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Student Loan Refinancing
- The Prudent Choice

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.

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Who Should Opt for Education Loan Refinance?

Many people today do not know their options to refinance student loans. You can benefit from refinancing your loan if:

  • You have recently taken a loan to pursue your higher education in India or abroad
  • You have completed your education and are about to start repaying or have just started repaying the loan
  • You are a working professional who is still repaying an educational loan

If you'd like to go ahead with your loan refinancing, your co-borrower needs to meet the following education loan criteria:

  • The co-borrower should be an Indian national or Indian passport-holder or an NRI who is currently working in India and holds an OCI card.
  • The individual must have a steady income and could either be a parent, sibling or brother-in-law.
  • For secured loans, your co-borrower could be a parent, sibling, uncle, grandparent or even a friend.

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.

What Avanse Offers

If you're looking for an education loan refinance in India, look no further than Avanse. Here's how we can help you:

Lower Interest Rates

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.

Affordable EMIs

With lowest student loan refinance rates and longer tenures, you can pay affordable EMIs when you opt for education loan refinancing.

Repayment Flexibility

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.

Zero Processing Fee

We won't charge you any processing fee when you decide to refinance your education loan with Avanse.

Top-Up on Existing Loans

If you need additional finance, we can help you with our top-up loans.

Remittance Payments

If you're studying or working abroad, you don't have to worry. We accept foreign remittances as part of your repayment.

Transparent Process

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.

Convenient Service

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.

Funds for Switchover Charges

If you need to pay any switchover charges while refinancing your loan for education at Avanse, we can help with the funds for them.

Are You Eligible to Get Refinancing
for Your Education Loan?

You can get refinancing if you have a loan amount between INR 2 lakhs and INR 1 crore and if:

  • You've just taken a loan and are studying in India or abroad.
  • You've taken a loan and completed your education, and you're about to start repaying or have just started repaying.
  • You're a working professional who is repaying a student loan.

Your co-borrower also needs to meet the following eligibility criteria:

  • They must be Indian nationals, passport-holders or NRIs who are currently working in India with an OCI card.
  • They must be a parent, sibling or brother-in-law when you have to showcase their income eligibility.
  • They must be a parent, sibling, uncle, grandparent or friend when you opt for a secured loan against eligible collateral.

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What Courses Are Covered?

Avanse offers the best student loan refinance rates for all accredited courses in India and abroad.

Things to Consider While Opting for Refinancing

Before you sign your refinance documents, you must carefully consider the following:

Foreclosure Charges

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.

The Best Deal

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.

The Earlier, the Better

If you do want to opt for refinancing, the earlier you start the process, the better it is for you and your financial health.

Check the Documents

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.

Frequently Asked Questions

It's okay to have questions, because we've got answers!

To be eligible for a study abroad loan from Avanse, you only need to meet the following eligibility criteria:

  1. You should be a citizen of India​
  2. You should be 18 years old or above​
  3. You should have a confirmed admission in the Institute of your choice​
  4. You should have an earning co-borrower in India

Do you check all the above boxes? Well, congratulations, you are eligible to apply for our education loans for abroad studies! As for point number 3 – if you do not have a confirmed admission in the Institute, you can still get a pre-admission loan. This will help you cover all your pre-admission expenses including entrance exam fees, consultation fees, the cost of prep tests, etc. These loans can also provide proof of funds to increase the chances of your application being selected.

Our loans cover your entire student life journey. Right from the course fee to the purchase of study material, we will take care of everything! Here is a rough list of expenses you can get covered with our loan for higher education abroad:

  • The course fees
  • Purchase of books, study material, computers and project expenses
  • Traveling expenses for students traveling abroad
  • We also cover your insurance premium
  • Caution deposit, building fund, entrance exam fees, the cost of prep tests and entrance exams, consultation fees, etc

With an education loan for abroad, you get 100% finance. This ensures that all your expenses are taken care of. Therefore, instead of worrying about funds, you can focus fully on your studies. We will handle the costs for you!

At Avanse, we believe that you should aspire without boundaries! That's why we do not have any limit when it comes to the loan amount. However, the loan amount that we can provide depends on numerous factors such as your academic record, the course you've selected, your parent's ability to repay the loan, etc. To get a better idea of the loan amount you can avail, use our eligibility calculator. You can also come to the nearest Avanse Financial Services branch office or you can contact us to schedule a home visit.

We provide 100% finance. This means that you do not need to provide any margin money to get an educational loan for abroad studies. Amazing isn't it?

You do not need to provide collateral or any form of security to get an educational loan for abroad studies. However, if you are able to provide security in the form of residential/commercial property or a fixed deposit, then you will enjoy higher loan amounts and/or reduced interest rates.