InCred Education Loan

5 minute read
Incred Education Loan

Investment in education can provide the highest return. But 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%
Insurance Fee 1%
Loan Margin 0%

Also Read: IDBI Education Loan

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 their education loans to help the students overcome the hurdle of financial strain and pursue their dream education.

  1. The InCred education loan is available for courses at the undergraduate, postgraduate and doctoral levels. Provisions for certifications and diplomas can also be made.
  2. InCred has loan schemes available for all core streams of study or majors.
  3. A loan provision is only made available for courses/institutes which have approval or accreditation from relevant authorities.
  4. Bachelors courses, Ph.D. courses, or pilot training courses are not provided without collateral.

Expenses Covered in the InCred education loan

The InCred Education Loan covers various expenses that are incurred on the students. These includes:

  • Tuition Fee
  • Examination Fee
  • Library/ Laboratory Fee
  • Hostel Fee
  • Cost of books, study material, instrument or uniforms
  • Study or research tours, project work, thesis, etc.
  • Cost of computer or laptop (if required)

Courses Covered

  1. Graduate/ postgraduate degree (Masters or Ph.D.) /diploma courses conducted by renowned institutions/ universities recognized by UGC, Government, AICTE, AIBMS, or ICMR.
  2. Academic courses such as CA, CFA, and ICWAI.
  3. Courses B.Ed., nursing courses, and from other training institutions approved by the Central or State 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:

USA INR 50 Lakhs
Germany INR 15 Lakhs
Canada INR 20 Lakhs
Ireland INR 18 Lakhs

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%.

Eligibility Criteria

InCred Education Loan lays certain guidelines that must be fulfilled in order to avail the education loan:


  1. The candidate must be at least 18 years of age.
  2. Citizens of India/Indian passport holders currently enrolled or planning to enroll themselves in an eligible course.
  3. Should have received admit into a recognized university abroad and must have qualified the relevant tests like GRE/IELTS/TOEFL/GMAT, etc
  4. Non-Resident Indians (NRIs) with an Indian passport or with Overseas Citizens of India (OCI) or Persons of Indian Origin (PIO) cards. There are certain guidelines that must be followed by citizens in this case.


  1. The co-borrower should be an Indian national or hold an Indian passport.
  2. Should be a close blood relative of the applicant-  preferably parents or siblings.

Documents Required

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 
  • Passport 
  • Voter ID Card
  • Academic transcripts of 10th, 12th, and graduation mark sheets 
  • Test scores of GRE, GMAT, TOEFL, 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

Application Process

Visit the official website for InCred Education Loan and click on the Apply Now button to fill 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 the form and contact your nearest InCred branch to complete other formalities.

Contance Details

In case of queries or issues relating to InCred personal loans, you can contact them at the information given below:

  • By Phone: Toll-Free 1800-102-2192
  • Email:
  • Chat on WhatsApp: (+91)882-627-2192


Is collateral compulsory?

The collateral requirement is optional depending on the type of loan product you qualify for.

What are the benefits of giving collateral?

Submitting collateral can give you a better interest rate or even higher loan amount.

Where can I apply for an InCred Education Loan?

You can fill the application form online from the official website or contact the branch for the same.

What is the InCred education loan Repayment Policy?

The monthly payment is Rs. 2000 to Rs. 5000 on average. 

Do we have to pay a fee to apply for the loan?

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 experts at Leverage Edu and we’ll help you in making the correct step to choose the right education loan. 

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