Education and Career Forum

Hello, I want to apply an education loan for studying BTech course. I would like to know that if I apply an education loan from DHFL Avanse then what benefits are available for me? Please let me know about this asap.

Benefits of applying for Education Loan in DHFL Avanse are mentioned below

Avanse is an NBFC that specializes in educational loans.

They are good option if you cannot get a loan from a bank or Credila. IF you do qualify for a loan from a bank or Credila, it is better to go with that. The big factor here is that you can claim tax exemption on the education loan interest if you take the loan from a bank (or Credila). You do not get this tax exemption if you take a loan from Avanse. So your effective will be much higher.

For eg: 12% interest rate from bank = 8.4% after tax exemption benefit.

So Avanse should only be a backup if you can’t get a loan from a bank or Credila.

Benefits that borrowers often seek when applying for education loans:

Competitive Interest Rates: Many borrowers look for lenders that offer competitive interest rates on education loans. Lower interest rates can help reduce the overall cost of borrowing and make repayment more manageable.

Flexible Repayment Options: Lenders may provide flexible repayment options, such as moratorium periods (grace periods) during the course duration, extended repayment tenures, or flexible monthly installment plans, to make loan repayment more convenient for borrowers.

Loan Coverage: Education loans typically cover various expenses related to education, including tuition fees, accommodation, books, equipment, and other educational expenses. It's beneficial to choose a lender that offers comprehensive coverage for a wide range of educational costs.

Quick and Efficient Loan Processing: Borrowers often prefer lenders who have streamlined and efficient loan processing systems. Faster processing times can help students secure the required funds in a timely manner.

Customized Loan Amount: Lenders may offer flexibility in choosing the loan amount based on the borrower's specific needs and the cost of the chosen course. It's advantageous to select a lender that allows borrowers to tailor the loan amount according to their requirements.

Support for Multiple Courses and Institutes: Some lenders may provide education loans for a variety of courses and institutes, both in India and abroad. This can be advantageous for students pursuing different educational paths or planning to study at renowned institutes.

Additional Benefits: Certain lenders may offer additional benefits such as pre-approved loans, co-borrower options, online account management, or special schemes for specific categories of students or courses.