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Typically, an education loan is available to students who are enrolled in an accredited college or university, or a vocational or trade school. Eligibility for an education loan may also depend on the student's/Co-applicant's credit history, income, and other financial factors. Some loans may have additional requirements, such as being an Indian citizen or permanent resident, or being enrolled in a specific program or field of study.
Any student who is an Indian citizen looking to pursue higher education in India or abroad.
Start preparing your study application at least 12-18 months (about 1 and a half years) prior to the intended start date. This will give you ample time to research universities, gather necessary documents, and meet application deadlines.
We know that education is an important investment, and everyone has the right to quality education. Our aim is to enhance the foundation of every student?s career. We strive to follow this goal by facilitating hassle-free education loans to all enabling them to chase their educational dreams regardless of their financial shortcomings.
1. Review Your Finances: Before planning your student loan repayment, it is essential to review your finances. Take a look at your income, expenses, debts, and savings. This will give you a better understanding of where you stand financially and how much money you have available for loan repayment.2. Calculate Your Debt-to-Income Ratio: Your debt-to-income ratio is the total debt you have divided by your total income. This ratio gives you an idea of how much of your income is going to debt repayment.3. Estimate Your Loan Repayment Amount: Once you have your debt-to-income ratio, you can estimate how much you can afford to pay on your student loans each month. Consider setting aside a certain percentage of your monthly income for loan repayment.4. Research Repayment Options: There are several different repayment options available for student loans. Research each option to find the one that best fits your financial situation. You can find a repayment plan with a lower monthly payment or a shorter repayment term.
Yes, you can apply for an education loan if your application is rejected the first time.
At Auxilo, we operate distinctively with our unique Triple A Model - Aspirant, Aspiration, Access, forming the heart of our lending methodology. We are dedicated to providing financial access to deserving educators and students with aspirations to excel. Our commitment to innovation, transparency, and deep-rooted understanding of education finance sets us apart. Additionally, our direct collaboration with educational institutions ensures a streamlined process, redefining efficiency and eliminating additional costs. At Auxilo, we're more than a financial provider, we're your devoted partners in making educational dreams come true.
The loan amount can vary depending on the credit score of the borrower & the cost of the MBA program. We may offer up to 100% of the program cost, while others may have a maximum loan limit.
Your credit score is a numerical score that outlines your credit history and your risk for lenders. If you have a credit card or have ever taken a loan or purchased something on EMIs, you will have a credit report and score. Whenever you apply for a loan, your bank or lender will check your credit score and report to assess your risk profile. The risk profile helps them estimate whether or not you are capable of repaying the loa n on time. They use this information to decide whether they should provide you with a loan or not. In India, there are four credit bureaus that track customers and their credit use: Credit Information Bureau India Limited (CIBIL) - They are India's oldest credit bureau and publish a CIBIL TransUnion Score, the most widely accepted credit report. Experian Equifax. High Mark.
Yes, Auxilo offers loans that can aid coaching institutes to broaden their presence by opening new branches and hence allow more students to gain access to their education.
The approval process can take anywhere from a few days to a few weeks, depending on the lender and the completeness of the application.
Pan card & Aadhar for KYC, identity and address verifications, employment credentials like Form 16, ITR as per RBI directives. The banking credentials for underwriting and ENACH setup. The loan sponsor/financial co-applicant consent, KYC, banking details as per the course and product.
To calculate your applicable EMIs without using an education loan calculator, you can use the following formula: EMI = P x r x (1+r)^n/((1+r)^n-1) Where: P = Principal loan amount r = Interest rate (annual interest rate divided by 12) n = Number of months for repayment.For example, if you have a loan amount of Rs. 5,00,000 with an interest rate of 12% p.a. and a repayment period of 60 months, your EMI would be:EMI = 500,000 x 0.01 x (1+0.01)^60/((1+0.01)^60-1) = Rs. 11,289. Please note that this is a rough calculation, and the actual EMI may differ slightly depending on the lender's terms and conditions.
At Auxilo, we offer a range of loans to cater to the diverse needs of educational institutions. This includes Secured Loans, backed by collateral, and Unsecured Loans, which require no collateral.
Yes, Indian students can apply for Permanent Residency in Singapore after they have completed their education in Singapore. Students holding on to a Student visa who have lived in Singapore for at least 2 years at the time of application, have passed a minimum of 1 national exam, or are in the integrated program.
The school has to be operational for at least 3 years before applying for an Education Infrastructure Loan.
The following documents are required to avail an education loan for an MBA: 1. Loan application form duly filled and signed by the student or Digital Form Submission 2. KYC documents of the student and co-applicant, if any. 3. Proof of income of the co-applicant, if any. 4. Mark sheets and certificates of 10th and 12th standard examinations. 5. Admission letter from the institute. 6. Proof of admission fee, course fee and other related expenses. 7. Collateral security documents, if applicable. 8. Bank statements of the student and co-applicant, if any, for the last 6 months. 9. A detailed study report of the course. 10. Recent passport-sized photographs of the student or Selfie if student using Digital Journey.
The amount of time it takes to repay an education loan depends on the size of the loan, the interest rate, and the repayment terms. Generally, education loans can be paid off over ten years.
The approval process can take anywhere from a few days to a few weeks, depending on the lender and the completeness of the application.
You will typically need to have a high school diploma and meet the academic requirements of the specific university or college you plan to attend.You may also need to take standardized tests, such as the IELTS or TOEFL, to demonstrate your English language proficiency.

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