Frequently Asked Questions | UniCreds

Question 1

Why UniCreds?

Accepted Answer

We experienced financial constraints during our studies. This experience fuels our passion for democratising education. We provide a platform for borrowers and lenders to reduce the complexity in the education loan domain and bring transparency in the pricing structure while providing multiple options for borrowers.

Question 2

Does UniCreds provide financing?

Accepted Answer

UniCreds is not a financial institution and does not engage in lending on its own accord. Instead, we are an enabler of education financing. We have partnered with leading financial institutions in India and abroad. In addition, we will soon open the platform for private individuals to start lending through our platform.

Question 3

Who runs UniCreds

Accepted Answer

UniCreds is a trademark managed by Adventum Student Living Pvt. Ltd. We are headquartered in Mumbai. Please refer to the About Us section for further details on the team.

Question 4

How does UniCreds make money?

Accepted Answer

For loans given by financial institutions, UniCreds charges an origination fee (% of loan amount) which is based on our agreements with the partner financing institutions. Note: UniCreds does not charge any fees from the students for the loans that it helps arrange through the banks.

Question 5

What measures does UniCreds take to protect my privacy and confidential information?

Accepted Answer

We are customers of different services and nothing annoys us more than our information being shared without our permission. UniCreds will not share your information with third parties for solicitation except for the purpose of fulfilling your requests. Kindly refer to our privacy document for further details. UniCreds uses encryption to ensure that the data you share with us stays totally secure.

Question 6

Why do I need to provide identification details during registration?

Accepted Answer

UniCreds is targeted for use by real humans and not bots. Identification details requested during registration helps us in the verification process. If the details in the documents match your profile information, then your account will go live and you will become a part of the UniCreds family, thus giving you access to all necessary resources.

Question 7

I would like to know more about UniCreds. Whom should I contact?

Accepted Answer

We would love to engage with you to resolve your queries and are open to feedback / suggestions on our product offering. Please mail us at contact@unicreds.com or call us on +91 18001217661

Question 8

When should I apply for a loan on UniCreds?

Accepted Answer

We recommend that you start assessing your finances much in advance of your actual study timelines. You can look for scholarships on our portal as a starting point. If you do not find the right scholarship, apply for a loan immediately so that you can reach out to a wider investor base.

Question 9

What services does UniCreds provide?

Accepted Answer

Our services include, but are not limited to, providing credit insights on the applicants and document collection. We also work closely with financial institutions to address delays in payments and defaults. We partner with financial institutions on a case-by-case basis. You can read more about our offering at Financing partners.

Question 10

How do I register as a private individual?

Accepted Answer

You can start by making your account on our UniCreds website and complete your profile. Once your documents have been verified, your profile goes live. You can then view loan applications and start bidding for loans.

Question 11

What are the costs involved? Are there any fees?

Accepted Answer

There is no fee for registering on our website. This means that you can bid for loans without any charge. However, do note that there is a one-time fee, which is levied on the successful completion of a loan agreement.

Question 12

What happens after the completion of the loan application?

Accepted Answer

We will review your loan application and mail you in case we require any additional clarifications. After that your application will go live on our system, and can then be financed within the designated timelines.

Question 13

What happens if I don't pay on time?

Accepted Answer

We understand that there can be unforeseen circumstances which may prevent you from making your payments on time. Our first advice would be to reach out to us as soon as you feel that you are oing to be late for a payment. We will evaluate your circumstances and offer a range of services ranging from assistance in career counselling to negotiating loan terms with the lenders. In any case, if you happen to miss a payment, then our customer care team will reach out to you to discuss the various options. Kindly note that your credit scores can be impacted if you have been issued a loan by a financial institution and this can have significant impact on your ability to get loans in the future. In the event of defaults, there could be a recourse to legal proceedings as allowed by the loan agreement and the existing laws. Furthermore, UniCreds will maintain a list of wilful defaulters that can be used by various agencies for identification purposes.

Question 14

What's the difference between loans with collateral and loans without collateral?

Accepted Answer

In loans with collateral, borrowers (applicant and/or co-applicant) offer a security against their loan to the lender. For example, Fixed Deposits, flats etc. can be collaterals. They are also known as secured loans. When no security is provided, loan will be referred as unsecured loan or loan without collateral.

Question 15

What are the tax benefits of educational loans?

Accepted Answer

Yes, interest paid on the education loan can be claimed as deduction from income tax, as per Section 80E of the Income Tax Act of India. Thus, it will reduce the amount you have to pay from your side.

Question 16

What factors will affect my loan amount and rate of interest?

Accepted Answer

Loan eligibility depends upon a number of factors like previous academic records, graduating school, target school, GRE/GMAT scores, applicant and co-applicant's income.

Question 17

Now that I've secured my education loan, what should I look into next?

Accepted Answer

Once you've secured your education loan, you should try to sort out your accommodation. UniAcco has some of the best student accommodations near top universities. They offer flexible payments and have an inventory of more than 350,000 rooms.

Question 18

What are some other "big costs" involved in studying abroad?

Accepted Answer

Apart from tuition fees, the cost of accommodation will form a major chunk of your student budget. It is important to do your due diligence while researching the best student accommodations near your university so that you get a quality accommodation at a reasonable price. UniAcco is one of the largest student accommodation platforms, that provides accommodation to students near top universities. Find the best deals on student accommodation on UniAcco.