InCred, a prominent digital lending NBFC in India, excels in offering diverse loans, including tailored options for students pursuing education abroad. The company is dedicated to simplifying the education loan process, ensuring accessibility for students from varied backgrounds. An advantageous feature of InCred’s education loan is its extensive coverage, spanning tuition, accommodation, travel, and other study-related expenses. The loan amount is flexible, based on factors like the course, institution, and country, with InCred supporting loans up to INR 60 Lakh.
| InCred Education Loan Overview | |
| Overview | InCred is a leading digital NBFC that offers hassle-free education loans. Which covers a range of expenses for students studying abroad, with flexible loan amounts up to INR 60 Lakh. |
| Features | Key features include loan amount flexibility, competitive interest rates, minimal processing fees, and a swift processing time of 7-10 days. |
| Loan With/Without Collateral | InCred offers options available for education loans with and without collateral, impacting interest rates. UniCreds assists in lowering processing fees and interest rates for both cases. |
| Interest Rates & Limits | Different loan amounts and interest rates are provided for various countries. The table compares rates for the USA, UK, Ireland, Canada, Germany, and France. |
| Margin Calculation | InCred’s need-based loans cover up to 100% of the student’s requirements, eliminating the need for a loan margin. However, proof of funds for any remaining amount may be required. |
| Eligibility Criteria | Eligibility requirements for Indian citizens, NRIs, and co-borrowers, along with details on eligible courses and countries for InCred education loans. |
| Documents Required | Detailed documentation guide for applicants and co-applicants, including education loan application form, identity/address proofs, academic records, admission proof, and more. |
| Application Process | Step-by-step application process, from visiting the website to submission, login, providing academic and co-applicant details, and final submission. |
| Disbursement Process | Overview of the steps from approval confirmation to document submission, verification, loan agreement signing, collateral submission (if applicable), and final disbursement. |
| nsurance | Importance of student loan insurance, fees range (1-2% of the loan amount), and its role in relieving the borrower’s parents or co-borrower in case of unforeseen circumstances. |
| Benefits | Highlights of benefits, including up to 100% finance, flexible repayment options, no margin money requirement, digitised process, express approvals, custom solutions, loan coverage, and online account management. |
InCred Education Loan Features
To plan your finances effectively, grasp the crucial aspects of InCred’s education loans – interest rates, processing fees, loan limits, and more. Consult the table below for a detailed breakdown of key features related to InCred’s study abroad loans.
| Feature | Description |
| Loan amount | Up to INR 60 Lakh |
| Rate of interest | 11.85% – 13.25% |
| Processing fees | 1 – 2% |
| Processing time | 7-10 days |
| Margin money | nil |
| Moratorium period | Course duration + 1-year |
| Repayment tenure | 15 years |
Incred Education Loan With Collateral And Without Collateral
To meet students’ financial needs, InCred offers both with and without collateral education loans. Collateral loans have lower interest rates, while loans with no collateral have higher rates. UniCreds assists in reducing processing fees and interest rates for both types. The table illustrates InCred’s education loan limits and interest rates with and without collateral through UniCreds.
| Parameters | InCred Education Loan With Collateral | InCred Education Loan Without Collateral |
| Loan Limit | Up to 100% funding | INR 40 Lakhs |
| Interest Rates | 11.85-13.25% | 11-18% |
InCred Education Loan Rate Of Interest & Loan Limit For Different Countries
InCred offers varying amounts for education loans based on different countries, and the interest rates also differ accordingly. Understanding these variations can aid in comparing countries and planning finances accordingly. The detailed table below provides a comprehensive comparison of InCred education loan interest rates for each country.
| Feature | Australia / New Zealand | Canada | UK | Germany/Ireland/France/Italy |
| Rate of interest | 12.25 – 13% | 12 – 13% | 12.5 – 13.5% | 12.5 – 13.5% |
| Loan amount | INR 20 Lakh | INR 30 Lakh | INR 40 Lakh | INR 20 Lakh |
| Co-applicant minimum income | INR 60K | INR 35K | INR 40K | INR 40K |
| Monthly installments during the course | Simple interest | Partial simple interest / Simple interest | Simple interest | Simple interest |
| Processing fee | 1 – 1.5% | 1% | 1 – 2% | 1 – 1.5% |
InCred Education Loan For Different Countries Through UniCreds
UniCreds has teamed up with InCred to assist you in obtaining the best possible education loans. If you choose InCred’s education loan for studying abroad through UniCreds, you can secure financing at competitive interest rates tailored for each country.
