Auxilo Education Loans for Abroad Studies: Everything You Need to Know

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There used to be a time when India had a very skewed credit culture that only favored a few, and a majority was left out. The financial market upheavals happened in the early 90s, and since then, India has treaded on the path of prosperity. One of the reasons for India's growth is the education sector, and the advent of new entrants in the banking world has completely turned the tables. Now education loans are not restricted to those who have high valued collaterals or come from well-heeled families. The ambit of lending has seen an exponential rise with the growth of NBFCs. And when it comes to NBFCs working in abroad education loan space, the name of Auxilo certainly comes out among the top. 

The Auxilo education loan scheme helps students from all sections of society to have equitable access to loans for studying in their dream university abroad. Auxilo's education loan interest rates to terms of repayment are customized by keeping in mind the financial capability of the borrowers. The entire process of sanctioning the loan gets completed within a week, which is the shortest by any lender giving abroad education loans. 

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A Brief Overview of the Abroad Education Loans Offered by Auxilo

The abroad education loans by Auxilo are offered at pretty reasonable terms. It is clearly reflected in the Auxilo education loan reviews given by students, parents, professionals, and others who understand the abroad education loan space. Now we will provide you with a brief overview that will help you in getting a broader structure of your loan. 

 

The table above clearly substantiates the broad structure of the loan you might get for your education abroad. For those students who don't have strong financial capability, the Auxilo education loan without collateral is a boon. The secured loan option helps students with collateral take a loan with a relatively lesser interest rate. So, there is no dearth of options, and you can select one which suits you the most. 

Eligibility Criteria for Taking Abroad Education Loan

There are different eligibility criteria for students and cosigners or co-applicants. One must ensure that all the eligibility criteria are met so that the loan processing can be done quickly. 

Eligibility Criteria for Students

• The student applying for an abroad education loan must be an Indian citizen. 
• The age of the loan applicant must be 18 or above. 
• The student must have some sort of confirmation from the university about the admissions. Most commonly, the universities give a letter of acceptance. 
• The education loan documents should be signed by a co-applicant who must be an earning member and preferably a closed relative. 

Eligibility Criteria For Co-applicants

• The co-applicant signing the loan documents must be an Indian citizen. 
• The co-applicant could be parents, siblings, legal guardians, or a close relative. 
• The co-applicant must have a bank account in India with the ability to write cheques. 
• The co-applicant will have to become the primary debtor.  

 

These criteria help Auxilo ascertain that they will be getting back their loan amount. Since investors or other banks back most NBFCs, they have to keep stringent criteria to avoid a mounting NPA situation. However, if you approach the NBFC through fintech companies working in this space, they can help you by convincing Auxilo to make amends in the loan. They can help you in getting the loan at more convenient terms and conditions.

 

Courses for which Auxilo Abroad Education Loans can be Availed

There is a wide range of courses for which Auxilo education loans are available. Auxilo gives you the liberty to study a range of courses for which they are ready to finance. One of the criteria that they consider is the employment prospect post completion of the course. So, if you can convince them about the employability post-completion of the course, the chances are very likely that they will sanction the loan. Here are the courses for which they readily lend:

• If you are planning to pursue Graduation, post-graduation, and professional degree/diploma courses from a college/ university approved by the country's government. 
• STEM courses from countries like the US, the UK, Germany, Canada, Ireland, etc. 
• MBA courses from the countries mentioned above. 

Documents Required For Auxilo Abroad Education Loan

There is an elaborate list of documents that a student must keep handy in order to avoid any last-minute trouble. The documents submitted to Auxilo must be authentic and up to date, as any discrepancy at the verification stage will lead to the rejection of the loan application.

Documents Required For Proof Of Identity (Both Student and Co-applicant)

• Pan Card
• Voter Card
• Aadhar Card with a consent letter and masking the first eight letters. 
• Valid Passport
• Driving License
• NREGA Card (National Rural Employment Guarantee Act)

 

If the documents mentioned above don't have an updated address, then the applicant can use the following documents:

 

• Utility Bill.
• The municipality or Property Tax receipt. 
• Pension or Family Pension Orders for retired government employees. 
• Letter of allotment of accommodation from the employer(Central Govt, State Govt, PSU, Regulatory Bodies, Banks, listed companies). 

Documents related to academics 

All the academic details must be furnished to the bank to initiate the loan process. The following sets of documents are required:

• All the relevant transcripts, e.g., HSC, SSC, Graduation, etc. 
• Degree certificates and diplomas or any other applicable document of this type. 
• Letter Of Acceptance from the university. 
• Any other document that Auxilo loan officer might ask, depending on your case. 

Documents related to income
Income-related documents are one of the most crucial documents that the loan applicant has to submit. Income-related documents play the most important role in determining the loan quantum of the applicant's eligibility. 

• The income pay-slip of co-applicants. 
• The bank statements of the last one or two financial years vary from one case to another. 
• Form 16/ITR.

Other Documents

• Copy of the valid passport.
• Documents related to the collateral which the loan applicant pledges. 
• Any additional document that Auxilo might ask for loan processing. 

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