Introduction

Do you know why students dream of studying abroad? It is because of the infrastructure availability, to explore different cultures, to learn something new and mainly because of the quality of the education. Students looking for different ways to fund their education abroad can avail an education loan from Incred. Incred Finance is one of the top and upcoming names in the NBFC industry. Borrowing an incred student loan is an easy task but the worst part is where the student is required to prove incred education loan eligibility to qualify for a student loan.

Incred lends both secured as well as unsecured education loans to students who aim to pursue their higher studies abroad. Incred is known to have an easy education loan process where students can expect their education loans to be approved in the fastest, most efficient way if they are eligible according to the incred education loan eligibility criteria.

To know more on incred education loan and it’s eligibility, read this article till the end to gain all the required details. Also, feel free to reach out to our financial team at WeMakeScholars if you are looking for an education loan to study abroad. 

Overview of Incred Education Loan Details

S.No

Parameters

Incred Education Loan details

1. 

Interest rates 

11%- 13% depending on the student’s profile

2.

Loan Amount 

Maximum loan amount of 50 lakhs(depending on the country applied to)

3.

Eligible Courses 

Masters and Diploma courses in the STEM and Management fields

4.

Processing fee

0.9%- 1.5% processing fee
1% compulsory insurance fee

5.

Minimum Loan Margin

0%

6.

Loan Tenure

Upto 10 years

Incred Education Loan Eligibility

A student must meet all the requirements according to the eligibility criteria set by Incred Finance. Students have to follow a stringent eligibility criteria and if they fail to do it that may lead to rejection of the loan application. Therefore, it is crucial for students to clearly understand the eligibility guidelines and should qualify for the same.

According to Incred Education Loan eligibility guidelines for the loan applicant are:

  • The loan applicant must be above 18 years of age
  • The loan applicant must be an Indian resident
  • The loan applicant must have received admit into a recognized university abroad
  • The loan applicant must have qualified the relevant tests like GRE/ GMAT/ TOEFL/ IELTS etc

The Incred Education Loan eligibility guidelines for the co-applicant are:

  • The co-applicant must be a close blood relative of the applicant- parents or siblings are most preferred
  • The co-applicant must be in active service and must be filing Income Tax Returns for the past 2- 3 years
  • The co-applicant must have a good CIBIL score

These are a few basic eligibility criteria but if you have any other relatives as your co-applicant to get an Incred education loan, then immediately connect with our financial team at WeMakeScholars as they can help you find the best unsecured education loan in India. 

Incred Education Loan Interest rate

Incred education loan interest rates range from 11% to 13%. It is decided on various factors. Few of them are: 

  • University Ranking: Incred bank checks the overall ranking of the university before granting an Incred bank education loan. When you apply to a highly reputed university, students can expect an interest rate concession. But there are multiple cases where students have tried negotiating, but the banks do not agree on reducing the interest rate. If you apply via WeMakeScholars, our financial team will try to negotiate on the interest rates as we share a professional affinity with the banks and will offer you the best available in the market.
  • The course and the country of study selected by the student: The negotiation of Incred education loan interest rates also depends on the course and the country a student has opted for as this allows banks to ensure the potential growth and future employment of the student. If the potential chances of employment is high then the student can expect some concession in their education loan interest rates.
  • Student’s academic profile: Students while applying for an Incred student loan, a prolific academic record is a must because if the academic profile of the student is strong, then our financial officer can easily negotiate on your education loan terms .
  • A co-applicants financial profile: If the credit history is up-to-date and the potential earning of the co-applicant is also strong, then there is a due preference for an education loan interest rate concession.
  • Test Scores: Test score of the exams like GRE, TOEFL and other relevant test scores can help get a better deal from the lender. 

These are the few ways to bring down your Incred education loan interest rates. But we always recommend you to start your education loan process with WeMakeScholars as we ensure an automatic 0.5% reduction on your interest rates. In addition, our financial team will try and negotiate with the lenders on your behalf as we share a professional affinity with the lending officials which allows us to help students across India. Our team will be able to tell you whether the proposed interest rates by Incred can be brought down even further after assessing your profile or not. So, get in touch with us at WeMakeScholars and we will get back to you soon. 

Incred Education Loan Margin

One of the benefits that a student gets while processing through Incred is that the loan margin is 0% i.e students are not required to pool in any money during the time of disbursement as the bank can finance 100% education expenses of the student. You do not have to pool in any money of your own to activate the disbursement- which is the case with collateral loans from public and private banks.

Incred  Student Loan Processing Fees and Time

Incred finance charges close to 0.9% to 1.5% of the total education loan amount as a processing fee for any Incred education loan application. This processing fee is charged only when a particular candidate’s education loan is cleared for approval and only after a candidate chooses to go ahead with the Incred loan sanction.

Note: Incred processing fee and other charges are levied only after the loan is approved and once the student has agreed with the loan terms and conditions. Therefore, we recommend you to start your loan process via WeMakeScholars as you get an automatic 0.5% reduction on interest rates as well as our financial officer can also negotiate regarding the interest rates with the lending banks. Connect with our team at WeMakeScholars to negotiate your processing fee charges with the lending officials to the lowest possible.

Incred Finance generally takes around 2 weeks or more to process your education loan but our team at WeMakeScholars ensures that your unsecured education loan is sanctioned in the quickest manner possible. If you apply through WeMakeScholars your Incred Loan process will take a maximum of 7 to 10 days.

