Auxilo Education Loan for Studying Abroad: Interest Rates, Document

Introduction to Auxilo education loans for studying abroad: 

Founded in 2017, Auxilo Finserve Pvt. Ltd. is a Non-Banking Financial Company (NBFC) registered with the RBI (Reserve Bank of India). In just about seven years of its existence, Auxilo has offered education loans to over 12,000 students going to more than 1,100 universities across 25+ countries. 

The company aims at bridging the gap between students and their educational aspirations of studying abroad. Due to their constant dedication towards education financing, The Economic Times declared Auxilo “The Most Promising Brand” in 2022. Auxilo also received the title of the “Best Education Loan Provider” in 2022 from the National Awards for Leadership & Excellence.

This guide will explain you about Auxilo Education loan for studying abroad.

About Auxilo education loans to study abroad

If you’re looking for an education loan at competitive interest rates to study in India or abroad, look no further. 

Auxilo offers student loans with or without collateral security of up to INR 1 crore with interest rates ranging from 11.3-13% for collateral-free loans. Auxilo offers students with 100% education financing even without an admission confirmation. 

Auxilo covers the top countries for a study abroad education loan: Ireland, the USA, the UK, Canada, Australia, France, Germany, and New Zealand. As long as your intended institution in any of these countries is recognized by relevant authorities, you are eligible to apply for a loan.  

Interest rates on education loans by Auxilo 

The interest rates on your education loan offered by Auxilo will vary based on your profile, as well as that of the co-applicant and the guarantor.

For a non-collateral education loan, the interest rate may range from 11.3% to 13%. Auxilo offers competitive interest rates on education loans with collateral, which are marginally less than that of non-collateral loans. Both types of loans can cover amounts up to ₹1 crore, with a tenure of up to 12 years.

Apart from the interest rates, there are additional charges that an applicant has to pay during their loan process. Here’s a list of the additional costs that you may incur:

• Loan processing fee
• Default penal charges
• EMI or cheque bounce charges
• Property verification charges
• Demand draft issuance charges
• Charges for the copies of the property documents
• Loan recovery charges
• CERSAI modification charges
• Personal visit charges at the applicant’s place
• CERSAI registry charges
• Swapping of the security property
• Mortgage/security creation charges

These charges vary depending on the specific terms and conditions of the loan agreement. Be sure to review all potential costs with your Auxilo representative to understand the full financial commitment.

Eligibility criteria for an Auxilo education loan to study abroad

In order to secure an education loan from Auxilo, you and your co-borrowers need to meet the following eligibility requirements:

Eligibility criteria for applicants

• You must be an Indian citizen.
• You must be 18 years of age or above.
• You must have an admission confirmation from an institution covered by Auxilo.
• You must have an earning co-signer or co-borrower in India.

Eligibility criteria for the co-borrower (if the applicant is planning to study in India)

• The co-borrower must be an Indian citizen.
• The co-borrower must be a legal guardian, sibling, parent, or relative to the applicant.
• The co-borrower must be holding a bank account in an Indian bank, along with cheque-writing facilities.

Eligible courses for an education loan by Auxilo

Apart from meeting the above-mentioned requirements, you must also ensure that you’re pursuing any of the programs that Auxilo covers for an education loan. Here is an overview: 

• Professional/technical programs like medicine, management, engineering, law, aviation, etc.
• Programs offered by recognized foreign universities
• Diploma or degree programs offered by independent institutions like IIM, IIT, etc
• UG/PG/professional diploma or degree programs approved by Govt. bodies/AICTEUGC/IMC, etc.

How can Indian students apply for an education loan through Auxilo?

There are two simple ways for you to complete the application process for an education loan from Auxilo:

• Through Auxilo
• Through FundRight

Let’s go through the steps involved in both ways to apply for an education loan at Auxilo:

Apply through Auxilo

Here are the four steps you need to follow to apply for an education loan through Auxilo:

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Step 1: Reach out to Auxilo

• You need to start your education loan journey by contacting the Auxilo team. 
• You can contact them via phone or email. 
• This step helps the team understand your requirements for providing the right assistance. 
• You must provide your personal details, past academic performance, future academic choices, the intended course, institution, country, etc. 

Step 2: Start your application

• Once you’ve had the initial conversation with the team, you can begin filling out your online application form. 
• The form requires you to provide the following information:
  • Your personal details
  • Course details
  • Cost of education
  • Security/ collateral details
  • Your co-applicant’s details
  • Your bank account details
  • The co-applicant’s bank details
  • The co-applicant’s business/ employment details
  • Additional financial information
• You can have a look at the application form here to understand it better.

Step 3: Provide supporting documents

• You will have to submit the supporting documents along with the application form. 
• You can find a detailed list of supporting documents in the next few sections of this blog.
• In this step, you can also provide information and supporting documents for more than one co-applicant to strengthen your loan application. 
• The Auxilo team will then verify your documents and validate them to proceed with the process.  

Step 4: Get funded

• After completing the first three steps, the Auxilo team will offer you a loan. 
• If you accept the offer, your loan will be disbursed.
• You may have to submit additional documents at this stage, depending on your profile and loan offer.  
• Auxilo directly transfers your institution fees to the university. However, your tuition and living expenses will be credited to your account upon disbursal. 

Apply through FundRight

If you not only want to apply for an ed-loan through Auxilo but multiple lenders with just one application,  FundRight is what you need. Once you complete your profile, you can receive competitive loan offers from 15 top lenders (including Auxilo) within 48 hours of your application. If you find Auxilo’s education loan the most suitable for your  needs, you can apply via FundRight and get the loan approved in as little as 10 days.  

