Avanse education loan eligibility criteria

Age: The applicant must be at least 18 years of age or older at the time of application. The student should have secured admission to a recognized university.

Academic performance: The applicant should have a good academic record and must meet the minimum academic criteria set by the lending institution. Also, the student must appear for the required tests such as GRE, IELTS, or TOEFL. Please note for the US, GRE plays a vital role in securing an education loan.

Co-applicant: The loan applicant must have a co-applicant, who could be the applicant’s mother, father, sister, brother, spouse, paternal or maternal relative, or a legal guardian, with a regular source of income and good credit history.

Course and country of study: Under this scheme regular graduate degree/post-graduate degree/diploma/certificate/doctorate courses in any discipline offered by foreign Institutes/Universities in the USA, UK, Canada, Australia, New Zealand, France, Germany, Ireland to name a few will be covered under the scheme.

Notes:

• Avanse Financial Services charge a mandatory credit life insurance premium that is around 1.25 - 1.5% of the loan amount.

• An optional overseas health insurance premium of approximately INR 40K is also charged by Avanse.

Documents required for education loan by Avanse

Students Channel provides a customized documents list for education loans, depending on your profile, and your co-applicant profile.

Applicants' documents

• 1.Identity proof: PAN/ Passport/ Driver’s License/ Voter ID card or government-issued identification document.
• 2.Education loan application form.
• 3.Address proof: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill/ driving license/ Aadhaar card.
• 4.Passport
• 5.Past academic record
•    • 10th standard mark sheet
•    • 12th standard mark sheet
•    • Under graduate result (semester-wise)
• 6.Entrance exam results (e.g. GMAT, GRE, TOEFL, etc.)
• 7.Proof of admission: admission letter (A conditional admission letter is also applicable).
• 8.Statement of expenses.
• 9.2 passport-size photographs.
• 10.Loan A/C statement of one year (if applicable).
• 11.Bank account statement of the student (if applicable).

Co-Applicant's Documents

• 1.Identity proof: PAN/ Passport/ Driver’s license/ Voter ID card or government-issued identification document.
• 2.Address: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill or copy of Driving license/ Aadhaar card.
• 3.2 passport-size photographs.
• 4.If any previous loan is from other banks/ lenders, then the loan A/C statement of 1 year.
• 5.Legal documents of the collateral/ property documents.
• 6.Bank account statement of the co-borrower/guarantor, for the last 6 months (in case of takeover of education loan).

Income proof for salaried co-applicant/guarantor

• 1.Salary slips for the last 3 months
• 2.Copy of Form 16 of the last 2 years or copy
• 3.Bank account statement for the last 6 months (Salary account)
• 4.Brief statement of assets & liabilities of parent/ guardian/ other co-borrower

Income proof for self-employed co-applicant/ guarantor

• 1. Business address proof
• 2. Last 2 years IT returns (If IT Payee)
• 3. TDS certificate (Form 16A, if applicable)
• 4. Certificate of qualification (for C.A./ doctor and other professionals)
• 5. Brief statement of assets & liabilities of parent/ guardian/ other co-borrower
• 6. Bank account statement for the last 6 months

Benefits of getting your Avanse education loan through Students Channel

Guaranteed best product

At Students Channel, we are committed to providing you with the best education loan in the market. Our aim is to secure the best deal possible for you. However, if you come across a better offer elsewhere, we will cover the difference in interest rates for the ENTIRE duration of your education loan.

Low turnaround time

Students Channel officials coordinate with various departments within Avanse Finance and escalate the process and get a loan approval in just 5-7 days. This is why thousands of students trust us with their loan requests every year. If a student applies directly to the NBFC, the usual loan processing time is around 10-12 days.

100% Free of cost services

Students Channel's services for applicants are absolutely free. We do not charge any kind of processing fees or commissions from the applicants at all.

Higher chances of approval

In case of any hurdles regarding documentation or application, Students Channel intervenes and resolves the problem by coordinating with the officials at Avanse.

Hassle-free process

If you directly apply for an Avanse education loan you might face several challenges but with Students Channel all you need to do is check your eligibility at Students Channel’s website and if you are eligible then all you need to do is relax because you will be assigned a dedicated education loan counsellor.

How to apply for an Avanse education loan via Students Channel

If you are looking to obtain an education loan from Avanse, you can apply online through their website. However, for a hassle-free and fast application process, you can apply for your education loan through Students Channel

Students Channel is an online platform designed to assist Indian students in financing their education abroad and can help you get your education loan approved in just four uncomplicated steps.