| Country | Loan Limit | Interest Rates |
| US | INR 85 Lakhs | 11.5-12.5% |
| UK | INR 30 Lakhs | 12-13.5% |
| Ireland | INR 25 Lakhs | 12-13.5% |
| Canada | INR 25 Lakhs | 12-13.5% |
| Germany | INR 25 Lakhs | 12-13.5% |
| France | INR 25 Lakhs | 12-13.5% |
Incred Education Loan Margin Calculation
InCred streamlines the education loan process with need-based loans covering up to 100% of student requirements. This removes the need for students to arrange extra funds for the loan margin. However, it’s crucial to note that InCred mandates students to provide proof of funds for the remaining loan amount.
For example, if your total loan requirement is Rs 70 lakhs, and you qualify for a Rs 60 lakh loan from InCred, you must demonstrate proof of funds for the remaining Rs 10 lakhs.
For a detailed understanding of the loan margin in education loans and its application to your case, we suggest requesting a callback from your assigned financial officer. This will offer personalised insights for your circumstances, ensuring clarity in navigating the loan process.
Eligibility Criteria For InCred Education Loan
To apply for the InCred Abroad Education loan, you must meet specific terms and conditions. These criteria are set to facilitate an accessible loan application process for those who fulfil certain prerequisites. It’s essential to thoroughly review and fulfil these conditions before starting your loan application to ensure a smooth and efficient processing of your request.
Eligibility For The Borrower & Co-Borrower:
A co-applicant in education loans plays a crucial role. They assume responsibility for repayment in case you’re unable to pay due to unforeseen circumstances.
- Indian citizens/Indian passport holders who are currently registered or are planning to enrol in a qualified course can apply.
- The co-borrower should also be an Indian national or passport holder.
- Non-resident Indians (NRIs) with an Indian passport or with a card from Overseas Citizens of India (OCI) or Persons of Indian Origin (PIO) are also entitled to apply to InCred for an education loan. Such special requirements are expected to be fulfilled on a case-specific basis for certain applicants and co-borrowers.
Eligible Courses For InCred Education Loan:
You are eligible for the InCred loan if you’re undertaking any of the following courses:
- Undergraduate Programmes (Bachelor Degrees)
- Postgraduate Studies (Masters Degree)
- Doctoral-Level Programmes
- Certificate And Diploma Programmes
InCred provides financing for any disciplines and courses that have been approved by the relevant regulatory organisations.
Eligible Countries For InCred Education Loan
Currently, InCred offers financing alternatives in the USA, UK, Canada, Germany, and France. Loan applications for these locations will be processed based on the programme and the course.
InCred Education Loan Documents Required
To expedite and simplify your InCred loan application process for studying abroad, it’s crucial to submit accurate documents promptly. Additionally, as InCred loans necessitate a co-applicant, ensure you have the required co-applicant documents ready. Please refer to the table below for a comprehensive list of documents needed for the loan.
| Documents Required For Applicants | |
| Education loan application form | Completely filled education loan application form. |
| Identity proof | PAN/ Passport/ Driver’s licence/ Voter ID |
| Address proof | Recent copy of telephone bill/ electricity bill/ water bill/ piped gas bill/ driving license/ Aadhaar card |
| Past academic record | 11th, 12, or undergraduate degree marksheets. |
| Proof of admission | Admission letter from the university |
| Statement of expenses | Fee structure given by the university. |
| Documents Required For Co-Applicant | |
| Identity proof | PAN/ Passport/ Driver’s licence/ Voter ID |
| Address proof | Recent copy of telephone bill/ electricity bill/ water bill/ piped gas bill or copy of passport/ driving licence/ Aadhaar card |
| Bank account statement | Account statement of the co-borrower/guarantor for the last 6 months (in case of takeover of education loan) |
| Collateral documents | Brief statement of assets & liabilities of parent/ guardian/ other co-borrower |
InCred Loan Disbursement Process
The InCred Loan Disbursement Process is designed to ensure a smooth and efficient distribution of approved loan amounts. Here is an overview of the steps involved:
- Approval Confirmation: Once your education loan is approved, you will receive confirmation along with the details of the sanctioned amount.
- Submission of Documents: Complete any pending documentation as specified by InCred. Ensure that all required paperwork is submitted promptly to facilitate the disbursement process.
- Verification Process: InCred will conduct a thorough verification of the submitted documents to validate the information provided.
