How is the Avanse education loan for an MS in the USA?

How is the Avanse education loan for an MS in the USA?

Delving Into the Fundamentals of Avanse Education Loan

We'll commence with a brief overview. Avanse Financial Services has formulated the Avanse Education Loan, a product specifically created to facilitate your aspiration of earning an MS degree in the USA. Being well-versed in students' financial challenges, the company provides a thorough education loan solution to meet your needs. This alternative can also assist you in your economic assignment help. It encompasses everything from tuition costs, living expenses to travel outlays. But is it an appropriate fit for you? Let's dissect its features to discern.

Who Can Apply for Avanse Education Loan?

Before you start envisioning a future supported by this loan, it's crucial to comprehend the eligibility requirements. The Avanse Education Loan caters to Indian students who have secured a spot in a Master's program in the USA. A co-applicant is required, who can be the student's parents, spouse, or siblings. The student should be at least 18 years old; otherwise, the co-applicant can make the application. The creditworthiness of both the student and the co-applicant holds significant sway in loan approval.

Determining the Loan Amount and Interest Rate

The loan amount extended by Avanse Finance can cover 100% of your educational expenditures without a cap. Isn't that a load off your shoulders? However, the interest rates are variable, oscillating between 10-16%, and are calculated on a reducing balance basis. When juxtaposed with other loan possibilities, these rates might seem a bit steep. But, it's worth noting that Avanse offers tailored loan solutions, implying the final interest rate could fluctuate.

Understanding Repayment Terms

Avanse Education Loan provides lenient repayment terms. A moratorium period is offered, encompassing the course duration plus six months post-completion, during which the principal repayment is unnecessary. Another plus point is the option to prepay the loan without surplus charges. Moreover, the repayment period can be stretched up to a decade following the moratorium period, allowing students to repay the loan at their convenience.

Evaluating Processing Fees and Additional Charges

A nominal processing fee of 1% of the loan amount, plus applicable taxes, is charged by Avanse. There are, however, no prepayment or foreclosure charges. The offer of a free-of-cost doorstep service is also on the table. Although the processing fee may appear as an extra expense, it's pretty much the industry standard, and other perks, such as the free doorstep service, even things out.

The Application Procedure

The application process for Avanse Education Loan is smooth and can be done online. It requires filling out an application form, submitting the required documents, and once approved, the loan amount gets directly disbursed to the university. The company also guides students to help them better comprehend the loan process.

Assessing Customer Service

Customer service is critical to consider when selecting a loan service. Avanse boasts a dedicated customer service team that offers assistance throughout the loan journey. They help resolve all your queries and also walk you through the loan application process.

Comparing Avanse Education Loan with Other Alternatives

It's prudent to weigh your options before choosing. Numerous other financial institutions offer education loans with competitive interest rates and benefits. Nevertheless, the broad coverage, flexible repayment terms, and streamlined process make Avanse Education Loan a compelling choice.

Gauging Student Testimonials and Reviews

Before drawing to a close, hearing from those who have experienced it is essential. The testimonials and reviews from students who have opted for the Avanse Education Loan provide a more authentic perspective of what to anticipate. Most reviews underscore the swift and hassle-free loan procedure, supportive customer service, and flexible repayment terms.

Wrapping Up

The Avanse Education Loan is a dependable choice for Indian students aspiring to pursue an MS in the USA. It delivers a holistic solution for educational expenses, flexible repayment terms, and excellent customer service. However, some might find the interest rates a bit daunting. Therefore, it's advisable to compare it with other options and choose the one that best aligns with your specific requirements.