Avanse Financial Services Complaints & Reviews

Hi, I look an education loan from Avanse. The interest rates are never abiding by RBI guidelines. The vustomer support is very lethargic and tough to get to. Their online platforms are completely faulty and they hardly work. I have been looking for an interest certificate for about a month. I still have not got it. Nobody knows how to help. Nothing works. Please help

I, Arabinda Mohanty, had taken loan for my studies. Due to covid problem I lost my job. I requested kolkata office for restructuring.They initially said that company had stopped restructuring. Then forcibly gave me restructuring of 4 months . I am not being able to arrange the payment. I need restructuring for 24 months. The person handling my account has been very rude to me as well my father . They are threatening with sending people to my house Now they have sent a legal notice for refund of loan amount. please help .

From the Avanse payment statement against my loan (loan ac KOL/000816) I found that three repayments that I had made - 3lac 20k, 2 lac and 1lac 50k are missing.

From the past three months, I have requested them multiple times over calls and emails to update those three payments and provide me the loan foreclosure letter mentioning the outstanding amount so that I can pay that and close my loan.

Despite of multiple requests in their email ids as well as the email id provided for grievance, there has been no response from their end. There has been no point of contacts provided who can acknowledge my request. My parents and I have had conversations multiple times with my point of contacts in Kolkata but there has been no help. I also emailed to escalate but there has been absolutely no response.

I am worried about my loan account and want to close it ASAP as it charges a high interest rate of 14.5 percent interest.

Thanks,
Debosmita

My friend applied for education loan from avanse but they offered more than 15% interest rate with collateral plus high processing charges. They tried make profit from a student who has urgent need of money for his education. It was shocked how these guys are making money from these situations. My friend who has urgent need had gone through depression because of these guys.

Hello Sir/Mam,
I, Manish Kumar from New Delhi. I had taken an education loan which Loan account number was DEL/007555 in August 2018 from Avanse, Jhandewalan (New Delhi) branch which was 15 lac (disbursement amount) and Avanse provided me forcefully Religare policy and i was not agreed n taken policies but they forced me n given which was Rs 1, 28, 881, Avanse were not providing me Education Loan without this so much expensive policy and DHFl insurance which was Rs 27, 639 in August 2018 and both policies were for 2 years through Avanse Financial Service which religare policy number is 12848459 and DHFL certificate number is GC00000400CG500. I was planing to go to France for study purposes in October 2018 batch but unfortunately my visa got refused in october 2018 and in the same month i went to Avanse, Jhandewalan branch to close my education loan and showed them my visa refusal letter and mailed them as well, Avanse did not inform me for this insurance policy and they should have cancelled at the same time. I did not know about my policy didn't cancel at that time and Avanse should have cancelled my policies at the same time when i showed them my visa refusal letter. On first week of march I went to Avanse to pay back my education loan and i was shocked when they were taking full amount amount which is 16, 56000 including insurance policy and they are taking full interest policies which should have cancelled at the same time health and insurance amount was 1, 56, 520. I was thinking that they will take interest on disbursement amount which was 15 lac and they said religare will deduct almost 50% on policy amount (1, 28, 881) which was supposed to be cancelled through Avanse. But how come policy didn't activate at that time when my visa got refused and didn't show you my valid visa and they are charging on deactivate policy. I did complaint to GRO Avanse too on 11th March 2019 but they were not able to help me in this case, they mailed me today only after 16 days. Month is almost going to finish just 3 days left and Avanse will charge interest for April month as soon as April month starts. I had given 18 months interest upfront already before taken education loan from them. I am already frustrated for my visa refusals so please look into my matter seriously and I requested them not to charge any interest on policies and requested to religare insurance company as well provide full amount on my deactivated policies and it is not my fault in this case. Avanse should have aware about these policies had to be cancelled and didn't inform me for the same and Avanse and Religare Insurance company are not helping me in this case. Please help me out from this matter as soon as possible and have to foreclose my education loan this month only.
Thanks
Manish Kumar
Cell number- [protected]

I have taken education loan and repaying it. At the middle of the repayment they have received my rate of interest and increased one percentage in my loan rate of interest

Is it possible to increase the rate of interest while repayment...

I want to know whether they are authorized to rewise my rate of interest

Just me how to handle this...

I have applied for loan in avanse financial services in month of august, i have submitted all documents as they requested and finally my loan got sanctioned after one month. They ask to paid upfront fees (Interest for 2 and half year), i agreed to pay it with processing fees. My application is running on deadlines, they haven't helped me to disburse my 1st semester tuition fees before deadlines. Finally, i borrowed from my relatives and paid to save my application. Later, i started following for reimbursement of that amount into my account. Over a month, still i have not received. I had called branch executive, who started to ignore calls. Branch manager, regional manager, branch executive, customer care, concern managers all of them have only ignored the calls.
Pls, never go with avanse to save your money and time with future pls. I know how ugly i am suffering from which they never care for you.

My college fee payment deadline is oct 15, 2018, for which i informed my regional vizag avnsee employee to do rtgs, and is not done yet. This is so poor service from avansee and i am not going to recommend this to any other person. Better resolve it soon.
I am studying in ibs hyderabd and my loan no. Is (Application number: viz/000372).
The loan is towards my 2nd semester mba installement.
If necessary i can submit the emoloyees names and mobile numbers. Better dont make people lose hope on your company towards loans, despite of calling them many times they did not answer and turned up to my problem,, so i reached through this platform, pls try to be good towards education and my poverty in taking loan from you for my studies.

