Name: InCred Education Loan
Brand: GYANDHAN

InCred Education Loan for Abroad Studies

All you need to know about InCred education loan for studying abroad

Anam Shams

Anam Shams is a seasoned professional in the study abroad field with deep knowledge of admissions and loans. With a passion for helping aspiring students fulfill their academic dreams, Anam...

Reviewed By: Aman

Aman Jain graduated from IIT Kanpur, and currently functions as the CMO at GyanDhan. He is deeply passionate about creating equality in higher education and has directly interacted with 2 Lakh...

Overview

InCred is 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.
One of the key 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.

Overview of InCred education loan

Feature	Description
Loan amount	Up to INR 60 Lakh
Rate of interest	11.85% - 13.25%
Processing fees	1 - 2%
Processing time	7-10 days
Margin money	nil
Moratorium period	Course duration + 1-year
Repayment tenure	15 years

Eligibility criteria of the InCred education loan

Age

The applicant must be an Indian citizen and at least 18 years of age or older at the time of application. The student should have secured admission to a recognized university.

Academic performance

To be eligible for an education loan, the applicant must have a consistently impressive academic track record and meet the minimum academic requirements stipulated by InCred. Additionally, the student must have successfully completed prerequisite exams, such as the GRE, IELTS, or TOEFL. It is important to note that when applying for a loan in the US, a good GRE score can significantly improve the chances of securing funding.

Co-applicant

To apply for a loan, the borrower must have a co-applicant, who can be their mother, father, sister, brother, spouse, a relative from their paternal or maternal side, or a legal guardian. The co-applicant must have a reliable source of income and a positive credit history.

Course and country of study

Under this scheme regular graduate degree/post-graduate degree/diploma/certificate/doctorate courses in any discipline offered by foreign Institutes/Universities in the USA, UK, Canada, Australia, New Zealand, France, Germany, Ireland will be covered under the scheme.

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%

Documents required for InCred education loan

GyanDhan provides a customized documents list for InCred education loans, which depends on your profile, your co-applicant profile, and any property/asset, you may offer as collateral.

Applicants' documents

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-applicant’s documents

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 passport/ driving 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)
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)
Brief statement of assets & liabilities of parent/ guardian/ other co-borrower
Bank account statement for the last 6 months

How to contact InCred for an education loan?

To contact InCred for education loan-related services, you can choose one of the following methods:

Email

Send a detailed email to [email protected] with information about your profile. Their team will review your email and respond accordingly.

Online application form

Visit the InCred website (https://www.incred.com/offices.html) and navigate to the "Contact Us" section. You can fill out the online application form and they will evaluate your profile and further the process.

Branch visits

Visit the nearest InCred branch in your city or locality. The staff at the branch will provide assistance regarding education loans, the application process, required documents, and other relevant information. InCred has its head office in Mumbai and other offices across various cities in India, including Ajmer, Alwar, Ahmedabad, Andheri, Bangalore, Bhilwara, Coimbatore, Chennai, Delhi, Hubli, Hyderabad, Jaipur, Jodhpur, Karimnagar, Kolkata, Kuppam, Mdhurai and Pune.

If you're seeking an education loan for studying abroad through InCred but want to avoid the hassle of visiting physical branches and dealing with complicated application forms, you have the option to apply for a study abroad loan through GyanDhan, an education financing platform that specializes in helping students secure funding for their higher education abroad. Once you meet the eligibility criteria, our dedicated counselors will thoroughly assess your profile and recommend the most suitable lenders to meet your specific loan requirements. Throughout the loan process, our counselors will provide guidance and support, being readily available to address any concerns or challenges you may encounter. To check your eligibility here.

Benefits of getting your InCred education abroad loan through GyanDhan

Guaranteed best loan

GyanDhan stands firmly by its commitment to provide you with the most competitive education loan available in the market. We strive to secure the best possible deal for you. In the unlikely event that you come across a better offer, we will cover the difference in interest rates for the entire duration of your education loan.

Low turnaround time

GyanDhan works closely with different departments within InCred to expedite the loan approval process, typically completing it in 5-7 days. This efficiency is the reason why thousands of students trust GyanDhan with their abroad education loan requests every year. In contrast, if a student were to apply directly to the NBFC, the loan processing time would generally take around 10-12 days.

100% Free of cost services

GyanDhan provides their services to applicants completely free of charge, without any fees being charged.

Lender Comparison

The expert education loan counselors at GyanDhan compare the loan products of different lenders to identify the most suitable loan option for your needs. This involves comparing the interest rates, loan amounts, repayment terms, fees, and other features of different lenders.

Online Document Submission

The GyanDhan online document upload facility allows you to submit documents from the comfort of your home and get your loan approved. No need to physically go to the NBFC to submit documents! Also, we will send you notifications to keep you in the loop about the stepwise updates.

The GyanDhan effect in InCred

Feature	With GyanDhan	Without GyanDhan
Personalized document checklist according to profile & area	Yes	No
Branch Visits	0	3-4
Pre-visa disbursements	Easy	Difficult

GyanDhan's Impact Stories

Empowering students to overcome education loan obstacles

Securing Education Funding Amidst Age Barriers and Credit History Complexities

The individual in question had been navigating the challenging path of securing a loan for their education for over a year. Repeated attempts with prominent financial institutions including Axis, ICICI, HDFC, and Avanse had yielded disappointing results due to a combination of factors - the co-applicants' age exceeding 65, credit history complications, and the student's residence in a less favorable area of old Delhi. Despite these challenges, we managed to secure an unsecured education loan totaling 40L from Incred.

InCred's supportive solution against low CIBIL score

Encountering the roadblock of a low CIBIL score, a determined individual sought financial assistance from InCred to fulfill his educational aspirations. Traditional lenders had hesitated due to the credit score constraints, threatening to derail his educational dreams. Understanding the unique circumstances, InCred stepped in with a customized solution. By evaluating the individual's potential, high GRE score and commitment to education, InCred approved a specialized education loan, proving that a low CIBIL score should not be a barrier to academic pursuits.

Credit hurdles with high co-applicant income

In the face of a low CIBIL score, a determined student with a commendable academic profile and a co-applicant boasting a high income sought financial support for higher education. Conventional lenders were apprehensive due to the credit score, threatening to impede the student's educational journey. Understanding the significance of the case, InCred employed a personalized approach. By evaluating the student's high GRE score and the co-applicant's robust income, InCred approved a specialized education loan at a competitive rate. This strategic decision not only overcame credit challenges but also exemplified InCred's commitment to facilitating affordable and accessible education financing.

Our Customers. Our Asset

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Yugali Gullapalli

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University of California, USA

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Hemalatha Jayakrishnan

Rochester Institute of Technology, USA

To steer up the career opportunities while working at Hindustan Aeronautics Limited (HAL), Hemalatha Jayakrishnan decided to pursue abroad education. She went on to do MBA from Rochester Institute of Technology, United States. Hemalatha...

Ashutosh Sharma

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Discontented by his career growth, Ashutosh Sharma decided to give his career a major boost and went on to pursue MS in Business Analytics from The University of Utah. Ashustosh describes his study abroad journey and also recollects how...

Deepa Krishnakumar

University of Auckland, New Zealand

Deepa was in the academic world working as an assistant professor when het peer group and seniors suggested her about the quality education and career opportunities of abroad education. In her story to the University of Auckland, New Ze...

Akash Kashyap

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