Globalization has led to an increase in mobility not just in terms of physical movement of people from one part of the world to another, but also in terms of movement across the economic strata. In this technology driven world of ours, a person can now climb the economic ladder by using his knowledge and skills.
This is the reason why, each year, millions of students apply in some of the best educational institutions across the globe as they seek to acquire that knowledge and skill through higher education. However, knowledge is a commodity that comes with a price tag. And not many can afford it without external help. It is where organizations like Student Cover and Avanse Financial Services Ltd. help bridge the gap between cost and affordability.
Incorporate in 1992, Avanse is a Mumbai based Non-Banking Financial Company (NBFC) that has emerged as a new age financial services company in India. It specializes in provision of secured as well as unsecured education loans to students going abroad for higher studies. However, what distinguishes Avanse from other companies is its customer centric approach in designing and delivering education loan to its clients.
AVANSE Study Abroad Loan
Students going abroad for higher education can avail up to Rs 40 Lakhs in the form of unsecured loans at a Rate of Interest (RoI) ranging from 12.50% – 14.00%. These loans are country and institution-specific i.e. they are designed to meet the specific needs of a country or institution where a student wishes to study.
With AVANSE, It’s Advantage
- Bridge Loans – While one may get a loan after getting an admission in a college or university abroad, Avanse provides financial assistant to students during their preparation for GMAT, SAT or GRE exams in the form of bridge loans. They also provide economic assistance to students in paying for application fees or appearing for entrance exams in foreign universities or colleges.
- Certificate of Availability of Funds – Before admitting students to a course, many foreign universities, especially in countries like the USA, require students to show proof of availability of funds to finance their education.
This puts students who hope to finance higher studies through education loan in a quintessential “Chicken and Egg” situation as banks lend money only after a student gets admission; not during application process itself. The certificate of availability from Avanse helps them address this key issue.
- Loan Re-finance Facility – This facility is helpful to those who are unable to repay the loans due to unforeseen financial hardships. Instead of letting a student default on the loan, the reconstruction facility provided by Avanse helps to ease the loan repayment options through readjustment of EMI and the payback period.
- Quick Processing of Education Loan – Being education focused helps Avanse process education loan in quick time. There are instances where students who applied for education loan through Student Cover got the loan sanctioned from Avanse in just 2 days.
- Score & University Based Loan – Meritorious students with good academic record and who have performed well in exams such as the GRE (Score of 300 or more) are offered special privileges by Avanse. Due to good GRE score, students get admission in recognized universities which further helps in improving overall profile of the student.
They may be in terms of quicker processing of loan application, sanction of higher amount of unsecured loans or offering loans at preferential interest rates.
- Pre-Visa Loans – Before giving F1 visa to students, immigration officials try to ensure that the students has sufficient funds in their accounts to meet tuition and living expenses in the U.S. Avanse promptly disburses the loan amount in the student’s account so that he is able to show to the concerned officials the proof of availability of funds.
APPLYING FOR AVANSE EDUCATION LOANS THROUGH STUDENT COVER
As in case of any loan, students must first ascertain the amount of education loan that they need to finance their study abroad. To do this, they have to first zero in on the course as well as the institution where they wish to study. Additionally, they also need to identify the co-applicant or guarantor that they would need for unsecured loans. In case of secured loans, they must also have the necessary documents to be submitted as collateral against the loan. Once these things are determined, a student can formally apply for education loan.
- Application – Once all prerequisites are met, a student may contact Student Cover executive and apply for education loan through Student Cover’s education loan executives.
- Review of Loan Application – After loan application is made, it is put under review. If additional information is required from the student, he or she will be contacted.
- Assessment and In-Principle Approval – Once the assessment of information and documents is completed, the student will be intimated through a sanction letter detailing the loan amount that he or she qualifies for and giving an in-principle approval of education loan. A student may use this letter to declare the source of funds to the institution that he or she has applied to and get admission.
- Admission Confirmation and Verification – After taking admission, a student has to provide confirmation about it and submit the relevant documents regarding the name and duration of the course, name of the institutions, the course fee and course commencement schedule. This information will be verified by Avanse.
- Education Loan Agreement – After verification, an education loan agreement document will be sent to the student which he or she will have to accept, fill and submit with original or verified copies of documents required for sanctioning education loan.
- Sanctioning of Education Loan – The final step after completion of the above process is the formal sanctioning of education loan to the student.
Student Cover assists students in getting hassle-free education loans and at most affordable prices. Students can additionally visit https://studentcover.in/loan-product/ for more information.
– The education loan amount and interest rates mentioned above are case specific and may vary from one case to another.
– Student Cover does not charge any fee from the students for any service rendered during the course of or after loan application process.