Has any one heard abt Avanse Education Loans ?? - India

[prathapg86]

Guys -

Has any one heard abt Avanse Education Loans ?? They give loans for abroad studies @ 12.25% and itseems no limit and margin on the Amount unlike our nationalized banks which has 15% Margin and 20 lacs limit

As I checked online for any reviews...and couldnt find any....

Its a subsidiary of DHFL - Dewan Housing Finance Corporation Ltd based out of Mumbai

I never Heard of it as I'm from the south... So just thought checking with u guys if any body came across this for the loans... If yes.. How many months??

Appreciate your help buddy...

Appreciate your help on this guys...

 

[teh123]

Guys -

Has any one heard abt Avanse Education Loans ?? They give loans for abroad studies @ 12.25% and itseems no limit and margin on the Amount unlike our nationalized banks which has 15% Margin and 20 lacs limit

As I checked online for any reviews...and couldnt find any....

Its a subsidiary of DHFL - Dewan Housing Finance Corporation Ltd based out of Mumbai

I never Heard of it as I'm from the south... So just thought checking with u guys if any body came across this for the loans...

Appreciate your help on this guys...

Yes, its a subsidiary of DHFL and a part of the Wadhawan group ( they have various business interests, Real estate/ Hospitality/ Housing finance etc). Their office is based out of BKC ( Mumbai) and they have recently ventured in the education loan domain, hence i think u dnt find any reviews.

 

[prathapg86]

@teh123 - What do u think about the the processing and genuinity ... Because Iam thinking of showing my Aunts property as a collateral... No offense meant...as I never heard of it....

 

[sabby2612]

Hello,

Please check the list on the following link;
http://www.vfs-canada.co.in/pdf/Student_Partners_Program_(SPP)_in_india_200912.pdf

this financial institute or even it's subsidiary is not in the list.

Like wise HDFC's subsidiary is Credila for education loan. But HDFC is in the list not the subsidiary and loans from Credila aren't considered by CHC.

Cheers!

 

[prathapg86]

sabby2612 - Yes I knew its not listed...

However Im thinking of taking the loan from either of these and Pay the tuition fees and take GIC... So in that case why should we show the the loan approval to CHC...

And again for the second year tuition fees and living expenses - Do we need to show any proof of funds in our account??

 

[teh123]

sabby2612 - Yes I knew its not listed...

However Im thinking of taking the loan from either of these and Pay the tuition fees and take GIC... So in that case why should we show the the loan approval to CHC...

And again for the second year tuition fees and living expenses - Do we need to show any proof of funds in our account??

@ sabby -Well true that, and this is applicable if is he is applying under SPP. But can surely "consider" these institutions if applied under general, because as the "The Education Loan must be provided by a bank governed by the Reserve Bank of India. All
international banks operating in India also meet these criteria'.Avanse is a Non-banking Finance Company (NBFC) regulated by the Reserve Bank of India (RBI). and so is Credila. The financial institution needs to be regulated by RBI that's what is important.But yes, i will also suggest try the listed ones, why take a risk, if appying either ways - SPP/general
@ prathap pls refer to this old thread, query some what similar to urs http://www.canadavisa.com/canada-immigration-discussion-board/is-credila-loan-acceptable-for-study-permit-t76181.0.html. U can mail the CHC at delhi and also get a clarification from them <re-delhi-im-enquiry @ international.gc.ca>

* these are my views purely, you can consult other sources

 

[prathapg86]

@ teh123 - So incase I get loans from Avanse/HDFC... I cant apply under SPP?? Why would I show the Loan letter when I pay the fees and take GIC?

And yes buddy... I tried the banks (The so called Nationalized banks), But the Problem is... As Am pledging my Paternal Aunts property as security... These nationalized banks says its a third party property and Am not eligible for the Loan and moreover they wont give loans for Living expenses (But still some people manage to get it)

So as far as now... I have visited 56 branches of different banks across Chennai... Where 95% says am not eligible...As the course is Diploma in Business management and they dont have Humber in their list...

 

[sabby2612]

Pretty sure of the fact I shared irrespective of general or spp category. Checklist for both is the same. Please refer to CHC and VFS-Canada Website for checklists. Secondly, yes, it will be hard to get a loan on paternal aunt's finances. And as far as the living cost issue is concerned, Banks actually insist on both tuition fee and living cost because the LOA states the living cost for 1 year and complete tuition fee. Now, if your course is of two years, bank will sanction two years' college fee and two years' living cost (subject to the value of property and income source of sponsor). Mostly they sanction up to 65% of the property value (of residential property). Now, as far as this diploma topic you discussed, yes that's true. Most of the nationalized banks (be it private or public sector), they do not encourage sanctions on diploma courses but it doesn't mean they don't at all. There are many applicants who have done so and successfully got the loan. Now, I am not familiar with condition in Chennai. But most banks in cities like mumbai delhi punjab easily sanction loans.

Now lastly, and the most important issue, she being your paternal aunt and not your immediate guardian, hence you will certainly face this issue. One option which you can avail is ( though it will be slightly expensive, but not so much), your aunt can take loan against property and can give you the money. You would actually need just around 9 lacs. One semester fee which will be around 3.50 lacs to 4.50 lacs and 5.50 lacs for purchasing GIC. This way you can work it out, this option is best for candidates applying under SPP. Now if you fall under general category, then you will need to pay 1 year fee, hence total money you will need while applying be around 12 to 13 lacs.

Hope it helps.

Cheers!

 

[prathapg86]

@Sabby - Of course it gives me a clear understanding buddy... Cheers..

So the problem in pledging the property for finances is... Edu loan where the Int can be paid after the course completion...So if she pledges the property I cant pay the interest While studying..

