Mumbai: Auxilo Finserve Private Limited(Auxilo) launched its first branch in Hyderabad today and will be disbursing over INR 75 crore in the next 15 months to students from Hyderabad looking at graduate and post graduate degrees either from domestic or international universities. During the same period, the company plans to / will disburse over INR 350 crore facilitating students across India to pursue similar courses.
The Indian education loan industry disbursed approximately INR 20,000 crore in financial year 2016-17 with a registered growth rate of nearly 17% annually. Last year, nearly 300,000 students availed education loan in India with nearly 400,000 students travelling abroad.
‘Hyderabad is one of the largest markets for education loan in India, especially to US. Hyderabad had registered approximately 30,000 students travelling abroad annually for various courses and is also ranked among the top cities across the globe from where students travel overseas for higher education aspirations’ informed Neeraj Saxena, CEO – Auxilo Finserve Private Limited on the reasons to launch Hyderabad amongst their first branches.
Auxilo will leverage on technology to effectively connect and cater to students to understand and customize their education loan needs. The company will offer both secured and unsecured loans, 100% funding, no limit on loan amount, tenure friendly and doorstep facility to ease the process of securing the loan.
The company plans to have its foot prints across major metro and tier 1 cities in the country in its initial phase of operations. Following the launch of operations in Mumbai and Hyderabad the next in line are Bengaluru, Chennai, Delhi and Pune by the next financial year.