Published date: 21 Nov 2020 Updated on: 21 Nov 2020 There are several Non-Banking Finance Companies (NBFCs) offering education loans to students. The most highlighted benefit of these lenders is that the eligibility for an education loan is reasonably relaxed, helping students secure funds for their choice of course and country comfortably. Auxilo is one such lender in the market that offers education loans for abroad studies. Founded in 2017, Auxilo is a pro-education NBFC that believes in the right to education for every student. They offer complete loan coverage, competitive interest rates, flexible repayment options, and several other benefits. In this blog, we are looking at the disbursement process of the Auxilo education loan in detail to help students understand the process. Without further ado, let’s get into it - What are the steps taken before the Auxilo Education Loan disbursement process? The Auxilo education loan process is straightforward and hassle-free for the students. The process is further simplified on applying for the same through GyanDhan. Let’s read about the Auxilo education loan process - Apply for the loan - The simplest way to apply for the Auxilo education loan is to get in touch with GyanDhan. You can apply for the loan after a thorough discussion with our education loan counselor to understand the loan product offered by Auxilo. Submit documents required - The loan application requires students to submit certain documents. Documents and details regarding the institution such as admission date, fee structure, course-specific information, and admission related documents are mandatory for the Auxilo education loan process. Loan Structuring - Auxilo will verify the documents submitted, as well as the enrollment documents. At this point, you will have to get your co-applicant’s signature. Once the documents are verified and your application is analyzed, Auxilo will offer an education loan that is structured and customized exclusively for you. Final loan agreement - On accepting the initial loan offer, you will receive a final loan agreement, which has to be signed by the applicant and all the co-applicants. The loan amount can be disbursed after accepting the final loan agreement. The money can be disbursed as per the student’s convenience. What are the Auxilo Education loan documents required? To complete the loan application and process, the applicant must submit all the mandatory documents. Though the list of documents differ from case to case, some of the commonly asked documents are as follows - Applicant’s KYC documents - Aadhar Card Valid Passport PAN Card Voter Card Driver’s License Applicant’s Proof of Residence - Tax Paid receipt Telephone bill/Electricity bill/Water Bill of not more than 3 months old Ration Card Academic Transcripts - 10th, 12th, and undergraduate mark sheets Test Scorecards of GRE/GMAT/IELTS/TOEFL, if applicable. Applicant’s Signature Proof - Banker’s Signature verification Passport Copy PAN Card Driving License with photograph and individual signature Clearance of Processing Fees cheques - the concerned officer will verify the signature on the application form with the processing fee cheque. Notarized Affidavit Documents Required from Co-Applicant(s) 3 months payslips and proof of any other additional source of income 6 months updated bank statement of salary account Latest Form 16 and ITR Relationship proof (with the applicant) The co-applicant will also have to submit 9-12 post-dated cheques, in case s/he is unable to make an interest payment in a particular month. NACH form Financial documents of the co-applicants vary depending on the type of employment - Private company, Partnership Firm, Trust/Foundations, Proprietorship Firm. For example, for a Partnership, the documents required are - Registration Certificate, if registered Updated and latest Partnership Deed Telephone Bill in the name of the firm Certificate/Registration document issued under GST/Professional Tax or any other authorities. Certificate/License issued by the Municipal Authorities under Shop and Establishment Act. Any other case-based document required by the lender would be informed to the applicant during the loan process, which they will have to get notarized on a stamp paper. What is the Auxilo Education loan Disbursement process? Auxilo disbursement process is easy and effortless. Once the loan formalities, such as submitting additional documents or post-dated cheques, etc. are completed, the loan amount can be disbursed as per the applicant’s request. Tuition Fees - the tuition fees can be either directly transferred to the university or to the student’s account. Living Expenses - the living expenses are transferred to the student’s account. Other Expenses - The Auxilo education loan covers a plethora of expenses. The loan amount can be disbursed to the student’s account for these additional expenses, such as travel expenses, pre-admission costs, etc. Want To Apply For Auxilo Education Loan For Abroad Studies? Fill this form and get in touch with an expert What are the features of the Auxilo education loan? Auxilo education loan is preferred by students to finance their abroad studies on account of the various features. The loans offered by Auxilo are holistic and customized. Let’s look at some of the features of the education loans by Auxilo - Loan amount - There is no cap on the maximum amount you can borrow from Auxilo. If the student and co-applicant profiles are outstanding, the lender will fund the entire cost of education. However, with an average profile, the student can expect to borrow up to INR 40 lakhs. Interest Rate - The Auxilo education loan interest rate is calculated as = Auxilo Base Rate + Spread. The current base rate is 12.70%. The spread is determined based on the student’s profile and the course selected. Eligibility - To be eligible for the Auxilo education loan, students must fulfill the following criteria - The student must be an Indian citizen and 18 years and above. The student must have confirmed admission to a recognized university before the loan amount is disbursed. The loan must be co-signed by an earning co-applicant in India. Processing Fees - The Auxilo loan processing fee can be 2% of the sanction loan amount or as per the Sanction letter. Repayment tenure - The lender offers up to 10 years to repay the loan. What are the benefits of the Auxilo education loan? There are a great many benefits of choosing Auxilo to fund your education. Some of them are as follows - Loan Coverage - Auxilo has your back. Whatever may be the expenses, your loan amount will cover it. Expenses like tuition fees, living expenses, examination fees, travel expenses, etc. are all covered by the loan, meaning zero margin money. No-limit loans - Auxilo has not set an upper limit on the amount that can be borrowed, meaning if the student profile is good, any amount can be sanctioned. Customized loan options - Auxilo studies the profile and needs of the student before presenting a loan offer. There is no fixed loan product as the needs of every student are dynamically different, which the lender takes into account. And therefore, offers customized loan products. Pre-admission loan - Auxilo offers education loans to students who have not yet received an unconditional admission offer. This loan offers the benefit of ‘proof of funds’ to help students receive Confirmation of admission. Pre-Visa Disbursement - Students can opt for pre-visa disbursement to show adequate funds as a testimony as well as ‘proof of funds’ during their visa interview. Wider course and country coverage - There’s a wider coverage in terms of the courses and countries that Auxilo supports. For example, Auxilo provides funds for almost all the courses like undergraduate, postgraduate, professional degrees, diploma courses, technical or professional courses, vocational training, or executive programs. There is also no limit on the number of countries supported. Multiple co-applicants - Many students face the problem of co-applicants in the case of unsecured education loans. To tackle this issue, Auxilo allows multiple co-applicants as well as multi-city co-applicants. What’s the advantage of GyanDhan Gateway for the education loan? GyanDhan knows the value of the right loan and lender to fund abroad education. And to help you get the best services to finance your education, we discuss all the possible options available to you, taking into account your needs and requirements. Further, we have partnered with Auxilo to assist you to get the education loan without any hitch. The entire loan application process can be completed online on GyanDhan’s portal and the Auxilo loan application status can be tracked on the dashboard of your GyanDhan account. GyanDhan assures a swift and hassle-free education loan journey for the students at zero cost to them. Check your Auxilo education loan eligibility here and start your Auxilo education loan process right away!
This is a companion discussion topic for the original entry at https://www.gyandhan.com/blogs/auxilo-loan-disbursement