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Why You Should Take an InCred Education Loan?

Why You Should Take an InCred Education Loan?

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InCred offers education loan to Indian students for studying in India as well as abroad. Know more about it in this blog. Click here

Education loan Incred Study abroad
GyanDhan
Yogender Panchal
Updated on:  11 Sep 2023  | Reviewed By:  Aman  | 9.92K | 10  min read

Are you one of those students who dream about studying abroad but do not have the required financial resources to fund your higher education? Or have you got admission into a prestigious institute in India and are looking for financial help to fund the cost of your studies here? If yes, then education loans are the answer to your worries.

Most banks and NBFCs offer education loans to aspiring students in order to meet the increasing cost of higher education in India as well as abroad. In this blog, we take a closer look at the InCred Education loan and why it might be the most suitable education loan option for you.

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What is the InCred education loan?

InCred is a financial service platform that offers its customers a superior borrowing experience. Their education loan, launched in 2017, aims to help students in their dream of higher education by helping them with finances. Students who wish to pursue beyond K-12 education, whether in India and abroad, can apply for an education loan from InCred. 

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What are the different types of education loans offered by InCred?

InCred offers secured as well as unsecured education loans for studying in India and abroad. Let us take a look at the fine print on the kind of education loan offered by Incred.

InCred offers tailor-made secured and unsecured education loans for studying in India as well as abroad. 

  • list items For studying in India, students can get an unsecured loan amount of INR 20 lakh while there is no limit for a secured loan for studying in India. For studying abroad, students can get an InCred education loan without collateral for a maximum amount of INR 40 lakh. The maximum loan amount for a secured loan from InCred, for studying abroad, is INR 1 crore. Students should remember that the NBFC does make exceptions on a case-to-case basis regarding the loan amount. 
  • list items The education loan from InCred covers 100% of the tuition fees and related expenses such as living costs, building fund, caution deposit, and a refundable deposit. Students who take an education loan for studying abroad also get their travel expenses covered when taking an education loan from InCred. Read more about: Expenses Covered Under Education Loan
  • list items Education loan offered by InCred covers more than 700 eligible Universities and more than 200 programs. 
  • list items The maximum loan tenure for taking an education loan from InCred is 10 years. The NBFC also offers flexible repayment options. 
  • list items The NBFC gives express approval for loans in case of urgency. 
  • list items Students get access to online account management once their loan is sanctioned. 
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What is the margin money on Education loan by Incred?

InCred does not mandate any margin money as it funds 100% of education expenses. 

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What is the Eligibility criteria for getting an education loan from Incred? (will be divided into personal history, academic history, target program, etc.)

Students applying for an InCred education loan should meet the following basic criteria:

  • list items They should be an Indian citizen.
  • list items The applicant must have completed K-12 education.
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What is the InCred education loan Interest Rate?

InCred education loan rate of interest varies and is based on various parameters such as a student’s academic records, type of institution applied to, the co-borrowers financial strength, type of academic course applied to and the collateral offered. For loan amounts up to INR 10 lakh, the rate of interest will be between 12.75% and  16%  while for loan amounts above INR 10 lakh, the rate of interest is between 11.75%  and 16%.

Read more about: Education Loan Interest Rate

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What are the documents required for an education loan?

The NBFC requires a list of documents, which differs from case-to-case in order to sanction the loan. GyanDhan provides applicants with a customized checklist of documents in order to make their loan application process hassle-free. 

Read more about: Documents Required for Education Loan

 

 

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What are the additional loan charges when taking an education loan from Incred?

Some additional charges when taking an education loan from InCred are as follows:

  • list items Processing Fee - InCred charges a processing fee between 1% and 1.25% + GST on education loans. 
  • list items Prepayment Charges - There are no prepayment charges when taking an education loan from InCred. Students can prepay the loan at any time. 
  • list items Payment During the Study Period - Depending on the profile of the student and the course being pursued, students have to pay simple interest or partial simple interest, during the course of their study. 
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Why should you take an InCred Education loan? 

There are many lenders in the market offering various loan products for abroad education. But not every lender and loan is beneficial for the students. InCred education loan is one of the few loan products that covers every aspect of an overseas education. Let’s look at some of the benefits of taking an education loan from the InCred - 

  • list items Tailor-made Loan Options - InCred offers an education loan product that is specifically designed for you. Your every need is taken into account while evaluating your loan application. From the loan amount to the repayment schedule, InCred education loan will be tailored to your requirements. 
  • list items InCred Education Loan Sanction Letter Before the Admission Letter - Many countries and universities require a proof of funds before processing the admission application. An InCred education loan sanction letter can be used as proof of funds for university applications as well as for visa applications. It also assures the students that their abroad education dreams will be seen through till the end. 
  • list items Quick Loan Process - NBFCs generally tend to process the loan applications faster than banks. However, an InCred education loan applied through GyanDhan can be approved in a week. 
  • list items Multiple Co-borrowers - In unsecured education loans, the co-applicant’s profile is an important factor. InCred offers the option to add multiple co-applicants to increase the loan amount limit. In addition to the parents, applicants can also add siblings as their co-applicant. 
  • list items Foreclosure or Prepayment - Want to pay off your education loan before the loan tenure ends? Go ahead and without the fear of hidden charges or penalty. Applicants can also make partial prepayments or bulk prepayments to bring down the EMI amount. 
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How to Apply for an Incred education loan loan with Gyndhan?

Students can apply directly to the NBFC for an education loan. However, many times, students may miss out on some minor but important things and make their loan processing time longer. This is where GyanDhan comes to their rescue. With features such as a customized list of documents required for a loan application, low turnaround time, and doorstep service; we only make the process easier for our students. GyanDhan helps students get an education loan from InCred in just 5 days and that too without leaving their home. All they need to do is upload all the documents on GyanDhan’s website and apply for an Incred education loan online, through GyanDhan. Students applying through GyanDhan have a higher chance of loan approval too. So why delay further Get in touch here soon.

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