Auxilo Education Loan Without Collateral
Unsecured education loans are an excellent method of funding your higher studies abroad. The easy loan process makes it an even more interesting option. There are numerous NBFCs which offer unsecured education loans to cater to the various funding needs of candidates. Auxilo is one of the many NBFCs that offer similar services in the abroad education loan sector. An Auxilo education loan process is simple, student-friendly and totally hassle-free. An Auxilo education loan without collateral is a one-stop solution for all your financial needs. You may find all the basic Auxilo education loan details here. In order to avail an Auxilo education loan for abroad studies, Candidates may get in touch with our financial team
Auxilo Education Loan Details
Some of the basic Auxilo education loan details are as follows:
|Auxilo Education Loan Parameters||Values|
|Auxilo Education Loan Interest Rate*||11% to 14%, depending on a student’s profile|
|Processing Time||10-12 Days when applied online|
|Accepted co-applicants||Close Blood relatives|
|Preferred courses***||Masters & Diploma Courses in STEM & Management fields|
|Loan Tenure||10 years|
|Maximum Available Loan Amount||Rs.40-45 Lakhs|
|Preferred Countries***||USA, Germany, Canada, Ireland|
|Auxilo Education Loan Processing Charges**||1% to 5% of the loan amount|
|Auxilo Education loan insurance fees||1% of the loan amount|
** Courses For which Auxilo Education Loan is Granted:
Due to the nature of unsecured education loans, all Auxilo unsecured loans are granted only after giving thorough consideration to the country in which candidates wish to pursue their higher studies. If you wish to borrow a collateral-free education loan from Auxilo Finserve to study in any of the countries which are not mentioned in the above table, you may consider borrowing a collateral-based education loan.
In order to apply for an Auxilo education loan, you may get in touch with the WeMakeScholars financial team.
***Countries given due preference by Auxilo Finserve for abroad education loan.
Since there is no collateral security involved in unsecured loans, it is critical for NBFCs to look at the employability prospect of the loan candidate. There are a few countries in the world which promise a bright career to deserving candidates. According to the flexibility of their policies, Auxilo has put together a list of countries that are most preferred by students. If a candidate wishes to fund their studies in a country other than those listed above, they may explore the collateral education schemes introduced by Auxilo Finserve. Candidates who have had a difficult time getting loans from other lenders are also considered for the same.
** Auxilo Education Loan Processing Charges & Insurance Charges
Auxilo Finserve Pvt Ltd. charges close to 0.9% to 2% of the total Auxilo unsecured loan amount as processing fees. The Auxilo education loan processing charges are subject to change with the changing policies. So ensure the same with your loan processing officer before commencing your Auxilo education loan process. A collateral free education loan does not require candidates to pledge any asset as collateral. It is for this very reason that the Auxilo education loan rules state that it is mandatory for candidates to purchase an Auxilo education loan insurance. The loan insurance charges are 1% of the total unsecured education loan amount.
Auxilo Education Loan Interest Rate
The Auxilo education loan interest rate falls in the range of 11.95% to 14.5%. The Auxilo interest rates differ in this range depending on the countries to which candidates wish to study. A lot depends on the candidate’s academic profile and their co-applicants financial profile.
The Auxilo education loan rate of interest can be negotiated provided that the candidates’ academic profile shows excellent promise. The Auxilo ROI is subject to change according to amendments made in Auxilo Finserve’s education loan policies. In order to know more about the Auxilo education loan rate of interest, candidates may avail our team’s assistance . Some of the major factors that influence Auxilo education loan interest are as follows:
1. The candidate’s academic profile: Having an exceptional academic record can be a strong factor for availing a waiver in the Auxilo education loan interest rate.
2. The course and country of higher education chosen by the candidate: If you are someone who has an excellent academic record and wishes to pursue their higher education in any of the highly-ranked universities in the world, then the Auxilo education loan interest rate can be negotiated. All courses belonging to the STEM category and professional courses related to the management stream are mainly funded by Auxilo education loan.
3. The co-applicants’ financial profile: The term unsecured education loan conveys exactly what the terms of these loans are. Since candidates are not required to pledge collateral, Auxilo Finserve pays close attention to the financial profile of their co-applicants. Naming a financially strong co-applicant will be a plus point for candidates to negotiate their Auxilo ROI.
Auxilo Education Loan Requirements
Candidates need to meet certain Auxilo education loan eligibility criteria in order to qualify for an Auxilo unsecured loan. The same policy is applicable to their co-applicants as well.
Some of the basic Auxilo education loan eligibility criteria for students are as follows:
- The candidate should be a citizen of India
- The candidate should have completed 18 years of age.
- The candidate should have passed all the relevant qualifying examinations such as IELTS, TOEFL, GMAT, GRE, etc.
- The candidate should have secured admission into a university abroad.
Some of the basic Auxilo education loan requirements that co-applicants need to fulfil in order to qualify for an Auxilo education loan are:
- The co-applicant should have a steady source of income.
- Only close family members (Parents, own siblings) can be named as financial co-applicants.
