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Read GyanDhan’s comprehensive guide on how to repay avanse loan.
Education loans are a significant financial investment, offering the financial support necessary to pursue higher education. However, once the academic journey concludes, the focus shifts towards repayment. This comprehensive guide aims to navigate the complexities of how to repay Avanse loan, ensuring borrowers effectively manage their loans.
Understanding how to repay an Avanse loan is important for managing your finances. Avanse Financial Services has created repayment plans that are easy to follow and help you stay financially stable. In this guide, we will look at the different ways you repay your loan, like monthly payments (EMIs), paying interest while you're still studying, and using online payment methods. Before diving into the ins and outs of how to repay avanse loan, let us first understand the features of Avanse abroad education loan.
Feature | Description |
---|---|
Loan amount |
Up to INR 75 Lakh |
Rate of interest |
12.5 - 13.5% |
Processing fees |
0.5 - 1% |
Processing time |
7-10 days |
Margin money* |
nil |
Moratorium period* |
Course duration + 1-year |
Repayment tenure |
15 years |
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*Moratorium period is the time duration during which you are not required to make payments toward your education loan.
*Margin money refers to the amount of money a borrower is required to contribute towards the loan, while the lender pays the remaining amount.
Repaying an Avanse education loan can be managed through various methods, ensuring flexibility and convenience for borrowers. Here are the key strategies and repayment options available:
The repayment of an Avanse Education Loan can be managed through various modes, offering flexibility and convenience to borrowers. These methods include:
Additionally, Avanse Financial Services offers digital and online repayment options for enhanced convenience. These digital methods allow for easy and hassle-free repayments, catering to the preferences and conveniences of modern borrowers.
It is advisable to start loan repayments as early as possible, even during the moratorium period, by making simple or partial interest payments. Despite the absence of a requirement to make full repayments during this period, making simple or partial interest payments can have significant benefits. Wondering the best ways to plan your repayment, click here and look no further.
Avanse Education Loan repayments during the moratorium period are a wise financial strategy. It not only helps in reducing the total cost of the loan but also aids in cultivating a habit of financial prudence. This approach ensures that students are better positioned to manage their debts effectively and achieve financial stability sooner. Below are listed some of the benefits of repaying your education loan early.
For students seeking further assistance in navigating their education loan options or looking for personalized advice, let GyanDhan be your guide in your abroad education journey. With partnerships with leading lenders such as State Bank of India, Bank of Baroda, ICICI Bank, Axis Bank, Avanse, and HDFC-Credila we aim to provide the best loan option to aspiring students. We operate as a comprehensive ally for students embarking on their educational journeys abroad, offering end-to-end services that simplify the process of securing an education loan. From the initial step of selecting the most suitable loan provider based on the student's unique financial needs and academic goals. Check your loan eligibility to start your education loan journey!
Get the Funds you need to Study Abroad
The repayment starts 12 months after the completion of the course or 6 months after getting the employment, whichever is earlier. Once the grace period is over, the borrower is required to start repaying his loan with EMIs.
Avanse offers a repayment tenure of over 10 years. They additionally provide a grace period of 6 months from the day you finish your course or 3 months from the day you get a job.
If you fail to do so within the repayment tenure, the lender will consider you a defaulter and can report you to the credit bureaus. Being classified as a defaulter can severely affect your credit score and limit your access to fresh credit. Avoid this by paying your loan EMIs per schedule.
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