Founded in 2017, Auxilo Finserve Pvt. Ltd. is one of the pro-education NBFCs registered with the Reserve Bank of India. Like other NBFCs, Auxilo offers unsecured education loans to students who for whatever reason couldn't get a secured education loan. 

An education loan without collateral from Auxilo can be your one-stop solution for all your financial needs. An Auxilo education loan process is simple, student-friendly, and totally hassle-free.

Auxilo education loan details

Some of the basic details of an unsecured education loan scheme from Auxilo are depicted in the following table.

Auxilo Education Loan Parameters	Values
Auxilo Education Loan Interest Rate*	11% to 14%, depending on a student’s profile
Processing Time	10-12 Days when applied online
Accepted co-applicants	Close Blood relatives
Preferred courses	Masters & Diploma Courses in STEM & Management fields
Loan Margin	0%
Loan Tenure	10 years
Maximum Available Loan Amount	Up to 60 Lakhs
Preferred Countries	USA, Germany, Canada, Ireland
Auxilo Education Loan Processing Charges	1% to 5% of the loan amount
Auxilo Education loan insurance fees	1% of the loan amount

Course for which Auxilo education loan is granted:

Auxilo grants education loans only after giving thorough consideration to the course in which students wish to pursue their higher studies. All NBFCs prefer courses from STEM disciplines when it comes to education loans.

Countries given due preference by Auxilo Finserve for abroad education loan.

Since there is no collateral security involved, it is critical for NBFCs to look at the employability prospect of the students. There are a few countries in the world that promise a bright career to deserving students. According to the flexibility of their policies, Auxilo has put together a list of countries for which they easily approve unsecured education loans. 

If you wish to borrow a collateral-free education loan from Auxilo Finserve to study in any of the countries which are not mentioned in the above table, you may consider borrowing a collateral-based education loan. 

Auxilo education loan processing charges & insurance charges

Auxilo Finserve Pvt Ltd. charges close to 0.9% to 2% of the loan sanctioned amount as processing fees. The Auxilo education loan processing charges are subject to change with the changing policies. So ensure the same with your loan processing officer before commencing your Auxilo education loan process. 

A collateral-free education loan does not require students to pledge any asset as collateral. It is for this very reason that the Auxilo education loan rules state that it is mandatory for students to purchase an Auxilo education loan insurance. The loan insurance charges are 1% of the total unsecured education loan amount.

Auxilo education loan interest rate

The Auxilo education loan interest rate usually falls in the range of 11% to 13.5%. The Auxilo interest rates differ in this range depending on the countries to which students wish to study. A lot depends on the student’s academic profile and their co-applicants financial profile.

The Auxilo education loan rate of interest can be negotiated provided that the students’ academic profile shows excellent promise. Some of the major factors that influence Auxilo education loan interest are as follows:

• The student’s academic profile: Having an exceptional academic record can be a strong factor for availing a waiver in the Auxilo education loan interest rate. 
• The course and country of higher education chosen by the student: If you are someone who has an excellent academic record and wishes to pursue their higher education in any of the highly-ranked universities in the world, then the Auxilo education loan interest rate can be negotiated. All courses belonging to the STEM category and professional courses related to the management stream are mainly funded by Auxilo education loan.
• The co-applicants’ financial profile: The term unsecured education loan conveys exactly what the terms of these loans are. Since students are not required to pledge collateral, Auxilo Finserve pays close attention to the financial profile of their co-applicants. Naming a financially strong co-applicant will be a plus point for students to negotiate their Auxilo ROI.

Auxilo education loan requirements

Students need to meet certain Auxilo education loan eligibility criteria in order to qualify for an Auxilo unsecured loan. The same policy is applicable to their co-applicants as well. 

Some of the basic Auxilo education loan eligibility criteria for students are as follows:

1. The student should be a citizen of India
2. The student should have completed 18 years of age.
3. The student should have passed all the relevant qualifying examinations such as IELTS, TOEFL, GMAT, GRE, etc.
4. The student should have secured admission into a university abroad.

