Overview of InCred 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

Eligibility criteria: 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 InCred 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 an InCred education loan, 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 Interest Rate

The InCred education loan interest rate varies from 11% to 13%. The following factors are considered when calculating the final interest rates. 

• Course and Country:

Different countries and courses have different interest rates for the Incredible Education Loan. InCred will review the specifics of the chosen course and evaluate its future employability. InCred may offer lower interest rates if employment prospects are strong.

• University Ranking:

Before approving the education loan, Incred confirms the university ranking. Students should anticipate lower interest rates if their chosen university is reputed worldwide.

• Academic Profile:

Incred also reviews the student's academic records before approving the loan. If the student has a strong profile then InCred can offer better interest rates. 

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%

Approved Courses and Countries for Incred Education Loan

Pre-Approved Courses:

• Similar to other Indian lenders, Incred only offers unsecured loan options for master's and postgraduate degrees, including PG Diplomas. 
• For students enrolled in undergraduate programs, secured student loans are the most practical option. 
• Undergraduate students with a strong co-applicant income profile may be eligible for loans that are not secured by collateral and have direct monthly payments due during the moratorium period.
• STEM (Science, Technology, Engineering, and Mathematics) and MBA programs are approved by Incred. 
• Those who are interested in the arts and humanities should choose reputable institutions in those fields. Having relevant work experience also increases the chances of loan approval significantly.

Accepted Countries:

• Incred provides loans for study abroad locations like the US, UK, Canada, and Germany.
• Depending on the institute's ranking, other nations like Singapore, the Netherlands, and Sweden might be taken into consideration on a case-by-case basis.
• Nonetheless, nations like China, the Philippines, Russia, and Ukraine—all popular destinations for MBBS programs—are being rejected.

Documents Required: InCred Education Loan

Shikshavahini 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:

1. Identity proof: PAN/ Passport/ Driver’s License/ Voter ID card or government-issued identification document.

2. Education loan application form.

3. Address proof: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill/ driving license/ Aadhaar card.

4. Passport.

5. Past academic record.

• 10th standard mark sheet

• 12th standard mark sheet

• Undergraduate result (semester-wise)

6. Entrance exam results (e.g. GMAT, GRE, TOEFL, etc.)

7. Proof of admission: admission letter (A conditional admission letter is also applicable).

8. Statement of expenses.

Co-applicant’s documents:

1. Identity proof: PAN/ Passport/ Driver’s license/ Voter ID card or government-issued identification document.

2. Address: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill or copy of passport/ driving license/ Aadhaar card.

3. 2 passport-size photographs.

4. 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:

1. Salary slips for the last 3 months

2. Copy of Form 16 of the last 2 years or copy

3. Bank account statement for the last 6 months (Salary account)

4. Brief statement of assets & liabilities of parent/ guardian/ other co-borrower

Income proof for self-employed co-applicant/ guarantor:

1. Business address proof

2. Last 2 years IT returns (If IT Payee)

3. TDS certificate (Form 16A, if applicable)

4. Certificate of qualification (for C.A./ doctor and other professionals)

5. Brief statement of assets & liabilities of parent/ guardian/ other co-borrower

6. Bank account statement for the last 6 months

How to Apply for an InCred Education Loan via Shikshavahini?

While it is possible to apply for an education loan from InCred by submitting an online application through their website, opting for Shikshavahini can provide a more streamlined application process. Shikshavahini 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.

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 visugrievance@incred.com 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 InCred 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 Shikshavahini, 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 InCred education abroad loan through Shikshavahini

Guaranteed best loan:

Shikshavahini 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:

Shikshavahini 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 Shikshavahini 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:

Shikshavahini provides their services to applicants completely free of charge, without any fees being charged.

Lender Comparison:

The expert education loan counselors at Shikshavahini 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 Shikshavahini 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 Shikshavahini Effect in InCred Education Loan

Feature	With Shikshavahini	Without Shikshavahini
Personalized document checklist according to profile & area	Yes	No
Branch Visits	0	3-4
Pre-visa disbursements	Easy	Difficult