Auxilo Education Loan to Study Abroad in 2024

If you have landed on this page, it means that you are looking for ways to fund your education shortly. Well, Auxilo Education Loan offers you just that. It is here to assist you in your big academic dreams. Auxilo Finserv Pvt. Ltd. is a significant player which helps tons of students. Auxilo does not cap education loan limits to a certain amount and finance up to 100% of the loan amount. They offer customized education loans depending on the applicant’s profile. The Auxilo education loan rate of interest starts at 11.5%. Keep reading further to know more about the Auxilo Education Loan process.

Auxilo Education Loan Overview & Highlights
Auxilo Abroad Education Loan Features	Loan Amount Flexibility: No upper limit. Processing Fees: 1-2% for studying abroad.   Interest Rates: 10.5-16%, varies based on factors like university fees and study country.  Co-Applicants: Parents, siblings, cousins, in-laws.  Covered Expenses: Comprehensive coverage, including hostel fees, travel expenses, etc.
Documents Required For Auxilo Loan	Proof of Identity (PAN or Form No. 60) Officially Valid Documents (Passport, Voter ID, Driving License, Aadhaar) Proof of Address Simplified Procedure (with approval)  Self-attested photograph, designated officer certification.
Auxilo Education Loan Interest Rates	Interest rates range from 10.5-16%.
Auxilo Loan Without Collateral vs With Collateral	Unsecured loans up to Rs. 70 Lacs without collateral with interest rates ranging 11.55%-13%.  Secured loans up to Rs. 1 Cr. with collateral with interest rates ranging 10.5%-12%.  Both cover tuition fees, living expenses, and other educational costs.
Auxilo Loan Eligibility Criteria	Indian citizen, over 18 years for students. Confirmed admission required before disbursement. Co-borrowers (Indian citizens) can be parents, siblings, legal guardians, or relatives.  Bank account in any Indian bank is required for co-borrowers.
Auxilo Education Loan Application Process	Direct application on Auxilo’s website or contact Auxilo representative.  Fill out an online form with personal, educational, and financial details.  Upload required documents.  Review loan options and choose preferred terms.  Sign the loan agreement. Receive funds after document verification.
Advantages of Securing Auxilo Loan	100% coverage for all college expenses.  Loans with no upper limit covering education in India or overseas.  Door-to-door services, simplifying the application process.

What is Auxilo?

Auxilo Finserve Pvt. Ltd. is a Reserve Bank of India-registered pro-education NBFC. Dedicated to making quality education accessible to all, it offers innovative financial solutions to bridge the gaps in the Indian educational system. As a growth-focused lender, Auxilo provides financial support to a vast network of students, schools, colleges, and universities. 

Auxilo Abroad Education Loan Features 

The following table has the updated information on Auxilo’s current interest rates, processing fees, repayment tenure, etc. 

Auxilo Education Loan Features	Details
Loan Amount Flexibility	Auxilo Education Loans offer flexibility by not setting an upper limit on the loan amount, providing students with the financial support they need for their education.
Processing Fees	The Auxilo Education Loan processing fee range from 1-2% for students planning to study abroad, ensuring a reasonable cost for facilitating the loan application process.
Interest Rates	Auxilo Education Loan interest rates range from 10.5-16%. However, the exact interest rate depends on factors such as the university fees and the country where the student plans to study. This tailored approach ensures fair and competitive rates based on individual circumstances.
Co-Applicants	Co-applicants for Auxilo Education Loans can include parents, siblings, immediate cousins, and in-laws, providing a range of options for students to choose their co-applicants.
Covered Expenses	Auxilo covers a wide range of expenses under its study abroad education loan, including hostel/college fees, library fees, books, uniforms, exam fees, travel expenses, and laboratory fees. This comprehensive coverage ensures that students can focus on their studies without worrying about financial constraints.
Auxilo Education Loan Repayment Process and Moratorium Period	Auxilo offers a 12-year repayment duration, providing a reasonable timeframe for loan repayment. Additionally, a moratorium period of 1 year after course completion offers students a transition period before they start repaying the loan.
Courses Covered	Auxilo Education Loans cover a variety of courses, including PG, STEM courses, MBA, Arts, and Aviation courses* (special permissions required). This broad coverage ensures that students pursuing different fields of study can benefit from Auxilo’s financial support.

Documents Required For Auxilo Loan

Auxilo Education Loans requires a crucial step – providing the essential documents. Ensuring a smooth loan application process, it’s imperative to submit the required paperwork promptly. The following documents must be submitted from the applicant’s end, marking a important phase in securing your financial support for education. The following documents must be submitted from the applicant’s end: 

1. Proof Of Identity: PAN or Form No. 60 as defined in Income-Tax Rules, 1962.

2. Officially Valid Documents (OVD), Any one of the following:

• Valid Passport
• Voter Identity Card
• Driving License
• NREGA Card (National Rural Employment Guarantee Act)
• Aadhaar Card with consent letter/declaration & masking of first 8 digits

3. Proof Of Address (if OVD lacks updated address):

• Utility bill (electricity, telephone, post-paid mobile phone, piped gas, water bill) not more than two months old.
• Property or Municipal tax receipt.
• Pension or family pension payment orders (PPOs) with address.
• Letter of allotment of accommodation from employer issued by Government Departments, statutory bodies, public sector undertakings, scheduled commercial banks, financial institutions, listed companies, and leave and licence agreements.

