https://www.wemakescholars.com/education-loan/auxilo
Auxilo Education Loan
✓ With Pre-Visa Loan disbursement
✓ Up to 85 lacs of Education Loan Unsecured
Table of content
- Types of Loans Provided at Auxilo
- Courses you can do with Auxilo education loan
- Auxilo Loan Eligibility
- Details On Auxilo Education Loan
- Auxilo Education Loan Interest Rate
- Auxilo Education Loan Repayment
- What does Auxilo Education loan cover
- Documents required to apply for Auxilo education loan
- How to apply for Auxilo Education Loan?
- Auxilo Loan Processing Time
- Auxilo loan insurance
- Education Loan Interest Subsidy Schemes
- Advantages & Disadvantages Of Auxilo
- Benefits you get on going through WeMakeScholars
- FAQ's
- Need Help? Ask Here!
Auxilo Finserve Private Limited is a Non-Banking Financial Company(NBFC) in India. They believe it is the right of every student to get a quality education. They provide education loans for studying in India and Abroad.
Types of Loans Provided at Auxilo
Loans depending on the country:
- Education loan to study in Indian universities. (With a special Executive MBA loan)
- Education loans to study in the USA.
- Education loans for universities in the rest of the world. (Countries like the UK, Canada, Australia, Australia, Germany, etc.)
- For countries like the Philippines, Russia, Ukraine, and China, Auxilo does not give education loans for MBBS.
Loans based on the presence or absence of collateral:
Collateral is the asset or property pledged to the money lender/ banks as security for a loan. Loan types based on the presence or absence of collateral are:
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Secured education loans: The borrower pledges collateral to get a study loan in a secured education loan. These collaterals are of two types:
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- Immovable assets like a house, a plot, or a flat.
- Liquid assets like FDs, Government bonds, and Term insurance claims are accepted
- Unsecured education loans: These loans do not require any collateral and are the best choice for students who don't have properties but still want to pursue higher education with the help of an education loan.
When it comes to collateral-free loans, Auxilo is the go-to option. If the student does not have property to pledge, has some educational constraints, or would like to choose a loan without collateral, Auxilo is the right place to go.
But bear in mind that the income of the financial co-applicant is one of the major factors that is considered while giving collateral-free loans. The higher the income of the financial co-applicant, the higher your loan amount.
PROTIP: If you have a pledgeable collateral then choose to approach public banks for your education loan. That way, you get a higher loan amount and a lesser rate of interest. Auxilo and NBFC Education Loans are perfect if you don't have collateral.
Now that we understand the types of loans Auxilo gives, let us explore what courses are covered under the Auxilo higher education loan.
Courses you can do with Auxilo education loan
Eligible Courses to Study in India
- Undergraduate degrees, Postgraduate degrees, and Postgraduate diplomas offered by colleges and universities approved by UGC/AICTE/IMC etc.
- Degree and Diplomas by independent institutions in India like IIM, IIT, etc. that have been approved by Auxilo.
- Technical or professional degrees like MBA, Medicine, Engineering, Aviation, etc.
- Vocational courses approved by Auxilo.
PROTIP: Are you a working professional and would like to add value to your resume by pursuing an MBA? Auxilo has an attractive loan offer for you, An Executive MBA loan.
Specially made MBA loans for working professionals to study at prestigious institutes like IIM Allahabad, INSEAD, XLRI, and IIFT. It is also 100% funded.
Eligible courses to Study Abroad
- STEM Courses: Sciences, Technology, Engineering, Mathematics.
- Management courses such as MBA and the like.
- Postgraduate courses and Postgraduate diploma.
- Law, Public Policy, and Humanities streams.
- Vocational or passion courses like Art, Cooking, Fashion designing, etc. approved by Auxilo.
- UG, UG Diploma and Certificate courses are a little difficult to fund but can be possible if the financial co-applicant is making more than 12 lakhs per annum and EMI is being paid during the moratorium period.