- Loan Agreement Signing: After successful verification, you will be required to sign the loan agreement, outlining the terms and conditions of the loan.
- Collateral Submission (if applicable): If the loan requires collateral, ensure that the necessary collateral documentation is submitted as per InCred’s guidelines.
- Disbursement Request: InCred will initiate the disbursement process upon satisfactory completion of all verification and documentation requirements.
- Credit to Account: The sanctioned loan amount will be credited to the designated account, as specified by you during the application process.
InCred Education Loan Insurance
Is insurance mandatory for an education loan? Student loan insurance fees typically range from 1% to 2% of the loan amount. We recommend obtaining education loan insurance. In the unfortunate event of the applicant’s demise, this strategic choice ensures that the responsibility for repaying the debt falls upon the insurance company, not burdening the borrower’s parents or co-borrower. It’s a sensible means of safeguarding your dependents.
Benefits Of InCred Education Loan
Embarking on an international education journey is transformative, and InCred is committed to turning your aspirations into reality. Their education loans offer comprehensive financial support, covering various expenses associated with studying abroad. Committed to simplicity and accessibility, InCred provides need-based loans that eliminate complexities often associated with educational financial arrangements. Let’s explore some benefits of this education loan:
Up To 100% Finance
Choose an InCred Education Loan, with or without collateral, and enjoy up to 100% financing. Rest easy knowing that InCred has you covered for various expenses during your overseas stay.
Flexible Repayment Options
Repay your InCred Education Loan with flexible options tailored to your needs. Contact UniCreds to share your criteria, and our team will connect you with InCred to provide the best loan options that suit you.
No Margin Money
Obtaining an education loan with InCred offers several advantages over loans from other banks. Notably, there is no requirement for margin money. In simple terms, margin money is the amount that borrowers need to contribute personally, with the lender covering the remaining costs. This implies that the loan will cover all expenses, excluding tuition, housing, travel, and the Caution Deposit/Building Fund/Refundable Deposit. Consequently, you won’t need to spend any out-of-pocket money to support your education and related expenses.
Digitised Process
UniCreds makes it easy for you to upload documents without having to visit the branch. This helps you save energy, time, and money, as well as avoid the physical labour of dealing with large amounts of paperwork.
Express Approvals
In case of an emergency, use UniCreds to expedite the loan application. Your student loan should be finalised within two working days. If you have a deadline for loan sanction, payment, or visa acquisition, contact UniCreds. We’ll ensure your loan is granted on time.
Customised Education Loan Solutions
Get tailored options for your education loans, such as tenure, payment during the moratorium period, and disbursement, from InCred to meet your individual needs.
Loan Coverage
InCred offers education loans that cover living expenses, caution deposit/building fund/refundable deposit, and travel expenses for students going abroad.
Online Account Management
After the disbursement of your InCred loan, access an online account for a comprehensive transaction history, interest, EMI payments, etc. This ensures organised record-keeping and transparency.
Hope this blog helped you understand InCred Education Loans. If you’re seeking the best bank for an education loan, UniCreds is here to help! We’ve partnered with top financial institutions like InCred, providing tailored options. Check us out!
FAQs
Q1. How much processing fees is charged for an education loan from Incred?
Ans: InCred charges about 1-2% processing fees for an education loan.
Q2. Do education loans from InCred have any Income Tax benefits?
Ans: The interest paid on your Education Loan is eligible for tax deductions under Section 80E of the Income Tax Act.
Q3. Is there a prepayment penalty on Incred education loans?
Ans: No penalties or charges are applied to such pre-payments, bulk prepayments or foreclosure on InCred education loans.
Q4. Is InCred education loan safe?
Ans: Incred ensures that all education loans provided are completely secure, as they are sourced exclusively from the most reputable banks and NBFCs (Non-Banking Financial Companies). The safety of borrowers is of utmost importance to Incred, and they meticulously select the lending institutions with a proven track record of reliability and trustworthiness.
Q5. How do I repay my InCred education loan?
Ans: InCred facilitates loan repayments by implementing automated monthly deductions from the co-borrower’s bank account. This electronic payment method ensures convenience and consistency throughout the repayment process. In terms of the repayment period, InCred offers a flexible time frame of 5 to 12 years, with a maximum repayment duration of 15 years.
Q6. What is the maximum loan amount for InCred?
Ans: Loan amounts range up to Rs. 1 crore for loans with collateral and up to 40 lakhs without collateral.
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