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Read GyanDhan’s comparative guide on HDFC Credila vs Auxilo abroad education loan to choose the right option for you. Compare the interest rates, loan amount, repayment terms & more.
Education loans play a crucial role in assisting students who lack sufficient funds to pursue their studies abroad. In India, besides public and private banks, Non-Banking Financial Companies (NBFCs) have emerged as prominent lenders of education loans for international studies. The current economic conditions indicate a robust growth of 35% - 40% for NBFCs, reaching around INR 35,000 Cr in the financial year 2023-24, according to CRISIL (Credit Rating Information Services of India Limited).
Two notable NBFCs that contribute to this growth are HDFC Credila and Auxilo. They offer tailored education loan products with flexible terms and conditions to cater to the specific needs of aspiring students. This blog aims to shed light on the details of education loan products provided by HDFC Credila and Auxilo, helping students make informed decisions and choose the right option according to their unique requirements.
Education loans by HDFC Credila and Auxilo share many features common to NBFCs. They cover 100% of your study-abroad expenses, offer unsecured loans of high amounts, and are flexible with the documentation process.
The table below compares the features of education loans by HDFC Credila and Auxilo for various countries abroad:
Features | HDFC Credila | Auxilo |
---|---|---|
Maximum loan amount |
INR 20 - 75 Lakhs |
INR 20 - 75 Lakhs |
Interest rate* |
11.5% - 12.5% |
12% - 13.25% |
Course period + 1 year |
Course period + 1 year |
|
Repayment during the moratorium period |
Simple Interest (SI) or Partial Simple Interest (PSI) |
Simple Interest (SI) or Partial Simple Interest (PSI) |
Processing fee |
0.5% - 1.5% of the loan amount + GST |
0.5% - 1.5% of the loan amount + GST |
Loan tenure |
12 - 15 years |
12 - 15 years |
Nil |
Nil |
|
Minimum co-applicant income |
INR 20,000 - 50,000 |
INR 20,000 - 40,000 |
Credit life insurance premium |
1.25% - 1.5% of the loan amount |
1.25% - 1.5% of the loan amount |
Loan Approval Based on GRE / GMAT? |
Yes |
Yes |
Give Pre Admission Loans |
Yes |
Yes |
*Interest rate as on July 2023
However, having many features common does not mean that HDFC Credila and Auxilo are equally relevant for your case.
HDFC Credila has been a dedicated NBFC for education loans since 2006 and now offers education loans to study at 1,000+ institutions across 35+ countries. The following are some reasons why HDFC Credila can be your lender:
A comparatively recent NBFC that was founded in 2017, Auxilo gives education loans to study at 900+ universities across 25+ countries. Auxilo education loans are notable for the following features:
The interest rates are crucial in determining the total cost of borrowing. There are two types of interest rates in education loans - fixed interest and floating interest. Typically, HDFC Credila and Auxilo charge floating interest rates for education loans.
The interest rate for HDFC Credila education loans varies between 11.25% - 13%, and Auxilo education loan interest rates vary between 12% - 13.25%.
See the table below for the education loan interest rate for different countries:
Country | HDFC Credila | Auxilo |
---|---|---|
Australia |
12% - 12.5% |
12.5% - 13.25% |
Canada |
12% - 12.5% |
12% - 13% |
Germany |
12% - 12.5% |
12.5% - 13.25% |
Ireland |
12% - 12.5% |
12.5% - 13.25% |
New Zealand |
12% - 12.5% |
12.5% - 13.25% |
UK |
12% - 12.5% |
12.5% - 13.25% |
US |
11.5% - 12.5% |
12% - 12.75% |
*Interest rate as of July 2023
Your country of study abroad is crucial in determining the maximum possible loan amount. HDFC Credila and Auxilo have a separate list of eligible universities for each country. You must secure admission to any of those eligible universities to get an education loan from HDFC Credila or Auxilo.
However, compared to banks, the list is flexible for NBFCs like HDFC Credila and Auxilo.
The following table presents the maximum loan amount and minimum co-applicant income for unsecured education loans by HDFC Credila and Auxilo for select countries.
Country | HDFC Credila | Auxilo |
---|---|---|
Australia |
|
|
Canada |
|
|
Germany |
|
|
Ireland |
|
|
New Zealand |
|
|
United Kingdom |
|
|
United States |
|
|
Note: Auxilo offers education loans to select universities in UK and Ireland, provided the student has work experience and good GRE scores.
HDFC Credila and Auxilo offer same repayment tenure for education loans, which is 12 - 15 years. The repayment can be of Partial Simple Interest (PSI) or Simple Interest (SI), depending on the country and course of study.
Generally, STEM courses are given the option of PSI, and SI is applicable for non-STEM courses, but it depends on your profile’s strength and various other factors. The interest repayment has to be started immediately after the loan is disbursed.
Here comes the crucial question - how to determine the best education loan between those offered by HDFC Credila and Auxilo? The answer is highly case-specific and depends on your eligibility and preferences. For help, the following inferences can be considered while deciding on your lender:
As mentioned, the ultimate decision to select a lender depends on your unique situation at the time of applying for a loan. Explore the loan products by HDFC Credila and Auxilo in detail. Once you have gone through the terms and conditions, compare them against your concerns to make a better choice.
Here’s the best way how you select the better education loan option among HDFC Credila and Auxilo - get in touch with GyanDhan. You can save much time and effort in comparing the loan products since we filter the best options for you. To begin, check your education loan eligibility now!
Read more about
- HDFC Credila Education Loan
- Education Loan without Collateral
- Auxilo Education Loan
- Auxilo Education Loan Disbursement Process
- HDFC Credila Education Loan Disbursement Process
- Expenses Covered Under Education Loan
- HDFC credila vs avanse
- Axis Bank vs Credila
- Avanse vs Auxilo
Frequently asked questions
How much loan amount is disbursed by HDFC Credila and Auxilo?
The maximum amount disbursed depends on your course fee and living expenses. There is no fixed cap on the amount to be disbursed at the time of disbursement.
HDFC Credila or Auxilo - which lender is better if I don’t have a co-applicant?
Typically a co-applicant is mandatory for education loans. When you don’t have a co-applicant, however, HDFC Credila can give you an education loan only if your GRE scores are high and you have relevant work experience.
Is it safe to take an education loan from Auxilo?
Yes. Auxilo is a prominent NBFC in India for education loans to study in India or abroad. Auxilo education loans have been helpful to 6,200+ students so far.
Which lender is better if I don’t have a co-applicant earning the minimum prescribed salary?
A co-applicant with the minimum prescribed income is mandatory for education loans by HDFC Credila and Auxilo.
What is the loan processing fee for HDFC Credila and Auxilo?
Education loans by HDFC Credila have a processing fee of 1% - 1.25%, whereas Auxilo charges 0.5% - 1.5% of the loan amount to process education loans.
What is the loan processing time for HDFC Credila and Auxilo?
HDFC Credila and Auxilo require up to 7 days to process the education loan application.
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