4. Address Update Requirement:

Applicants must submit an OVD with the current address within three months of the initial document submission.

5. Simplified Procedure (with approval):

• Self-attested photograph from the applicant.
• Designated officer certification, confirming the applicant’s signature or thumb impression in their presence.
• Accounts opened under simplified procedure remain operational initially for 12 months, during which Customer (Applicant) Due Diligence (CDD) as per policy will be conducted

The following documents must be submitted from the co-applicants end to apply for an Auxilo education loan:

• Any of the standard KYC credentials (Aadhar card, PAN card, driving license)
• Your Income proof documents
• If the co-applicant is professionally employed, salary slips from the preceding three months, as well as ITR records from the past two years, must be given.
• If the co-applicant is self-employed, they must present a bank account statement from the preceding three months, as well as their applicable ITR paperwork from the past two years.

Auxilo Education Loan Disbursement Process

After determining your eligibility, you may apply online or get a callback from one of the knowledgeable education loan counsellors at UniCreds.

The education loan expert will contact you and take down all of your specifications. After reviewing your information, they will determine if you are eligible for an Auxilo education loan and connect you with the lender.

All necessary documentation must be digitally submitted. At this stage, UniCreds steps in to assist you by giving a list of the documents you will need to submit with your application. 

Once the application has been filed with all of the requisite documents, the lender will process it.

Once the documentation and application are confirmed to be free of errors or additional loopholes, the loan is accepted and ready for sanction.

After your loan is approved, you must pay the processing fees in order to acquire the sanction letter.

Following receipt of the sanction letter, the student and co-applicant must complete the loan agreement within the validity period of the sanction letter, which is six months.

The student is eligible for loan disbursement after signing the agreement.

Auxilo Education Loan Interest Rates

Auxilo charges about 10.5-16% interest rates. However, the following interest rate applies to Auxilo Education Loans offered through UniCreds: 

Benefits Of Taking Auxilo Loan Through UniCreds!

• We increase your chances of approval by working directly with Auxilo officials to find solutions before your application hits a wall.
• Submit all your documents seamlessly online and our system double-checks everything to ensure you haven’t missed a single crucial piece. Track your progress with step-by-step notifications and get ready to celebrate – approval in just 5 days!
• Our services are completely free.

Auxilo Loan’s EMI Parameters

These 4 key parameters are essential for computing EMI based on the Auxilo Education Loan interest rate:

• The total loan amount sanctioned.
• The grace period.
• The fee structure outlined on a semester-wise basis.
• The application of both simple and compound interest on the loan.

Hope this information gave you a clear picture of the key features of Auxilo Education Loan for study abroad. You might now wonder if Auxilo offers education loans without collateral. Yes, it does! Here’s how it works. 

Auxilo Education Loan Without Collateral Vs With Collateral

Auxilo offers unsecured as well as secured education loans making it an attractive option for students who do not have access to property or other assets that can be pledged as security. However, it is important to note that the terms and conditions of the loan, including interest rates and repayment terms, may vary depending on the borrower’s creditworthiness and financial situation. 

Key Features of Auxilo Loan Without Collateral:

• Unsecured loans up to Rs. 70 Lacs.
• Interest rates range between 11.55%-13%. 
• Flexible education loan repayment of up to 12 years.
• Covers tuition fees, living expenses, and other educational expenses.
• No additional margin money is required. 

Key features of Auxilo Loan With Collateral

• Secured loans up to – Rs. 1 Cr.
• Interest Rates range between 10.5%-12% 
• Flexible loan repayment of up to 12 years.
• Covers tuition fees, living expenses, and other educational expenses.
• No additional margin money is required. 

Here, the interest rates of secured loan amount is lower than the interest rate of loan without collateral. Also, the amount disbursed for loan with collateral is higher than the loan without collateral. 

Auxilo Loan Eligibility Criteria 

You are eligible to apply for the Auxilo Education Loan only if you’ve met the below-specified requirements. On that note, we’ve shared the eligibility criteria for the Auxilo Education loan.

Auxilo Loan Applicant

• Students applying for the Education Loan must be Indian citizens and over 18 years of age.
• The student must have a confirmed admission to the Institute before Auxilo disburses the Education Loan. 
• Co-borrowers must be earning and be Indian citizens.

Auxilo Loan Co-borrower 

• The co-borrower of the student planning to study in India must be an Indian citizen and could be a parent, sibling, legal guardian, or relative. 
• The co-borrower must have a bank account in any bank in India, with cheque writing facilities. 
• The co-borrower will be the primary debtor.

