Pursuing higher education is a crucial step towards building a successful future. However, the rising education costs can often pose a significant financial burden. This is where Auxilo Education Loan comes to the rescue, providing students with the necessary funds to fulfil their academic aspirations. In this blog post, we will explore the various aspects of the Auxilo Education Loan without collateral option, its interest rate, documents, features, eligibility and the repayment process.
Overview of Auxilo Education Loan:
Auxilo Education Loan is a reliable financial solution to support students’ educational journey. It offers many loan options to cover tuition fees, accommodation expenses, study materials, and other related costs. With flexible repayment terms and competitive interest rates, Auxilo Education Loan ensures that financing does not hinder students’ academic pursuits.
Eligibility:
Applicants must meet certain criteria to be eligible for an Auxilo Education Loan. These may vary depending on the loan product and the country of study. Generally, the following factors are considered:
- Citizenship: Applicants should be Indian nationals.
- Age: The age limit typically ranges from 18 to 35 years.
- Academic Background: The loan is available for various courses and degrees, including undergraduate and postgraduate programs in various disciplines.
- Institute Recognition: The educational institution must be recognized by a competent authority.
- Co-borrower/ Guarantor: In most cases, a parent, guardian, or spouse acts as a co-borrower or guarantor.
Documents Required for Auxilo Education Loan:
To apply for an Auxilo Education Loan, the following documents are generally required:
- Admission letter from the educational institution.
- Identity proof (Aadhaar card, PAN card, or passport).
- Residence proof (utility bills, rental agreement, or address proof issued by a government authority).
- Academic records (mark sheets, certificates, etc.).
- Income proof of co-borrower or guarantor.
- Bank statements for the past six months.
- Passport-sized photographs.
- Any other documents specified by Auxilo as per the loan product.
Benefits Of Auxilo Abroad Education Loan Through UniCreds
- Higher Chance Of Approval
By applying for your education loan through UniCreds, you are increasing your chances of approval. Generally, NBFCs dismiss applications if they find any missing documents, property issues, or any other problem. With UniCreds, we will immediately reach out to Auxilo officials and find the best solution.
- Online Submission Of Documents
With UniCreds, you can submit all the required documents from home! There won’t be any need to visit the branch. Simply head over to our website and submit all the documents there. There won’t be a possibility of not submitting an essential document, as our system is designed to ensure all essential documents are submitted. You also get stepwise updates via notifications.
- No Cost To You
All our education loan services are completely free of cost.
- Quicker Sanctions
Our strategic partnerships ensure low turnaround time. Expect to have your education loan processed and sanctioned within 5 days.
Features of Auxilo Education Loan:
Auxilo Education Loan comes with several features that make it a preferred choice among students:
- Wide Range of Courses: The loan covers various courses, including engineering, medicine, management, arts, and more.
- Loan Margin: Auxilo Education Loan typically covers significant educational expenses, reducing the burden on students and their families.
- Moratorium Period: The loan offers a moratorium period during the course duration, where students do not need to make any repayments, allowing them to focus on their studies without financial stress.
- Loan Disbursement: The loan amount is disbursed directly to the educational institution, ensuring students have the necessary funds to pay their academic expenses.
- Co-borrower/Guarantor Support: Auxilo Education Loan allows the inclusion of a co-borrower or guarantor, providing additional financial support and increasing the chances of loan approval.
- Repayment Flexibility: Students can choose from various repayment options, including EMI (Equated Monthly Installments) or customized repayment plans based on their financial situation.
Auxilo Education Loan Without Collateral:
Auxilo understands that arranging collateral can be challenging for many students and their families. To address this concern, Auxilo offers collateral-free education loans. Students can secure the loan without pledging any assets as security.
Auxilo Education Loan Without Collateral Interest Rate:
The interest rates for collateral-free education loans may be slightly higher than those with collateral. However, they are still competitive and affordable compared to other financing options available in the market. It is recommended to check the specific interest rates for collateral-free education loans from Auxilo’s official website or by contacting their loan counsellors.
Repayment Process:
The repayment process for an Auxilo Education Loan is designed to be convenient and flexible for students. Students must repay the loan after the moratorium period, which extends throughout the course duration. The repayment period typically ranges from 5 to 15 years, depending on the loan amount and the borrower’s preferences.
Repayment can be done through EMIs (Equated Monthly Installments) or customized repayment plans, per the borrower’s financial capabilities. It is essential to make timely repayments to maintain a good credit score and avoid any penalties or late payment charges.
Conclusion:
Auxilo Education Loan is a reliable financial solution that empowers students to pursue their academic dreams without the burden of financial constraints. With competitive interest rates, flexible repayment options, collateral-free choices, and a streamlined application process, Auxilo ensures that students can focus on their studies while securing the necessary funds for their education. By offering customized loan products and excellent customer support, Auxilo aims to simplify the financing journey for students, making higher education accessible to all.
FAQs
1. Can I get full education loan without collateral?
Public and private banks offer unsecured education loans, but private banks provide higher loan amounts, up to INR 40 lakhs, whereas public banks limit the maximum loan to INR 7.5 lakhs.
2. What is the interest rate of Auxilo Finance education loan?
The interest rate of Auxilo Finance education loan is between 11.25 – 14%.
3. What is the CIBIL score for Auxilo education loan?
The minimum CIBIL Score required for Auxilo education loan is 750, but approval depends on various additional factors.
4. What is the processing fee for the Auxilo education loan?
The processing fee may vary. Typically, Auxilo levies a processing fee of 1% on the total sanctioned loan amount.
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