All About Auxilo Education Loan Disbursement Process

    Updated on: 27 Sep 2022

     


    India is a country of aspirations, and education is at the foundation of these aspirations. If there is one thing for which an Indian can bet his entire life’s savings is his child’s education. Since the Vedic age, the need for education has been realised by sages and gurus. Education was meant for everyone, and people were allowed to take the best education irrespective of their societal status or financial status. Even after independence, one thing that India kept its focus on was education. Because of education, India is now an IT superpower, and the CEOs of the world’s biggest corporate companies are Indians. With the change of time, education became costly, and despite the rise in the average income, going abroad for a higher degree remained an uphill task for most students. 

    A decade back, India saw a boom of NBFCs in the abroad education loan segment. This helped lakhs of students to realise their dream of studying abroad. Auxilo is a leading NBFC that has helped thousands of students until now to get easy loans for their education abroad. It was formed to take forward India’s ancient culture of imparting education to all irrespective of their social or financial status. Auxilo, education loan reviews, is a testament to it. We will be discussing Auxilo’s entire loan disbursement process. 

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    Step by Step Guide for the Loan Disbursement 

    • Once a student is thinking of taking an abroad education loan, at that very moment, they can connect to Auxilo. There are a lot of apprehensions in the borrower’s minds, and they wish to get an answer to all of it before moving ahead with their plan to take the loan. The first stage begins with queries and questions which the loan officers will answer at Auxilo. 
    • Once the borrower wishes to know more about the loan, the loan officers will hold a personal discussion. The discussion will pivot on the type, of course, the student wants to pursue, the education background, academics, the choice of institution, etc. After all this is sorted, Auxilo will come up with a unique and customized loan plan that will work best for the student. 
    • Once a student is ready to initiate the loan process, they have to give all the required documents. The student has to give details about the educational institution where they are planning to study, admission date, course-specific information, admission related, and any other relevant information that varies from case to case basis. This information helps Auxilo in the verification process and complete the borrowing process at the earliest. 
    • The loan restructuring process is a crucial step in the Auxilo education loan process. It starts only after the validation of the documents with and verification of the student’s enrolment at the chosen institute. Once all the verification and validation is done, the loan is structured, and a customised loan is proposed to the borrower that caters to all their needs. 
    • Once the documents are submitted and verified, the disbursal process begins. Some formalities have to be done at this stage before the disbursal of the loan. Some additional documents and post-dated cheques might be asked to be submitted. The institution fees will be directly transferred to the concerned institute. The tuition fees and living expenses are submitted to the student’s account. 

    Documents Required for the Loan Process

    The loan process needs a comprehensive set of documents, and one must keep all the documents handy before moving ahead with the loan process. Any delay in furnishing the original document will only affect the loan approval time, which might lead to further delays in admissions. 

    Documents Related To Academics

    The mark sheet of 10th, 12th or PUC, and undergraduate levels. 

    Get an overview on IELTS Click Here

    Documents Related to the Required Test

    Universities keep the requirement of taking certain tests in order to secure admission. So, a student has to show the scorecard of GRE/ TOEFL/ IELTS/ GMAT or any other test that the student might have taken. However, some universities don’t require tests, so it depends on case to case basis. 

    Read More: Get an overview on TOEFL Exam, GRE Exam, GMAT Exam

    Documents Related to KYC

    PAN Card or Form No. 60 as defined in Income-tax Rules, 1962

    Out of the following, one of the documents is required;

    • Voter Card
    • Aadhar Card with consent letter/declaration & masking of first eight digits
    • Driver’s License
    • Valid Passport 
    • NREGA Card (National Rural Employment Guarantee Act)

    If the documents mentioned above don’t have the updated address, then the following documents can be used for address verification. 

    • Utility bill of any of the following service providers, electricity, telephone, post-paid mobile phone, piped gas, water bill. 
    • The tax receipts of the property or any of the recent municipal tax receipts. 
    • Pension or Family Pension Orders (FPO) issued by a department of government or any PSU(State or CPSE). 
    • Allotment letter of accommodation issued by Central Government, State Government, or any of the PSU. 

    Documents that are required from the Co-applicant

    • Bank statement of last six months of the salary account. 
    • Payslip of three months and any additional source of income that the co-applicant might have. 
    • NACH Form.
    • The proof of the relationship between the student and the co-applicant. 
    • Latest Form 16 and ITR. 
    • Post-dated cheques in case the borrower is unable to make the interest payments in a particular month. 

