HDFC Credila vs. Auxilo: Which is Better for Education Loans?

On this Page:

Overview of HDFC Credila vs. Auxilo Education Loans
HDFC Credila Education Loan
Auxilo Education Loan
HDFC Credila Education Loan Vs Auxilo Education Loan
HDFC Credila vs. Auxilo: Interest Rates
HDFC Credila Interest Rates
Auxilo Interest Rates
Country-Specific Differences Between HDFC Credila and Auxilo Education Loan
HDFC Credila vs. Auxilo: Repayment Tenure
HDFC Credila or Auxilo which is Better?
Frequently asked questions

On this Page:

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 loan Credila HDFC auxilo

Arshi Khan

Arshi is a content expert with expertise in the study abroad sectors. Holding a Master’s degree in Economics, she brings an analytical approach to her content creation, ensuring clarity and...

Updated on: 24 Dec 2024 | Reviewed By: Aman

Aman Jain graduated from IIT Kanpur, and currently functions as the CMO at GyanDhan. He is deeply passionate about creating equality in higher education and has directly interacted with 2 Lakh...

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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.

Overview of HDFC Credila vs. Auxilo Education Loans

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*	10.50% - 12.5%	10.50% -12.75%
Moratorium period	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
Margin money	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 of November 2024

However, having many features in common does not mean that HDFC Credila and Auxilo are equally relevant to your case.

HDFC Credila Education Loan

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:

Education loans are also provided against properties mortgaged with HDFC Bank.
There is an option of a semi-collateral education loan where you pledge collateral to get half the loan amount and the other half you get based on your co-applicant's income.
HDFC Credila offers education loans without a co-applicant for applicants with 310+ GRE scores and work experience to study in select countries such as the US.
HDFC Credila gives tax benefits under section 80 E that usually no other NBFC gives.

Auxilo Education Loan

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 can be lowered if the student has secured high GRE scores and the co-applicant has a high income
The maximum loan amount can be increased if the student has work experience and the co-applicant has a high income
Auxilo is concentrated only in select cities in India

HDFC Credila Education Loan Vs Auxilo Education Loan

Feature	HDFC Credila Education Loan	Auxilo Education Loan
Year of Establishment	2006	2017
Countries Covered	35+ Countries	25+ Countries
Co-applicant Requirement	Not required for applicants with 310+ GRE scores and work experience for select countries (e.g., the US)	Co-applicant is required.
Number of Institutions	1,000+ Institutions	1,100+ Institutions
Loan Amount Flexibility	Semi-collateral option allows partial funding based on co-applicant's income.	Maximum loan amount can be increased for students with work experience and high-income co-applicants
City Coverage	Available across India	Focused on specific cities in India

HDFC Credila vs. Auxilo: Interest Rates

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 10.50% - 12.5%, and Auxilo education loan interest rates vary between 10.50% -13%.

See the table below for the education loan interest rates for different countries:

Country	HDFC Credila	Auxilo
Australia	11% - 12.5%	10.5% - 12%
Canada	10.75% - 12.5%	10.75% - 13%
Germany	10.5% - 12.5%	10.5% - 13%
Ireland	10.50% - 12.5%	10.50% - 12.75%
New Zealand	10.5% - 12%	10.5% - 12%
UK	10.50% - 12%	12% - 13%
US	10.50% -12.5%	10.50% -12.75%

*Interest rate as of November 2024

HDFC Credila Interest Rates

HDFC Credila provides education loans with competitive interest rates which is crucial in calculating the total cost of borrowing. These loans are generally offered with floating interest rates which means the rate can change during the loan tenure based on market conditions. The interest rates may vary depending on the profile of the student, the co-applicant’s credit score, and the course of study.

Auxilo Interest Rates

Auxilo is known for its flexible loan terms and provides loans at a floating interest rate that ranges from 10.50% to 13% per annum. The loan can be repaid over 5 to 15 years, depending on the loan amount and course duration. Auxilo also provides customized loan schemes based on various factors, ranging from the student’s profile, the course of study, and the co-applicant’s credit score.

