Credenc - Education Loan
NBFC
No collateral needed
Loan Margin : NIL
NA avg loan processing time
Margin
NIL
Collateral
No
Loan Tenure
Upto 12 Years
Processing fee
1.0% to 1.5%
Early Repayment
No
Living Cost
No
Secured Loan
Amount
Up To 1Cr
Un-Secured Loan
Amount
Up To 50Lac
UniCreds Guarantee
Quick Loan Sanctions
100% Transparency
No Hidden Fees
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.
| Features | Education Loan Details |
|---|---|
| Loan amount | Upto ₹1Cr (Collateral) Upto ₹50Lac (Without Collateral) |
| Margin money | Nil |
| 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 rate varies depending on the course and country chosen by the applicant. |
| Processing fee | 1.0% to 1.5% |
| Processing time | 2 Working Days* |
| Loan tenure | 12 Years |
| Prepayment charges | Nil |
| Countries covered | USA, Canada, UK, France, New Zealand, Australia, Germany and others |
Looking for
Faster and
streamlined Process?
100% Transparency
100% Free
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.
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.
| Type | Requirement |
|---|---|
| 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 |
| 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 |
Benefits
Benefits Of Getting Your Education Loan Through UniCreds
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:
18001217661
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Need Guidance Faster? Call us at:
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 -
- 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.
- Our skilled counsellors can help you. Prior to submitting the form, our counsellors will thoroughly review your profile depending on your eligibility.
- 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.
- 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.
- Once the documentation and application are verified to be free of errors, the loan is accepted and ready for sanction.
- 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.
- After signing an agreement, the student is authorised to receive loan payments.
- Ensure that the lender will then deposit the funds into your bank account or into the university's account.
Looking forFaster and
streamlined Process?
100% Transparency
100% Free
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.
Documents
When applying for a Credenc student loan, the following documents will be expected from the applicant as well as the co-applicant -
| Type | Documents Required |
|---|---|
| For Borrowers | STUDENT: 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-Signer | CO-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 Loan | Collateral 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.
The displayed EMI amount is approximate & is subject to change based on various factors.
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