Customer Information Centre

The Repayment Schedule, consisting of details of date of Equated Monthly Instalments (EMI), break up between principal and interest and frequency, will form part of the Facility agreement and thus the Financing documents. The repayment of EMI in full is required to be made on or before¬ the due date of that EMI mentioned under the repayment schedule.

As per regulatory guidelines issued by RBI, the accounts shall be classified as the “Special Mention Account (SMA)” followed by “Non-Performing Asset (NPA)” considering the period of delay /failure in repayment of the EMI from it’s due date.

Please note, for instance, the due date of a loan account is March 31, 2022, and full dues are not received before 11.59 PM (day end process), the date of overdue shall be March 31, 2022. If it continues to remain overdue on April 30, 2022 until 11.59 PM then this account shall get tagged as SMA-1 on that day i.e. upon completion of 30 days of being continuously overdue. Accordingly, the date of SMA-1 classification for that account shall be April 30, 2022.

Similarly, if the account continues to remain overdue until 11.59 PM on May 30, 2022, it shall get tagged as SMA-2 and if continues to remain overdue further, it shall get classified as NPA on June 29, 2022.

The status of the account will be required to be reported to various regulatory bodies and credit bureaus. Necessary steps will be initiated for the recovery of the loan.

In accordance with the recent circular from the RBI, we would like to reiterate that your ongoing loan with us is at floating rate of interest which is linked to Auxilo benchmark rate. Your rate of interest will change when the company resets the Auxilo benchmark rate. In the event Auxilo benchmark rate is increased resulting in an increase in your rate of interest, leading to an enhancement of your EMI or elongation of tenor or a combination of both. We would like to confirm that at the time of reset, you will be given an option to enhance your EMI or elongate the tenor or a combination of both. You will also have an option to prepay, either in part or in full. Additionally, each time the interest rate increases as stated above, you will be provided an option to switch over to fixed rate of interest. Only once during the lifetime of your loan with us, you can opt to switch over to fixed rate; incidental/service charges will be payable as per the applicable company policies.

You will receive specific communication from us at the time of interest reset having details as mentioned above. We want to ensure that you are well-informed and have the necessary options available to you.

The upfront conversion charges on switch over are as follows:

In addition to these charges, an administrative fee of INR 2,000 plus applicable taxes will be levied. Be advised that this fee is subject to modifications, as per managerial discretion.

At Auxilo Finserve, we are dedicated to easing the journey of financial processes for our customers. In sync with this, we adhere to the Central Know Your Customer (CKYC) policy - a model introduced by the Indian Government. This policy enables a centralized system for sharing and accessing detailed customer information between different financial service providers. This unique initiative eliminates the necessity for customers to submit their KYC details multiple times for each financial service, thereby simplifying the engagement process. The implementation of CKYC not only enhances the experience for our valued customers, but also strengthens our operational framework by escalating transparency and fortifying against potential fraudulent activities. Experience streamlined financial services with Auxilo Finserve, powered by the CKYC system.

Discover the convenience of CKYC with Auxilo Finserve by watching the informative video below. Learn how the centralized system positively impacts your financial journey and experience seamless services with us.

Customer satisfaction is our top priority. We've set in place a swift and efficient Grievance Redressal Mechanism, allowing customers to voice any concerns or issues they may have. We ensure timely resolution, responding to complaints within a maximum of ten working days. Through our attentive response to customer grievances, we showcase our unwavering commitment to excellent service.

Our adherence to a Fair Practice Code guides us in our interactions with our customers and in providing our financial services. We are committed to ensuring that the information about our products and services is transparent, clear and delivered in a language our customers understand. Our Fair Practice Code promotes standards of fairness and transparency that enable customers to make informed decisions about our products and services. This code works as our compass, emphasizing the importance of customer-friendly practices in everything we do - from marketing and loan origination to processing, servicing, and collection activities. This value-oriented approach aims to uphold the highest standards of integrity and ethics in our operations.