Country-Specific Differences Between HDFC Credila and Auxilo Education Loan

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	Up to INR 20 - 30 Lakhs Co-applicant income: INR 35,000 - 50,000	Up to INR 15 - 20 Lakhs Co-applicant income: INR 35,000 - 40,000
Canada	Up to INR 20 - 40 Lakhs Co-applicant income: INR 30,000 - 50,000	Up to INR 25 - 30 Lakhs Co-applicant income: INR 30,000 - 40,000
Germany	Up to INR 20 - 30 Lakhs Co-applicant income: INR 35,000 - 50,000	Up to INR 20 Lakhs Co-applicant income: INR 35,000 - 40,000
Ireland	Up to INR 20 - 30 Lakhs Co-applicant income: INR 35,000 - 50,000	Up to INR 20 Lakhs Co-applicant income: INR 35,000 - 40,000
New Zealand	Up to INR 20 - 30 Lakhs Co-applicant income: INR 35,000 - 50,000	Up to INR 15 - 20 Lakhs Co-applicant income: INR 35,000 - 40,000
United Kingdom	Up to INR 20 - 30 Lakhs Co-applicant income: INR 35,000 - 50,000	Up to INR 20 - 25 Lakhs Co-applicant income: INR 35,000 - 40,000
United States	Up to INR 40 - 75 Lakhs Co-applicant income: INR 20,000 - 35,000	Up to INR 30 - 65 Lakhs Co-applicant income: INR 20,000 - 35,000

Country

HDFC Credila

Auxilo

Australia

Up to INR 20 - 30 Lakhs

Co-applicant income: INR 35,000 - 50,000

Up to INR 15 - 20 Lakhs

Co-applicant income: INR 35,000 - 40,000

Canada

Up to INR 20 - 40 Lakhs

Co-applicant income: INR 30,000 - 50,000

Up to INR 25 - 30 Lakhs

Co-applicant income: INR 30,000 - 40,000

Germany

Up to INR 20 - 30 Lakhs

Co-applicant income: INR 35,000 - 50,000

Up to INR 20 Lakhs

Co-applicant income: INR 35,000 - 40,000

Ireland

Up to INR 20 - 30 Lakhs

Co-applicant income: INR 35,000 - 50,000

Up to INR 20 Lakhs

Co-applicant income: INR 35,000 - 40,000

New Zealand

Up to INR 20 - 30 Lakhs

Co-applicant income: INR 35,000 - 50,000

Up to INR 15 - 20 Lakhs

Co-applicant income: INR 35,000 - 40,000

United Kingdom

Up to INR 20 - 30 Lakhs

Co-applicant income: INR 35,000 - 50,000

Up to INR 20 - 25 Lakhs

Co-applicant income: INR 35,000 - 40,000

United States

Up to INR 40 - 75 Lakhs

Co-applicant income: INR 20,000 - 35,000

Up to INR 30 - 65 Lakhs

Co-applicant income: INR 20,000 - 35,000

Note: Auxilo offers education loans to select universities in the UK and Ireland, provided the student has work experience and good GRE scores.

HDFC Credila vs. Auxilo: Repayment Tenure

HDFC Credila and Auxilo offer the 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.

HDFC Credila Repayment Tenure:

HDFC Credila offers flexible repayment terms that can range from 12 to 15 years, depending on the loan amount and the course. The repayment of the loan generally starts after a moratorium period (which is the duration of the course + 12 months after course completion).

Auxilo Repayment Tenure:

Auxilo also offers flexible repayment terms with a moratorium period which is the same as in the case of HDFC Credila. Such an arrangement allows students to begin repayment after completing their studies. Auxilo provides a repayment period ranging from 12 years to 15 years.

HDFC Credila or Auxilo which is Better?

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:

HDFC Credila offers tax benefits under section 80 E, which Auxilo does not offer
Compared to Auxilo, HDFC Credila has more acceptance rate for education loan applications
Education loans by HDFC Credila are available to more states in India than those by Auxilo
Auxilo can offer better interest rates than their normal lending rate if the applicant has an extraordinary profile like having high GRE scores, work experience, admission to a top university, and high co-applicant income.
HDFC Credila offers a lower interest rate than Auxilo

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!

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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