Leap finance Vs Auxilo are the most famous and known NBFCs in the education loan sector. While Leap Finance offers education loans to students studying in Canada and USA, Auxilo offers loans to the students studying in the countries like UK, Germany, Ireland, Australia, Singapore, New Zealand, etc. Both offer competitive loan rates and have their own unique benefits. In this article, we will compare both the NBFCs and help you choose from the best according to your financial needs.
Difference Between Auxilo & Leap Finance Education Loan Features
Auxilo has so far disbursed loans for 10000+ students securing admissions in 1100+ universities, across 25+ countries. Auxilo is known for its fast loan approvals, credit score based loans, pre-admission sanctions, and much more.
On the other hand, Leap Finance has disbursed $175 Mn in education loans and has supported above 2,300+ courses for students studying abroad. As you can see, these banks have a prominence in the market. You might get confused about which one to choose from. A keen understanding of their loan features can help you decide this:
| Leap Finance Vs. Auxilo Education Loan Overview | ||
| Key Features | Leap Finance | Auxilo |
| Loan Upper Limit | 100% Financing | 100% Financing |
| Interest Rates | 11-12.25% | 11-13.5% |
| Processing Fees | 1.5%-2.0% | 0.5%-1.5% |
| Margin Money | NIL | NIL |
| Moratorium Period | Course duration+6 months | Course duration + 12 months |
| Repayment Period | 7-10 years | 12 years |
| Co-applicant Requirement | Parents or any other family member | Parents, siblings, immediate cousins, and in-laws |
| Collateral Requirements | No required | Assets, real estate, bonds, investments, etc. |
Auxilo Vs. Leap Finance Education Loan Eligibility
Auxilo and Leap Finance have more or less similar eligibility requirements. Understanding these will help you with an even faster approval process. Go through the table given below:
| Leap Finance Education Loan | Auxilo Education Loan |
| Student must be an Indian citizen | Student must be an Indian citizen |
| Student should have a strong academic record | Student must be over 18 years of age |
| Student must have secured or applied for admission (Preference for STEM courses) | Confirmed admission to the institute required |
| Co-borrower must have a regular income stream | Co-borrowers must be earning and Indian citizens |
Documents Required For Auxilo & Leap Finance Education Loan
Documents requirements are based on your loan type and the course you are applying for. However, you must have a basic set of documents at hand to save yourself from the difficulty of gathering those at the last moment. Documents are required for eligibility requirements as well. Hence, given below is a list you must have:
| Document | Description |
| Proof of Identity | Valid passport, Aadhaar card, PAN card, voter ID, or driver’s licence. |
| Proof of Address | Aadhaar card, utility bills (electricity, water, gas), ration card, or rental agreement. |
| Admission Letter | Official confirmation of admission from the educational institution. |
| Fee Structure | Detailed breakdown of the tuition fees and other expenses associated with the chosen course. |
| Academic Records | Mark sheets, transcripts, or certificates from previous academic qualifications. |
| Income Proof (Borrower and Co-signer) | Salary slips, income tax returns, or bank statements to demonstrate the financial capability to repay the loan. |
| Collateral Documents (if applicable) | Property documents, land deeds, or any other assets pledged as collateral for the loan. |
| Passport Size Photographs | Recent passport-sized photographs of the applicant and co-signer. |
| Co-signer’s KYC Documents | Similar identity and address proofs as required for the borrower. |
| Any Other Documents | Additional documents as requested by the lending institution. |
Application Process For Auxilo Vs. Leap Finance Abroad Education Loan Through UniCreds
UniCreds is ready to assist you with an education loan application once you’ve confirmed your eligibility. You can verify your eligibility online or request a callback from our experienced loan advisors. Depending on your circumstances, our specialists can assist you in obtaining a loan from either Auxilo or Leap Finance education loan, with or without collateral.
Follow these steps:
- Step 1: Visit UniCreds and complete the form to provide us with more information about yourself.
- Step 2: Our loan experts will contact you to discuss your financial requirements, collateral options, and loan criteria. Please provide details such as your university, course, and the required loan amount.
- Step 3: We will present you with personalised loan options from leading Indian financial institutions such as HDFC Credila, Bank of Baroda, Auxilo, Ascent, MPower Financing, and others.
- Step 4: Once you have selected a lender after considering the education loan margin, we will give you a customised list of document requirements based on your eligibility.
- Step 5: Submit the documents along with the loan application form and await expedited approval with reduced processing fees.
UniCreds does not levy any fees throughout the process. We are here to assist you for a seamless approval of your education loan!
Repayment Process For Both Education Loans
Auxilo and Leap Finance education loans have different student loan repayment terms. As both banks vary in terms of repayment tenure, collateral requirements, etc., you, as a student, need to understand this and plan accordingly.
Leap Finance Education Loan Repayment
Leap finance education loan repayment process is quite sorted in the favour of the students. Go through the information given below:
- Partial monthly repayments are required during the student loan moratorium period.
- Full EMI repayments start after 6 months of completing the course.
- The repayment extends up to 7 years.
Auxilo Education Loan Repayment
Compared to Leap Finance, Auxilo education loan provides a larger repayment tenure. Let’s get into the details:
- Auxilo education loan partial interest should be paid in the moratorium period.
- The full EMI repayment begins after 1 year of course competition.
- The repayment extends up to 12 years.
Leap Finance & Auxilo Which Is Better?
In conclusion, both Leap Finance and Auxilo offer competitive options for education loans. Leap Finance stands out with slightly lower interest rates but has a shorter moratorium period and repayment duration. On the other hand, Auxilo provides a longer moratorium period, repayment duration, and accepts a broader range of co-applicants, along with lower processing fees.
Therefore, the choice between the two lenders ultimately depends on individual preferences, financial circumstances, and priorities. Students should carefully evaluate the features of each lender.
FAQs
Q1. Which bank is better: Auxilo or Leap Finance?
Auxilo offers lower interest rates, processing fees, and a longer moratorium period compared to Leap Finance, making it a more favourable option for some students.
Q2. Which bank offers better interest rates for education loans, Leap Finance or Auxilo?
Leap Finance offers better interest rates for education loans compared to Auxilo, with rates ranging from 11% to 12.25% as opposed to Auxilo’s rates of 11% to 13.5%.
Q3. Can you compare the processing fees for education loans at Leap Finance and Auxilo?
Certainly, the processing fees for education loans at Leap Finance range from 1.5% to 2.0%, whereas at Auxilo, they range from 0.5% to 1.5%.
Q4. What is the maximum loan amount offered by Leap Finance and Auxilo for education purposes?
Both Leap Finance and Auxilo offer a maximum loan amount that covers up to 100%.
Q5. Are there any specific eligibility criteria that differ between Leap Finance and Auxilo education loans?
Leap Finance and Auxilo have similar eligibility criteria such as Indian citizenship and age requirements.
Q6. How do the repayment terms vary between Leap Finance and Auxilo education loans?
Leap Finance typically offers a moratorium period of course duration plus 6 months, with a repayment period of 7-10 years, while Auxilo provides a moratorium period of course duration plus 12 months, with a repayment period extending up to 12 years.
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