- The co-applicant should be a regular tax-payer. ITR documents of the previous two years are crucial to the unsecured education loan process.
- Retired family members cannot be named as co-applicants.
Maximum Amount available as Auxilo Education Loan
Auxilo Finserve offers the following amounts as unsecured education loans for the following countries:
|Country||Maximum Auxilo Education Loan Amount|
|USA||Rs.35 to Rs.40 Lakhs|
|Canada||Rs.15 to Rs. 20 Lakhs|
|Ireland||Rs.15 to Rs.18 Lakhs|
|Germany||Rs.12 to Rs.25 Lakhs|
Auxilo Education Loan Documents
The Auxilo education loan documents checklist is separate for candidates and co-applicants.
Auxilo education loan documents required from candidates:
- Basic KYC documents (Aadhar card, PAN card or Driving license)
- Academic documents ( Marksheets of 10th, 12th, Graduation if applicable, test score cards of qualifying exams like IELTS, TOEFL, GMAT, GRE, etc.)
- A copy of the passport is mandatory.
Auxilo education loan documents required from co-applicants:
- Any of the basic KYC documents (Aadhar card, PAN card, driving license)
- Income proof documents
- If the co-applicant is a salaried professional, then the salary slips of the previous three months, along with their ITR documents of the previous 2 years are to be submitted.
- If the co-applicant is self-employed, then their bank account statement of the previous 3 months, along with their relevant ITR documents of the previous 2 years are to be submitted.
Candidates who wish to avail the benefits of an Auxilo Finserve education loan may fill the Auxilo education loan form online, here. All the relevant points of the non collateral education loan from Auxilo Finserve Ltd. will be explained by our team once candidates fill the relevant Auxilo education loan form online.
Auxilo Education Loan Margin
An education loan without collateral does not require candidates to pledge any collateral. Hence there is no Auxilo education loan margin set for the same. An Auxilo Finserve education loan will fund 100% of a candidate’s total expenses.
Auxilo Education Loan Process
The Auxilo education loan process is a pretty simple one. Candidates may fill the Auxilo loan application form online. The candidate’s profile will be analysed by the Auxilo education loan team and depending on whether the profile fulfils all the Auxilo loan eligibility requirements, candidates will receive a call from our team.After further discussions regarding the Auxilo student loan scheme, the candidates’ application will be subjected to further steps in the Auxilo education loan process.
Candidates will be explained all the relevant points regarding the whole process and after having received a confirmation from their end, the respective Auxilo student loan application will be processed. Candidates will be required to make payment of their Auxilo education loan processing charges and the education loan insurance charges only after their Auxilo education loan for abroad studies has been sanctioned.
Other Features of the Auxilo Education Loan Without Collateral
Multi-city cases are possible: Candidates can name individuals staying elsewhere in India, as co-applicants. An Auxilo education loan for abroad studies is definitely possible for such candidates.
Pre-approval of education loan is possible: Certain countries abroad require immigrant students to provide some kind of financial security even before they can qualify for a student visa. As a result, students applying to these countries need to arrange for their college funds way in advance. Auxilo Finserve Pvt Ltd. approves disbursements for such requirements.
Additional Co-applicants accepted: For an Auxilo education loan, candidates can name their nearest relatives (other than own parents and siblings) like uncle, aunt, in-laws if the need comes. Spouses are not accepted as co-applicants.
Read more about A guide to education loan without collateral for Indian students
How to Apply For An Auxilo Education Loan Without Collateral ?
Candidates may apply for an Auxilo student loan by filling the online Auxilo education loan form online. Once the form has been filled, the financial officer assigned to you from the WeMakeScholars financial team will contact you in order to discuss further details about the Auxilo unsecured education loan product that they wish to purchase.
Once all the relevant documents have been submitted by the candidates, the Auxilo student loan team will undertake all the further procedures. If they happen to face any issues along the Auxilo education loan process, they may lodge their Auxilo education loan-related issues with the Auxilo education loan customer care team.
Auxilo Education Loan Repayment
- According to the Auxilo education loan terms and conditions, candidates are required to start their interest payments in the month immediately following that of their first loan disbursement.
- The EMI payment phase starts as soon as candidates complete their course. Candidates may make use of Auxilo’s online Auxilo education loan repayment method to make their payments. Candidates may refer to the Auxilo education loan guidelines
Any candidate found in violation of any of the Auxilo education loan rules regarding Auxilo education loan repayments will be penalized accordingly. Hence, it is recommended to adhere to these Auxilo education loan repayment rules. For any query regarding the Auxilo education loan process, candidates may get in touch with our team by requesting a callback.
Note: WeMakeScholars is an organization funded and supported by the Government of India that focuses on International Education finance. We are associated with 10+ public/Pvt banks/ NBFCs in India and help you get the best abroad education loan matching your profile. As this initiative is under the Digital India campaign, it’s at free of cost. The organization has vast experience dealing with students going to various abroad education destinations like the US, Canada, UK, Australia, Germany, Sweden, Italy, China, France among others