Just like Finnable, Incred Finance is also 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. They believe that the traditional ways can nowadays be excluded due to them being outdated, rigid, and often inefficient processes.
One of the critical 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. They use specialized tools to analyze market situations and offer customized personal loans.
| Incred Abroad Education Loan – A Snapshot | |
| 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 |
Features of Incred Education Loan
| Features | Education Loan Details |
| Loan amount | Up to ₹1Cr (Collateral) Up to ₹65Lac (Without Collateral) |
| Margin money | Nil |
| Processing fee | 0.75% to 1.25% |
| Processing time | Login to Decision is 48 working hours, Decision to disbursement is 7 working days |
| Loan tenure | 15 Years |
| Prepayment charges | No charges after six months from the first disbursement |
| Repayment holiday | Partial/ SI/EMI. Partial Interest amount can go as low as INR 4k per month(Exceptions case by case) |
| Countries covered | USA, Canada, UK, Ireland, New Zealand, Australia, Germany, and others |
| Payment study period | Simple Interest or Partial Simple Interest, depending on the student’s profile and the target course. |
Eligibility Criteria for Incred Abroad Education Loan
Below are the eligibility criteria to apply for Incred Abroad Education Loan:
| Type | Requirement |
| Eligibility For An Incred Abroad Education Loan | For the borrower & co-borrower – 1. Indian citizens/Indian passport holders who are currently registered or are planning to enroll in a qualified course can apply. 2. The co-borrower should also be an Indian national or passport holder. 3. Non-resident Indians (NRIs) with an Indian passport or with a card from Overseas Citizens of India (OCI) or Persons of Indian Origin (PIO) are also entitled to apply to InCred for an education loan. Such special requirements are expected to be fulfilled on a case-specific basis for certain applicants and co-borrowers. |
| Eligible Courses | You are eligible for the InCred loan if you’re undertaking the following courses: 1. Undergraduate programs (bachelor’s degrees) 2. Postgraduate studies (master’s degree) 3. Doctoral-level programs 4. Certificate and diploma programs InCred provides financing for any disciplines and courses the relevant regulatory organizations have approved. |
| Eligible Countries | Currently, InCred offers financing alternatives in the USA and Canada. Loan applications for other locations will be processed based on the program and course. |
Documents Required
| Type | Documents Required |
| Applicants | 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-Applicants | 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 Driver’s 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). A 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).A brief statement of assets & liabilities of parent/ guardian/ other co-borrowerBank account statement for the last 6 months. |
Incred Loan Interest Rates
| Product Segment | Range |
| Personal Loans | 13.99%-42% |
| PL Partners | 13%-48% |
| Unsecured Business Loans | 14.5%-36% |
| Student/ Education Loans | 11.5%-15% |
| Secured School Finance | 11%-18.35% |
| Loan against Properties | 11%-24% |
| Supply Chain Finances | 9%-24% |
| Lending to FIs | 10%-18% |
| Structured Finance/ Escrow backed lending | 9%-19% |
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% |
How to Apply for Incred Educational Loan?
Below are the steps to apply for Incred Educational Loan:
Step 1: Fill up the application form or speak to a financial officer.
Step 2: Enter the loan details as asked by the bank’s financial officer over the phone.
Step 3: Upload the required documents per the bank’s financial officer.
Step 4: Collect the loan sanction letter from the bank.
In case an applicant visits the bank directly and does not follow the above-mentioned steps, he/ she would face the below-mentioned problems:
- Multiple visits to the bank
- Delay in the processing
- Incomplete information about loan schemes
- Improper customer services
- Post-sanction disbursement issues
- No particular list of required documents
- No negotiation support
- Lots and lots of documentation
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