Generally, loans for UG and UG diplomas are not given by Auxilo. However, if you choose WeMakeScholars, we can try taking a deviation only if you meet the financial requirements.
INSIDER TIP: Auxilo loves to fund STEM courses. They offer higher loan amounts for those courses.
Read more about the top courses to study abroad here.
Now we know the types of loans and courses that Auxilo finances, let’s look into the eligibility criteria.
Auxilo Loan Eligibility
There are certain criteria which should be met by the applicant as well as co-applicant before going for an education loan. The student must satisfy certain conditions as per the citizenship, age, and admission status and the co-signer should be a relative with certain citizenship, should be related to the student, should have adequate income, and should have the ability to bank. Also, some factors can increase the odds of approval and the sanctioned amount as follows:
Loan Eligibility For Students Studying Abroad |
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Auxilo Loan Eligibility For Co-applicant |
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DID YOU KNOW YOU CAN INCREASE YOUR CHANCES OF ELIGIBILITY? When it comes to education loans, having extra achievements on your profile will increase the chance of being eligible and getting a higher sanction amount. We’ve got some necessary tips for you to enhance your chances of eligibility, in addition to the points mentioned above.
- Achieving high scores in entrance examinations.
- Getting accepted into a prestigious or top-ranking educational institution.
- Demonstrating excellent academic performance.
- Displaying promising potential for future employment or income.
- Having a solid financial foundation from parents, guardians, or co-applicants.
We think you’ve understood the eligibility criteria for the Auxilo education loan and checked if you are meeting their requirements. We will now take a look at some aspects of the loan and see if you want to choose Auxilo for financing your studies.
Details On Auxilo Education Loan
Auxilo has a unique loan product that does not depend on what country you are going to. Instead, it takes into consideration the rank of the university. Auxilo categorizes universities into the following ways mentioned below:
- Top universities: Auxilo gives up to 60 to 65 lakhs collateral-free loans to top universities. In case the student's academic and financial profile is good, then the unsecured loan amount can go up to 80 to 90 lakhs.
- Mediocre universities: 35 to 40 lakhs by Auxilo unsecured education loan.
- Low-rank universities: Collateral-free loans for low-rank universities might be considered by Auxilo only if the profile of the financial co-applicant is exceptional. However, EMI will be asked to be paid from the day your loan is disbursed even during the moratorium period.
Watch this video to learn everything about the Auxilo Education Loan for Abroad studies. Know about all the Loan Schemes, Maximum Loan Amount, Rate of Interest, Processing Fee and the Eligible courses & countries by watching this video by our co-founder Damini Mahajan.
Details for studying Abroad and in India
Loan Parameters | Details |
Loan Limit |
Up to 80 - 90 Lakhs* |
Accepted co-applicant | Parents, siblings, spouse, Parents-in-law, brother-in-law, parents’ siblings, first cousins or Legal guardians. |
Interest rate |
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Moratorium Period | Course duration + 6 months (Can be extended to 1 year) |
Repayment Duration | Upto 12 years |
Repayment policies | Partial interest payment during the moratorium period |
Loan Insurance | Upto 2% of the sanctioned loan amount. |
Processing fee | 1% to 1.5% of the loan amount. |
* On going through with WeMakeScholars
** Interest rates may vary based on the changes in repo rate.
Details for MBA/Executive MBA loan
Loan Parameters | Details |
Loan Limit | 100% funding of the course. |
Accepted co-applicant | Parents, siblings, spouse, Parents-in-law, brother-in-law, parents’ siblings, first cousins or Legal guardians. |
Interest rate | Starts from 11.5%* |
Moratorium Period | Course duration + 6 months (Can be extended to 1 year) |
Repayment Duration | Upto 12 years |
Repayment policies | Partial interest payment during the moratorium period |
Loan Insurance | Upto 2% of the sanctioned loan amount. |
Processing fee | 1% to 1.5% of the loan amount. |
* Interest rates may vary based on the changes in repo rate.
