Unsecured Education Loan for MBA by Avanse Financial Services

Gone are the days when securing an education loan meant pledging family properties or facing endless paperwork. Avanse Financial Services is turning the traditional notion of education financing on its head with their collateral-free approach to MBA funding.

In a bold move that acknowledges the true value of education, they're offering unsecured loans that focus on potential rather than just present assets. With a generous 10-year repayment window and a 12-month post-course moratorium, their education loan for MBA program is designed to give students the breathing room they need to transform their career trajectories.

Key Features Unsecured Education Loan for MBA by Avanse Financial Services

1. Income Requirement: Student must not have any prior financial obligations. They must have their own house, address proof is mandatory

2. Loan Amount: The NBFC offers unsecured loan for MBA up to $1,21,000

3. Rate of Interest: The rate of interest for these loans is in the range of 11 to 14% for MBA

4. Funding Margin: There is no funding margin, and the bank covers all expenses.

5. Study level: Apart from MBA it offers loans for Masters courses only in top 150 university in its own list. It also offers loans to older learners till the age of 35. But the credit insurance is more for students above 30.

6. Repayment Tenure: The NBFC offers a repayment tenure of 10 years including the course duration.

7. Disbursement Details: Amount will not disburse in Indian Account. Avanse has a tie-up with Zolve, and the account will get activated once student reaches the USA.

Post-visa disbursement only, once student reaches in USA.

Tuition fees remittance, living expenses and Ancillary funds will be done through Zolve only.

8. Sponsors: Parents will be considered as non-financial guarantors. Sibling, legal guardian, or any other relatives can also be considered.

9. Simple Interest: Students need to pay partial simple interest during the moratorium period.

10. Moratorium Period: Avanse offers a moratorium period of 12 months after the course is completed

These are the key factors of the unsecured loans offered by Avanse financial services. Now let’s look at the documents required and other needs to get the education loan for MBA without collateral security.

Documents & Eligibility Requirements for Education Loan for MBA

Even though there are no collateral requirements for abroad education loans offered by banks, there are other requirements they need to meet in terms of criteria and documentation. Given below are the criteria for applicants as well as co-applicants:

For Applicants

• The applicant should be an Indian citizen.

• They should have a confirmation letter from the university.

• To get an education loan, they must be 18 years of age.

• Students looking to get a loan must have a co-applicant.

For Co-applicants

• The co-applicant could be a parent, sibling, legal guardian, or any other relative.

• The co-applicant should be an Indian citizen.

• He/she will be a primary debtor.

The documents required for the loan include:

• Two photos

• Photo ID

• Residence Proof

• DOB Proof

• Academic documents

• Confirmation letter from university

This brings us to the end of our article where we explored unsecured loans offered by Avanse financial services. We also looked at the various requirements of the NBFC for students and co-applicants to get the loan.

For more information on these loans students can reach out to abroad education loan experts near them. These experts help students to make taking a loan a simpler process. With their help students can find the best bank for education loan for abroad to make their journey successful.

Additionally, students should carefully compare interest rates, repayment terms, and processing fees across multiple lenders before making a decision. It's also worth exploring scholarship opportunities and part-time work options to supplement the loan amount. Remember that choosing the right education loan is crucial as it will impact your financial planning for several years after graduation. Many banks also offer special schemes and discounts for women applicants or students pursuing specific courses, so be sure to inquire about these benefits during your research.