All About The Disbursement Process of InCred Education Loan

Many education loan borrowers are under the impression that once an education loan is sanctioned the required funds will automatically be transferred in the borrowers account. Little do they know that this is not actually education loans works. Borrowers are infact unaware of the fact that an education loan sanction letter is valid for only six months. Well to make sure that borrowers are well versed with the disbursement process, this blogs aims towards a detailed explanation of the disbursement process of the InCred education loan.

Features of InCred Education Loan

Before we move ahead with understanding the disbursement process of InCred, let’s take a brief look at the features of education loan from InCred. 

Incred Education Loan Disbursement Process

Once the borrower has received their sanction letter, they can initiate the disbursement anytime before six months. Below is the education loan disbursement process at InCred -

Step 1 - On successful completion of the loan application process, the applicant and co-applicants will sign the loan agreement. 

Step 2 - You will have to submit all the documents that are mentioned in your Sanction letter. 

Step 3 - Fill a small form or send an email requesting the disbursement of the funds. After this, InCred will take approximately 5 days to disburse the amount. 

Step 4 - The loan amount is first disbursed to the agreed bank-account of the co-applicant. This bank account has to be in India and be operational at the time of disbursement.

Step 5 - Since the loan funds are disbursed in Indian Rupees, they are converted into the required foreign currency by an appointed foreign exchange vendor and wire-transferred to the university. This process may take 3-5 days. 

Step 6 - All the necessary charges and payments are wired to the university via international funds transfer. 

Step 7 - The loan amount can be disbursed on a semester basis as and when required by the university. The amount will also include living expenses. 

For students residing on-campus, the living expenses are disbursed to the university account. For students residing off-campus, the required amount is either loaded on your international forex card or transferred to your abroad bank account. 

For every subsequent semester, you will be required to send an email to InCred requesting the next disbursement. Along with the email, attach a copy of the university/college generated payment invoice. Make sure to start this process 10-12 days before the date of payment.

Documents Required For InCred Loan Disbursement

The documents required before the disbursement of the loan amount are mentioned in the InCred Sanction letter. The self-attested hard copies of the documents will have to be mailed to the assigned InCred executive. The applicants will also have to verify their signature with their current bank by filling up a sign verification form. Below is the list of the required documents -

• 
  KYC documents of the applicant and the co-applicant - Voter ID, Pan Card, Aadhar Card, and Passport.\

• 
  Central KYC Registration Form filled by the applicant and the co-applicant(s). 

• 
  Academic documents of the applicant - also include a scholarship letter, if any.

• 
  Fee statement or Invoice generated by the university.

• 
  Ownership Proof - document on the name of the owner, like Electricity Bill, House Tax Bill, or Sale Deed. 

• 
  Financial documents of the co-applicants - 

  • 
    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 asset s & liabilities of parent/ guardian/ other co-borrower

How to Apply for an InCred Education Loan Process?

To apply for an education loan at InCred students can directly apply at the InCred official website but for a smooth and hassle-free process, students can follow the steps mentioned below -

Step 1 - Check Your Loan Eligibility - Start by checking your loan eligibility.

Step 2 - Submit Documents - Submit all the required documents along with the loan application form using GyanDhan’s customised document checklist. 

Step 3 - Verification - The InCred team will verify your documents and analyse your profile, it will take approximately 5 days for the loan application to process. 

Step 4 - Loan Agreement - The InCred Education loan application process is streamlined and straightforward. All the relevant documents are collected in one go along with the completed application form. 

Top 5 Benefits of the InCred Education Loan

InCred offers several benefits to borrowers, below are listed the top five benefits of InCred education loan.
 

• 
  Tailor-made Education Loans - InCred offers education loans fitting the needs of the students. The loan amount, rate of interest, repayment are all determined after the application is submitted.

• 
  Pre-Admission Loans - InCred gives the option to apply for an education loan immediately after receiving the standardized test scores. For students who hesitate in applying to universities abroad due to high expenses, this gives surety of funds to pursue their dreams.

• 
  Quick Loan Process - Incred processes the loan fast and within 12-15 days. A boon for students who wait until admission to finalize as they can apply for the loan two weeks before the fee payment date and still be assured that the payment will be made. Of course, applying with GyanDhan will further reduce the time and any unnecessary delays.

• 
  Multiple Co-borrowers - Another favorable feature of InCred is that it accepts multiple co-borrowers. Along with the parents, applicants can also add siblings or other blood relatives as their co-applicant.

• 
  Foreclosure or Prepayment - Students can foreclose the loan before the loan tenure without any hidden or penalty charges. Moreover, they can make partial prepayments or bulk payments, significantly reducing the balance of the loan account. 

GyanDhan believes that the education loan process should be as simple and hassle-free as possible. Keeping that in mind, we partnered with InCred and offer our expert advice and service to you. Customized document checklist, doorstep document pick-up service, assistance on every step of the loan process, eliminating any unnecessary delays or issues, are just of the services that you can avail of with GyanDhan. Further, you can keep track of their InCred loan application status on the dashboard of your GyanDhan account and stay in the loop.

So, check your loan eligibility and take a step forward to achieve your education dreams!

Frequently Asked Questions