IDFC First Bank vs Auxilo: Which Student Loan is Better for Abroad Studies?

Since 2015, IDFC First Bank has operated as a private lender, while Auxilo, founded in 2017 as a Non-Banking Financial Company (NBFC), has established trust in the education loan sector. Both are regulated by the Reserve Bank of India, giving students confidence in their choices. These differences in the case of IDFC First Bank vs Auxilo Student Loan Eligibility bring out the fact that each of the IDFC First Bank vs Auxilo education loans serves future students in different ways.

IDFC First Bank vs Auxilo Distinct Features

Many students worry about whether backlogs or test scores could hold them back. For an IDFC First Bank vs Auxilo education loan, GRE or GMAT scores play an important role in approval, and even up to five backlogs can be accepted if supported by a strong academic record.

IDFC First Bank builds its repayment policies around flexibility and structured benefits. You can repay a tenure of up to 12 years, with no prepayment penalty, encouraging early closure without extra cost. Added advantages include tax benefits under Section 80E, plus a credit life insurance premium of 1% to 2% of the loan amount. Interest rates are categorized into Platinum Plus, Platinum, Titanium, and Gold categories, ensuring tailored options that reflect your academic and financial standing.

Meanwhile Auxilo, positions itself as a lender with broader reach. It allows students up to 15 years for repayment. Its credit life insurance charges are lower, between 0.5% and 1.5% of the loan amount, which can lighten costs. Unlike IDFC, Auxilo supports both STEM and non STEM courses, giving it wider program coverage. Auxilo makes it particularly attractive to students from diverse academic disciplines, not just technical or management backgrounds.

IDFC First Bank vs Auxilo Interest Rate Comparison

Loan affordability largely depends on the rate applied to the borrowed sum. The following table on IDFC First Bank vs Auxilo interest rate comparison shows each lender’s unsecured loan cap along with interest.

Want to visualize what your EMI journey looks like? Enter your loan amount, rate, and duration into Gyandhan's EMI calculator and get a clear snapshot of your month-by-month repayment schedule.

IDFC First Bank vs Auxilo Loan Processing Fees

A loan processing fee is the charge for handling your application, while margin money is the portion you must fund yourself to share responsibility in the borrowing process. This section on IDFC First Bank vs Auxilo loan processing fees clarifies how each lender approaches these costs.

IDFC First Bank vs Auxilo Moratorium Period Comparison

A moratorium period allows students to defer full repayment while pursuing their studies, with only specific charges such as simple interest payable. The table below explains IDFC First Bank vs Auxilo Moratorium Period Comparison in the context of the IDFC First Bank vs Auxilo education loan.

IDFC First Bank vs Auxilo Student Loan Eligibility

Understanding IDFC First Bank vs Auxilo Student Loan Eligibility becomes crucial, as eligibility often determines how smoothly your application moves forward. Factors like age, test scores, academic performance, and co-applicant income requirements can significantly impact approval chances and repayment comfort.

IDFC First Bank Education Loan:

• 
  The loan primarily covers programs such as MS, PGDM, Management degrees, and STEM-related courses.
• 
  Both the student and co-applicant must reside in locations where IDFC First Bank offers its services.
• 
  The age cap for applicants is generally 30 years, but those with prior work experience may apply up to 32 years.
• 
  A minimum IELTS score of 6.5 is required; however, a 7.0 score is usually seen as more competitive.
• 
  GRE results are grouped into three bands – Platinum (315+), Titanium (300–314), and Gold (below 300).
• 
  The co-applicant’s income should be at least ₹35,000 per month, provided there are no existing debts or liabilities.

Auxilo Education Loan:

• 
  Funding is available for a wide range of STEM as well as non-STEM courses.
• 
  The co-applicant must earn at least ₹20,000 per month, with no active liabilities or ongoing loan commitments.
• 
  Students can apply even with up to five backlogs, provided they maintain an overall solid academic profile.
• 
  A CIBIL score of 700 or above is generally expected for loan approval.

Which is Better for Abroad Education Loan: IDFC First Bank or Auxilo?

Here's a quick glimpse of the IDFC First Bank vs Auxilo education loan comparison. The decision, however, is less about the lender and more about which path gives your education journey the strongest foundation.

• 
  IDFC First Bank provides structured categories like Platinum, Titanium, and Gold, along with tax benefits under Section 80E. Repayment is flexible with no prepayment penalty. 

• 
  Auxilo, as an NBFC, appeals with longer repayment tenures of up to 15 years and lower credit life insurance costs. It offers education loans for both STEM and non-STEM courses.

• 
  While IDFC offers stability and tax-friendly benefits, Auxilo scores on repayment ease and program coverage. Ultimately, which is better for abroad education loan: IDFC First Bank or Auxilo depends on your priorities, interest categories, tenure, or broader academic acceptance.

Not exactly sure what lender you need? Check your education loan eligibility today with GyanDhan and take the first step toward securing your abroad education.

Frequently Asked Questions