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Credenc - Education Loan

NBFC

No collateral needed

Loan Margin : NIL

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NA avg loan processing time

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Margin

NIL

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Collateral

No

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Loan Tenure

Upto 12 Years

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Processing fee

1.0% to 1.5%

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Early Repayment

No

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Living Cost

No

Secured Loan

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Amount

Up To 1Cr

Un-Secured Loan

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Amount

Up To 50Lac

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UniCreds Guarantee

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Quick Loan Sanctions

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100% Transparency

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No Hidden Fees

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24x7 Support

Feature

Credenc, founded in 2017, is a one-of-a-kind platform that subsidises worthy students' education expenses rather than their parents' financial resources. It is a cutting-edge startup at the interface of education and financial technology. The fintech platform assists outstanding and deserving students in financing their educational expenses by evaluating their employability rather than their parents' societal status or financial capabilities. Credenc education loans are available for study abroad, studying in India, up-skilling, and reskilling courses.

FeaturesEducation Loan Details
Loan amountUpto ₹1Cr (Collateral) Upto ₹50Lac (Without Collateral)
Margin moneyNil
Interest rateThe university of choice, the course, the destination country, GRE scores, overall academic excellence, the student's job experience, loan tenure, and other factors all have an influence on the Credenc education loan interest rate. The rate varies depending on the course and country chosen by the applicant.
Processing fee1.0% to 1.5%
Processing time2 Working Days*
Loan tenure12 Years
Prepayment chargesNil
Countries coveredUSA, Canada, UK, France, New Zealand, Australia, Germany and others

Looking forSparkLogoFaster and
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Our education loan counsellors will stay by your side every step of the way and recommend the best partner and guide you through the loan applying and sanctioning process.

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Eligibility

You are eligible to apply for the Credenc Education loan only if you’ve met the following requirements:

  • The applicant must be an Indian national.
  • Students seeking admission to master's programmes must have completed a three-year graduate degree in any field. Several Indian master's degrees, such as the M.A. and M.Sc., are also approved for postgraduate enrollment. He or she should also have a legitimate scorecard (GRE, GMAT, TOEFL, IELTS, etc).
  • According to RBI standards, there is no upper age limit for applicants, but some banks may impose one. As a result, the candidate must be between the ages of 16 and 35.
TypeRequirement
Eligibility For Credenc Education Loan1. An applicant should be between the age of 17-35 years to apply for Credenc Education Loan 2. The applicant should be an Indian Citizen or Overseas Citizen of India (OCI)/Person of Indian Origin PIO Card Holder 3. An applicant’s co-borrower can be a parent, sibling, spouse, uncle, aunt, or any other blood relative
Eligible Countries for Credenc Student LoanThe eligible countries for Crendenc student loans are listed below. These are the prime destinations where students choose to study abroad. Check them out! 1. USA 2. Canada 3. UK 4. France 5. New Zealand 6. Australia 7. Germany and more

Benefits

A Complete Digital Process
As a digitally-enabled platform, it enables students to secure their education loans through a digital and paperless process in the comfort of their homes. Students do not have to visit the branch physically and can upload their documents online.
Quick Loan Approval
Get your Credenc education loan approved within a day’s time. Unlike the traditional approach, with us, you can rest assured of quick and hassle-free loan approvals.
No Collateral Required
Students can apply for an unsecured student loan of up to 50 lakhs*. If eligible, students do not have to provide collateral.
Competitive Interest Rates
They offers attractive interest rates to make education more accessible for all students, allowing them to achieve their goals.

Benefits Of Getting Your Education Loan Through UniCreds

Higher Chance Of Approval
By applying for your education loan through us, you are increasing your chances of approval. Generally, banks dismiss applications if they find any missing documents, property issues, or any other problem. We will immediately reach out to Credenc officials and find the best solution.
Online Submission Of Documents
With UniCreds, you can submit all the required documents from home! There won’t be any need to visit the branch. Simply head over to our website and submit all the documents there. There won’t be a possibility of not submitting an essential document, as our system is designed to ensure all essential documents required For a Credenc Student Loan are submitted. You also get stepwise updates via notifications.
No Cost To You
All our education loan services are completely free of cost.
Quicker Sanctions
Our strategic partnerships ensure low turnaround time. Expect to have your education loan processed and sanctioned within 5 days.

Get Guidance at every step of your loan application

We ensure 100% transparency throughout the education loan process.Our education loan counsellors will stay by your side every step of the way.

