Question 1

What is the eligibility requirement for a study loan from Auxilo?

Accepted Answer

To be eligible for an education loan, you must be an Indian national enrolled in a recognized institution for higher education abroad or domestically. Specific eligibility criteria may vary based on the course, university, and loan amount. Check our loan calculator if you want to know whether you are eligible.

Question 2

Who can be a co-applicant or guarantor for an unsecured loan?

Accepted Answer

The co-applicant or guarantor for an unsecured loan must be a blood relative (parent, sibling, spouse, etc.), and appropriate supporting documents must be provided.

Question 3

Who can be a co-applicant or guarantor for a collateral loan?

Accepted Answer

Like a non-collateral loan, the co-applicant or guarantor for a collateral loan must also be a blood relative, and necessary documents must be submitted.

Question 4

What is the loan repayment policy?

Accepted Answer

Repayment of the education loan begins 6 months after the loan is disbursed. The exact date will depend on when the student completes their course or secures employment.

Question 5

What is the tenure for a student loan from Auxilo for studying abroad?

Accepted Answer

The loan repayment tenure is typically up to 10 years, but it can be extended up to 15 years, depending on individual cases and specific circumstances.

Question 6

Which countries are eligible for study loans from Auxilo?

Accepted Answer

Auxilo covers education loans for students planning to study in countries including the USA, Canada, Ireland, the UK, Germany, the Netherlands, Australia, and more.

Question 7

Which courses are eligible for student loans from Auxilo?

Accepted Answer

Auxilo primarily covers STEM (Science, Technology, Engineering, Math) and Business courses. Other courses may be considered on a case-by-case basis.

Question 8

What expenses are covered by the student's education loan?

Accepted Answer

Auxilo's education loan covers all education-related expenses, including tuition fees, accommodation, books, travel, and other related costs.

Question 9

What types of collateral are accepted by Auxilo?

Accepted Answer

Auxilo accepts the following types of collateral: Immovable Property (e.g., land, house), Liquid Security (e.g., Fixed Deposits, bonds), a Third-party's property (with the necessary documentation), and an Insurance Policy (as collateral).

Question 10

Is education loan insurance required?

Accepted Answer

Education loan insurance is not always mandatory, but it is often recommended and sometimes required by lenders. Loan insurance acts as a financial safety net, ensuring the loan repayment will not burden your family in unforeseen circumstances such as death, disability, or critical illness.

Question 11

How can I apply for a study loan from Auxilo?

Accepted Answer

You can apply for an education loan through Student Cover or submit your query; we will contact you to guide you further.

Question 12

What is the process for transferring a loan to Auxilo?

Accepted Answer

If you wish to transfer an existing loan to Auxilo, the process is the same as applying for a Study Abroad Loan, with no extra charges.

Question 13

What is the interest rate for education loans from Auxilo?

Accepted Answer

The Auxilo education loan interest rate ranges between 10.50% and 14%, depending on your student profile, the university, and the course of study.

Question 14

What is the application process like?

Accepted Answer

Student Cover provides an online application form that students can fill out or use the loan calculator available on the website to estimate their loan eligibility.

Question 15

How long does it take to process the loan application?

Accepted Answer

The processing time for an education loan is typically 3 to 5 days, depending on your application and documentation.

Question 16

What are the agreement charges?

Accepted Answer

Student Cover does not charge agreement fees. However, students must provide the necessary stamp papers and pay the stamp duty charges as per policy.

Question 17

What is the maximum loan amount available from Auxilo?

Accepted Answer

You can avail of an education loan of up to INR 1 Cr to cover your study expenses.

Question 18

Can I choose the loan repayment tenure?

Accepted Answer

Yes, Auxilo offers flexible repayment options, allowing you to choose a repayment tenure of up to 15 years, depending on your loan amount and individual case.

Question 19

What documents do I need for the application process?

Accepted Answer

The required documentation includes identity and address proof, academic records, proof of admission, entrance exam results, and more. Specific documents may vary depending on whether you apply for a collateral or non-collateral loan.

Question 20

How are funds disbursed to the students?

Accepted Answer

A Power of Attorney (POA) is required for students in the USA. For other international students, the loan amount is typically disbursed within 3-4 working days, depending on document submission and verification.

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