Numerous eyes are filled with the dream of studying abroad. However, the high cost of overseas education can turn your dream into a distant reality. While secured education loans offer a solution for some, many aspiring students lack the collateral required. This is where Non-Banking Financial Companies (NBFCs) like Avanse Loans step in to close the divide.
Avanse offers a beacon of hope for students opting for unsecured education loans for overseas studies. For students who wish to study in the bustling hubs of the USA and want to chase their academic goals without the constraints of collateral, Avanse Dollar Loan scheme is a great funding option. This article delves into the intricacies of this scheme offering education loans without collateral especially for STEM & MBA Courses in USA and explores its features to transform your study abroad aspirations into a reality. So, let us get started by knowing what this loan scheme offers.
Avanse Dollar Loan scheme is a comprehensive financial solution designed to support students pursuing STEM (Science, Technology, Engineering, and Mathematics) courses and MBA courses in the US.
Let us explore the details of each of them below.
The Avanse Dollar Loan scheme offers a maximum loan amount of $91,000, with an interest rate ranging from 10.50% to 13.50%.
The repayment options are flexible, with partial interest of $65 per month, with a repayment period of up to 10 years plus the course duration.
Talking about the loan coverage, it covers up to 100% educational expenses, and the processing fees can reach up to 4% plus applicable taxes.
The scheme offers collateral-free education loan for students who wish to pursue MBA.
The loan provides a maximum borrowing limit of $121,000, catering to the substantial costs associated with higher education.
The interest rates range from 11.00% to 14.00%. Repayment flexibility is a key feature, with partial payments of $65 per month, over a period of up to 10 years including the course duration.
Similar to STEM courses, the scheme covers up to 100% educational expenses.
This was just an overview of what is covered under the Avanse Dollar Loan Scheme. Let us now proceed and discuss the eligibility criteria for the loan application.
The eligibility criteria for this loan scheme are as specified below.
Citizenship: The application must have an Indian citizen.
Age: The applicant’s age should be below 30 or maximum up to 35. Moreover, if the age is above 30 years, then the credit insurance will increase.
Admission Status: Applicant must have confirmed admission from the list of 150 universities offered by the Avanse Dollar Loan Scheme.
Co-applicant: A Co-applicant or a Co-borrower is considered a non-financial guarantor. Their CIBIL score is checked and if it is up to the mark only then the loan will be sanctioned. Moreover, they have to provide their family income, job details, mobile number, email, and monthly salary slip to the lender for future purposes.
It's important to note that these are the general criteria. It’ll be better to double-check the latest information directly on Avanse's website or by contacting us at Élan Overseas Education Loans.
After checking the eligibility criteria, the next important thing will be to file your documents to initiate the application process. Enlisted below is the document check list so that you tick all the boxes.
For the Applicant
Completed Loan Application Form
Passport: A valid passport is required for the loan application.
Proof of Identity: This could be an Aadhaar card, PAN card, Voter ID, or Driving License.
Proof of Address: This could be a Voter ID, utility bill, rent/lease agreement, Aadhaar card, or Passport (if different from proof of identity).
Transcripts or official academic records from high school and any previous higher education institutions.
Standardized Test Scores (SAT, GRE, GMAT, etc.) if required by the university.
Admission Letter: An official acceptance letter from the university you'll be attending.
Last 6 months of Bank Statements to show financial history.
For the Non-Financial Co-Applicant: KYC documents, and electricity bill for proof of address.
Once you have all these above-mentioned documents ready, you can get started with your loan application, sanction, and disbursement process.
Having understood all the technicalities of the loan scheme let us check some of the key benefits of taking education loans from Avanse.
Get 100% Funding: The NBFC goes way beyond just tuition fees. They cover the holistic cost of your education, including living expenses, airfare, books, study materials, and even laptops.
Customized Loan Solutions: Avanse understands that every student's situation is unique. They offer customized loan options based on your specific course, university, and financial needs.
Fast-Track Processing: Avanse offers fast loan processing in just 7 to 10 working days. This can be crucial for students who need to secure funding quickly to meet admission deadlines or visa requirements
All in all, this was just the essence of the Avanse education loan for abroad studies. To get detailed information approach our Élan Overseas Education Loans experts who will not just assist you with the documents and the loan application but will guide you throughout the process till your loan gets disbursed.
So, what are you waiting for? Visit our website or office and book a free consultation session now!
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