Auxilo Education Loan Interest Rate
The rate of interest by Auxilo for education loans is 12%.
But it goes down to an average of 10.25 to 10.75% when you process your loan with WeMakeScholars.
Best deals for Auxilo education loan rate of interest you get with WeMakeScholars:
- For the USA: 11 to 11.75%
- For other countries: 12 to 12.5%
A unique feature you can get with Auxilo is, that if you pay full EMI during the moratorium period, Auxilo gives you an interest rate of only 10.5% irrespective of the university your university ranking.
*By choosing WeMakeScholars, you will get a deduction of 0.5 to 1% on your interest rate which can add up to being a lot if you consider the repayment duration.
Auxilo Education Loan Repayment
Auxilo has a student-friendly, flexible education loan repayment option.
- Repayment policy: You must choose to pay simple interest during the moratorium you can pay it in full or partially. Interest not paid during the moratorium will be compounded. After the moratorium ends, full interest must be paid.
- Repayment duration: There will be 12 years to repay the loan.
For more clarification on the EMI you have to pay, check out our easy-to-use EMI Calculator.
What does Auxilo Education loan cover
Academic expenditures do not mean only tuition fees. Plane tickets, accommodation expenses, books and study materials, laptops, and other miscellaneous costs come into the picture. Auxilo makes it easy for the student to focus on their education by covering most of the expenses of the student loan.
The following are the expenses covered in the loan so you can be worry-free:
- Tuition Charges: The fee outlined in your acceptance letter or admission ticket.
- Living Costs: The expenditures for accommodation, meals, and transportation.
- Health Coverage: Frequently covered within the expenses given by lenders.
- Travel Arrangements: Annual round-trip airfare.
- Books & Supplies: Expenses for study materials throughout your academic journey.
- Laptop & Computing Devices: If essential for your program, students may provide an invoice for a laptop and computing devices.
- Security Deposit: A deposit, possibly up to 10% of the loan sum, might be mandated.
- Miscellaneous costs: Any additional expenditure required for field trips or projects.
At this point, you might be considering getting a loan from Auxilo and for that, you will need to make sure you have some essential documents. What are they? Read on to find out.
Documents required to apply for Auxilo education loan
Before initiating the loan process, it is essential to submit your documents to Auxilo. Ensuring that you have all the necessary documents at hand before beginning the loan application process is very important to make sure that you have an easy time getting your loan processed. Below are a few of the main documents required, but keep in mind that many other documents may be needed as well throughout your loan process the full list and never miss any document with our complete checklist of documents.
Documents required to apply for Auxilo education loan |
Completed Application Form from Auxilo (Or you can get it from WeMakeScholars) |
Admission Confirmation: Proof of acceptance into your chosen institute. |
Passport Photos: Two recent passport-sized photos of the applicant, co-applicant, and guarantor. |
ID Copies: Copies of identification like a Passport, Voter ID, Driving Licence, or PAN Card. |
Educational Records: Your latest exam scores and entrance test results (e.g., CAT, GRE, TOEFL, IELTS, etc.) for course admission. |
Financial Documentation:
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Institute Brochure: Include a copy of the institute's booklet for accurate expense estimation. |
How to apply for Auxilo Education Loan?
Applying directly from Auxilo:
Step 1:Reach out to Auxilo through their website and contact number.
Step 2:Begin application process.
Step 3:Get your personalized loan structure.
Step 4:Get funded!
Looks simple, doesn’t it? Applying directly also involves many branch visits, long, offline processes, hidden charges, and a lot of confusion. Why put yourself through so much trouble? Choose the easy way, choose WeMakeScholars.
Applying via WeMakeScholars:
Step 1: Request a call back from our team.
Step 2: A financial officer from our team will reach out to check your eligibility. Provide them with the required information.
Step 3: After an analysis of your profile, your financial officer will provide you with a list of lenders you are eligible to get a loan. Choose from the provided lenders.
Step 4: After which you’ll be provided with a link to the WeMakeScholars secure document portal.
