Auxilo to disburse Rs 350 cr education, school loans by March, 2019
Hyderabad, Dec 22 (UNI) Mumbai-Headquartered Auxilo Finserve Private Limited (Auxilo) , which opened its branch here on Friday, planning to disburse over Rs 350 crore ---Rs 275 crore towards education loans to students across India and Rs 75 crore for schools development loans--- by March 2019.
The company will offer both secured and unsecured loans, 100 per cent funding and no limit on loan amount, tensure friendly and doorste facility to ease the process of securing the loan, Company Chief Executive Officer Neeraj Saxena told reporters here on the occasion.
The lending interest rate will be between 10-13 per cent, he said the company will expand its operations in Bangalore, Chennai, Delhi and Pune by this year.
We will disburse over Rs 75 crore in the next 15 months to students from hyderabad looking at graduate and post-graduate degrees either from domestic or international universities, he informed.
In India, education loan industry disbursed approximately Rs 20,000 crore in 2016-17, registering a growth rate of nearly 17 per cent annually, he said, last year, nearly 3 lakh students availed education loans in the country with nearly 4 lakh students travelling abroad.