Comparing Auxilo Vs Avanse Abroad Education Loan: [Expert Advice]

Studying abroad is a dream come true for many students. Indian students fancy pursuing higher education in the US or Europe because of the many career development and professional occupation opportunities. However, studying abroad is relatively inexpensive, and students often need financial assistance to fund their tuition fees and living costs during the programme period. Scholarships have proven to be a hard nut to crack with the high eligibility criteria and limited opportunities. On the other hand, getting student loans in the host nation can be challenging because the requirements can be difficult to achieve. However, Indian students can acquire education loans from home through specific programs under non-banking financial companies to fund their higher education in another country. In this blog, let us understand between Auxilo vs Avanse Education Loan. 

Auxilo Vs Avanse Education Loan

NBFCs are becoming more popular and the preferred financial option among international students. CRISIL ratings show how students by NBFCs are expected to grow by 35% -40 %, potentially INR 35,000 Cr, in the 2023-24 financial year. Auxilo and Avanse are top NBFCs in India that provide international students with education loans.

Avanse and Auxilo education loans are popular for flexible repayment methods, dedicated customer service, and competitive interest rates. They also offer secured and unsecured loans, which is a plus for students who need collateral against their loan applications. Auxilo and Avanse education loans offer identical products. However, they differ in minor aspects, which are the key considerations when deciding which is better: Auxilo or Avanse.

Features	Auxilo	Avanse
Loan amount	Up to INR 65 Lakh	Up to INR 75 Lakh
Processing time	7 – 10 days	7 – 10 days
Processing fees	0.5 – 2%	0.5 – 1%
Interest rate	11.5% – 13.5%	10.75% – 13.0%
Repayment tenure	15 years	15 years
Margin money	Nil	Nil
Repayment during course	Partial/simple interest/EMI	Partial/simple interest/EMI
Income tax benefit under section 80E	No	No
Moratorium period	Course duration + 1 year	Course duration + 1 year
Loan approval basis GRE / GMAT	Yes	Yes

Maximum Loan Amounts Offered By Avanse And Auxilo

Auxilo and Avanse offer loan amounts depending on the GRE score, country, and course. Auxilo provides a maximum loan amount of INR 65 Lakh for overseas education. On the other hand, Avanse offers a maximum loan amount of INR 75 Lakh. However, increasing that figure is possible if you have a strong student profile.

GRE Score	The maximum loan amount for MS in the US
	Auxilo	Avanse
285 – 299	Up to INR 40 Lakh	Up to INR 35 Lakh
300 – 310	Up to INR 50 Lakh	Up to INR 40 Lakh
>310	Up to INR 65 Lakh	Up to INR 50 Lakh

Below is a table that shows the maximum amounts in other countries.

Countries	Maximum loan amount for MS/PG Diploma
	Auxilo	Avanse
PG Diploma in Canada	Up to INR 25 Lakh	Up to INR 25 Lakh
MS in Canada	Up to INR 30 Lakh	Up to INR 40 Lakh
UK	Up to INR 40 Lakh	Up to INR 40 Lakh
Australia / New Zealand	Up to INR 20 Lakh	Up to INR 20 Lakh
Others	Up to INR 20 Lakh	Up to INR 20 Lakh

Interest Rate Comparison

Interest rates are vital in determining the total cost of overseas education. According to Auxilo vs Avanse reviews, these financing programmes offer competitive interest rates, making them a good alternative. The rates are determined by considering the GRE scores, country of study, student’s academic profile and desired course. However, the average interest rates for Auxilo range from range from 12.5 – 13.5% and Avanse from 11.25 – 14%.

Country	Auxilo	Avanse
US (GRE 285 – 299)	12.5 – 13%	13 – 14%
US (GRE 300 – 310)	11.25 – 12.5%	12.25 – 12.75%
Canada	12.5 – 12.75%	12 – 13%
Australia / New-Zealand	12.5 – 14%	12.5 – 13.5%
Others	12.5 – 13.5%	12.5 – 13.5%

Loan Application Process Comparison- Documents Required For Auxilo And Avanse

Regarding Auxilo vs Avanse Quora discussions, there is a similar procedure for applying for an education loan. While platforms for doing so might vary, the process is identical. You can do this via the UniCreds platform for a stress-free and smoother application experience or from either official platform. The steps involved include:

1. Check your loan eligibility.
2. Talk to either of our loan experts.
3. Fill out an online application form at either of the official websites and upload the required documents.
4. Negotiate for your best loan offer after the lender evaluates and proceeds with your application.
5. Get a loan approval and disbursement 

Repayment Tenure Comparison

The repayment tenure of Auxilo vs Avanse is the same as they all stand at 15 years. The terms will influence the specific repayment tenure agreed during negotiation and factors such as loan amount, study country, course, and GRE score. 

Comparison Of Processing Fees

Lenders charge processing fees as charges to levy the student loan application process. Processing fees are a percentage of the loan amount. The country of study majorly influences processing fees. However, for US-based education loans, the GRE score is a consideration.

Country	Auxilo	Avanse
US (GRE 285 – 299)	1%	1%
US (GRE 300 – 310)	0.5 – 1%	1%
Canada	1 – 2%	1 – 1.5%
Australia / New-Zealand	1 – 1.5%	1 – 1.5%
Others	1 – 2%	1 – 2%

Insurance Coverage By Avanse And Auxilo

Insurance coverage is a modern definition of security for education loans. It is supposed to protect borrowers and their families in unforeseen circumstances affecting their ability to repay the loan. It safeguards the party involved to ensure student loan repayment isn’t burdened by unexpected events such as critical illness, disability, or death.

Auxilo vs Avanse Reddit discussions and other findings establish that these two programs offer insurance coverage under their education schemes. These schemes are critical for every applicant. Auxilo has a non-negotiable insurance premium of approximately 3 – 4%. On the other hand, Avanse has an insurance cover for applicants and co-applicants. It is a mandatory policy, and rates are negotiable for students with a solid academic background.

Which Is Better, Auxilo Or Avanse?

Auxilo and Avanse provide competitive international student loans with various benefits and features. Choosing which is better than the other entirely depends on the borrowers’ preferences and requirements. Key points to consider include:

• Auxilo, compared to Avense, is ideal for applicants with good student profiles and a co-applicant monthly income averaging INR 35 – 60K.
• Avanse has a higher acceptance rate compared to other education loan lenders.
• Avanse can help students with low GRE scores and CIBIL as it considers ones with 10+ backlogs.

HDFC is also another consideration for borrowers seeking abroad student loans. It is considered to be India’s leading NBFC. HDFC Credila vs. Auxilo education loans and HDFC Credila vs. Avanse Education Loans comparisons are majorly made on the specifications. HDFC have similar loan specifications with Auxilo and Avanse, and the only differences are:

• Loan amounts of up to INR 65 Lakh
• Interest rates of 10.25% – 12.75%
• Processing fees of 0.5 – 1%

FAQs

Which Is Better, Credila Or Avanse?

HDFC Credila is considered the best NBFC in India because of its lower interest rates; thus, it is better than Avanse.

Do Avanse And Auxilo Require Collateral For Their Education Loans?

Avanse and Auxio offer both secured and unsecured loans.

Which One Offers A Lower Interest Rate?

Avanse offers lower interest rates, as low as 10.75%.

Are There Any Differences In Eligibility Criteria For Auxilo And Avanse Education Loans?

There are eligibility differences, with Auxilo having relatively harsher requirements than Avanse.

Which One Offers A Better Repayment Term?

They have similar repayment terms.

Which Lender, Auxilo Or Avanse, Offers More Flexible Loan Terms?

Avanse has more flexible loan terms.