InCred Education Loan
Get Free Education Loan Assistance from GyanDhan
Rate of Interest
12.25%
Processing Fees
1-2%
Margin Money
nil
InCred is a leading digital lending NBFC in India that offers a wide range of loans, including education loans for students looking to study abroad. The company aims to make the process of obtaining an education loan hassle-free and accessible to students from all backgrounds.
One of the key advantages of an InCred abroad education loan is that it covers a range of expenses associated with studying abroad, such as tuition fees, accommodation, travel expenses, and other miscellaneous expenses. The loan amount can vary depending on the course, institution, and country of study, but InCred offers loans up to INR 60 Lakh.
Overview of InCred abroad education loan
|
Feature |
Description |
|
Loan amount |
Up to INR 60 Lakh |
|
Rate of interest |
12 - 14% |
|
Processing fees |
1 - 2% |
|
Processing time |
7-10 days |
|
Margin money |
nil |
|
Moratorium period |
Course duration + 1-year |
|
Repayment tenure |
15 years |
Total Interest to be paid
0Total Payment Principal + Interest
0Your EMI per month will be
0Eligibility criteria of the InCred abroad education loan scheme
- Age: The applicant must be an Indian citizen and at least 18 years of age or older at the time of application. The student should have secured admission to a recognized university.
- Academic performance: To be eligible for an education loan, the applicant must have a consistently impressive academic track record and meet the minimum academic requirements stipulated by InCred. Additionally, the student must have successfully completed prerequisite exams, such as the GRE, IELTS, or TOEFL. It is important to note that when applying for a loan in the US, a good GRE score can significantly improve the chances of securing funding.
- Co-applicant: To apply for a loan, the borrower must have a co-applicant, who can be their mother, father, sister, brother, spouse, a relative from their paternal or maternal side, or a legal guardian. The co-applicant must have a reliable source of income and a positive credit history.
- Course and country of study: Under this scheme regular graduate degree/post-graduate degree/diploma/certificate/doctorate courses in any discipline offered by foreign Institutes/Universities in the USA, UK, Canada, Australia, New Zealand, France, Germany, Ireland will be covered under the scheme.
InCred education loan for US
|
Feature |
GRE > = 310 |
GRE 300 = < 310 |
GRE 285 = < 299 |
|
Rate of interest |
12.25 - 12.75% |
12.75% - 13% |
13 - 14% |
|
Loan amount |
Up to INR 60 Lakh |
Up to INR 40 Lakh |
Up to INR 35 Lakh |
|
Co-applicant minimum income |
INR 30K |
INR 35K |
INR 35K |
|
Monthly installments during the course |
Partial simple interest |
Partial simple interest |
Simple interest |
|
Processing fee |
1% |
1% |
1% |
InCred education loans for other countries
|
Feature |
Australia / New Zealand |
Canada |
UK |
Germany/ Italy |
|
Rate of interest |
12.25 - 13% |
12 - 13% |
12.5 - 13.5% |
12.5 - 13.5% |
|
Loan amount |
INR 20 Lakh |
INR 30 Lakh |
INR 40 Lakh |
INR 20 Lakh |
|
Co-applicant minimum income |
INR 60K |
INR 35K |
INR 40K |
INR 40K |
|
Monthly installments during the course |
Simple interest |
Partial simple interest / Simple interest |
Simple interest |
Simple interest |
|
Processing fee |
1 - 1.5% |
1% |
1 - 2% |
1 - 1.5% |
Documents required for an abroad education loan by InCred
GyanDhan provides a customized documents list for InCred education loans, which depends on your profile, your co-applicant profile, and any property/asset, you may offer as collateral.
- Identity proof: PAN/ Passport/ Driver’s License/ Voter ID card or government-issued identification document.
- Education loan application form.
- Address proof: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill/ Driving License/ Aadhaar card.
- Passport
- Past academic record.
- 10th standard mark sheet
- 12th standard mark sheet
- Under graduate result (semester-wise)
- Entrance exam results (e.g. GMAT, GRE, TOEFL, etc.)
- Proof of admission: admission letter (A conditional admission letter is also applicable).
- Statement of expenses.
- Identity proof: PAN/ Passport/ Driver’s license/ Voter ID card or government-issued identification document.
- Address: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill or copy of Driving license/ Aadhaar card.