You are eligible for the Auxilo loan if you’re undertaking any of the following courses: 

• Graduation and post-graduation courses, as well as diploma programmes, that are recognised and authorised by the University Grants Commission or other Government Bodies like AICTE, IMC, etc.
• Law, Management, Medicine, Engineering, Aviation, and other professional and technical courses
• Auxilo-approved vocational training, executive programmes, and other courses

Auxilo’s Presence and Impact

As mentioned earlier, Auxilo offers loans to a vast network of students, colleges and universities. The following image shows Auxilo’s precedence in different countries. Auxilo provides funding for students to study abroad in the following countries:

USA, UK, Canada, Germany, Ireland, Australia, Singapore, New Zealand, UAE. 

Auxilo Education Loan Application Process

The Auxilo abroad education loan application process is designed to be simple and efficient, typically taking around 15 working days to complete. Here’s a breakdown of the steps involved:

Step 1: Reach Out:

Direct Application: You can start by visiting Auxilo’s website and clicking “Apply Now.” This will take you through the online application form.

Connect with an Auxilo representative: You can also reach out to Auxilo via phone call, WhatsApp, or email. They will guide you through the process and answer any questions you might have.

Step 2:  Begin the Application:

Fill out the online form: This form will request your basic personal information, educational background, financial details, and course/program details.

Upload required documents: Documents like proof of acceptance, fee structure, passport, and bank statements will be needed.

Step 3: Loan Structuring:

Review loan options: Auxilo will present you with various loan plans based on your profile and eligibility.

Choose your preferred loan: You can select the loan amount, tenure, and repayment terms that best suit your needs.

Step 4: Get Funded:

Sign the loan agreement: Once you’ve chosen your loan plan, you’ll need to digitally sign the agreement.Auxilo may require further document verification or credit checks.

Receive your funds: Once everything is finalised, the loan amount will be disbursed to your preferred account.

Types of Auxilo Loans

The Auxilo education loan services are unique in that they are meant to make managing students’ school costs simple and easy. Simply put, these loans will simplify the traditionally challenging and time-consuming application procedure. With so many study loans in India, their solutions are distinct and tailored to the needs of the students. 

Apart from Study Abroad Education Loans, Auxilo has also introduced Executive Loans and Privilege Loans to the students. Let’s briefly look into each of them. 

Auxilo Executive Education Loan

Auxilo Executive Education Loan is a fantastic chance for working professionals aiming to pursue post-graduation, MBA, or advanced courses in India for skill enhancement. This helps in landing a better job, title, and increased salary. Auxilo takes care of costs like books, tuition fees, exam fees, and more through its executive education loan. For details on interest rates, loan limits, and more, feel free to get in touch with them.

Auxilo Privilege Education Loan

Auxilo proudly presents a Special Education Loan for the Children of the Indian Defence Forces with zero processing fees. This unique loan is crafted to inspire a multitude of aspirants, empowering them to achieve their higher education aspirations. Loan approval is granted upon the submission of all necessary documents.

Advantages Of Securing Auxilo Loan

Auxilo offers a comprehensive and flexible loan solution that caters specifically to the needs of students pursuing higher education. It offers a number of advantages that make it a compelling option for securing education loans:

1. 100% Coverage 

Auxilo Education Loans help you in all aspects of your college expenses. You can obtain completely financed 100 per cent financing, which includes tuition, living costs, and so on. You may pay for both of your courses, as well as the test costs and lodging, in one easy transaction. There is no margin money since they provide 100% coverage.

2. Loans With No Limits

Auxilo staunchly believes that a student’s dreams and education must have no bounds. They grant loans to cover tuition fees in favour of this belief. Whether you choose to pursue further education in India or overseas, Auxilo has you covered.

3. Door-To-Door Services

You won’t have to go through the hassle of visiting a branch for any requirements related to your student loans in India if you use Auxilo. The Auxilo branch will come to you and assist you with the necessary paperwork as well as a straightforward education loan application procedure!

It’s a wrap! Hope this blog has answered all your questions regarding the Auxilo Education Loan. Now let’s shed some light on the common questions you might have. 

FAQ’s

1. How long does it take for Auxilo disbursement?

It takes about 5 working days.

2. Which countries does Auxilo provide financial support for?

Auxilo provides funding to countries that offer a promising future for the Indian student community. With a focus on supporting educational opportunities, Auxilo aims to empower students by providing financial assistance to pursue their dreams.

3. How Safe Is My Bank Statement/Internet Banking Details with Auxilo?

They utilise Fast, Secure, and Efficient technology to retrieve and store data from customers’ bank statements. The banking details provided by customers are kept entirely secure and tamper-proof. The company does not have access to customers’ internet banking passwords, nor do they possess the capability to alter any banking information.

4. How is Auxilo for education loan?

Auxilo is a decent organisation for an education loan. It provides both- secured and unsecured education loans for study abroad. It is also registered with RBI and is known for the faster loan approval process.

5. Which is better Venus or Auxilo?

Avanse and Auxilo offer loans based on factors like course, country, and GRE score. Avanse provides up to INR 75 Lakh, potentially more for strong profiles. Meanwhile, Auxilo offers up to INR 65 Lakh for international education.

6. What is the interest rate in Auxilo?

Auxilo charges about 10.5-16% interest rates.

7. Is Auxilo an Indian company?

Auxilo Finserve Private Limited, commonly known as Auxilo, is a company established under the legal framework of India.