Planning to study abroad is a big dream for many students, but financing this dream can be challenging. That’s why education loans play an important role. Two popular names that often come up are Auxilo and Prodigy Finance.
Both offer student loans for international education but differ in eligibility, processing, interest rates, and repayment options. In this blog, we’ll compare Auxilo vs Prodigy Finance education loans in detail so that you can make an informed decision.
Introduction to Auxilo and Prodigy Finance
What is Auxilo?
Auxilo Finserve Pvt. Ltd. is a non-banking financial company (NBFC) in India that provides education loans for both Indian and international studies. It supports students with loans for tuition fees, living costs, travel, and other study-related expenses.
Key Highlights:
- Offers education loans for Indian and foreign universities.
- Supports both undergraduate and postgraduate courses.
- Requires a co-applicant (parent or guardian) and some collateral for higher loan amounts.
What is Prodigy Finance?
Prodigy Finance, on the other hand, is an international lender based in the UK that provides education loans without collateral or co-applicant. It primarily helps students who plan to study abroad in top global universities.
Key Highlights:
- Loans are based on future earning potential, not current income.
- No collateral or co-signer required.
- Funds are disbursed directly to universities.
Eligibility Criteria: Auxilo vs Prodigy Finance Education Loan
| Criteria | Auxilo | Prodigy Finance |
| Citizenship | Indian citizens only | Students from 150+ countries |
| University Type | Indian & foreign universities | Only top international universities |
| Co-applicant Required | Yes | No |
| Collateral | Required for higher loan amounts | Not required |
| Courses Covered | UG, PG, and diploma | Mostly Master’s programs |
| Work Experience | Not mandatory | Often preferred (for MBA/MS) |
✅ Example:
If you are an Indian student applying for a Master’s in the USA, both lenders can be options. However, if you have no co-applicant or collateral, Prodigy Finance would be more suitable.
Loan Amount and Coverage
| Feature | Auxilo | Prodigy Finance |
| Minimum Loan Amount | ₹2 lakh | Around USD 15,000 |
| Maximum Loan Amount | Up to ₹65 lakh (collateralized) | Up to 100% of total cost |
| Expenses Covered | Tuition, living, travel, insurance | Tuition and living expenses |
| Disbursement | To student or directly to university | Directly to university |
Example Calculation:
Suppose your total study cost for a 2-year MS in the USA is ₹50 lakh (≈ USD 60,000).
- Auxilo may offer ₹40–₹50 lakh depending on collateral and co-applicant profile.
- Prodigy Finance could fund up to USD 60,000 without any collateral, directly to your university.
Interest Rate Comparison
| Lender | Interest Rate Type | Approximate Rate |
| Auxilo | Floating (based on MCLR + spread) | 11.5% – 13.5% p.a. |
| Prodigy Finance | Floating (based on 3-month SOFR + margin) | 11% – 14% p.a. (after conversion) |
Example Interest Calculation
Let’s assume:
- Loan Amount: ₹40,00,000
- Loan Tenure: 10 years
- Interest Rate: Auxilo – 12%; Prodigy – 11.5%
Auxilo EMI Calculation:
Using EMI formula:
EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1]
= [40,00,000 × 0.01 × (1.01)^120] / [(1.01)^120 – 1]
≈ ₹57,200/month
Prodigy EMI (converted to INR):
Loan = ₹40,00,000, Rate = 11.5%, Tenure = 10 years
≈ ₹55,000/month
➡️ Result: Prodigy offers slightly lower EMI, but keep in mind currency fluctuations may affect total cost.
Collateral and Co-Applicant Requirements
Auxilo
- Requires co-applicant and collateral for higher loan amounts.
- Collateral can be residential property, fixed deposits, or insurance policies.
- Unsecured loans (up to ₹7.5 lakh) are also available.
Prodigy Finance
- No co-applicant or collateral needed.
- Loan is sanctioned purely based on university admission and projected income.
✅ Best For: Students from middle-income families who lack collateral but have strong academic backgrounds.
Loan Processing Time and Disbursement
| Stage | Auxilo | Prodigy Finance |
| Processing Time | 7–15 working days | 10–20 working days |
| Disbursement | Direct to student/university | Directly to university |
| Processing Fee | 1–2% of loan amount | 4–5% of loan amount |
Example:
If your loan is ₹40 lakh:
- Auxilo Fee (1%) = ₹40,000
- Prodigy Fee (4%) = ₹1,60,000
➡️ Though Prodigy offers no-collateral loans, its processing fee is higher.
