Incred Education Loan: Know the Complete Details

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incred education loanIncred finance is one of the up and coming names in the NBFC industry. Borrowing an Incred education loan is an easy process, due to the easy and efficient way in which each Incred education loan application is handled. Candidates can expect their education loans to be approved in the fastest, most efficient way. 

Incred lends both secured as well as unsecured education loans to students who are looking to fund their higher studies with the help of student loans. An Incred education loan for abroad studies ensures that candidates face no obstacles in their studies abroad, with respect to their financial requirements. With an Incred education loan, you can be rest assured that you will get your funds well on time without any delays.

 

Incred Education Loan Details

All the Incred education loan schemes have been designed by keeping in mind the various financial requirements that any student might be required to fulfil during their higher education process. Before listing the details about the various factors of an Incred education loan scheme, here’s a brief layout of some of the Incred education loan details.

Below given are some of the basic details of an Incred education loan for abroad education.

Basic details about the Incred education loan scheme 

Incred education loan parameters Values
Incred education loan rate of interest 11% to 13% (ROI varies on a case by case basis)
Maximum loan amount Rs.50 Lakhs
Eligible Countries* USA, Germany, Canada, Ireland, Netherlands, Singapore, Australia
Eligible courses** Any Masters & Diploma courses in the STEM or Management fields.
Processing Charges*** 0.9% to 1.5% of the total loan amount + 1% compulsory insurance fee (Extra GST applicable)
Loan Margin  Nil
Maximum Loan Tenure 10 years


*Eligible countries considered for an Incred unsecured education loan:

Students are eligible for an Incred unsecured education loan to study in countries other than the ones mentioned above, provided that they fulfil certain Incred education loan requirements.

Candidates who plan to study in the following countries are deemed eligible for a collateral-free education loan: USA, Germany, Canada, Ireland.

Candidates who wish to study in the following countries are granted only secured education loans from Incred Finance: The UK, Eastern European countries, New Zealand, Russia, Malaysia, Singapore.

** Eligible courses for an Incred education loan for abroad studies: Being a non-banking company, Incred pays close attention to the possibility of employment of a student on the completion of their higher studies abroad. Since the STEM programs and management programs are some of the most promising streams of higher studies abroad, students applying for an Incred education loan to fund their higher studies in these streams are given preference. However, if the student’s profile meets the Incred education loan eligibility criteria, they can be provided secured education loans for courses other than the ones mentioned in the above table.

***Incred education loan processing fee: 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 Incred education loan 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 education loan process.

Incred Maximum Loan Amount

Incred Finance provides different amounts as non collateral education loan for different countries. The maximum loan amount depends on the availability of permanent residency granted by the countries chosen by the candidates for their higher studies.

The maximum unsecured education loan amount provided by Incred for the following countries are as follows:

Country of Higher Studies Maximum Education Loan Amount
USA INR 50 Lakhs
Germany INR 15 Lakhs
Canada INR 20 Lakhs
Ireland INR 18 Lakhs
Netherlands INR 10 Lakhs
Singapore INR 20 Lakhs
Australia INR 20 Lakhs

In order to know how you can effectively fund your higher education abroad with the help of an education loan from Incred, do get in touch with the WeMakeScholars financial team.

Incred Education Loan Eligibility

Borrowing an education loan to fund higher studies abroad is a major financial decision. The lending party is also equally responsible for delivering the promised funding on time. This is why Incred finance has set certain Incred education loan requirements for students. An Incred education loan is only approved if a particular candidate meets any of the Incred education loan eligibility criteria set for both loan applicants as well as co-applicants.

Incred education loan eligibility criteria for students:

Candidates meeting the following requirements only are deemed as eligible to apply for an Incred education loan for abroad studies.

  1. A Student should be at least 18 years of age.
  2. A student should be a citizen of India.
  3. A student should have secured admission into a university abroad.
  4. The candidate should have passed the qualifying tests relevant to their higher education course abroad. (GRE, IELTS, TOEFL, GMAT, SAT,etc.)

Incred education loan requirements for education loan co-applicants

No education loan can commence without the presence of a co-applicant, especially for unsecured education loans. Since these loans do not require candidates to pledge security of any kind against their education loans, it is all the more necessary to name a co-applicant to avail of any Incred education loan. Incred finance pays close attention to certain factors of the co-applicants financial profile for this very reason.

Individuals who meet the following Incred education loan requirements only can be named as co-applicants for an Incred education loan.

  1. The co-applicant should be related to the student by blood. Preferable co-applicants are parents, siblings and in rarest of the rare cases, immediate relatives can also be considered.
  2. The co-applicant should have a steady source of income. They can either be self-employed or salaried professionals. In either case, the co-applicant must have a concrete financial profile.
  3. The co-applicant should have filed their ITR of at least two years prior to applying for an Incred education loan. Relevant documents showing proof of the same have to be submitted to Incred finance at the time of applying for an Incred unsecured education loan.
  4. The co-applicant should have a good CIBIL score, preferably 700 and above, in order to apply for an Incred unsecured education loan.

abroad education loan

Incred Education Loan Interest Rate 

The Incred education loan rate of interest falls in the range of 11% to 13%. These figures vary depending on the various factors of a candidate’s profile and their co-applicant’s financial profile. The different factors that are taken into account are as follows:

  1. The candidate’s academic profile: While applying for an Incred education loan, a candidate’s academic profile is given a lot of weight. If the candidate’s academics are strong, the interest rates can be negotiated.
  2. The course and country of study chosen by a candidate: The negotiation of Incred loan interest rate also depends on the course and the country of study. If you are someone who has a strong academic profile, and are planning to fund your higher studies in any of the STEM and Management courses in a highly reputed university, you can expect some concession in your Incred interest rate for abroad education loans.
  3. A co-applicants financial profile: A co-applicant having a solid financial profile will be given due preference for an Incred education loan interest rate concession.

