Credenc is a unique platform to finance meritorious students for their college fee expenses by underwriting their employability, rather than the means available to their families.
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.
Sr. No | Features | Education Loan Details |
---|---|---|
1 | Loan amount | Upto ₹1Cr (Collateral) Upto ₹50Lac (Without Collateral) |
2 | Margin money | Nil |
3 | Interest rate | The 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 interest rate varies from 11% to 14% for a Credenc Education Loan depending on the course and country chosen by the applicant. |
4 | Processing fee | 1.0% to 1.5% |
5 | Processing time | 2 Working Days |
6 | Loan tenure | 12 Years |
7 | Prepayment charges | Nil |
8 | Countries covered | USA, Canada, UK, France, New Zealand, Australia, Germany and others |
Calculate EMI for Education Loan
Loan Amount
Interest (p.a)
Loan Duration
Course Duration
Grace Period
Following table show the year wise payment schedule.
Month | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
---|---|---|---|---|
Month 1 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Month 2 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Month 3 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Month 4 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Month 5 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
You are eligible to apply for the Credenc Education loan only if you’ve met the following requirements:
Sr. No | Type | Requirement |
---|---|---|
1 | Eligibility For Credenc Education Loan | 1. 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 |
2 | Eligible Countries for Credenc Student Loan | The 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 |
When applying for a Credenc student loan, the following documents will be expected from the applicant as well as the co-applicant -
Sr. No | Type | Documents Required |
---|---|---|
1 | For Students | 1. Pan Card / Aadhar Card 2. ID Proof 3. Proof of Address 4. Academic documents such as mark sheets, certificates of 12th exam, and certificates of Subsequent Years of Education e.g. BE, B. Com, and BSc. 5. Proof of Admission |
2 | For Co-applicant | Pan Card / Aadhar Card ID Proof Proof of Address |
3 | If salaried | 1. 3 months' latest salary slips 2. 6 months' latest salary account statements 3. 1-year latest Form 16 or ITR |
4 | If self-employed | 1. Relationship proof (with the applicant) 2. Business proof (GST certificate, or Business registration copy) 3. 2 years latest ITR with computation 4. 6 months saving account statement & current account (if the person has one) 5. Contact details 6. Ownership proof (address verification) |
5 | For Parents | 1. Identity Proof (Pan card, or Aadhar card) 2. Contact details |
Credenc attempts to simplify the loan application and approval process by remaining transparent and straightforward. Following are the steps to apply for a Credenc education loan -