Most Important Terms & Conditions (“MITC”):

The terms shall be binding on the Borrower(s) and shall form an integral part of the Sanction Letter and Transaction Documents t (along with the Schedule thereto).
The sanction is subject to the realization of the processing fees and charges for loan sanctioning which will be non-refundable. The Borrower/s has received the Schedule of Charges in good order and the same as published on Lenders’ website (https://www.avanse.com/schedule-of-charges) is acceptable to the Borrower/s.
Loan Installment shall commence pursuant to disbursement subject to the Repayment Schedule (as may be amended or supplemented) supplied by the Lender from time to time. The Borrower shall pay/repay the Loan/s in a timely manner. Interest Rate at the Base Lending Rate (BLR) of the Lender shall be acceptable to the Borrower in case of any changes as explained in the Approach for Gradation of Risk.
The MI, Pre-MI interests shall be paid on or before the 10th day of every month and/or as per the Repayment Schedule. The Borrower/s undertake to pay the Interest on Broken Period (BPI) if any; and where applicable such BPI shall be paid along with the next PMII/MI as per the Repayment Schedule.
The Loan amount (as the Lender deems appropriate) may be released in tranches directly to the specified Institution or the Borrower or remitted to the authorized dealer in case of forex remittances. The Lender shall have the discretion to credit living expenses in the customer's account or reimburse basis the documents provided. In case of discontinuation in pursuing the specified course, travel/visa restrictions (where applicable), or change in specified course/ specified institute details, the Lender shall be notified in writing within 30 days and the Borrower shall forthwith repay the utilized limit or repay as per the revised repayment schedule that may be notified by the Lender (subject to Lender’s sole discretion) to the Borrower. In such cases, it would be the Borrower’s liability to instruct the Bank and ensure release of all the available funds to the Lender from the Borrowers’ bank account towards repayment.
Unless expressly agreed by the Lender in writing, the Borrower shall not request draw down/shall not be entitled to avail, any sanctioned limit (which is not cancelled or revoked as per this letter) upon completion of (i) Course Period or (ii) 24 (Twenty-Four) months from the date of sanction, whichever is earlier.
The Borrower expressly consents the Lender or its Service Providers to use and process data including personal data for the purpose of (i) credit assessment by verification with credit information companies/credit bureaus (ii) enrolment verifications from Institutes/University, clearing houses and/or organization/entities who are in possession of such data (iii) processing loan facility and value-added services.
The Borrower/s undertakes to do independent assessment for availing value-added services of third parties, wellness or health packages and related policies, forex and/or other products and services as per Borrowers’ suitability. The Lender is not a service provider to the Borrower for such third-party products and/or services and shall not be liable in any manner to the Borrower/s pursuant to facilitating the same.
For the purpose of secured facility, the Borrower/Co-Borrower/s shall produce such original/copy of title deeds, documents, reports as may be required by the Lender. In case of additional limits, the existing mortgage shall stand extended to cover the proposed additional limit and/ or as per the sanctioned conditions. The Borrower agrees that the title documents would be stored at the storage facility (including storage of any third-party vendor) at Borrower’s behest and shall hold the Lender harmless and indemnified in this regard. The Borrower further undertakes to deposit their title document only to the authorized officer of the Lender and agrees not to deliver any title document without obtaining written acknowledgement.
The Borrower has agreed to obtain insurance from an insurer of Borrower’s choice as approved by the Lender and with such terms agreeable to the Lender which shall be endorsed/assigned in Lender’s favour and such endorsement/assignment shall be maintained throughout the term of the loan until the entire repayment.
Approach for Gradation of Risk: Interest Rate comprising risk premium/spread has been provided inter-alia basis nature of loan, borrower’s creditworthiness, nature of security, nature of product, borrower/risk profile, repayment capacity, past repayments, borrower's loan tenure and geography (location).Fees & charges applicable to the loan facility are levied inter-alia basis cost & expenses for product/services, encourage financial discipline, competition/industry benchmarking, market practices for the loan type and quantum, in compliance with regulatory guidelines. The Borrower acknowledges that Lender's interest rate depends on many factors including the cost of its borrowed funds. The Lender may vary the interest rate prospectively as it may deem fit and/or in accordance with guidelines laid down by RBI, from time to time and will be published on its website. Moreover, upon change in the base lending rate (BLR)/ Benchmark Rate, the Borrower will pay the Loans linked to BLR in accordance with the revised rate announced by the Lender. Any change in risk profile and/or overall credit risk factors may require the Lender to change the interest rate/ spread subject to ceiling rate prescribed under the interest rate policy.
The Lender is hereby entitled to make proportionate changes in the repayment schedule, by increasing or reducing the EMI or extending the Repayment Schedule or both, consequent to revision of interest rate. If any extension of the tenure of the Loan as is likely to exceed maximum tenure assessed by the Lender for the Loan, then Lender may also give required effect in any number and amount of Instalment as it may deem fit and appropriate.
