes	Yes
Give Pre Admission Loans	Yes	Yes
Credit life insurance premium	1.25% - 1.5% of the loan amount	1.25% - 1.5% of the loan amount

Country	Credila	Avanse
Australia	11% - 12.5%	12.5% - 13%
Canada	10.75% - 12.5%	11% - 13%
Germany	10.5% - 12.5%	11% - 12.5%
Ireland	10.50% - 12.5%	11% - 13%
New Zealand	10.5% - 12%	12.25% - 13.5%
UK	10.50% - 12%	12% - 13%
US	10.50% -12.5%	11% - 13%

Country	Credila	Avanse
Australia	Up to INR 20 - 30 Lakh Co-applicant income: INR 35,000 - 50,000	Up to INR 20 - 30 Lakh Co-applicant income: INR 35,000 - 50,000
Canada	Up to INR 20 - 40 Lakh Co-applicant income: INR 30,000 - 50,000	Up to INR 20 - 40 Lakh Co-applicant income: INR 30,000 - 40,000
Germany	Up to INR 20 - 30 Lakh Co-applicant income: INR 30,000 - INR 35,000	Up to INR 20 - 30 Lakh Co-applicant income: INR 35,000 - 50,000
Ireland	Up to INR 20 - 30 Lakh Co-applicant income: INR 30,000 - INR 35,000	Up to INR 20 - 30 Lakh Co-applicant income: INR 35,000 - 50,000
New Zealand	Up to INR 20 - 30 Lakh Co-applicant income: INR 35,000 - 50,000	Up to INR 20 - 30 Lakh Co-applicant income: INR 35,000 - 50,000
United Kingdom	Up to INR 20 - 30 Lakh Co-applicant income: INR 30,000 - INR 35,000	Up to INR 20 - 30 Lakh Co-applicant income: INR 35,000 - 50,000
United States	Up to INR 40 - 75 Lakh Co-applicant income: INR 20,000 - 30,000	Up to INR 40 - 75 Lakh Co-applicant income: INR 20,000 - 35,000

Credila vs. Avanse: Which is Better for Education Loans?

Credila vs Avanse Abroad Education Loans - Comparative Overview

Credila Education Loan:

Avanse Education Loan:

Credila vs. Avanse: Interest Rates

Credila vs. Avanse - Country Specific Differences

Credila vs. Avanse Education Loans - Repayment Period

Is Credila Or Avanse Better?

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