Auxilo Education Loan to Study Abroad: Interest Rates, Repayment Tenure, & Application

Auxilo abroad education loan is a popular financing option for Indian students planning to study overseas. Auxilo supports admissions to 1,400+ universities across 25 countries and offers funding for tuition fees, living expenses, travel costs, and other study-related expenses. An Auxilo education loan for study abroad can cover up to 100% of your educational and living costs abroad.

Auxilo education loans are NBFC-backed study abroad loans for Indian students. As stated on the page, Auxilo offers up to ₹70 lakh without collateral, no cap with collateral, 0% margin money, a 2% processing fee, a moratorium period of course years + 6-12 months, and repayment tenure of up to 10 years. Its interest rate is 15.10% + spread, with the final rate depending on the student profile, co-applicant, course, university, and credit history.

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Auxilo Education Loans Overview

Auxilo education loans offer score-based benefits to meritorious students, such as interest concessions. If your document review is successful, the Auxilo education loan processing fee is applicable as per lender guidelines, and the loan processing time is typically 3-5 business days.

Note: Interest rates, fees, eligibility criteria, and loan terms keep changing. Students should verify the latest information directly with Auxilo before applying, as lending policies may change.

Auxilo Education Loan With and Without Collateral

Auxilo offers both secured (with collateral) and unsecured (without collateral) education loans for studying abroad.

Without Collateral

• Loan amount up to INR 70 Lakhs
• No property or asset security required
• Approval depends on the student’s academic profile, university, course, and co-applicant profile

With Collateral

• No upper loan limit, subject to eligibility
• Property or other approved assets may be pledged as security
• Higher funding may be available based on collateral value and borrower profile

Auxilo Education Loan Processing Fee and Other Charges

The Auxilo education loan processing fee is generally 2% of the sanctioned loan amount, subject to lender policies.

Students should also consider additional charges that may apply during the loan process, including:

• Insurance premium (if opted)
• Legal verification charges
• Property valuation charges (for secured loans)
• Stamp duty charges
• Late payment penalties
• Bounce charges for failed EMI payments

These charges may vary depending on the loan amount, collateral requirements, and applicant profile.

What Is the Auxilo Education Loan Interest Rate?

Auxilo calculates abroad education loan interest rates using the formula:

Interest Rate = Auxilo Base Rate + Spread.

For example, if the Auxilo Base Lending Rate is 15.10% and the applicable spread is 1.50%, the final interest rate would be 16.60% per annum. The actual spread varies based on the applicant’s profile and loan assessment.

Auxilo’s current Base Lending Rate is 15.10%. The Spread rate changes with individuals based on course selection and profile credit reports.

The spread varies based on several factors, including:

• Student academic profile
• University ranking and course selection
• Co-applicant income and credit history
• Loan amount
• Collateral availability
• Overall repayment capacity

The interest rate on Auxilo student loans is floating. The interest rates are calculated in Simple Interest, and monthly repayment will be required. Remember, Auxilo education loan interest rates are subject to revisions by Auxilo Finserv Pvt. Ltd. 

What Are the Eligibility Criteria for an Auxilo Education Loan?

Understanding the Auxilo education loan eligibility requirements is essential before applying. Students must secure admission to a recognized foreign university and meet the lender’s academic and financial criteria.

Student

• Be an Indian citizen, 18 years old or above.
• Have a confirmed admission abroad before Auxilo disburses the education loan.
• Have a co-signer in India.

Co-borrower

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

Note: The co-applicant’s income, employment stability, and credit history play an important role in loan approval. A financially strong co-applicant may improve the chances of approval and help secure better loan terms. Supporting income and banking documents may be required during the verification process.

What Are the Documents Required for an Auxilo Education Loan?

Applicants must submit the Auxilo education loan documents required by the lender to ensure smooth processing and quicker approval. Make a checklist of documents before you start the application to avoid the chances of a last-minute delay.

Student Documents

• PAN Card
• Aadhaar Card or Passport
• Passport-size photographs
• Admission letter from the university
• Detailed fee structure
• Academic mark sheets and certificates
• Entrance test scores (IELTS, TOEFL, GRE, GMAT, PTE, Duolingo, etc.)
• Resume/CV (if required)

Co-Applicant Documents

• PAN Card
• Aadhaar Card or Passport
• Income Tax Returns (last 2-3 years)
• Salary slips (last 3-6 months)
• Bank statements (last 6 months)
• Employment proof or business proof

Collateral Documents (If Applicable)

• Property ownership documents
• Approved property valuation report
• Encumbrance certificate
• Property tax receipts

How to Apply for an Auxilo Education Loan?

Applying for an Auxilo education loan involves the following steps:

1. Check your eligibility and funding requirements.
2. Submit the loan application form and supporting documents.
3. Complete profile verification and document assessment.
4. Receive a loan sanction letter if approved.
5. Accept the loan terms and complete the formalities.
6. Loan disbursement is processed according to university payment schedules.

After loan approval, Auxilo disburses funds according to the university’s fee schedule. Tuition fees are generally paid directly to the institution. Eligible living expenses and other approved education-related costs may be released as per the loan terms and lender guidelines.

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What Is the Repayment Tenure for an Auxilo Education Loan?

The Auxilo education loan repayment tenure is designed to reduce the financial burden on students during their studies.

Moratorium Period

Auxilo provides a moratorium period that includes:

• Entire course duration
• Additional 6-12 months after course completion

After the moratorium period ends, borrowers begin EMI repayment based on the approved loan tenure and repayment schedule.

Loan Repayment

• EMI repayment generally starts after the moratorium period ends.
• Students can choose repayment plans based on lender approval.
• The repayment tenure can extend up to 10 years.
• Early repayment may help reduce the overall interest burden.

Conclusion: Apply for an Auxilo Education Loan

Auxilo education loans have a comparatively easier application process than education loans from a bank. Meritorious students can get up to INR 70 Lakhs without collateral. Ensure you meet the eligibility criteria and have the specified documents to complete the application process without any hassles. 

Check your education loan eligibility for Auxilo education loans! Connect with Nomad Credit for free guidance on profile evaluation, loan application, and documentation. Take advantage of the opportunity – connect with us today!  

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