Repayment Options
| Feature | Auxilo | Prodigy Finance |
| Repayment Start | After course completion + 6 months moratorium | 6 months after graduation |
| Prepayment Charges | Usually 0–2% | 0% (no penalty) |
| Tenure | 10–15 years | 7–20 years |
Example:
If you start earning ₹1,00,000/month post-graduation:
- Auxilo: EMI of ₹57,000 → can repay easily with co-applicant’s help.
- Prodigy: EMI of ₹55,000 → no co-signer burden, repayment flexibility in USD.
Countries and Universities Supported
- Auxilo: Covers over 1500+ universities in 50+ countries including the USA, UK, Canada, Australia, Germany, and Singapore.
- Prodigy Finance: Supports 1000+ top global universities and programs, mainly MBA, MS, and professional degrees.
Note: Prodigy partners with specific institutions, so always check if your university is listed on their portal.
Currency and Repayment Mode
Auxilo
- Loan disbursed in INR.
- Repayment also in INR.
- No currency fluctuation risk.
Prodigy Finance
- Loan disbursed in USD, GBP, or EUR depending on university location.
- Repayment in the same currency.
- Currency fluctuation can increase repayment cost if INR weakens.
Example:
If INR depreciates from 83 to 90 per USD over 5 years, you’ll end up paying more in INR terms for Prodigy loans.
Customer Support and Flexibility
| Feature | Auxilo | Prodigy Finance |
| Customer Service | India-based support team | Online support via email/chat |
| Application Mode | Online & offline | Online only |
| Loan Customization | Flexible | Fixed structure |
✅ Auxilo Advantage: Personalized service and easier communication for Indian students.
✅ Prodigy Advantage: Fully digital and transparent, with quick approval for top universities.
Pros and Cons Summary
| Aspect | Auxilo | Prodigy Finance |
| Pros | Indian NBFC, fast disbursement, flexible repayment | No collateral/co-applicant, global reach |
| Cons | Requires guarantor or property | Currency risk, limited universities |
| Best For | Students with collateral and co-applicant | Students without collateral |
Which One Should You Choose?
Choosing between Auxilo and Prodigy Finance depends on your financial profile and university type.
| Situation | Recommended Lender |
| You have a co-applicant and property for collateral | Auxilo |
| You don’t have a co-signer or collateral | Prodigy Finance |
| You’re studying in India | Auxilo |
| You’re going for a top global MBA/MS | Prodigy Finance |
| You prefer repayment in INR | Auxilo |
| You can manage currency fluctuations | Prodigy Finance |
Example Scenario: Cost Comparison
| Details | Auxilo | Prodigy Finance |
| Loan Amount | ₹40,00,000 | ₹40,00,000 (USD 48,000) |
| Interest Rate | 12% | 11.5% |
| Tenure | 10 years | 10 years |
| Monthly EMI | ₹57,200 | ₹55,000 |
| Processing Fee | ₹40,000 | ₹1,60,000 |
| Total Interest (approx.) | ₹28,64,000 | ₹26,00,000 |
| Final Repayment (approx.) | ₹68,64,000 | ₹66,00,000 |
Conclusion:
Even though Prodigy looks cheaper, INR–USD conversion and currency fluctuations may increase your total cost later. Auxilo, being India-based, offers stable repayment and support.
Tips Before Choosing Your Lender
- Compare interest rates and processing fees carefully.
- Check if your university is eligible under Prodigy Finance.
- Evaluate currency risk before taking loans in USD.
- Negotiate with Auxilo for better rates if you have good credit.
- Consider using loan marketplaces like GyanDhan or WeMakeScholars for personalized advice.
Final Thoughts
Both Auxilo and Prodigy Finance aim to make education accessible, but they suit different kinds of students.
- If you prefer Indian lenders, INR repayment, and personalized help — go for Auxilo.
- If you want a global, no-collateral loan and your university is supported — choose Prodigy Finance.
Always analyze total cost, EMI, and repayment flexibility before applying. With the right lender, you can focus on your studies abroad without financial stress.
In Short
Auxilo = Indian NBFC with collateral-based flexibility.
Prodigy Finance = Global lender with no-collateral advantage.Choose wisely based on your financial background, university, and currency comfort.