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Education Loan from Avanse Financial Services
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MSmaverick Offline
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Post: #31
RE: Education Loan from Avanse Financial Services
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pat_abh

Been there d'oh!

Same thing at Hyderabad branch.

Don't worry about wire charge, since you are coming to UTD they can send it via Flywire and you will incur minimum charges. Remember, whatever they say, in the end, they won't send it to your account.

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07-09-2017 10:33 PM
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pat_abh Offline
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Post: #32
RE: Education Loan from Avanse Financial Services
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(07-09-2017 10:33 PM)MSmaverick Wrote:  @[pat_abh]

Been there d'oh!

Same thing at Hyderabad branch.

Don't worry about wire charge, since you are coming to UTD they can send it via Flywire and you will incur minimum charges. Remember, whatever they say, in the end, they won't send it to your account.

MSmaverick

Ya. What they have done is they have lien marked the amount in my account. They will release only the amount necessary for 1st sem and they will add it to the forex card. So I will be paying interest for 1yr amount without actually taking the whole first-year amount. I can't properly negotiate with them too as they were flexible with property docs. As you said I have to go through the pain if Avanse is what it takes to pursue your dreams. Thanks for your replies.
07-10-2017 04:02 PM
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MSmaverick Offline
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Post: #33
RE: Education Loan from Avanse Financial Services
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pat_abh

Once you get over here and pay the amount for the first semester, then talk with them again after a month verifying how much they are charging you? If they are charging you more, talk with them.Since you have a backup in form of Prodigy for your next semesters you need not worry about them cut off funding.

PM me when you get over here, we can meet at UTD Smile

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(This post was last modified: 07-10-2017 09:15 PM by MSmaverick.)
07-10-2017 09:14 PM
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pat_abh Offline
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Post: #34
RE: Education Loan from Avanse Financial Services
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(07-10-2017 09:14 PM)MSmaverick Wrote:  @[pat_abh]

Once you get over here and pay the amount for the first semester, then talk with them again after a month verifying how much they are charging you? If they are charging you more, talk with them.Since you have a backup in form of Prodigy for your next semesters you need not worry about them cut off funding.

PM me when you get over here, we can meet at UTD Smile

MSmaverick

Ya sure. I'll PM you once I get to UTD.
07-10-2017 10:45 PM
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VMEHTA Offline
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Post: #35
RE: Education Loan from Avanse Financial Services
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I was wondering if gyandhan_ankit can be of any help here.

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07-12-2017 11:46 PM
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Post: #36
RE: Education Loan from Avanse Financial Services
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(07-12-2017 11:46 PM)VMEHTA Wrote:  I was wondering if @[gyandhan_ankit] can be of any help here.

pat_abh From what I can gather, you have gotten a secured loan (loan against property) from Avanse at 12.25%. There are a couple of things I want to highlight:

1.) Existing loan with Avanse: Frankly speaking, if you have issues with CIBIL and the property papers are not in order, Avanse is the best option for you at this point in time. Banks will not be the best option. If you can PM me the city you are from and the location of the property, I can check with our partners to see if there is a better offer possible. You can also fill our Loan eligibility and a counsellor from our team can discuss your case in detail.
If the issue with CIBIL has more to do with misreporting and can be remedied, I would suggest you to try an unsecured loan option at our bank partner.
If not, the best option is to stay put and then go for refinance options with other players (we are planning to launch a program for higher savings soon).

The full disbursal of the 1 year costs in your bank account, which is on a lien, is unfortunate and means you end up paying a bomb for no reason.

2.) Can I have 2 loans? There is nothing that stops you from taking 2 loans. However, banks will require you to sign an affidavit that states you have no other obligations. In such a scenario, an additional loan as a source of financing can create issues in subsequent disbursals. Please be mindful of this as the bank might ask you to show proof how you paid the other half. There are potential solutions but those are just workarounds.

3.) Prodigy at 9-10% vs. Avanse at 12.25%: There are key benefits of the Prodigy loan: great company and people (at least the folks I know), minimal hassles, no exchange rate risk during your study period, no requirement of a co-borrower. However, there is one thing students and even experienced professionals miss. It is that Prodigy loans are in USD, whereas Indian loans are in INR. It matters a great deal because you cannot compare the 10% to 12.25% directly. The 10% USD loan will be way more costlier than the 12.25% Indian loan, assuming that the Indian lender does not have hidden charges Very Happy
If you want to understand why you can go through 2 posts I had written sometime back
Are interest rates comparable?
Savings on an Indian loan to buy a Merc
07-16-2017 12:21 PM
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