Credila vs. Auxilo: Which is Better for Education Loans?

Question

How much loan amount is disbursed by Credila and Auxilo?

Credila or Auxilo - which lender is better if I don’t have a co-applicant?

Is it safe to take an education loan from Auxilo?

Which lender is more suitable, Credila or Auxilo, if I don’t have a co-applicant with the required minimum income?

What is the loan processing fee for Credila and Auxilo?

What is the loan processing time for Credila and Auxilo?

Accepted Answer

The maximum amount disbursed depends on your course fee and living expenses. There is no fixed cap on the amount to be disbursed at the time of disbursement.

Accepted Answer

A co-applicant is usually mandatory for education loans. However, if you do not have a co-applicant, Credila can give you an education loan only if your GRE scores are high and you have relevant work experience.

Accepted Answer

Yes. Auxilo is a prominent NBFC in India for education loans to study in India or abroad. Auxilo education loans have been helpful to 7,500+ students so far.

Accepted Answer

If you have a GRE score of 310+ and admission to a top 100 QS-ranked university, Credila can offer loans without a co-applicant. However, Auxilo generally requires a co-applicant with a stable income for unsecured loans, and is less flexible in waiving this requirement.

Accepted Answer

Education loans by Credila have a processing fee of 0.75%-1.25%, whereas Auxilo charges 0.5% - 1.5% of the loan amount to process education loans.

Accepted Answer

Credila and Auxilo require up to 5-7 days to process the education loan application.

Features	Credila	Auxilo
Maximum loan amount	Up to INR 1.5 Crores (Secured loan) Up to INR 75 Lakhs (Unsecured loan)	Up to INR 75 Lakhs
Interest rate*	10.50% - 13%	11.25 - 14%
Moratorium period	Course period + 1 year	Course period + 1 year
Repayment during the moratorium period	Simple Interest (SI) or Partial Simple Interest (PSI)	Simple Interest (SI) or Partial Simple Interest (PSI)
Processing fee	0.75%-1.25% of the loan amount + GST	0.5% - 1.5% of the loan amount + GST
Loan tenure	12 - 15 years	12 - 15 years
Margin money	Nil	Nil
Minimum co-applicant income	INR 20,000 - 50,000	INR 20,000 - 40,000
Credit life insurance premium	0.75%-1.25% of the loan amount	0.5 - 1.5% of the loan amount
Tax Benefit Under Section 80E	Yes	No
Loan Approval Based on GRE / GMAT?	Yes	Yes
Give Pre Admission Loans	Yes	Yes

Feature	Credila Education Loan	Auxilo Education Loan
Year of Establishment	2006	2017
Countries Covered	Over 64 Countries	25+ Countries
Co-applicant Requirement	Not required for applicants with 310+ GRE scores and work experience for select countries (e.g., the US)	Co-applicant is required.
Number of Institutions	5,000+ Institutions	1,100+ Institutions
Loan Amount Flexibility	Semi-collateral option allows partial funding based on co-applicant's income.	Maximum loan amount can be increased for students with work experience and high-income co-applicants
City Coverage	Available across India	Focused on specific cities in India

Country	Credila	Auxilo
Australia	11% - 12.5%	12.5 % - 14%
Canada	10.75% - 12.5%	12% - 13%
Germany	10.5% - 12.5%	12.5 - 13.5%
Ireland	10.50% - 12.5%	12.5 - 13.5%
New Zealand	10.5% - 12%	11.25% - 12%
UK	10.50% - 12%	12.5 - 13.5%
US	10.50% -12.5%	10.50% -12.75%

Country	Credila	Auxilo
Australia	Up to INR 20 - 30 Lakhs Co-applicant income: INR 35,000 - 50,000	Up to INR 15 - 20 Lakhs Co-applicant income: INR 35,000 - 40,000
Canada	Up to INR 20 - 40 Lakhs Co-applicant income: INR 30,000 - 50,000	Up to INR 25 - 30 Lakhs Co-applicant income: INR 30,000 - 40,000
Germany	Up to INR 20 - 30 Lakhs Co-applicant income: INR 35,000 - 50,000	Up to INR 20 Lakhs Co-applicant income: INR 35,000 - 40,000
Ireland	Up to INR 20 - 30 Lakhs Co-applicant income: INR 35,000 - 50,000	Up to INR 20 Lakhs Co-applicant income: INR 35,000 - 40,000
New Zealand	Up to INR 20 - 30 Lakhs Co-applicant income: INR 35,000 - 50,000	Up to INR 15 - 20 Lakhs Co-applicant income: INR 35,000 - 40,000
United Kingdom	Up to INR 20 - 30 Lakhs Co-applicant income: INR 35,000 - 50,000	Up to INR 40 Lakhs Co-applicant income: INR 40,000
United States	Up to INR 40 - 75 Lakhs Co-applicant income: INR 20,000 - 35,000	Up to INR 30 - 65 Lakhs Co-applicant income: INR 20,000 - 35,000

Credila vs. Auxilo: Which is Better for Education Loans?

Overview of Credila vs. Auxilo Education Loans

Credila Education Loan:

Auxilo Education Loan:

Credila Education Loan Vs Auxilo Education Loan

Credila vs. Auxilo: Interest Rates

Credila Interest Rates:

Auxilo Interest Rates:

Country-Specific Differences Between Credila and Auxilo Education Loan

Credila vs. Auxilo: Repayment Tenure

Credila Repayment Tenure:

Auxilo Repayment Tenure

Credila or Auxilo: Which is Better?

Frequently Asked Questions

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