✓ Check Education Loan Eligibility
✓ Collateral and Non-collateral Education Loan
Incred is a Non-Banking Financial Institution (NBFC) in India that provides student loans of amount up to 60 lacs for both, to study in India and abroad, at interest rates starting from 12% per annum.
This video provides a complete guide to the Incred Loan for studying abroad, encompassing details on schemes, loan amounts, interest rates, and processing fees. Where, our co-founder Damini Mahajan explains everything you need to know about Incred Education loans.
Note:
The qualities of the profile are represented by 1, 2, and 3, signifying that terms such as interest rate, loan amount, and processing fee are most favorable for category 1, followed by categories 2 and 3.
In order to determine whether a profile belongs to categories 1, 2, or 3, Incred employs four criteria: academic performance from 10th grade onward, work experience, university ranking, and the nature of the course (for instance, STEM courses receive a higher score than non-STEM courses)
The co-applicant's profile is not taken into consideration in this context.
Loan Parameters | Details |
Loan Limit | 75-80 lakhs (Depending on the applicant profile) |
Expenses covered |
|
Accepted co-applicant | Parents or guardians |
Rate of interest | 11.2%* |
Moratorium Period | Course duration +1 year |
Repayment Duration | Up to 12 years |
Acceptable collaterals |
|
* On going through with WeMakeScholars
Loan Parameters | Details |
Loan Limit | 45-50 Lakhs (Depending on the applicant profile) |
Expenses covered |
|
Accepted co-applicant | Parents or guardians |
Rate of interest | 11.75%* |
Moratorium Period | Course duration + 1 year |
Repayment Duration | Up to 12 years |
Acceptable collaterals |
|
* On going through with WeMakeScholars
Loan Parameters |
Details |
Loan Limit |
Maximum upto 60 lakhs (Depending on the applicant profile) |
Expenses covered |
|
Accepted co-applicant |
Parents or guardians |
Incred education loan interest rate/rate of interest |
Starts from 11.5% |
Moratorium Period |
Course duration + 1 year |
Loan Margin |
There is no loan margin as such, however, students need to show proof of funds |
Repayment Duration |
Upto 12 years |
Acceptable collaterals |
3rd Party collaterals are also accepted depending on the student's profile |
NOTE: Students can choose from over 600+ courses in 25+ countries to take education loans from Incred as per the above-mentioned loan parameters.
Loan Parameters |
Details |
Loan Limit |
Maximum up to - 60 lacs Students can apply and may get higher loan amounts depending on their loan profile |
Expenses covered |
|
Accepted co-applicant |
Parents or guardians |
Rate of interest |
Starts from 11.5% |
Moratorium Period |
Course duration + 6 months extendable upto 1 year |
Loan Margin |
Students just need to show proof of funds of the margin amount, there is no specific loan margin |
Repayment Duration |
Can be upto 10 years after the moratorium period |
Acceptable collaterals |
|
According to Incred Education Loan guidelines:
The applicant:
The co-applicant:
The processing fees charged by Incred to grant an education loan ranges from 0.75%* to 1% of the sanctioned loan amount.
However, WeMakeScholars does not charge any fees from students for processing their education loans, as we are funded and supported by the IT Ministry, Government of India under the Digital India Campaign.
To start your loan process with WeMakeScholars, request a callback or fill out the common application form.
* When you submit your application through WeMakeScholars, the processing fee can range from 0.75% to 0.8%, tailored to each specific situation.
Students have to upload their documents on the WeMakeScholars documents portal using the documents uploading link provided by their financial officer, or they can submit their documents, at their nearest Incred branch, here is a brief document checklist:
Application form
Filled loan application form for Incred education loan attached with 2 passport-size photographs (hardcopy of online application form is also acceptable for submitting in the bank)
Basic documents for Borrower and their co-applicant and/or guarantor
Identification proof PAN Card or passport of the student (if going to abroad)
Address Proof – Voter ID Card/ Student’s passport/ Telephone Bill/ Electricity Bill/ Ration card/ Aadhar card/ Bank account statement. (If permanent and current address is different then 2 different proofs will be required) )
For salaried co-applicant last 6 months bank account statements showing the salary getting credited. If the co-applicant is a self-employed then last 1 years business transaction
Statement of personal asset & liability (approved by the branch officials)
Students must self-attest all the documentsAcademic documents of the borrower
Section 4: Co-applicant Income documents
For salaried co-applicant
For self-employed co-applicant
Other Documents
Additional documents (if applicable)
Section 7: Collateral documents (Optional)
Collateral documents requirement depends on the state in which the student resides. Ask for your financial officer for the collateral documents checklist also, while taking the other documents checklist specially customized as per your education loan profile
For Incred, the fees for student loan insurance range from 1% to 2% of the loan amount. We advise students to purchase education loan insurance so that the insurance company, not the borrower's parents or co-borrower, would be responsible for repaying the debt in the event of any unforeseen circumstance, including the applicant's death.
It makes sense to protect your dependents in this way. When completing your loan with WeMakeScholars, ask your financial officer for further details regarding loan insurance.
Incred offers need-based education loans of value up to 100% requirement of the student, therefore it does not require students to arrange money to bear the loan margin. However, Incred requires students to show proof of funds for the remaining loan amount.
