Key takeaways
- Avanse offers education loans without the need for collateral or a co-signer, making it easier for international students to secure funding independently.
- From application to disbursement, the entire process through Edvoy and Avanse is 100% online.
- Get your loan approved within 2-3 working days (subject to document completion).
- Avanse offers loans up to INR 1.25 Cr with flexible repayment options and a tenure of up to 15 years.
If you're looking for education loans, check out Funds to get pre-approved loans in just 3 days!
Dreaming of studying abroad is one thing, and making it happen is another. From tuition fees to living expenses, managing the financial side of your education abroad can often feel overwhelming. That’s why finding the right financial support is crucial.
Fortunately, with the partnership between Edvoy and Avanse, your financial aspect of studying abroad is made simpler and more accessible. Avanse, one of the leading student loan providers, specialises in offering student loans for international education and has helped over 60,000 students. Avanse ensures you get the right student loans without collateral or a co-signer.
Meanwhile, at Edvoy, we help you study abroad by providing end-to-end assistance, from university application support to visa application assistance, funding advice, and more. Together with Avanse, we offer a complete solution, making it easy for you to choose a university and get the necessary financial aid. Keep reading for more insights.
Table of Contents
- How Edvoy and Avanse help you with education loans
- Features of the Avanse education loan
- How to apply for the Avanse education loan through Edvoy
- Avanse education loan eligibility criteria
- Documents required for the loan application
- Frequently asked questions
How Edvoy and Avanse help you with education loans
Digital loan application
With Avanse and Edvoy, your application is fully digital, right from your loan application to disbursement. Simply head to the Edvoy app, select the Funds section, and start your loan application. We’ll connect you with Avanse and take care of the rest. No physical visits or paperwork. Everything is just a streamlined process that saves you time and energy.
No cosigner or collateral needed
A big benefit of choosing Avanse is that they provide student loans without a cosigner or collateral, making it a great option for your financial support.
Note: A co-applicant/co-signer is typically a parent or guardian who supports the student’s education loan application. Co-signer loan options are available for Indian resident students & co-signers only.
Flexible loan amounts and terms
Avanse offers student loans for international students, with collateral and non-collateral options, covering STEM, Non-STEM & Management courses across all study levels, with interest rates ranging from 11.05% to 13%. Depending on your choice of destination and study level, we help you evaluate the loan amount and repayment terms.
Source: Avanse
Quick processing and approval
Avanse ensures a quick loan processing time. On average, you’ll get your loan approved in just 3 working days, with disbursements happening soon after. Once approved, you’ll have access to flexible repayment terms, making it easier to manage your finances after your studies are complete.
Repayment options
With Avanse, you get flexible repayment options that suit your needs. While repaying, you can choose between paying EMI during the course or after a moratorium period. However, the interest may accrue, depending on the loan terms.
Note: Moratorium period is the time duration during which you’re not required to make payments toward your education loan.
Features of the Avanse education loan
| Feature | Description |
|---|---|
| Loan amount | Up to INR 1.25 Cr (depending on the course and study destination) |
| Rate of interest | 11.05% to 13% |
| Co-applicant’s minimum income | INR 35,000+ |
| Processing fees | 1% of the loan amount + GST |
| Processing time | 3 working days |
| Moratorium period | Course duration + 6-12 months (standard; may vary by case). |
| Repayment tenure | Up to 15 years |
| Monthly instalments during the course | Simple interest |
Learn more about student loans from the Funds section of our app.
How to apply for the Avanse education loan through Edvoy
To apply for an education loan through Edvoy, follow these steps:
- Head to the Edvoy app and select Funds under the Explore page.
- Select the Get Started button and fill in your requirements.
- Add the loan amount (you can include both tuition fees and living expenses), the type of loan required and your details.
- Once you submit your details, they’ll be shared instantly with Avanse. You can expect a callback within 24 hours regarding further steps and document submission.
- You can check your application status in the Status tab.
- Get your loan approved within 2-3 working days (subject to document completion).
Also read: What is Edvoy Funds? What are the types of funds provided?
Avanse education loan eligibility criteria
- The loan borrower must be aged 18+
- The borrower must have a strong academic background and confirmed admission to the university before the loan disbursement
- You should be an undergraduate or graduate student within 2 years of graduating or about to begin a 1-year or 2-year programme
- The borrower must meet Avanse’s credit and underwriting norms as applicable from time to time
- The eligible courses for the loan include STEM, Non-STEM & Management courses and post-graduate degrees offered by foreign institutes and universities
Note: Conditions apply. All education loans from Avanse are credited at the sole discretion of Avanse.
Check out 'Funds' on our app for a pre-approved student loan!
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Documents required for the loan application
From the applicant (student)
- Identity & address proofs, and passport
- Academic documents: High school mark sheets, standard exam results (GRE/GMAT/TOEFL/IELTS/SAT/ACT/others), admission/offer letter from the university
From the co-applicant/co-signer
- Current & permanent address proof, and passport (if applicable)
Financial documents
If the co-borrower is salaried:
- Last 3 months’ salary slips
- Form 16/IT returns (3 years)
- Bank statement (8 months)
If the co-borrower is self-employed:
- Business proof
- TDS certificate (if applicable)
- IT returns (3 years)
- Professional qualification certificate (if applicable)
- Bank statements (6-12 months, current & savings)
For collateral documents (if applying with property/security)
- Title deed & sale deed
- Registration receipt
- Allotment letter (if applicable)
- Chain documents (13 years)
- Property tax receipt/recent electricity bill
- Government-approved building plan
- Occupancy & completion certificate (if applicable)
Want to get financial support and study abroad? Connect with us and begin your journey. Right from your university selection, till loan application and disbursement, Edvoy helps you achieve your study-abroad dreams.
Additionally, we also offer end-to-end assistance throughout the study-abroad process, including university selection assistance, application guidance, visa application support, and more. Discover the perfect course and university to boost your education.
Get started with your journey and talk to one of our counsellors today!
Frequently asked questions
Can I use the Avanse education loan for both living expenses and tuition fees?
Yes! Avanse loans cover not just your tuition fees but also your living expenses, accommodation, travel, and even study materials. This means you can focus entirely on your studies without worrying about day-to-day finances while abroad.
What if my visa application gets rejected after my loan is approved?
If your visa is unfortunately rejected, don’t worry. Avanse allows for a loan cancellation process. You’ll just need to share the official visa rejection proof, and any disbursed amount (if applicable) will be handled as per their refund policy.
Do I need a co-signer to apply for an Avanse education loan if I’m an international student?
No, Avanse student loans don’t always need a co-signer or collateral. You can avail of no co-signer or non-collateral loans, making it easier to secure funding for your studies.