By creating a profile on FundRight, the team negotiates with lenders to get you the best offer, potentially saving you up to INR 23 lakhs. Additionally, you can finance 100% of your education costs and avail of scholarships upon disbursal.

What is FundRight?

FundRight is a platform that simplifies the loan application process by connecting you with multiple lenders, ensuring you get the best possible terms for your education loan.

Here’s how you can create an account and apply for a loan through FundRight:

1. Visit FundRight and Register: Go to the FundRight website and click on “Sign in.” Enter your phone number to proceed.
2. Provide Your Details: Fill in your admission status, program commencement date, test scores, intended university information, course details, loan amount, and address.
3. Submit Your Application: After entering all the details, submit your application.
4. Receive Competitive Offers: Within 48 hours, receive competitive loan offers from 15 top banks and NBFCs.
5. Consult and Finalize: The FundRight team will contact you for consultations and provide 24/7 assistance. They will help you compare offers and choose the best one, ensuring a smooth process.

So, what are you waiting for? Start your education loan application process with FundRight for Spring ’25 admissions. Sign up now and secure the best funding for your studies.

Documents required for securing a student loan from Auxilo

Here’s a list of documents required to get an education loan from Auxilo:

Applicant’s documents

• A photo ID
• 2 coloured photographs
• Date of birth proof
• Residence proof
• Academic documents
• Signature verification
• Fee structure for the intended program

Co-applicant’s documents

Irrespective of the number of co-applicants you add, the following are the documents they must provide:

• A photo ID
• 2 coloured photographs
• Date of birth proof
• Residence proof
• Income proof
• Bank statements for the last 8 months
• Signature verification
• Relationship proof
• Collateral documents

Guarantor’s documents

• A photo ID
• 2 coloured photographs
• Date of birth proof
• Residence proof
• Income proof
• Collateral documents
• Signature verification

You can submit any one of the following OVD (Officially Valid Documents) as your address or residence proof:

• Voter ID card
• A valid passport
• Driving Licence
• Aadhaar Card (masking of the first 8 digits)
• NREGA (National Rural Employment Guarantee Act) Card

If any of these OVDs don’t have an updated address, you can submit the following for the limited purpose of residence proof:

• Utility bills (telephone bill, water bill, electricity bill, piped gas bill, post-paid mobile phone bill) that aren’t more than two months old
• Municipal or property tax receipt
• Public Sector Undertakings or government-issued PPOs (Pension Payment Orders) for retired employees, if they contain the updated address 
• A letter of accommodation allotment issued by any of the following employers: Public Sector Undertakings, central government departments, state government departments, financial institutions, commercial banks, and regulatory or statutory bodies. 

Why should you choose Auxilo for a study abroad loan?

Here are 7 reasons why you should choose Auxilo to get an education loan to study abroad:

• You can finance 100% of your education cost through loans of up to INR 1 crore.
• Auxilo offers the facility to provide multiple co-applicants. This increases your chances of meeting the eligibility requirements. 
• You can apply for an education loan from Auxilo for a diploma or degree program offered by an independent institute in any of the following countries: Canada, the USA, the UK, Germany, Australia, Ireland, France, and New Zealand. 
• The Auxilo team provides you with a dedicated Relationship Manager to offer 24*7 assistance and a seamless process. 
• The National Award for Leadership & Excellence declared Auxilo the “Best Education Loan Provider” in 2022.
• The Higher Education Digest declared Auxilo the “Most Preferred Education Loan Provider.”
• The Economic Times awarded Auxilo the “Most Promising Brand” in 2022.

Auxilo’s education loan EMI calculator

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Auxilo’s Education Loan EMI Calculator is a free-to-use tool that helps you calculate the Equated Monthly Installment (EMI) you need to repay your loan provider. 

Here’s how you can use the Auxilo Education Loan EMI Calculator:

• Go to the calculator page and enter the loan amount you wish to borrow in INR.
• Next, enter the interest rate you must pay on your loan. For a non-collateral ed loan through Auxilo, your interest rate may range from 11.3% to 13%.
• The last number you need to enter is your loan repayment tenure. You must enter the duration in years. 
• Once you’ve done this, click on “Submit,” and you’ll see your EMI results on the right side of the calculator (as shown in the image above).

Other Banks & NBFCs Offering Education Loan to Study Abroad:

• Union Bank of India Education Loan
• Yes Bank Education Loan
• IDFC Bank Education Loan
• Bank of India Education Loan
• State Bank of India Education Loan

Things to remember when applying for an education loan from Auxilo

Here are some application pre-requisites that you must keep in mind while opting for an education loan to study abroad:

• Understand the terms and conditions for interest rates offered by Auxilo.
• Ensure that you’re opting for a program or country that is covered by Auxilo for an education loan.
• If you’re opting for an education loan with collateral security, make sure that your co-applicants/co-borrowers/guarantors can produce relevant documents.
• Make sure you meet the eligibility criteria as an applicant for an ed-loan by Auxilo. Your co-applicant/s must also meet the respective requirements. 
• Understand the additional charges and service fees along with the repayment process before accepting your loan offer.

Collateral rules for Auxilo education loans

Auxilo offers education loans with and without collateral. In both categories, you can avail an education loan of up to INR 1 crore with interest rates ranging from 11.3%-13% for no-collateral loans. 

If you’re opting for an education loan with collateral, your co-borrower/applicant and/or the guarantor must submit their collateral documents. The following image shows the security details you’ll have to provide during your application process:

Also Read: Collateral vs Non Collateral Education Loan for Abroad Studies

FAQs – Auxilo education loans for studying abroad

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You can also understand the collateral rules better by consulting directly with the FundRight or Auxilo team.