    There are several instances wherein the co-applicant might be a Private/Public limited company, a Partnership firm, Trust, Sole Proprietorship. So, in these cases, the documents have to be submitted, which is different from the one mentioned above. In case a sole proprietary is the co-applicant, then the documents that are to be submitted are:

    • PAN 
    • Any valid document as mentioned for individual co-applicants. 


    Proof of business/activity in the name of the proprietor (Any Two): 

    • Registration certificate 
    • CST/VAT/ GST certificate (provisional/final). 
    • Certificate/licence issued by the municipal authorities. 
    • IEC (Importer Exporter Code) was issued to the proprietary concern by the office of DGFT.
    • Utility bills such as electricity, water, landline telephone bills. 
    • Sales and income tax returns. 
    • Certificate/registration document issued by Sales Tax/Service Tax/ Professional Tax authorities. 
    • Complete Income Tax Return (not just the acknowledgement) in the sole proprietor’s name where the firm's income is reflected, duly authenticated/ acknowledged by the Income Tax authorities.

    Why Take a Loan From Auxilo?

    Auxilo has made a name for itself by giving students the opportunity to study abroad at the most convenient terms of borrowing. The loan process is very fast, and the entire process gets completed within a week. We will be discussing some of the salient features of abroad education loans from Auxilo.

    Loan Amount: There is no cap or upper limit on the loan that a student might ask for their abroad education. Abroad education is costly, and Auxilo keeps this in mind, so there is no upper limit on the extent of a loan that can be granted. 

    Get Detailed Info on Interest Rate Click Here

    Interest Rate: The interest rate for an abroad education loan is calculated by this basic formula: The Base Rate of Auxilo+ Spread. The spread is usually calculated by considering the profile of the student, the institution where they are planning to study, the selection of course, and any other factor that Auxilo may consider for approval of the loan. 

    The extent of Coverage by the Loan Amount: The extent of coverage provided by the loan is one of the crucial aspects that is usually considered by the borrowers planning to take an abroad education loan. Auxilo understands this and covers all the expenses that a student might have at the time of their studies abroad. The loan by Auxilo covers tuition fees, living expenses, examination fees, travel expenses, etc. So, Auxilo loan rules out any margin money, and everything is covered under the loan. 

    Pre-Visa Disbursement of Loans: There are several countries that ask for the disbursal of loans before applying for visas. Auxilo loans are available for pre-visa disbursement. Depending on the choice of country, the loans are disbursed for Australia, Canada, New Zealand, etc., where pre-visa disbursement is an essential condition. 

    Customised Loans: The loans are customised as per the need of the student. The loan officers at Auxilo hold meetings with potential borrowers and then give a customized loan option. The loan amount can be different for students depending on the country where they are planning to pursue higher education. So, Auxilo doesn’t work on a “one size fits all” approach. 

    More than One Co-Applicants: Auxilo understands the need and the financial capacity of a student. Every student can’t have one co-applicant who can take care of the interest payments and take all the risks. So, Auxilo helps students who don’t have the financial means to take care of the loan with just one co-applicant and allows multiple co-applicants to reside in multiple cities.  

    Processing Fee: The loan processing fee is 2% of the sanctioned loan amount. 

    Repayment of Loan: Auxilo gives ample time for repayment of loans. The loan repayment time is usually ten years which is pretty good, as the interest rate is high, so longer repayment time translates to costlier loans. 

    Broad Range of Courses and Country: There is a broad range of courses that is available to students for studying, and they can choose it as per their preference for studies. Auxilo offers loans for a wide range of courses that other financial institutions might not cover. Also, Auxilo doesn’t restrict itself to giving loans to only a definite set of countries. Auxilo provides loans for almost all the countries where Indian students go for higher education. 

    Check Your Education Loan Eligibility Click Here

    How does GyanDhan help in getting a loan from Auxilo?

    GyanDhan is India’s first and largest education loan marketplace. It leverages its partnership with leading lenders in India- both public and private sector lenders, to help students get the best abroad education loan product as per their academic and financial profile. The entire loan process is either online or the facility of doorstep document pickup is offered. In short, students don’t need to step out of their home to get the loan done. Students also get facilities like customized document checklists, personal loan counselor, frequent updates on loan progress, and more. Also, our services are entirely free of cost. To start, students can check their loan eligibility to know whether or not they are eligible for an education loan via GyanDhan.

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GyanDhan is India's first education financing marketplace.

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