InCred Education Loan aims to make student finance easier. With an InCred Education Loan, students can now dream of pursuing higher education abroad without any worries. Get quick education loans that cover up to 100% cost of fees and living expenses. You can also get InCred education loan without collateral up to Rs. 65 lakhs.
InCred is a prominent NBFC that provides individualised education loans to students studying abroad or in India. InCred Education loans are distinguished by their flexible terms, which enable students of all backgrounds to get an education loan. The InCred Education Loan interest rates are determined by a student's academic records, academic course, institution type, co-financial borrower's strength, and collateral given. This student loan will cover not only your tuition but also your living expenses, travel expenditures, and other education-related costs.
Features Of InCred Abroad 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 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. |
Benefits of InCred Abroad Education Loan
Up To 100% Finance
Flexible Repayment Options
No Margin Money
Digitized Process
Express Approvals
Customised Education Loan Solutions
Loan Coverage
Online Account Management
Benefits Of Getting Your InCred Abroad Education Loan Through UniCreds
Higher Chance Of Approval
Online Service
No Cost To You
Quicker Sanctions
Calculate EMI for Education Loan
Loan Amount
Interest (p.a)
Loan Duration
Course Duration
Grace Period
Monthly EMI
Principal Amount
Total Interest
Total Amount
Loan Amortization Schedule
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 (₹) |
Eligibility Criteria For InCred Abroad Education Loan
You are only eligible to apply for the InCred Abroad Education loan if you meet the following criteria:
| Sr. No | Type | Requirement |
|---|---|---|
| 1 | Eligibility For An Incred Abroad Education Loan | For the borrower & co-borrower - 1. Indian citizens/Indian passport holders who are currently registered or are planning to enroll in a qualified course can apply. 2. The co-borrower should also be an Indian national or passport holder. 3. Non-resident Indians (NRIs) with an Indian passport or with a card from Overseas Citizens of India (OCI) or Persons of Indian Origin (PIO) are also entitled to apply to InCred for an education loan. Such special requirements are expected to be fulfilled on a case-specific basis for certain applicants and co-borrowers. |
| 2 | Eligible Courses | You are eligible for the InCred loan if you’re undertaking any of the following courses: 1. Undergraduate programmes (bachelor degrees) 2. Postgraduate studies (masters degree) 3. Doctoral-level programmes 4. Certificate and diploma programmes InCred provides financing for any disciplines and courses that have been approved by the relevant regulatory organisations. |
| 3 | Eligible Countries | Currently, InCred offers financing alternatives in the USA and Canada. Loan applications for other locations will be processed based on the programme and course. |
Documents Required for InCred Abroad Education Loan
UniCreds supplies you with a personalised document list for an InCred Education Loan based on your profile, the profile of your co-applicant, and any property/asset you may present as collateral. However, the following documents will be required at a higher level:
| Sr. No | Type | Documents Required |
|---|---|---|
| 1 | Applicants | Identity Proof Address Past Academic Record |
| 2 | Co-Applicants | Identity Proof Address Financial |
Loan Repayment For InCred
Flexible repayment choices are provided under the InCred loan terms and conditions. However, the most popular method of repaying an NBFC Education Loan is the partial payment of interest while the student is still enrolled in the course. On average, the monthly payment in the Incred Education loan plan ranges from Rs. 2000 to Rs. 5000. This amount is maintained as low as possible so that the student is not at any inconvenience. Following the conclusion of the course, the EMI payment for the Incred Loan begins. The majority of Incred Loan payments are made online.
How To Apply For InCred Abroad Education Loan?
Apply Online & Upload Your Documents:
1. After you've determined your eligibility, you may apply online or contact one of our experienced education loan counsellors and request a callback. Depending on your needs, our skilled counsellors can help you secure an InCred education loan with or without collateral.
2. Once you've provided your profile data, our specialists will thoroughly examine your profile and, based on your eligibility, propose the next set of steps to you.
3. UniCreds allows students to upload documents online, saving you the inconvenience of presenting your documents at the bank and allowing you to do it from the comfort of your own home.
4. Furthermore, to expedite the process, UniCreds provides you with a customised list of documents to submit depending on your profile and the loan that you've applied for.
Processing and Approval:
1. You can send your loan application and accompanying paperwork to InCred for evaluation and real-time approval once you've uploaded/submitted the necessary documents.
2. UniCreds will connect with InCred on a regular basis in order to establish the progress of your application and ensure that it is handled as soon as feasible. Our website will keep you updated on the latest developments if any.
3. Applicants should be aware that the lender may contact them at this time to request more paperwork in support of their loan application. UniCreds will be sending these specific requirements to applicants. If an unreasonable demand is made, we will send it to the appropriate InCred authorities.
4. Once the documentation and application are confirmed to be free of errors or additional loopholes, the loan is accepted and ready for sanction.
Loan Sanction And Disbursal:
1. After your loan is approved, you must pay the processing fees in order to acquire the sanction letter.
2. Following receipt of the sanction letter, the student and co-applicant must complete the loan agreement within the validity period of the sanction letter, which is six months.
3. The student is eligible for loan disbursement after signing the agreement.
4. The lender will deposit the required sum of money into your bank account or university/account. We talk with the InCred team and get it done if the student requires disbursement prior to the visa as per the visa office's guidelines.
5. UniCreds will also guarantee that disbursements are completed on time, and students can contact UniCreds at any time during the loan's term.