Overview
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 education loan
Feature
|
Description
|
Loan amount
|
Up to INR 60 Lakh
|
Rate of interest
|
11.85% - 13.25%
|
Processing fees
|
1 - 2%
|
Processing time
|
7-10 days
|
Margin money
|
nil
|
Moratorium period
|
Course duration + 1-year
|
Repayment tenure
|
15 years
|
Eligibility criteria of the InCred education loan
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/Ireland/France/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 InCred education loan
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.
Applicants' documents
- 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
- Undergraduate 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.
Co-applicant’s documents
- 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 passport/ 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).
Income proof for salaried co-applicant/guarantor
- 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
Income proof for self-employed co-applicant/ guarantor
- 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
How to contact InCred for an education loan?
To contact InCred for education loan-related services, you can choose one of the following methods:
Email
Send a detailed email to
[email protected] with information about your profile. Their team will review your email and respond accordingly.
Online application form
Visit the InCred website (https://www.incred.com/offices.html) and navigate to the "Contact Us" section. You can fill out the online application form and they will evaluate your profile and further the process.
Branch visits
Visit the nearest InCred branch in your city or locality. The staff at the branch will provide assistance regarding education loans, the application process, required documents, and other relevant information. InCred has its head office in Mumbai and other offices across various cities in India, including Ajmer, Alwar, Ahmedabad, Andheri, Bangalore, Bhilwara, Coimbatore, Chennai, Delhi, Hubli, Hyderabad, Jaipur, Jodhpur, Karimnagar, Kolkata, Kuppam, Mdhurai and Pune.
If you're seeking an education loan for studying abroad through InCred but want to avoid the hassle of visiting physical branches and dealing with complicated application forms, you have the option to apply for a study abroad loan through GyanDhan, an education financing platform that specializes in helping students secure funding for their higher education abroad. Once you meet the eligibility criteria, our dedicated counselors will thoroughly assess your profile and recommend the most suitable lenders to meet your specific loan requirements. Throughout the loan process, our counselors will provide guidance and support, being readily available to address any concerns or challenges you may encounter. To check your eligibility
here.
Benefits of getting your InCred education abroad loan through GyanDhan
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.
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.
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.
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.
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
|