Did you opt for an educational loan to finance your higher studies? Are you worried that your monthly outgoings are starting to look higher than you'd like? You can opt for the best private student loan refinance with Avanse and explore more viable options to pay your loan back.
Refinancing your education loan allows you to switch your loan provider or apply for a new loan to pay off your existing debt. Generally, individuals choose to refinance student loans to optimise their monthly payouts, lower the interest rate or change the loan tenure. When you opt to partner with Avanse to refinance your loan, you can benefit from our experienced education finance experts. They will help you identify the best possible way to optimise your loan payoff.Apply Now
Many people today do not know their options to refinance student loans. You can benefit from refinancing your loan if:
If you'd like to go ahead with your loan refinancing, your co-borrower needs to meet the following education loan criteria:
You can apply for a loan for graduate or post-graduate courses or other job-oriented professional or technical courses. The courses and the institute offering them must be approved by Avanse.
If you meet the above criteria, you can go ahead and use the education loan calculator to understand your education loan eligibility in India. Your student loan eligibility in India depends on your monthly earnings and outgoings as well as your loan interest and tenure.
If you're looking for an education loan refinance in India, look no further than Avanse. Here's how we can help you:
If you want to lower your overall cost, we have the solution. We offer up to 100 basis points lower interest rates than your current education loan finance provider.
With lowest student loan refinance rates and longer tenures, you can pay affordable EMIs when you opt for education loan refinancing.
At Avanse, we offer longer student loan refinance tenures and payment schedule flexibility. You can decide what payment scheme works best for you and your finances.
We won't charge you any processing fee when you decide to refinance your education loan with Avanse.
If you need additional finance, we can help you with our top-up loans.
If you're studying or working abroad, you don't have to worry. We accept foreign remittances as part of your repayment.
We are committed to being 100% transparent. We'll update you at every stage of the process and present all the costs and terms and conditions upfront. There won't be any unpleasant surprises later.
If you'd like to meet face-to-face, our specialists provide door-step service. We'll come with all the papers you need and walk you through everything.
If you need to pay any switchover charges while refinancing your loan for education at Avanse, we can help with the funds for them.
You can get refinancing if you have a loan amount between INR 2 lakhs and INR 1 crore and if:
Your co-borrower also needs to meet the following eligibility criteria:
Avanse offers the best student loan refinance rates for all accredited courses in India and abroad.
Before you sign your refinance documents, you must carefully consider the following:
Many agencies will charge you prepayment or foreclosure charges if you finish paying your loan before your tenure. With Avanse, you can rest assured that we will not penalise you for repaying the loan early.
If you have a great credit score, you can use it to your advantage. Use your credit rating to negotiate a better deal on interest rates.
If you have a great credit score and repayment history, you can use it to your advantage. Use your credit rating to negotiate a better deal on interest rates.
If you do want to opt for refinancing, the earlier you start the process, the better it is for you and your financial health.
Finally, as with all financial documents, make sure you read all the terms and conditions carefully. You should never agree to anything unless you understand it perfectly.
Student loan refinancing allows individuals to switch to another lender to help them pay their existing student loans. The new or refinanced loan generally offers lower interest or better repayment terms. Almost every education loan provider offers refinancing options on loans for students.
If you’re looking to refinance your education loan, you need to follow these steps:
Step 1: Request your current lender for a foreclosure form.
Step 2: Approach a new lender to refinance your existing loan for education.
Step 3: Allow the new lender time to complete the paperwork and approve the request.
Step 4: Wait for the new lender to provide you with a cheque for your old lender to clear the outstanding amount.
If you want to refinance student loans for education abroad or in India, you need to provide the following documents:
Some lenders may also ask for IT returns and proof of income documents.
When you choose to refinance student loans with Avanse, you enjoy a completely transparent process. Avanse also provides top-ups on existing loans for students, ensuring you have the funds required to cover all your costs. Additionally, we accept remittance payments, allowing you to repay your education loan from anywhere in the world.