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Auxilo Abroad Education Loan Parameters

sbi bank

Loan Limit

Rs. 25 Lakh to Rs. 65 Lakhs

sbi bank

R.O.I

11% - 14%

sbi bank

Moratorium\Repayment

12 months \ 10 years
(including the course duration)

Feature

Description

Margin Money

NIL

Processing Fee

1.5% to 2% of loan sanctioned amount + GST

Processing Time

8 - 10 days

Prepayment Charges

A prepayment charge of 5% plus GST is applicable on the amount prepaid.

Study Level & Course
  • Secured loan available for all levels of courses.
  • Unsecured loan available only for postgraduate courses in STEM (Science, Technology, Engineering, and Mathematics) and management fields.

Expenses Covered
  • College/hostel fee.
  • Library, laboratory, and examination fees.
  • Charges for books, equipment, uniforms, and instruments.
  • Caution deposit.
  • Cost of computer/laptop.
  • Insurance premium for the applicant.
  • Other miscellaneous charges related to the course.

Property Acceptable
  • Residential flat
  • House
  • Open plot
  • Shop

Collateral & Non-Collateral

Yes

Co-Applicant:
  • Parents
  • Grandparents
  • Immediate family members

Offer Letter
  • Pre-Admission Loan: This loan option is available to students who have received a conditional offer letter from the educational institution. It allows students to proceed with the loan application process before final admission confirmation.

Eligibility:-

  • Age: The applicant must be at least 18 years old or older at the time of application. The student should have secured admission to a recognized university.
  • Academic performance: The applicant must meet the minimum academic criteria set by Auxilo and maintain a consistently good academic record. Additionally, prerequisite tests such as GRE, IELTS, or TOEFL may be required. In the US, GRE scores are particularly important for obtaining an education loan.
  • Co-applicant: A co-applicant is required for the loan, who can be the applicant's mother, father, sister, brother, spouse, paternal or maternal relative, or a legal guardian. The co-applicant should have a regular source of income and a good credit history.
  • Course and country of study: The scheme covers regular graduate degree/post-graduate degree/diploma/certificate/doctorate courses in any discipline offered by foreign institutes/universities in the USA, UK, Canada, Australia, New Zealand, France, Germany, and Ireland.

Benefits:-

  • No need to liquidate savings or depend on family for funding. Borrow independently and save your savings for the future.
  • Full coverage of tuition fees, living expenses, and more with zero margin money. This helps in building a better credit score for easier access to future loans and better loan deals.
  • Easy repayment through EMIs with a repayment period of up to 12 years, making it affordable for borrowers.
  • Loan sanction from Auxilio even before admission confirmation. The loan sanction letter can be used as proof of funds during the application process to universities.
  • Taking an education loan promotes financial responsibility and helps students value their education. It provides an opportunity for parents to support their child's dreams and give them the wings to fly.

How To Apply:-

  • Apply online and upload the required documents.
  • The application will go through processing and approval.
  • Upon approval, the loan will be sanctioned and disbursed to the borrower.

Documents:-

  • KYC of applicant and co-applicants (such as identity proof, address proof, etc).
  • Academic Records
  • Proof of admission
  • Entrance Exam Result(if applicable)
  • Statement of cost of study/ Schedule of expenses
  • Income Proof for Salaried Co-applicant/ Guarantor (if applicable)
  • Bank account statement for last 6 months etc
  • Property Documents (if applicable)

FAQs

Yes, Auxilo provides education loans without collateral to students for an amount up to Rs. 65 lakh. However, the amount can go up to 90 lakhs, though the applicant’s profile and university of choice will be taken into consideration.

Auxilo usually approves an education loan to study abroad within 2-3 working days.

Yes, you can go for Auxilo for an education loan abroad, as it has multiple benefits associated with it, including:

  • ● Attractive interest rates
  • ● Easy loan application and processing
  • ● Tax Benefit

Yes, for education loans over 65 lakhs, there is a requirement of collateral. But again it depends on the course and the country.

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