In today’s rapidly evolving global landscape, pursuing education abroad has become increasingly costly. Numerous students and their families encounter significant challenges in bearing the financial burden associated with abroad higher education. Conventional methods of funding, such as traditional education loans, often demand collateral, thereby posing obstacles for students who lack substantial assets to obtain the necessary funds. Nonetheless, InCred Education Loan has emerged as a groundbreaking solution, providing seamless financial support to students without the need for collateral. In this blog post, we will take a closer look at the InCred education loan without collateral.
Overview of InCred Education Loan
The objective of the InCred Education Loan is to simplify student financing. With this loan, students can now pursue their dreams of higher education abroad without any concerns. The InCred Education Loan offers fast approval and covers up to 100% of tuition fees and living expenses. What’s more, you can even obtain an InCred education loan without needing collateral, with loan amounts going up to Rs. 65 lakhs.
Eligibility for InCred Education Loan
Applicants must fulfill certain criteria to be eligible for an InCred Education Loan. These may include:
- Citizenship: Applicants must be Indian citizens.
- Course and College: Loans are available for undergraduate and postgraduate courses in recognized universities and colleges.
- Academic Performance: Applicants should have a strong academic track record and meet the minimum educational qualifications required.
- Co-applicant: A co-applicant, usually a parent or guardian, may be required to support the loan application.
Documents Required
When applying for an InCred Education Loan, applicants must submit certain documents. These may include:
- Proof of Identity: Aadhaar card, passport, or other government-issued documents.
- Proof of Address: Utility bills, rental agreement, or other valid address proof.
- Academic Documents: Mark sheets, certificates, and admission letters from the educational institution.
- Income Proof: Income tax returns, salary slips, or bank statements of the co-applicant.
- Collateral Exemption Documents: InCred may require additional documents to assess the collateral exemption eligibility.
Benefits of InCred Education Loan
- No Collateral Requirement: IncCed Education Loan does not require collateral, making it accessible to a wider range of students. This eliminates the burden of arranging valuable assets as security and ensures equal opportunities for all deserving students.
- Competitive Interest Rates: InCred offers competitive interest rates, ensuring students can repay their loans without excessive financial strain. These rates are designed to be affordable, making education financing more manageable.
- Quick and Efficient Loan Processing: InCred follows a streamlined loan processing system, ensuring loan applications are processed swiftly. This enables students to receive the funds promptly and proceed with their education plans without delay.
- Flexible Repayment Options: InCred Education Loan offers flexible repayment options, allowing borrowers to choose a repayment plan that aligns with their financial capabilities. This flexibility ensures that students can repay the loan comfortably, considering their income and future financial prospects.
Features of InCred Education Loan
| Sr. No | Features | Education Loan Details |
|---|---|---|
| 1 | Loan amount | Upto ₹1Cr (Collateral) Upto ₹65Lac (Without Collateral) |
| 2 | Margin money | Nil |
| 3 | Processing fee | 0.75% to 1.25% |
| 4 | Processing time | Login to Decision is 48 working hours, Decision to disbursement is 7 working days |
| 5 | Loan tenure | 15 Years |
| 6 | Prepayment charges | No charges after six months from the first disbursement |
| 7 | Repayment holiday | Partial/ SI/EMI. Partial Interest amount can go as low as INR 4k per month(Exceptions case by case) |
| 8 | Countries covered | USA, Canada, UK, Ireland, New Zealand, Australia, Germany, and others |
| 9 | Payment study period | Simple Interest or Partial Simple Interest, depending on the student’s profile and the target course. |
InCred Education Loan Without Collateral
One of the most significant advantages of an InCred Education Loan is that it does not require collateral. Students can secure a loan without pledging valuable assets as security. The absence of collateral requirements makes the loan more accessible to a broader range of students who may not possess significant assets but have the potential and determination to pursue higher education.
InCred Education Loan Without Collateral Interest Rate
The interest rate for InCred Education Loan without collateral is competitive and designed to be affordable for students. The specific interest rate offered depends on factors such as the borrower’s creditworthiness, the chosen course, and the educational institution. InCred strives to provide interest rates that are reasonable and conducive to manageable loan repayment.
Repayment Process
The repayment process for InCred Education Loan is designed to be flexible and borrower-friendly. Here’s an overview of the repayment process:
- Grace Period: After the completion of the course, borrowers are usually granted a grace period before they begin repaying the loan. This grace period allows students to find suitable employment or pursue further education without the immediate burden of loan repayments.
- EMI Calculation: Borrowers start repaying the loan through Equated Monthly Installments (EMIs) once the grace period ends. The EMI amount is calculated based on the loan, interest rate, and repayment tenure. InCred provides borrowers with a repayment schedule that outlines the EMI amount and due dates.
- Online Account Management: InCred offers an online platform where borrowers can manage their loan accounts. Through this platform, borrowers can access their repayment schedule, view outstanding dues, and make online payments conveniently. The online account management feature simplifies the loan repayment process and ensures transparency for borrowers.
- Prepayment and Foreclosure: InCred allows borrowers to make prepayments or foreclose their loan before the scheduled tenure. Prepayment involves making additional payments towards the loan principal, which helps reduce the overall interest burden. Foreclosure refers to the complete repayment of the loan before the scheduled tenure. InCred may have specific policies or charges related to prepayment or foreclosure, which borrowers should be aware of.
Conclusion
InCred Education Loan without collateral offers a significant advantage to students who aspire to pursue higher education but lack substantial assets for collateral. With competitive interest rates, simplified application procedures, flexible repayment options, and personalized loan solutions, InCred strives to make education financing more accessible and manageable. By removing the collateral requirement, InCred empowers deserving students to achieve their academic goals and embark on a successful future. It is a reliable financial partner, supporting students in their journey toward knowledge, growth, and success.
Thank you for reading this blog ‘Guide on InCred Education Loan Without Collateral’. If you’d like to read more, here are some blogs that might be of interest to you:
- How To Get An Education Loan Without Collateral?
- Prodigy Finance Education Loan Without Collateral
- HDFC Credila Education Loan Without Collateral
FAQs
1. How do you repay an InCred loan?
Repay your EMI through the National Automated Clearing House (NACH). Your EMIs will be automatically debited from your bank account at the end of each monthly cycle on the due date.
2. How do I check my InCred loan balance?
For updates on your personal loan status, contact InCred customer care at 1860-500-2192 or visit the nearest branch. Find your nearest branch through the provided link.
3. What is Incred Financial?
Incred Finance, a private Non-Banking Financial Institution (NBFC) in India, specialises in offering Consumer Loans, including Personal Loans, Education Loans, and SME Business Loans.
4. What is the minimum CIBIL score for InCred?
To qualify for Incred Personal Loans at favourable interest rates, a minimum credit score of 625 or higher is necessary.