Step 5: You will be logged in as soon as you are done submitting your documents to the portal. You will find out the result of your application submission within 2-6 days.
Step 6: You will be asked to sign the loan agreement and be provided with your auxilo education loan sanction letter.
Auxilo Loan Processing Time
Once you have submitted all the documents, details, and completion of a few formalities, your education loan will be processed within 4 to 5 working days after which you can take the disbursement.
Auxilo loan insurance
An important thing to remember about education loans is loan insurance. Auxilo requires borrowers to take loan insurance, which is available at a rate of 1-2% of the approved loan amount. In the event of unexpected circumstances, the responsibility of repaying the loan is eased from the parents or co-applicant through the utilization of loan insurance.
Education Loan Interest Subsidy Schemes
Students are sometimes weighed down by the worries of interest payments and loan repayment. While it might feel like there’s no way but to pay all the loans ourselves, there are some Government education loan schemes and scholarships that take some burden off of the student and the co-applicant. Under these interest subsidy schemes, the interest rate accumulated during the moratorium period is paid by the government of India.
Central Program for Interest Subsidy for Economically Weaker Sections
To qualify for this interest subsidy initiative, the student must have a gross family income of less than 4.5 Lakhs.
Dr. Ambedkar Central Sector Scheme
To be eligible for this scheme, the student must belong to the OBC or EBC groups and have a gross family income of less than 8 Lakhs.
Both of these programs apply to students pursuing higher education in India.
For students studying in foreign countries, scholarships come to the rescue. There are thousands of scholarships on our website. Check your eligibility and apply for them.
Advantages & Disadvantages Of Auxilo
Advantages | Disadvantages |
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Benefits you get on going through WeMakeScholars
In addition to being satisfied with your loan procedure, this is a list of benefits you get with your Auxilo loan via WeMakeScholars:
- Being partnered with Auxilo, WeMakeScholars guides you in every step from application, choosing the right loan plan to sanction of loan and disbursement of the amount.
- The education loan process will take 2 to 3 days with us.
- We offer completely hassle-free transactions that take place online so you don’t have to make multiple branch visits.
- Negotiation on interest rates, processing fees, and loan insurance will be done for you by WeMakeScholars so that you get the best deal possible.
- WeMakeScholars takes care of Post-sanction issues too. There is no space for worry when you face issues after sanction.
- Loan transfer to Auxilo can be done by WeMakeScholars to ensure you get the support you need.
- You also get a 3000 rupees cashback on your first disbursement if you process with us.
FAQs:
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Does Auxilo provide a pre-admission loan?
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Is Auxilo an NBFC?
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Does Auxilo offer education loans without a loan margin?
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Can my legal guardian be my co-applicant?
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Can I get an Auxilo education loan without collateral?
NEWS
Leading Non-Banking Finance Corporations (NBFC) Auxilo Finserve Private Limited has successfully raised ₹470 crores in primary equity capital funding. The investment was led by Tata Capital Growth Fund II, Trifecta Leaders Fund - I, and Xponentia Opportunities Fund - II, along with existing shareholder ICICI Bank Limited. The completion of the transaction is subject to regulatory approvals.
Established in 2017, Auxilo Finserve specializes in education finance, providing loans for students in India and overseas, as well as financing for educational institutions. The company has supported over 7,500 students across 900+ universities in 25 countries and financed more than 150 educational institutes.
Neeraj Saxena, MD & CEO of Auxilo Finserve, expressed excitement about the funding, which will fuel growth by expanding the loan base and offering innovative financial solutions. The company aims to enhance product offerings and technological capabilities to meet customer needs.
The funds will strengthen Auxilo's position in the NBFC sector and create sustainable value. The company operates in seven key Indian cities with over 250 employees.
Auxilo's mission is to support Indian students in pursuing quality education globally. Recently, the company partnered with the National Skill Development Corporation (NSDC) for a new offering on skill development courses.
Last Updated - 26/07/2023
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