For example, your loan requirement is Rs 70 lacs but you are only eligible to get a loan of Rs 60 lacs from Incred, so in order to get the loan you need to show proof of funds for the rest of Rs 10 lacs
Request a callback from your financial officer, to know in detail about the concept of loan margin.
To apply for an education loan from Incred through WeMakeScholars, follow the below steps:
Step 1: Speak to your financial officer by requesting a callback or filling up the loan application form
Step 2: Provide your loan profile details, as asked over the call
Step 3: Upload your documents on the WeMakeScholars documents portal, using the documents uploading link. As per the documents checklist given by your financial officer
Step 4: Your financial officer will look into the process and get your loan sanctioned within 1 week
Step 5: Collect your loan sanction letter from the bank
If you will visit the banks directly to get your loan sanctioned, your loan processing will not be as simple as told above, because, then you will have to face the following issues during the process:
That is why we offer our premium student loan sanctioning services to students so that they can skip the hassle and focus more on their primary goal - ‘studies’. When processing education loans through WeMakeScholars, students can make use of the following benefits:
To enjoy the above benefits start your loan process with WeMakeScholars today, by requesting a callback or filling up the common application form.
Education loan transfer means students can transfer their existing education loan from their current lender to Incred. It helps students to enjoy the following benefits:
To transfer your education loan to Incred, follow the below-given steps:
Step 1: Ask for the due outstanding amount proof, from your present lender
Step 2: Talk to your financial officer at WeMakeScholars, mentioning that you need to get your education loan transferred
Step 3: Submit your documents to the Incred officer as per the documents checklist given by your financial officer
You will be intimidated by your loan transfer once your application is approved.
Incred has its own education loan EMI calculator which is available on its website, but it is not very detailed and provides only the EMI amount that has to be paid by the loan borrower. So we recommend you to use the WeMakeScholars education loan EMI Calculator, as it offers the following benefits:
The education loan repayment period in Incred can last up to 10 years after the moratorium period. In the repayment duration, students will have to pay a fixed EMI to repay their loan in the stipulated period.
If suppose a student has taken an education loan of Rs 40 lacs from Incred at an 11.5% rate of interest and chose to repay their loan in 10 years after their moratorium period ends, then their EMI calculation as per WeMakeScholars Education loan EMI calculator the following will be the result.
Repayment Cycle |
EMI |
Interest portion |
Principal portion |
Loan Outstanding |
Start of loan EMI |
64322 |
43844 |
20479 |
4554521 |
End of year 1 |
64322 |
41578 |
22744 |
4315880 |
End of year 2 |
64322 |
38821 |
25502 |
4025340 |
End of year 3 |
64322 |
35728 |
28594 |
3699569 |
End of year 4 |
64322 |
32261 |
32061 |
3334296 |
End of year 5 |
64322 |
28373 |
35949 |
2924729 |
End of year 6 |
64322 |
24014 |
40308 |
2465499 |
End of year 7 |
64322 |
19126 |
45196 |
1950582 |
End of year 8 |
64322 |
13646 |
50677 |
1373228 |
End of year 9 |
64322 |
7501 |
56822 |
725863 |
End of year 10 |
64322 |
611 |
63712 |
0 |
Students willing to repay their education loan before their repayment duration can opt for any of the following repayment strategies to repay their loan:
Pro Tip: Students should add Rs 5,000 - Rs 10,000 while making their last EMI payment, so that if the bank processes their transaction on the next day then also there is no outstanding balance on their loan.
We help students throughout their loan sanctioning process, by giving them helpful ins and outs about the education loan process. Get in touch with your financial officer at WeMakeScholars to know the best available interest rates for your education loan.
The Ministry of Social Justice and Empowerment established the program for students from the EBC and OBC sections of society to offer an exemption on their interest owed during the moratorium term of their education loan. Only eligible persons who desire to study abroad may apply for this program.
Eligibility Criteria for Dr. Ambedkar Interest Subsidy Scheme
The Ministry of Minority Affairs created the initiative to assist EWS members of internationally recognized minority groups who desire to pursue higher education.
Eligibility Criteria for Padho Pardesh Interest Subsidy Scheme
NOTE: The scheme was discontinued after 1st April 2022, but the existing beneficiaries before 31st March 2022, will continue to receive the benefits
The initiative was established by the MHRD, which is now the Ministry of Education, to offer interest exemptions on student loans taken out by members of the EWS segment of society.
Eligibility criteria for Central Interest Subsidy Scheme (CSIS)
What is the interest rate charged on education loan from Incred?
The interest rate charged by Incred on education loans starts from 11.5% and they offer education loans to both, study in India and abroad aspirants.
Does Incred provide an education loan to study in the UK?
Yes, Incred offers education loans of up upto Rs 60 lacs to students to study in the UK, depending upon their loan eligibility and bank policies. Infact, Incred is a glowbal lender that offers education loans to 25+ countries around the world.
How much processing fees is charged for an education loan from Incred?
Incred charges an amount upto 1% to 2% of the loan amount from the applicant to process their education loans.
Is Incred regulated by the RBI?
Incred Financial Services Limited is a Non-Banking Financial Institution that is regulated by the Reserve Bank of India.