Question 1

What is the Avanse education loan interest rate?

Accepted Answer

The Avanse education loan interest rate ranges between 10.75% to 12.75%. However, you can also opt for other flexible interest rates, depending on your and your co-borrower's CIBIL score and other property documents.

Question 2

Does an Avanse study loan require a mortgage?

Accepted Answer

If you are applying for an Avanse education loan against a property, you will need to provide a mortgage. However, if you are applying for a loan without collateral, you don't have to provide any kind of collateral.

Question 3

What is the Avanse study loan processing time?

Accepted Answer

It usually takes 5 to 7 days for the loan to get sanctioned. However, the time can stretch or become less, depending on how clear your documents are.

Question 4

What are the pros and cons of Avanse education loans?

Accepted Answer

Avanse follows every NBFC rule and regulation; therefore, there are no cons. However, Avanse has several benefits: Moratorium Period, a grace period where you don't have to pay for 6 months to 1 year after getting a new job; Customized Services personalized according to your needs, such as university and accommodation; End-to-End Support with a loan buddy who hand-holds you through the process; and Quick Loan Disbursal, with funds disbursed within 5 to 7 working days.

Question 5

Is the Avanse education loan approved by the RBI?

Accepted Answer

Avanse is registered with the Reserve Bank of India (RBI) as a Non-Banking Financial Company (NBFC). Therefore, you don't have to worry about Avanse's validity before asking for a loan.

Question 6

How to Repay Avanse Education Loan?

Accepted Answer

There are various ways to repay the Avanse education loan. You will find flexible repayment terms, such as EMI structures, loan tenures, etc.

Question 7

What is a Non-Collateral Loan?

Accepted Answer

A non-collateral loan is something that you can apply for without possessing any kind of property. For a non-collateral loan, all you have to do is prove that you or your co-borrower has the financial ability to pay back the loan.

Question 8

What is a Collateral Loan?

Accepted Answer

A collateral loan is a kind of loan for which you have to mortgage your property. You must provide additional property documents to apply for such loans.

Question 9

What is EMI?

Accepted Answer

An EMI is also known as the Equated Monthly Interest that the borrower or co-borrower of the loan needs to pay as part of the repayment procedure. It contains part of the principal and interest combined that one must pay every month.

Question 10

What is the Difference between Simple Interest & Partial Simple Interest?

Accepted Answer

Simple interest applies when a loan is repaid over the full period of loan repayment. However, partial simple interest is used when the loan amount is repaid before its time. So the interest amount is calculated according to the actual time used.

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