I applied for an education loan for my brother. I was given a checklist for all my documents which were submitted on time. While processing loan they declined loan for a document related to my father, which was never told about when my application started not even stated in the checklist. I already told well in advance regarding my family history, and my parent separation. However they made it mandatory in the last stage of processing and declined clearance.
This is very unprofessional and wasted more than a week's time.

I am rashmi, i had applied for the loan in avanse, they initially interacted well but the stuff don't give any clean information on documentations required and make us visit the branch n number of times. It is so hard to contact the stuff in any emergency. They never respond on time.

I, therefore, request you to kindly look into the matter.

Regards,
Rashmi

Hi, i have applied for abroad education loan in avanse, they told that the loan will be sanctioned within 2 or 3 days. But it has been almost 1 month, but they haven't told me anything yet. I have submitted all the documents they asked for. I had applied for 37l loan, they told that i'm not eligible for 37l though i'm submitting 70l worth property as collateral. They finally accepted to provide 28l with a condition that i need to pay 18 months interest before the loan gets disbursed, i was even ready for that. But still they are telling that they have sent a mail to mumbai branch, they didn't get reply from there. I have completed all the procedures to go abroad. Now i'm not understanding what to do.

The avanse financial service
Bangalore dated: 29.10.2017
Dear sir,
With due respect, i wish to inform that i have taken an education loan of rs. 35, 00, 000/- for higher studies of my son, mr. Pritish yuvraj from your institution, bangalore. For betterment of the company, i want to share my experiences regarding irresponsible behavior of an employee concerned for this loan.
When i applied for loan, madam purnima has contacted me. Previously, her response was good but after sanctioning of loan, i found sudden changes in her behavior like not pick up my phone, not responding to the sms and mails send by me. Sometimes, she wrote “i am busy, i will call you back” but she never called me. So i am feeling very bad. My queries are not being solved.
When the loan was sanctioned, she started to compel me to withdraw the full sanctioned amount and keep it in my savings bank’s account and the college fees will be paid from my account through cheque by her. But i didn’t give her my consent regarding the same because of two reasons. Firstly, i have to pay a higher rate of interest for unutilized amount & secondly, money may be expensed for other purposes. I told her to disburse the amount only what is required by the college, then she told me that it is the company’s policy not to disburse the next installment before lapse of six month from the date of first disbursement otherwise i have to arrange the amount from my own source. I could not understand her logic. I asked her to show me the terms and conditions of the company where it was written, but she has not answered me till now.
When the first installment of loan rs. 1300000/- was disbursed, i requested her to help me in transferring of the fund to the college because it was my first experience to do the international transaction. She assured me but later she neither helped nor advised the way, also not even picked up my call. I became very anxious. Somehow, i managed to send the college fees with the help of other private agent and for that i had to pay rs. 500/-for the service.
At the time of loan documentations, eight cheques were required by the company, and told me that the cheques will be utilized for transfer of the fund and two cheques were debited from my account without my knowledge. First cheque, number - 180682 for rs. 1434/- on 04.10.2017 and second cheque, number - 180681 for rs. 5000/- on 11.10.2017. First cheque was honored but second cheque of rs. 5000/- was dishonored due to shortage of only rs. 200/-. When i got the message from my bank i tried many times to contact her but she did not pick up my phone. I simply want to know for what purpose these cheques were debited. There must be a system to inform the customer before producing the cheque for payment so that customer can arrange the fund of that amount in the account. I am a service man and it is well known that october month is a festive season. There is a huge expense regarding festivals.in spite of that, two cheques were produced without any knowledge and it is a matter of concern.
Due to her irresponsible behavior i am feeling hopeless and being cheated because whatever she had told, not acting or responding according to that.
It is the first time in my career that the cheque has bounced. For that i feel guilty and insulted without my cause.
I have also requested her to provide me the user i. D. And password to login and see my loan account status.
Recently i received a sms - “mandate registration umrn sbin[protected] for rs 1, 64, 214.00 issued to avanse financial services.” i was not clear with the message and again tried to contact her but got no result. Lastly i sent her a sms regarding the same for details and still waiting for her reply.
I, therefore, request you to kindly look into the matter and help to reduce my anxiety, also provide me the contact number of some other person for future correspondence.
Thanking you.
Yours faithfully

(Krishna kumar sinha)
F/o mr. Pritish yuvraj
Loan account no-

Worse company i had ever seen, unprofessional and inexperienced they have.
I was in a hurry for my loan to study abroad, so came in contact with these slow and fraud company.
They took all my documents, collected from home about a month back. Saying that we do give loan within 1-4 days. We do not consume time and do not guide wrong.
They do not even tells about the interest rate before sanctions.
Anyways
I am still waiting for loan
They don't bother to tell me, they didn't call me. Moreover when i call them they didn't pic and if receive rarely they tell me that your application is in progress.
And never getting back.
Two people i called every second day
Devendra and kalish.
Devendra always repeat that i m out of town, and nowadays he didn't pic the call.
I am afraid that they people have my all documents.