Auxilo Education Loan: Interest Rate, Sanction Letter, Processing Fee, Benefits

Auxilo Finserv Pvt. Ltd is an education-based Non-Banking Financial Company (NBFC) founded in 2017. It offers students various financial services so they can pursue their higher studies without facing financial hurdles. The study abroad education loan offered by Auxilo covers living and various expenses. Students are gauged on the basis of 15 parameters by Auxilo and are offered customized loan choices for countries like Canada and USA. 

Are you also planning to apply for Auxilo Education Loan? If the answer is yes, then this blog will help you greatly as it covers important information related to it.

Auxilo Education Loan Interest Rate (ROI)Floating in nature; 12.70% p.a -18% p.a. (depending upon individual profiles)
Loan Amount Maximum: INR 1 crore for a secured loan and INR 40 lakh for Auxilo’s unsecured education loan. However, case-level exceptions are possible.
Processing Fee1% to 2% of the loan amount sanctioned
Loan Tenure Up to 10 years
Margin Money 0; they can fund up to 100% of the expenses
Auxilo Education Loan Repayment HolidayNone (After 6 months of course completion or when one gets a job, whichever is earlier, an individual can start repaying the principal amount, till then simple or partial interest needs to be repaid) 
Prepayment ChargesAs per the RBI guidelines or as applicable 
Payments During the Study PeriodYes, Simple/ Partial interest
Processing Time 5 Days
Countries CoveredIreland, Germany, Canada, the US, the UK and France 

Also Read: Terms and Conditions for Education Loan for Students 

Benefits of Auxilo Education Loan for Study Abroad 

Mentioned below are some of the benefits of an Auxilo Education loan: 

  • Flexible loan possibilities
  • No margin funding is necessary
  • Loan sanctions happen quickly and without difficulty
  • All educational expenditures, such as living fees and supplies, are covered by the funds
  • An interest rate that is competitive
  • Payment terms are negotiable
  • Easy application and open procedure

Also Read: What are the Pros and Cons of Paying-Off Student Loans Early?

Application Process of Auxilio Education Loan 

An applicant needs to follow the steps that are mentioned below in order to complete the application process of an Auxilo Education loan: 

Step 1: Speak with Auxilo to learn about the various criteria for loan sanctioning and to start the application.

Step 2: Submit your loan application and all necessary paperwork.

Step 3: After the Auxilo officials have confirmed your application and supporting documentation, you can have your loan customized to meet your needs.

Step 4: Complete any outstanding requirements, such as submitting post-dated checks, if applicable.

Also Read: Terms and Conditions for Education Loan for Students 

Eligibility Criteria 

The following are the eligibility criteria for the applicant: 

  • A minimum age of 18 or older is required for the candidate.
  • The applicant must be a citizen of India.
  • Before Auxilo disburses a loan, the institute must acknowledge that the application has been accepted.
  • A co-borrower who is employed in India must co-sign the application.

The co-borrower must fulfill the following requirements: 

  • The co-borrower must be connected to the applicant (parent, guardian, sibling, or other relative) and a citizen of India.
  • The co-borrower must have a bank account in India that allows for check transactions.
  • Co-borrower will act as the principal debtor.

Documents Required 

The following documents should be submitted as scanned copies when applying for an Auxilo education loan:

Applicant’s documents: 

  • Know Your Customer (KYC)
  • Aadhar card
  • Permanent Account Number (PAN) card
  • SSC, HSC, graduation certificate
  •  Passport

Co-Applicant’s Documents: 

  • 16 Income Tax Returns (ITR)
  • Pay slips
  • Aadhar card
  • PAN card
  • Bank statements

FAQs

Q1. What is the interest rate of Auxilo education loan?

A. The current rate of interest on the Auxilo Education Loan is the summation of the Auxilo Benchmark Rate and Spread (Floating). 12.70% is the current Auxilo Benchmark Rate. 

Q2. Is Auxilo registered with RBI?

A. Auxilo is a Non-Banking Financial Company (NBFC) that is registered with the Reserve Bank of India (RBI). 

Q3. What is the processing time for Auxilo education loan?

A. The processing time for Auxilo education loan ranges between 3 to 4 days. 

This was everything related to Auxilo Education Loan! Worried about the financial hurdles you are facing for your study abroad dreams? Let Fly Finance help you and make your dreams come true! 

About Prachi Gupta

Prachi is a SEO content writer who have written many well researched blogs in the field of Finance and Education loans. Through her critical thinking and problem solving skills she strives to help students so that they can overcome financial hurdles in their education journey. She comes up with creative answers for students looking for financial aid by fusing her in-depth financial expertise with her compassionate attitude. She is a sought-after expert in the sector due to her dedication to demystifying complicated financial topics. Numerous students have received the advice they require from her articles and thorough guides, enabling them to overcome financial obstacles and realise their educational aspirations.

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