Some of the basic Auxilo education loan requirements that co-applicants need to fulfill in order to qualify for an Auxilo education loan are:

1. The co-applicant should have a steady source of income.
2. Only close family members (Parents, own siblings) can be named as financial co-applicants.
3. The co-applicant should be a regular tax-payer. ITR documents of the previous two years are crucial to the unsecured education loan process.
4. Retired family members cannot be named as co-applicants. 

Maximum amount available as Auxilo education loan

Auxilo Finserve offers the following amounts as unsecured education loans for the following countries:

Countries	Maximum Edu Loan Amount
USA	INR 75 Lakhs
Germany	INR 20 Lakhs
Australia	INR 30 Lakhs
Ireland	INR 25 lakhs
Canada	INR 35 Lakhs

Auxilo education loan documents

Auxilo education loan documents required from students:

1. Basic KYC documents (Aadhar card, PAN card or Driving license)
2. Academic documents ( Marksheets of 10th, 12th, Graduation if applicable, test scorecards of qualifying exams like IELTS, TOEFL, GMAT, GRE, etc.)
3. A copy of the passport is mandatory.

Auxilo education loan documents required from co-applicants:

1. Any of the basic KYC documents (Aadhar card, PAN card, driving license)
2. Income proof documents
3. If the co-applicant is a salaried professional, then the salary slips of the previous three months, along with their ITR documents of the previous 2 years are to be submitted.
4. If the co-applicant is self-employed, then their bank account statement of the previous 3 months, along with their relevant ITR documents of the previous 2 years are to be submitted.

Auxilo education loan margin

An education loan without collateral does not require students to pledge any collateral. Hence there is no education loan margin set for the same. An Auxilo Finserve education loan will fund 100% of a student's total expenses.

Auxilo education loan process

The process of getting an education loan through Auxilo is a pretty simple one. students may fill out the Auxilo loan application form online. The students' profiles will be analyzed by their team of experts and depending on whether the profile fulfills all the Auxilo loan eligibility requirements, students will receive a call from their team. After further discussions regarding the Auxilo student loan scheme, the students’ applications will be subjected to further steps in the Auxilo education loan process.

students will be explained all the relevant points regarding the whole process and after having received a confirmation from their end, the respective Auxilo student loan application will be processed. students will be required to make payment of the processing charges and the education loan insurance charges only to get the sanction letter.

Other features of the Auxilo education loan without collateral

• Multi-city cases are possible:  Students can name individuals staying elsewhere in India, as co-applicants when they apply through WeMakeScholars.
• Pre-approval of education loan is possible: Certain countries abroad require immigrant students to provide some kind of financial security even before they can qualify for a student visa. As a result, students applying to these countries need to arrange for their college funds way in advance. Auxilo Finserve Pvt Ltd. approves disbursements for such requirements.
• Additional Co-applicants accepted: Students can name their nearest relatives (other than their own parents and siblings) like uncle, aunt, in-laws if the need comes. 

How to apply for an Auxilo education loan without collateral?

Students may apply for an Auxilo education loan without collateral by filling the Auxilo education loan form online. Once the form has been filled, the financial officer assigned to you from the WeMakeScholars financial team will contact you in order to discuss further details about the Auxilo education loan without collateral product that they wish to purchase. 

Once all the relevant documents have been submitted by the students, the Auxilo student loan team will undertake all the further procedures. If they happen to face any issues along the Auxilo education loan process, they may lodge their issues with the WeMakeScholars team.

Auxilo education loan repayment

According to the education loan terms and conditions, students are required to start their interest payments in the month immediately following their first loan disbursement.

The EMI payment phase starts as soon as students complete their course. Students may make use of Auxilo’s online portal to make their payments. Students may refer to the Auxilo education loan guidelines.

Any students found in violation of any of the Auxilo education loan rules regarding Auxilo education loan repayments will be penalized accordingly. Hence, it is recommended to adhere to these Auxilo education loan repayment rules.