Guide to Healthy Credit

As a student, this may be your first education loan and also perhaps the first ever loan of your life. It is essential as you grow, you maintain a healthy credit score. This implies that your repayment and management of loan account is significant as it impacts your credit worthiness. Now what is a credit score, it’s a number based on a snapshot of your credit report that helps the lender determine your ability to repay a debt. To put it in simple words your credit score is equivalent to your credit risk a lender takes. The higher the credit score higher is your ability to borrow which means a lender will be happy to lend you credit.

We suggest you be vigilant and responsible about the repayment schedule provided by the lender to you. Auxilo encourages its students to build brilliant scores not just in their score card but also in their credit score as they progress to the next level of their life.

Here are a few tips to help you:

• Repayment: Please honour your due dates of repayment irrespective of whether you have or have not completed the course or secured a job.
• Understand the various repayment options offered by Auxilo and thus plan out your repayments. Though repayment through Equated Monthly Instalments (EMIs) are the best option to repay your loan.
• Budget your expenses during the course and as far as possible adhere to it.
• We recommend you take up work-study opportunities. Opting for a part-time job to cover your course expenses gives you financial freedom or inculcating a savings habit, makes you financially responsible.
• You can reduce your loan by making part prepayment of any sort of amount as and when you accumulate your savings.

Repayment is a legal obligation and avoiding unwarranted credit relations helps you build a healthy credit score.

Borrower/Property owner will have to collect their original property documents from the Auxilo Branch where the loan account was serviced.
It is mandatory that the Borrower/Property owner has to personally visit the branch along with all relevant documents to collect NOC, unused SPDC’s and all the original property documents between 25th to 30th day from the date of repayment/settlement of loan.

With reference to the RBI Circular RBI/2023-24/60 - DoR.MCS.REC.38/01.01.001/2023-24 dated Sept. 13, 2023.

In the event of loss/damage to original movable / immovable property documents, either in part or in full, the company shall assist the borrower in obtaining duplicate/certified copies of the movable / immovable property documents and shall bear the associated costs, However, in such cases, an additional time of 30 days will be available from the date of repayment/settlement of loan to complete this procedure.

Borrower/Property Owner has to carry the below documents while visiting Branch

1. If the property owner/s personally visit the branch
   • Original KYC along with a self-attested photocopy
2. If any of the Property owners is unable to visit the branch:
   • An authority letter by the property owner who is not able to visit the branch in favour of other property owner
   • Original KYC and self-attested photocopies of all the property owners including the property owner not able visit the branch
3. All the Property owners not able to visit the branch and any one borrower in the loan collecting the documents:
   • An authority letter/Power of Attorney by all the property owners to anyone borrower in the loan
   • Signature of the person/borrower collecting the documents to be attested on the authority letter/POA
   • Original KYC along with self-attested photocopy of the person/borrower who is coming to collect the documents
   • Original KYC along with the self-attested photocopies of all the property owners who is giving an authority letter/POA
4. All the Property owners not able to visit the branch and any other NON Borrower collecting the documents:
   • Power of Attorney by all the property owners
   • Signature of the person collecting the documents to be attested on the POA
   • Original KYC along with self-attested photocopy of the person who is coming to collect the documents
   • Original KYC along with the self-attested photocopies of all the property owners

Note:- Authority letter/POA should contain the description of Property & Owners details).

Event of Demise of the Property Owner:-  

1. Demise of Sole/All Owners of the Property:
   • Death Certificate of deceased owner/s. 
   • Family tree chart duly approved by the competent authority.  
   • Authority letter in the name of the person collecting the documents duly attesting his signature on the authority letter. 
   • Original KYC along with self-attested photocopy (Person who is collecting the documents)
   • Original KYC along with self-attested photocopies of all the remaining members as per Family Tree Chart 
   • Declaration from the legal heirs that there is no other legal heir other than as per family tree/chart
2. Demise of any of the joint owner of the Property:
   • Death Certificate of deceased joint owner.
   • Original KYC along with self-attested photocopy of the other joint (survivor) property owner.