Conversion Charges for switching type of interest rate (floating – fixed): In case of reset in the applicable interest rates, the Borrower may exercise an option for switch over upon payment of conversion charges on the loan outstanding. Such a switchover shall be allowed only twice during the tenure of the Loan in accordance with and subject to the interest rate policy of the Lender (conversion charges shall be as mentioned in the Schedule of charges).
Upon settlement or realization of entire dues (as acceptable to the lender) of all the loans/debts, the lender shall (within 30 days) release the original property documents in its custody (if any) to the Property Owner (Borrower/Co-Borrower) or its nominee/ legal heir.
The Property Owner has expressly elected to receive the original property document at the branch/office location of the Lender (where document is made available by the Lender).
Unless otherwise notified by the Lender in writing, the Sanction Letter shall stand revoked and cancelled if:
1. Any material changes occur in the proposal for which this Loan is, in principle, sanctioned.
2. Any material fact concerning income or ability to repay or any other relevant aspect of the proposal or application for loan is withheld, suppressed, concealed or not made known to the Lender.
3. Any statement made in the loan application is found to be incorrect or untrue.
4. Unconditional and absolute acceptance of the Sanction Letter has not been received by the Lender within thirty (30) days from the date of issuance of this Sanction Letter.
The Lender at its sole discretion may revoke the unutilized sanctioned limit / recall the Sanction Letter.
Pre-MI interest at the rate, at which the MI has been calculated, shall be charged from the respective date(s) of disbursements to the date of commencement of MI in respect of the Loan. Subject to the Loan Agreement, eligible Borrowers', who have provided specific written requests for Lender to consider flexible operation such as switching, deferring or preponing MI/PMII (as the case maybe) during the loan tenor, will abide by the repayment schedule provided by the Lender accordingly, pursuant to such request. The Borrower inter-alia acknowledges such request shall not exceed for more than two (2) instances and shall be effective only if expressly agreed by the Lender in writing.
The Lender shall be informed in writing about any changes, in correspondence address, change in employment, loss of job, business, profession, as the case may be immediately after such changes/ loss, notify the causes of delay, loss/damage to the property, notify the additions /alterations to the property.
The Borrower shall keep the Lender informed about the academic results/academic progress and submit documentary evidence of the same within 15 days of its issuance to the Lender. Further, the Borrower shall keep the Lender informed about his employment status or business and submit documentary evidence of the same within 15 days to the Lender. The Borrower agrees that any income drawn pursuant to Borrower’s employment or business shall stand irrevocably assigned in favour of the Lender to the extent of the Loan amount dues.
All the taxes and costs for the facility including stamp duty, GST, registration and CERSAI charges shall be borne and paid by the Borrower/s without claiming any set-off, counter claim, damages etc.
In case of failure to supply GSTIN (where applicable) to the Lender, it will be considered as if the Borrower/s is not registered under the GST law and the provisions as may be applicable to unregistered Borrower would be applicable.
The Borrower acknowledges that, by giving the loan facility, Lender have not and do not intend to give any professional advice or make any statement regarding taxation and related benefits. The Borrower/s will independently consult/have consulted its tax advisors/ other professionals for their financial planning and tax assessment/s.
The Lender is entitled to add to, delete or modify all or any of the terms and conditions of the Loan applicable to the Loan prospectively by providing a written notice to the Borrower.
Charges for Non-Compliance/Default Charges: Without prejudice to Lender’s right under the loan agreement, in case of an Event of Default / Noncompliance of material terms and conditions, the Borrower shall be liable to pay charges for such noncompliance until such default is cured. (Default charges shall be as mentioned in the Schedule of charges).
For providing timely end-use confirmation of the loan, the Borrower(s) shall remit the disbursed amount through an authorized dealers/banks as per applicable law (“FX Dealers”) to the relevant Educational Institute. The Borrower may select the FX Dealer from those approved by the Lender. Alternatively, the Borrower may remit the monies through their own authorized dealers/banks and immediately submit the remittance proof to the Lender.
The Borrower shall furnish proof of specific VISA within 07 days of its receipt. Unless rejected or put on hold prior to issuance, a maximum timeline of 270 days from the date of loan disbursement shall be available to the Borrower for supplying proof of visa/student’s study travel and attendance, failing which it shall be an event of default. Without prejudice to Lender’s right, the Borrower agrees to pay Default Charges, for such Event of Default / Noncompliance of material terms and conditions, until such default is cured and shall adhere to the cure period granted by the Lender on such continuing default.
The Borrower shall furnish forex remittance proof within a maximum timeline of 30 days from the date of loan disbursement or from the date of the Lender releasing freeze/lien on disbursed funds, failing which it shall be an event of default. Without prejudice to Lender’s right under the loan agreement, the Borrower agrees to pay Default Charges for such Event of Default / Noncompliance of material terms and conditions, until such default is cured and shall adhere to the cure period granted by the Lender on such continuing default.
The Borrower/s expressly undertake that
- Payment of installments shall be under the NACH/ECS mandate for appropriate administration of loan account;
- Lender will be entitled to present NACH on the due date, despite prior or additional payments if any;
- Any additional payment in the loan account will be adjusted against the amounts payable/ in terms of the loan agreement;
- Lender will not be obliged to suspend NACH presentation for any reason whatsoever