Auxilo has funded the higher education of 10,000 students, spanning 11,000+ institutes. On the other hand, NerdWallet awarded Ascent as the Best Student Loan For Independent Students and Best Student Loan For Flexible Repayment. In this blog post, we do a comparative analysis of Auxilo Vs. Ascent Education Loan, exploring their distinct features, interest rates and benefits, for suitability of prospective borrowers.
Difference Between Auxilo & Ascent Education Loans’ Key Features
Auxilo education loan provides unlimited loans without any caps on funding. With 100% coverage for all college expenses, including tuition fees and living costs, there’s no need for margin money. Whether you’re studying in India or abroad,. Plus, their convenient door-to-door services make the application process hassle-free, with assistance available right at your doorstep.
Ascent education loan is a USA based student loan NBFC. One standout feature of Ascent loans is their flexibility, allowing students to apply with or without a cosigner, thereby broadening accessibility, particularly for those from financially challenged backgrounds. Additionally, Ascent provides bootcamp loans tailored for individuals seeking to boost their career trajectory through bootcamps or accelerated-learning programmes. However, knowing the key differences, like the interest rates in education loans, upper limits,s etc. is important. The table below gives an overview of such key features:
| Auxilo Vs. Ascent Education Loan Overview | ||
| Key Features | Auxilo Education Loan | Ascent Education Loan |
| Loan Limit | 100% financing | 100% Financing |
| Interest Rates | 11-13.5% | 6.16% – 16.09% (Variable interest rates |
| Processing fees | 2% of the total loan amount | 0% |
| Moratorium Period | Course duration + 1 year | Course duration + 6 months |
| Repayment Period | Up to 12 years | 10 years |
| Co-applicant | Parents/parents-in-law, siblings, spouse, brother-in-law, parent’s siblings, first cousins | Not needed but is optional, as loans with co-applicants get lower interest rates. |
Eligibility Criteria For Auxilo Vs. Ascent Abroad Education Loan
When considering education loan options, it’s essential to understand the eligibility requirements of different lenders. Below is a comparison between Auxilo and Ascent education loans, outlining the key distinctions in their eligibility criteria:
Documents Needed For Auxilo Vs. Ascent Education Loan
The documents required may vary depending on the lender and the specific requirements of the loan application process. However, necessary documents that you and your co-applicant should have arranged are given below:
| Documents Required for Applicant | Documents Required for Co-Applicant |
| Proof of identity (e.g., passport, driver’s licence) | Proof of identity (e.g., passport, driver’s licence) |
| Proof of address (e.g., utility bills, rental agreement) | Proof of address (e.g., utility bills, rental agreement) |
| Proof of admission to the educational institution | Proof of relationship to the applicant (if applicable) |
| Academic transcripts and certificates | Proof of income (e.g., pay stubs, tax returns) |
| Loan application form | Co-applicant’s bank statements |
| Passport-size photographs | Co-applicant’s employment verification (if applicable) |
| Income proof (e.g., salary slips, income tax returns) | – |
| Proof of course fee structure | – |
Application Process To Apply For Auxilo & Ascent Education Loans
UniCreds is here to assist you in initiating your application once you’ve confirmed your eligibility. You have the option to verify your eligibility online or request a callback from our knowledgeable education loan advisors. Depending on your unique circumstances, our expert counsellors can guide you through the process of securing an education loan from either Ascent or Auxilo, with or without collateral. Follow the step given below:
- Step 1: Visit UniCreds and help us know you better by filling up the form.
- Step 2: Soon you’ll get a call from our loan experts to understand your financial needs, collateral types you can keep, and education loan requirements. Help them with your university, course, loan amount that you require and more.
- Step 3: We will get back to you with customised loan options from India’s top financial institutions like HDFC Credila, Bank of Baroda, Auxilo, Ascent, etc.
- Step 4: Once you have made a final decision of your lender, we will give you a customised set of document requirements based on your eligibility.
- Step 5: Submit the documents with the loan application form and wait for your loan to get approved quicker and at a lower processing fee.
