FAQs

EMI stands for "Equated Monthly Installment." It is a fixed amount of money that you need to pay to your lender each month to pay off a loan. The EMI includes both the interest and the principal amount of the loan. The amount of the EMI is determined by the loan amount, the interest rate, and the loan tenure (the number of months you have to repay the loan). Your lender will provide you with a schedule of EMIs that you need to pay each month until the loan is fully paid off.

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.

It is best to contact your lender or financial institution directly to inquire about the processing fee for your education loan. They should be able to provide you with the exact amount and any other relevant information. You can also ask about any potential ways to reduce or waive the processing fee, such as applying for financial aid or scholarships. It's always important to know all terms and conditions of the loan before signing the loan agreement.

Yes, Auxilo offers unsecured education loans without the requirement of collateral. However, the terms and conditions of the loan, including interest rates and repayment terms, may vary depending on the borrower's creditworthiness and financial situation.

The candidate applying for the loan must be a resident of India. He/she must have confirmed admission to recognized educational institutes in India or abroad. The candidate's age must fall within the bracket of 18 to 35 years during loan application. He/she must undergo a graduate/postgraduate degree or a PG diploma. The applicant should have secured admission to a college or university affiliated with University Grants Commission (UGC)/All India Council for Technical Education (AICTE)/Govt. etc. Students pursuing full-time courses need a co-applicant who can be either a parent/guardian or spouse/parent-in-law (in the case of married candidates). The co-applicant must have a regular income source. A strong academic record facilitates speedy loan approval.

Financial institutions are cautious when analyzing the eligibility of candidates in order to ensure that monetary aid reaches the students. Before approving a loan, the basic characteristics considered are the students' overall academic quality, prospective education path, and current admission status. Scoring high grades/ranking in the qualifying exams. Displaying good academic record. Getting admission to a reputed/top-tier institute or university. Strong financial background of parents/guardians/co-borrower. Displaying good prospects for future employment/income generation.

The different factors that are considered when lenders provide an education loan are the student's academic background, the co-borrowers job profile, the type of collateral that is being provided, and the university where the individual has secured admission.

The repayment method of an education loan typically depends on the lender. Most lenders offer various repayment options, including fixed monthly payments, interest-only payments, and deferred payments. Some lenders may also offer income-based repayment plans, which allow borrowers to make payments based on their income.

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.

Yes, it is always a good idea to repay your education loan. Doing so will help you improve your credit score, which may make it easier for you to borrow money. Additionally, it will help you avoid interest charges that can add up over time.