Incred Education Loan Documents   

Do you have any idea why students opt for Incred Student loans? It is because of the quick and hassle free Incred education loan process. Yes, this is one of the biggest advantages of applying for an education loan in Incred Finance. They are majorly known for providing unsecured education loans to students who are in great need of financial requirements. As students are not required to pledge any collateral security, the paperwork involved in the Incred education loan process is less. But any basic loan applicant has to submit certain basic documents in order to avail an unsecured education loan from Incred Finance.

Here is the list of the basic Incred education loan documents required from the students and the co-applicants.

Documents to be submitted by the loan applicant are: 

  • High school exam certificates: 10th, 12th/ Diploma Marksheets
  • Graduate degree certificate (if applying for a loan to fund a Master’s program) : Marksheets supporting a candidate’s graduate degree qualifications.
  • Test scores of qualifying exams relevant to a candidate’s course abroad: IELTS, TOEFL, GRE, GMAT scorecards.

Documents to be submitted by the co-applicant are: 

  • If the co-applicant is a salaried professional, then salary slips issued in the past 3 months have to be provided for the purpose of processing the unsecured education loan application
  • If the co-applicant is self-employed, their bank account statement of the previous 6 months has to be provided.
  • ITR documents of the previous 3 years to be provided by the co-applicant, regardless of whether they are self-employed or salaried professionals.

Few times students are asked to upload documents on random portals which may lead to misuse of the confidential documents. Therefore, we recommend you to process through WeMakeScholars. We have a secured portal where students can upload their documents and can be accessed only by the lending financial institution/ processing partner. Get in touch with our team today to start your education loan process. 

Incred Education Loan Disbursement

The disbursement process of an unsecured education loan takes place according to the Incred Finance terms and conditions. The procedure for student loan disbursement is as follows:

  • The tuition fee component of the collateral-free education loan from Incred is deposited according to the tuition fee payment requirements of the candidate’s university.
  • The living expenses are directly credited to the co-applicants account.
  • A student’s education loan amount can be disbursed based on their payment preferences if the process is in accordance with the Incred terms and conditions.

If you are approaching the lender directly for your Incred student loan process and are later facing a delay in the processing of the loan, our team might not be able to help you out. Therefore, we always recommend you to start your education loan process via WeMakeScholars as we help students in the entire education loan process and also after sanction. We help in resolving issues faced by the students related to disbursement, repayment etc. Get in touch with our team at WeMakeScholars and our team will be able to help you out. 

Incred Education Loan Repayment

According to the Incred Finance terms related to the repayment, every candidate will be required to start the payment of interest towards their unsecured education loan, from the very next month of availing their loan disbursement.

  • The payment towards this Incred loan repayment is also accepted in the form of partial deposits. 
  • Candidates, in some cases, will be charged with a partial payment of Rs.2000 to Rs.5000 every month.
  • The Incred loan EMI payments usually start on the completion of the course duration. 
  • Incred loan EMI payments are also accepted through online transactions.
  • The repayment structure is decided according to the lender depending on various factors like the co-applicant’s profile, student’s course program, country etc.

Failure in adhering to the repayment terms and conditions may invite additional penalty. 

How to apply for an Incred Student Loan? 

If you have come this far, then we know you are looking for how to apply for an Incred Education Loan. So, here is the complete procedure on how you can apply for one but before that do not forget to fill all your details with accurate information. 

Step 1: Fill in all the student required details i.e Name, Current mobile number, Location and PAN card details

Step 2: Fill in the student’s academic details i.e. intake season and year, field of interest, interested countries, and give details of the universities in which you have received the admit letter

Step 3: Provide all the loan related and co-applicant details i.e. loan amount required and the total expenses that may incur during your study abroad, student’s relationship with the co-applicant, employment status, co-applicant net income and does he/sh files ITR or not. 

Step 4: Click on the submit button to apply for Incred student loan. 

Note: The details mentioned by the students in the Incred Online Application form are strictly confidential and can be accessed only by the lending financial institution or the processing partner. This Incred Finance Online Application Form is valid across India, irrespective of your location.

These are all the required details about the Incred student loan. When students directly approach banks to start their education loan process, banks may fail to explain all the education loan jargons and processes which are necessary for the student as well the parent to understand. Therefore, we recommend you to start your education loan process via WeMakeScholars as our financial team deals with a number of problems daily and have solutions for the same. They have sanctioned nearly 10,000+ cases and have helped students to plan their  higher studies in different countries.

Also, we ensure the automatic 0.5% reduction on your Incred education loan interest rates. In addition, our financial team will try and negotiate with the banks on your behalf as we share a professional affinity with the lending officials which allows us to help students across India. Our team will be able to tell you whether the proposed Incred student loan interest rates can be brought down even further after assessing your profile or not. To apply for an Incred student loan abroad, get in touch with our team at WeMakeScholars today. 

Note: WeMakeScholars is an organization funded and supported by the Government of India that focuses on International Education finance. We are associated with 10+ public/Pvt banks/ NBFCs in India and help you get the best abroad education loan matching your profile. As this initiative is under the Digital India campaign, it’s free of cost. The organization has vast experience dealing with students going to various abroad education destinations like the US, Canada, UK, Australia, Germany, Sweden, Italy, New Zealand, France among others.