Incred Education Loan Documents

One of the biggest benefits of applying for an Incred education loan is that they majorly provide collateral free education loan to students who are in need of one. As there is no collateral being pledged as security against most Incred education loans, the paperwork involved in the Incred loan process is less. Any applicant has to submit certain basic documents in order to avail of a non collateral education loan from Incred Finance.

Following is a list of the required Incred education loan documents for a hassle-free Incred student loan process. The Incred education loan documents required from students and co-applicants are different. There is a common list of Incred education loan documents that have to be submitted by both, candidates as well as co-applicants.

Incred education loan documents to be submitted by candidates and co-applicants:

KYC documents: PAN card, Aadhaar card, Driving license, passport & voter ID card.

Incred education loan documents required from candidates: Candidates who need an unsecured education loan from Incred Finance only need to submit certain basic documents related to their academics, in addition to the above-mentioned KYC documents. The academic certificates of the following qualifications have to be submitted by candidates to avail an Incred education loan.

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

Incred education loan documents related to co-applicants’ financial records:

  1. 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. 
  2. If the co-applicant is self-employed, their bank account statement of the previous 6 months has to be provided.
  3. ITR documents of the previous 3 years to be provided by the co-applicant, regardless of whether they are self-employed or salaried professionals.

abroad education loan

Incred Loan Disbursement

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

  1. 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.
  2. The living expenses are directly credited to the co-applicants account.
  3. A student’s education loan amount can be disbursed based on their payment preferences if the process is in accordance with the Incred education loan terms and conditions.
Also read about Education Loan Disbursement Process- How it works?

Incred Education Loan Prepayment Charges

We understand that borrowing an education loan to fund your higher studies is a major financial decision. As a candidate, it is quite understandable that you would prefer to repay your loans at the earliest instance. 

  • According to the Incred education loan terms and conditions regarding Incred education loan prepayment, candidates who attempt to prepay their Incred student loan within 6 months of availing one will be levied with extra prepayment charges.
  • However, if you happen to prepay your education loan 6 months post availing your unsecured education loan, no extra charges will be levied.
Read More about Education Loan Repayment: Process- Steps to know

The Incred Education Loan Process

With Incred Finance, you can expect a transparent education loan process. Generally, the Incred loan process for unsecured education loans is a pretty simple affair, due to the absence of collateral security. Candidates may follow the Incred education loan guidelines to have a hassle-free education loan process. Given below is a step-by-step guide on how you can go about the Incred education loan process.

  1. Secure an admit to your preferred university and apply for an education loan by filling the Incred education loan online application form here.
  2. On receiving the duly filled Incred education loan application form, our team will reach out to you and ask you about your financial requirements for your higher studies abroad.
  3. Put together the documents mentioned in the documents checklist for loan applicants and co-applicants and submit them to your nearest Incred Finance branch.
  4. Once the documents are verified by our team, your eligibility will be confirmed. Candidates will be intimated about the same and upon receiving a confirmation from the candidate’s end, our team will proceed with the further process.
  5. Once a candidate’s eligibility for an unsecured education loan from Incred Finance is confirmed, the procedure for an Incred education loan sanction becomes pretty simple.
  6. The education loan amount can be disbursed within a really small time period, once it is approved for sanction.

 

Incred Education Loan Repayment

According to the Incred education loan terms related to Incred loan 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 will be charged with a partial payment of Rs.2000 to Rs.5000 every month.
  • The Incred loan EMI payments start on the completion of the course duration. 
  • Incred loan EMI payments are also accepted through online transactions.
  • Failure in adhering to the Incred education loan repayment terms and conditions may invite additional penalty.

Why Approach WeMakeScholars For Your Education Loan Process?

When students directly approach banks for enquiries regarding the abroad education loan process, most of them are given only partial information regarding the same. The financial team of WeMakeScholars has sufficient knowledge about the abroad education loan process due to their experience of tackling even the most complicated cases. As a result, close to 3000+ students have benefitted from their services. In the abroad education loan process, most students who have planned their higher studies in countries like Germany and Canada are mostly concerned about their pre-visa disbursements from government banks as many of these banks are often not aware of the education loan provisions for these countries and as a result, delay the pre-visa disbursement. When you apply through WeMakeScholars, our financial officers ensure that this does not happen and often try their level best to get such loans sanctioned well in time. So, if you are confused on how to go about the abroad education loan process, do get in touch with our team now.

 

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 at 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, China, France among others

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Bibliophile, wanderer, major foodie. I write too :)

 

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