- 2 passport-size photographs.
- Bank account statement of the co-borrower/guarantor, for the last 6 months (in case of takeover of education loan).
- Salary slips for the last 3 months.
- Copy of Form 16 of the last 2 years or copy.
- Bank account statement for the last 6 months (Salary account).
- Brief statement of assets & liabilities of parent/ guardian/ other co-borrower.
- Business address proof.
- Last 2 years IT returns ( If IT Payee).
- TDS certificate (Form 16A, if applicable).
- Certificate of qualification (for C.A./ doctor and other professionals).
- Brief statement of assets & liabilities of parent/ guardian/ other co-borrower
- Bank account statement for the last 6 months.
Income proof for salaried co-applicant/guarantor
Income proof for self-employed co-applicant/guarantor
How to apply for an education loan at Incred via GyanDhan
While it is possible to apply for an education loan from InCred by submitting an online application through their website, opting for GyanDhan can provide a more streamlined application process. GyanDhan is an online platform specifically designed to help Indian students finance their education abroad. By applying through us, you can have your education loan approved in just three simple steps, making the entire process hassle-free.
Apply Online
Online document submission
Processing and Approval
Loan Sanction and Disbursal
Benefits
Getting your InCred Education Loan through GyanDhan
Lender comparison
The expert education loan counselors at GyanDhan compare the loan products of different lenders to identify the most suitable loan option for your needs. This involves comparing the interest rates, loan amounts, repayment terms, fees, and other features of different lenders.
Low turnaround time
GyanDhan works closely with different departments within InCred to expedite the loan approval process, typically completing it in 5-7 days. This efficiency is the reason why thousands of students trust GyanDhan with their abroad education loan requests every year. In contrast, if a student were to apply directly to the NBFC, the loan processing time would generally take around 10-12 days.
100% free of cost services
GyanDhan provides their services to applicants completely free of charge, without any fees being charged.
Online document submission
The GyanDhan online document upload facility allows you to submit documents from the comfort of your home and get your loan approved. No need to physically go to the NBFC to submit documents! Also, we will send you notifications to keep you in the loop about the stepwise updates.
Guaranteed best loan
GyanDhan stands firmly by its commitment to provide you with the most competitive education loan available in the market. We strive to secure the best possible deal for you. In the unlikely event that you come across a better offer, we will cover the difference in interest rates for the entire duration of your education loan.
The GyanDhan effect in InCred
| Feature | With GyanDhan | Without GyanDhan |
|---|---|---|
| Personalized document checklist according to profile & area | Yes | No |
| Branch visits | 0 | 3-4 |
| Pre-visa disbursements | Easy | Difficult |
Frequently Asked Questions
What is the maximum loan amount one can get for overseas studies?
What is the interest rate on Incred education loan?
What is the tenure of an Incred education loan?
Is the loan disbursed in favour of the borrower or the institute/college/university?
Is there a margin on Incred education loans?
Do education loans from InCred have any Income Tax benefits?
Is there a prepayment penalty on Incred education loans?
Anam Shams is a seasoned professional in the study abroad field with deep knowledge of admissions and loans. With a passion for helping aspiring students fulfill their academic dreams, Anam combines extensive experience with a commitment to simplifying the complex processes of studying overseas. A trusted advisor, Anam empowers students to navigate admissions seamlessly and secure financial support, making international education more accessible and attainable
Specializes in:
Education loan ,
Study Abroad Admissions
Aman Jain graduated from IIT Kanpur, and currently functions as the CMO at GyanDhan. He is deeply passionate about creating equality in higher education and has directly interacted with 2 Lakh students in his 8-year-long journey.
Specializes in:
Education loan ,
Study Abroad Admissions
Our Lending Partners
InCred Education Loan Reviews - Student's Speak
Rakshith Rathnakar Shetty
Great! Team was very quick with procedures, Thank you so much for all the timely follow up made by your representative.
Rohit Dhanda
I got immense help from Krishna Dutta from Gyan Dhyan. He listened to all my queries and provided genuine help in all matters. Because of such support, I would recommend GD to fellow mates. However, I suggest GD team to be part of all communication between applicant and Banks.
Ananya Thomas
Special appreciation to Srihari in the GyanDhan Bangalore team who was my one point contact. We are grateful to him.
