Avanse Financial Serves (Avanse), a NBFC with a focus on education loans recently completed its first year of operations in Pune, India and now plans to double it’s loan disbursements in the city during the current financial year 2014-2014. In the last one year, Avanse supported more than 300 students with loan disbursements touching 12 Crores.
In the last one year, the Company has been offering students in the city flexible education loans for undergraduate and advanced education programmes, with upto 100% of all expenditure covered if they are travelling for overseas studies.
Avanse is an associate company of Dewan Housing Finance Corporation Limited (DHFL), India’s second largest private housing finance company, set up in conjunction with the International Finance Corporation (IFC), an arm of the World Bank. IFC holds 20% equity stake in Avanse.
Avanse Education Loans
According to Mr Neeraj Saxena, CEO, Avanse Education Loans, “The past year of Avanse’s operations at Pune has been exciting. It is a special market for us, as we began our journey here. However with the overall higher education trend indicating strong growth with a CAGR of 30% over the last 05 years, Pune is emerging as one of the primary contributors to the overall Avanse business nationally, and is one of the most significant and evolving markets in the Indian education sector.”
With its modernized processing, Avanse approves the loan in a maximum of 4 days and provides loans upto 100 % of the application amount, going up to as high an amount as Rs 1 crore. The Company provides students the option to repay the loan through flexible repayment plans, with repayment tenure up to 10 years (120 months).
Avanse also offers Pre Approved Loan (PAL), designed to help students who are planning to pursue their higher education overseas especially in the USA, where admission to the institution may be secured only if the student has demonstrated “Assured Funding to Complete the Course”. PAL provides an in-Principle Sanction letter of Education loan thus improving the prospect of admission in the desired university for the student.