| Address: SAROLA KALAN,RAJASTHAN |
I am writing to file a formal complaint against Avance Finance regarding my experience with their education loan services. I was granted a ₹25 lakh education loan to pursue studies abroad, of which ₹2 lakh was deducted for insurance and ₹23 lakh disbursed to me. At the time of signing, I was verbally informed that no interest would be charged during my study period, and that I would only need to pay ₹5, 000 per month.
Despite these assurances, I have recently discovered that interest has been continuously applied throughout the study period, resulting in an outstanding balance of approximately ₹32 lakh. This is a significant and unexpected increase from the original loan amount.
What’s especially troubling is that my friend, who received a ₹15 lakh education loan under similar circumstances from the same institution, has not been charged any interest during her study period. This inconsistency raises concerns about fairness, transparency, and potential misrepresentation in how loan terms are communicated and applied.
Additionally, at no point was I made aware of floating interest rates or their impact on my repayment obligations. This information was neither explained nor disclosed in any written documentation, making it difficult for borrowers to make informed financial decisions.
I have recently lost my job and am currently unemployed, which makes it impossible for me to continue making payments. I have already contacted Avance Finance to request a temporary suspension of payments and interest accrual until I am re-employed. I have also requested a full investigation and reassessment of my loan terms.
I believe Avance Finance has failed to communicate critical loan conditions in a transparent and consistent manner. I am urging consumer protection authorities to look into this matter seriously and ensure accountability. Was this information helpful? | 
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