An education loan typically covers expenses related to higher education such as tuition, room and board, books, and other related costs. Some education loans may also cover other expenses such as a computer or transportation. The specifics of what is covered in an education loan can vary depending on the lender and the loan program. It's important to carefully read the terms and conditions of any loan you are considering to ensure that it covers the expenses you need it to.
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.
You can use an education loan EMI calculator as many times as you need to. It is a useful tool that can help you plan your finances and estimate your monthly payments. You can use it to compare different education loan options and determine which one is the best for you. It is also helpful to use the calculator multiple times as you may need to adjust your education loan amount, interest rate, or repayment period based on your 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.
A student loan can have a significant impact on your credit score. It can improve your credit score if you make your monthly payments on time and, on the whole, show potential lenders that you are responsible for your money. On the other hand, if you miss payments, your score will suffer. Missed payments, late payments, and defaulting on your loan can negatively impact your credit score, making it harder to qualify for loans or other credit products in the future.