Need Guidance Faster? Call us at:

phone

18001217661

Start your journey now

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Need Guidance Faster? Call us at:

phone

18001217661

How to Apply

Credenc attempts to simplify the loan application and approval process by remaining transparent and straightforward. Following are the steps to apply -

  1. Once you've verified your eligibility, you may start your application. Students can apply online or request a call from one of our expert student loan consultants. 
  2. Our skilled counsellors can help you. Prior to submitting the form, our counsellors will thoroughly review your profile depending on your eligibility.
  3. UniCreds lets students submit documents online, eliminating the need to submit your documents at the bank and allowing you to do so from the comfort of your own home.
  4. Furthermore, we provides you with a customised set of documents depending on your profile and the loan you've applied for in order to expedite the process.
  5. Once the documentation and application are verified to be free of errors, the loan is accepted and ready for sanction.
  6. After obtaining the permission letter, the student and co-applicant must execute the loan agreement within the 6-month validity term of the sanctioning letter.
  7. After signing an agreement, the student is authorised to receive loan payments.
  8. Ensure that the lender will then deposit the funds into your bank account or into the university's account.

Looking forSparkLogoFaster and
streamlined Process?

100% Transparency

100% Free

unicreds

Our education loan counsellors will stay by your side every step of the way and recommend the best partner and guide you through the loan applying and sanctioning process.

unicreds-scholar-girl

Documents

When applying for a Credenc student loan, the following documents will be expected from the applicant as well as the co-applicant -

TypeDocuments Required
For BorrowersSTUDENT: 1. Pan Card 2. Aadhar Card 3. Passport 4. University Admission Letter 5. Entrance Score Card - GRE/ GMAT/ TOEFL/ IELTS, etc. 6. Academic: 10th, 12th & Degree - All semester Individual Marksheets 7. Resume 8. Name, Address, Contact and Email ID of 2 References (Friends/ Family/ Neighbors) 9. 3 months Salary slips (If Applicable) 10. 6 months Bank Statements (If Applicable) 11. Form 16 / ITR (If Applicable) MOTHER & FATHER (BOTH COMPULSORY): 1. Pan Card 2. Aadhar Card 3. Mobile Number & Email ID
Co-SignerCO-SIGNER (Salaried-Job): 1. PAN Card & Aadhar card 2. Latest 3 months salary slips 3. Latest 1 Year Salary Credited Bank Statements 4. Latest 2 Years Form 16 5. Electricity Bill 6. Mobile Number & Email ID IF CO-SIGNER (Self Employed/Business): 1. PAN Card & Aadhar card 2. Latest 2 year ITR with Computation income, Profit & Loss and Balance sheet 3. Business proof (GST, UDHYAM ADHAR, and GUMASTA) 4. Latest 1 Year Bank Statement (Income Credited) 5. Electricity Bill 6. Mobile Number & Email ID
Collateral LoanCollateral Documents: 1. Registered Sale Agreement (All chains) 2. Share Certificate 3. All Property Related Documents- e.g- Sanction Plan, Tax paid Receipt 4. NA conversion certificate in case of Plot. 5. OC/CC and Approved Building Plan. 6. 7/12 Extract 7. Society NOC 8. Any other Documents associated with Property

Loan Repayment

  • Whether you accept an Indian or overseas education, the repayment period is fixed at 15 years from the onset of repayment.
  • Education loan payments typically begin one year after the completion of the six-month term after employment, whichever comes first.
  • The loan's first instalment will be paid, and interest repayment will begin immediately.
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The displayed EMI amount is approximate & is subject to change based on various factors.

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Monthly EMI
0
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Principal Amount
1,600,000
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Total Interest
0
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Total Amount
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Interest(₹)
Principal Amount(₹)
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Frequently Asked Questions

A maximum of 5 co-applicants.
The process can be divided into below three stages - Credit approval can be issued within 6 hours* after all documents have been submitted. Once accepted, the processing fee is collected based on the student's availability. The time between a student's request for disbursement and the actual transfer of cash is 48 hours* (provided the student and the financial guarantor are available for agreement e-signing & NACH)
Thet will consider the entire amount, including living expenses during the tenure of study.
There are two situations when the funds will be transferred - 1. Pre-Visa disbursal: All direct and indirect expenses will be transferred to the co-applicants account and post-Visa, the amount can be wired through the it funds' transfer channel to the destination university or college account. A declaration needs to be signed by the customer stating the end use of the loan for education purposes and confirming the use of the forex channel for remittance. 2. Post-Visa disbursal: All direct expenses will be wire transferred to the destination university or college account. The amount to be transferred will be vetted against the fee statement or invoice or demand letter from the college. All indirect expenses will be transferred to the student’s Forex card.
Yes. Provided applicants fit well within the eligibility criteria and submit their necessary documents, they can get their education loan sanctioned and approved even before they finalise their university.