And again for the SPP category... will it be okay if I pay the 1 Sem fees (Which is about 3 Lakhs and take GIC 5.5L) That is enough or to be on the safer side for the Visa I pay 1 Year full year fee...??

And again do I need show some funds in my dads account for the rest of the 2/3 sems and living exp for the Visa??? is it Mandate??

 

[sabby2612]

If you are eligible to apply under SPP, you need to pay just one semester fee (please refer to the check list link i sent you earlier) and GIC which covers your first year living expenses. Now, for second semester fee or second year living cost, you need not show any documents or in fact even for the funds (like first semester fee and GIC, if you pay it out of your pocket without taking any loan), you need not show proof of funds or bank statements or ITRs. In fact, once again refer to checklist for SPP, it's strongly recommended not to provide extra docs unless asked for. The only doc which is not in the checklist and which you should provide is SOP. Yes, it may be a surprise as everybody attaches the SOP along with the visa file, but CHC/CIC never asks for SOP. I recommend like wise everybody else, SOP should be attached along with the file.


Cheers!

 

[prathapg86]

@sabby - Thanks buddy for the valuable information... And again for the SPP eligibility... yes I did go thru the check list and after which only I had a doubt whether am missing something... Now its clear...

And I have few questions on that aswell - I have about 9 Years of Study gap.. So am still confused whether I will be eligible under SPP...(as I know a guy in this forum who got the Visa after almost 11 Years - Dubaitotoronto) and again I completed by 12th in 2004 and started working in 2006 only (full time regular job )- 2 Years I was just doing cash jobs.. How will I fill the gap as I dont have any documents to prove that...

- Regarding the docs - am thinking of a recommendation letter from my employer to state my tenure in the company and my aim was always towards management(as I have taken Dip in Business management, and have about 7 years of work experience as a Business Analyst) and this degree will help me attain good growth in this industry, and how hard working I was.... bla bla bla... along with my Form 16 and resume.

Further to that, am taking sabbatical leave from my employer for a period of 2 years, so after which I can join back to them...

Do you think I can show these documents and will be an advantage for the Visa?

appreciate your efforts and valuable time taken to answer my questions dude...

Cheers

 

[sabby2612]

Please share your complete profile along with exact numbers such as dates, percentage IELTS etc.

 

[prathapg86]

@Sabby -


Here is my profile - Pls do check it out and give me ur feedback....

10th - 2002 - 56%
12th - 2004 - 61%
IELTS score - 6.5 (L7,S7,R6.W6.5)
Ive got about 7 years of work experience in an IT company as a Business Analyst in international operations (2006 -present) Got admitted in Humber for Sep Intake - Dip in Business Management...

Let me know if you require more info bud...

 

[sabby2612]

so you didn't pursue study post 12th year of your education. Now, as far as the marks are concerned, yes you fall in SPP, however, some colleges/Uni (for example Centennial) do not consider a study gap of more than 4.5 years which means your last qualification shouldn't be older than 4.5 years. Now, this is not to discourage you from applying as you didn't complete your grad after 12th (I am assuming you didn't coz you didn't mention it at all).

Now two challenges you will face with VO;

1. Why didn't you pursue studies (for which you need to have a very strong SOP)

2. On the basis of 12th, How a company hired you as business analyst ( now this is something which I came across last month, a student got rejected and when he received the Caips notes from VO, he doubted how could candidate obtain such a job, he showed valid experience of ICICI Bank where he worked as an executive). So again, it will be advisable to mention this too in your SOP.

As far as GAP of two years where you did job on cash basis ( you need not worry about it, the usually go by your latest experience, but yes you still need to mention it, NO salary slips or form 16 required, you can submit form 16 or experience letter from your last employer).

 

[prathapg86]

so you didn't pursue study post 12th year of your education. Now, as far as the marks are concerned, yes you fall in SPP, however, some colleges/Uni (for example Centennial) do not consider a study gap of more than 4.5 years which means your last qualification shouldn't be older than 4.5 years. Now, this is not to discourage you from applying as you didn't complete your grad after 12th (I am assuming you didn't coz you didn't mention it at all).

Now two challenges you will face with VO;

1. Why didn't you pursue studies (for which you need to have a very strong SOP)

2. On the basis of 12th, How a company hired you as business analyst ( now this is something which I came across last month, a student got rejected and when he received the Caips notes from VO, he doubted how could candidate obtain such a job, he showed valid experience of ICICI Bank where he worked as an executive). So again, it will be advisable to mention this too in your SOP.

As far as GAP of two years where you did job on cash basis ( you need not worry about it, the usually go by your latest experience, but yes you still need to mention it, NO salary slips or form 16 required, you can submit form 16 or experience letter from your last employer).

Yes.. Cent and other few colleges dint accept my application because of gap... But humber did agree even after I mentioned about the gap.

So for the edu part - I dint do my graduation after my 12th due to family situation... as of last year I was the only bread winner for the family... as now my sister also started working.. she can support the family untill I complete my studies...

So if they think why dint I pursue in correspondence... I actually tried twice but couldnt concentrate more while working in a IT company... Not sure how I will convince for this questions tho...

So regarding how I got the job as a BA... I actually dint start as a BA... I have worked as a data entry and then as a accounts assistant... and then I was hired mainly because of my experience of handling international clients (Communication) working as a account assistant in a staffing company. So now I recently moved as a BA...

And now to study in India... I have 2 things to say in this.... As in my career I have hit a saturation point where I need a degree and which will also give me a hop to attain growth, which I can get only if I have an international degree. So to get both in one bullet... I have to move abroad to study. So if my company dint know that what iam ... They wouldnt have allowed me to take a sabbatical.

Lemme know if you need more info bud...