Investment in education can provide the highest return. Therefore, the ever-increasing cost of education puts a huge strain on the family’s financial situation. Education loans ensure that every student has equal access to education. It also relieves the family from the strain of eliminating all their savings to provide their child with better educational opportunities. These loans to study abroad cover everything from tuition fees to study materials and much more, depending on the scheme of the loan. Among the many loans like HDFC, Canara Bank, Bank of Baroda, Allahabad, etc. one such loan is the InCred Education Loan. This blog collates all the relevant information regarding InCred Education loans from the rate of interest to the loan tenure, etc.
|Interest Rate||11%- 14% depends on the profile of the student.|
|Maximum Loan Limit||Rs. 50 Lakhs without collateral|
|Loan Tenure||10 years|
|Processing Fee||0.9%- 1.5%|
This Blog Includes:
- About Incred Education Loan
- Benefits of InCred Education Loan
- Expenses Covered in the InCred Education Loan
- Incred Education Loan- Abroad
- InCred Education Loan: Rate of Interest
- Eligibility Criteria
- Documents Required
- Application Process
- Contact Details
- Loan Repayment for InCred
- Education loan Interest Subsidy Schemes
About Incred Education Loan
InCred Finance is a Non-Banking Financial Company that focuses on providing financial assistance through its various loan schemes. It is a new-age company, founded in 2017 by Bhupinder Singh, ex-head of the Corporate Finance division of Deutsche Bank. Their ultimate vision is to create a transparent system of financial institutions and eliminate traditional ways of lending and establish a simplified version of proving loans using the latest technology and leveraging a team with high expertise, aiming to fulfill the personal circumstances of the customers.
The InCred Education Loan aims to assist the latest generation of India in their educational journey. It inculcates various flexible and cost-effective schemes in its education loans to help students overcome the hurdle of financial strain and pursue their dream education.
- The InCred education loan is available for courses at the undergraduate, postgraduate and doctoral levels. Provisions for certifications and diplomas can also be made.
- InCred has loan schemes available for all core streams of study or majors.
- A loan provision is only made available for courses/institutes which have approval or accreditation from relevant authorities.
- Bachelors courses, PhD courses, or pilot training courses are not provided without collateral.
Also Read: IDBI Education Loan
Benefits of InCred Education Loan
Listed below are some of the benefits of an InCred Education Loan:
- No Hidden Costs
- More than 700 eligible universities
- Upto 60 Lakhs Collateral Free Loan
- Flexible Repayment Tenure
- Quick Process
- Comprehensive Loan Choices
- Loan Processing on Priority
- Lowest Interest Rates In the market.
Expenses Covered in the InCred Education Loan
The InCred Education Loan covers various expenses that are incurred by the students. These include:
- Tuition Fee
- Examination Fee
- Library/ Laboratory Fee
- Hostel Fee
- Cost of books, study materials, instruments or uniforms
- Study or research tours, project work, thesis, etc.
- Cost of computer or laptop (if required)
- Graduate/ postgraduate degree (Master’s or PhD) /diploma courses conducted by renowned institutions/ universities recognized by UGC, Government, AICTE, AIBMS, or ICMR.
- Academic courses such as CA, CFA, and ICWAI.
- B.Ed. Courses, nursing courses, and from other training institutions approved by the Central or State Government.
Must Read: Education Loan for Abroad Studies by Indian Government
Incred Education Loan- Abroad
The Incred education loan for students looking to study abroad depends on the preferred country. The following list mentions the maximum loan amount offered for different countries:
InCred Education Loan: Rate of Interest
The InCred Education Loan interest rate is different for different loan amounts. The InCred Education Loan Interest Rate can be ranged between 11- 14% depending on the profile of the students;
- For a loan up to INR 10 Lacs, the RoI varies from 12.75%-14.00%.
- For loans above INR 10 Lacs, the RoI varies from 11.75%-13.75%.
Must Read: Education Loan by Delhi Government
InCred Education Loan lays certain guidelines that must be fulfilled in order to avail of the education loan:
- A minimum of 18 years of the student-seeking loan
- Citizens of India/Indian passport holders currently enrolled or planning to enroll themselves in an eligible course.
- Should have received admission into a recognized university abroad and must have qualified for the relevant tests like GRE/IELTS/TOEFL/GMAT, etc
- Non-Resident Indians (NRIs) with an Indian passport or with Overseas Citizens of India (OCI) or Persons of Indian Origin (PIO) cards. In this regard, guidelines have to be followed.
- The co-borrower should be an Indian national or hold an Indian passport.
- Should be a close blood relative of the applicant- preferably parents or siblings.
InCred Education Loan Processing Fee
Additionally, Incred charges processing fees ranging from 1% to 2% of the sanctioned loan amount when granting an education loan.
Must Read: The PNB Education Loan Program
For applying for an InCred education loan there are some important documents required. Here is the list of documents:
- PAN Card
- Aadhar Card
- Driving Licence
- Voter ID Card
- Academic transcripts of 10th, 12th, and graduation mark sheets
- Test scores of GRE, GMAT, TOEFL, and IELTS (if required)
- Salary Slips for the last 3 months
- Income Tax Returns for the last 2 years
- Bank Statement for the last 6 months
Must Read: These Documents are Needed to Take an Education loan!
Visit the official website for InCred Education Loan and click on the Apply Now button to fill out an application. Fill out the form carefully with all the relevant details and upload the mandatory documents required. Take out a printout of the application after filling out the form and contact your nearest InCred branch to complete other formalities.
Above all with issues regarding InCred personal loans, contact them at the information given below:
- By Phone: Toll-Free 1800-102-2192
- Email: care@InCred.com
- Chat on WhatsApp: (+91)882-627-2192
Must Read: Tax Benefits on Securing Education Loan
Loan Repayment for InCred
The InCred loan terms and conditions include flexible repayment options. The most common method is to make a partial payment of interest while the student is still enrolled in the course. The monthly payment for the Incred Education loan plan ranges from Rs. 2000 to Rs. 5000 on average. This amount is kept as low as possible to avoid any inconvenience to the student. The EMI payment for the Incred Loan begins after the course is completed. The vast majority of payments for Incred Loans are made online.
Education loan Interest Subsidy Schemes
There are several subsidy schemes available to a student seeking education loans. Some of them are listed below.
|Dr. Ambedkar Interest Subsidy Scheme for OBC and EBC||Exemption of interest for EBC and OBC students||Caste certificate, must be pursuing M.A/M.Phil/Ph.D from abroad. and less than INR 8 lakh family income|
|Padho Pardesh Interest Subsidy Scheme||Assist EWS members of minority groups||Less than INR 6 lakh family income, must be pursuing M.A/M.Phil/Ph.D from abroad, should have taken a loan, and have a family income certificate|
|Central Interest Subsidy Scheme (CSIS)||Interest exemptions to EWS category||Admission in an Indian university, family income less than INR 4.5 lakh, and should have EWS certificate|
The collateral requirement is optional depending on the type of loan product you qualify for.
Submitting collateral can give you a better interest rate or an even higher loan amount.
You can fill out the application form online from the official website or contact the branch for the same.
The monthly payment is Rs. 2000 to Rs. 5000 on average.
No. There are no fees or charges to apply. However, you are required to pay around 1% – 1.5% of your loan amount as a loan processing fee, after the approval of your loan.
Hope this blog helped you through all the essential details of the InCred Education Loan scheme. If you require help to know about more such scholarships or loan schemes in India or abroad, you can reach out to our study abroad experts and we’ll help you in making the correct step to choose the right education loan.