UniCreds does not charge a single penny in the entire process. We just hold your hands and support you for a smooth and contactless education loan approval process!
Auxilo Vs. Ascent Education Loan Repayment Process
The repayment process of Auxilo and Ascent Education Loans. Knowing the repayment process is as important as knowing the loan features. Understanding the education loan repayment can help you plan and manage your finances well. Let’s look at both bank’s repayment processes:
Auxilo Education Loan Repayment Process
Given below are the loan repayment terms of Auxilo education loan. Go through them to understand the nitty gritty details:
- Repayment of the principal amount commences six months following the completion of the course or upon the student securing employment.
- Until the repayment period begins, the student is required to pay a portion of the interest accrued on the disbursed loan amount.
- The commencement of principal repayment is contingent upon either the completion of the course or the attainment of employment by the student.
- During the initial six-month period, the student is responsible for paying the accrued interest on the portion of the loan that has been utilised.
Ascent Education Loan Repayment Process
Given below are the loan repayment terms of Ascent education loan. Go through them carefully:
- Borrowers are provided with the flexibility of repaying their loan over varying durations ranging from five to fifteen years.
- During your academic tenure, you can opt to defer payments until after graduation or choose between making interest-only payments or minimum payments of $25 per month.
- Following graduation, a nine-month education loan moratorium period is granted, during which no payments are required.
- Additionally, you may be eligible for a progressive repayment plan, where payments start at a lower amount and gradually increase over time, ensuring that your loan is fully repaid within the originally agreed-upon term.
Which Bank Is Best Ascent Or Auxilo?
To choose from Auxilo and Ascent, we need to consider each factor and evaluate which one supersedes which parameter. Given below is a detailed breakdown which can help you decide:
- Interest Rates: Auxilo offers a fixed rate, while Ascent provides a variable rate with potentially lower or higher rates.
- Processing Fees: Ascent does not charge processing fees, offering a cost-saving advantage over Auxilo.
- Moratorium Period: Auxilo offers a longer grace period, potentially beneficial for borrowers needing more time before starting repayments.
- Repayment Period: Auxilo offers a longer repayment period, resulting in lower monthly instalments but potentially higher overall interest payments.
- Co-Applicant Requirement: Ascent does not require a co-applicant, which may be advantageous for borrowers without suitable co-applicants or those preferring not to involve others.
If stability in interest rates and a longer repayment period are preferred, Auxilo might be the better option. For potentially lower interest rates, no processing fees, and no co-applicant requirement, Ascent could be more favourable.
Ultimately, the best choice depends on individual preferences and circumstances, including the importance of interest rates, processing fees, moratorium and repayment periods, and the availability of a co-applicant. It’s advisable to carefully consider these factors before making a decision.
FAQs
Q1. Which bank is better: Auxilo or Ascent?
Both Auxilo and Ascent Education Loans have their own advantages and disadvantages, and the better option depends on the individual borrower’s specific needs and circumstances.
Q2. Which bank offers better interest rates for education loans, Ascent or Auxilo?
Ascent Education Loan offers the potential for better (lower) interest rates compared to Auxilo Education Loan. The interest rate range for Ascent Education Loan is 6.16% – 16.09%, with the lower end of the range being significantly lower than Auxilo’s fixed interest rate range of 11-13.5%.
Q3. Can you compare the processing fees for education loans at Ascent and Auxilo?
Ascent Education Loan does not charge any processing fees. Auxilo Education Loan charges a processing fee of 2% of the total loan amount.
Q4. What is the maximum loan amount offered by Ascent and Auxilo for education?
Both Ascent and Auxilo Education Loans offer 100% financing, covering the full cost of education.
Q5. Are there any specific eligibility criteria that differ between Ascent and Auxilo education loans?
Auxilo requires a co-applicant like parents or relatives, and needs the student to demonstrate strong academic skills. Ascent does not require a co-applicant, and cater to US university students.
Q6. How do the repayment terms vary between Ascent and Auxilo education loans?
Auxilo offers a repayment period of up to 12 years, while Ascent has a repayment period of 10 years.
Recent Posts