The main aim of education loan is to give financial assistance to the deserving and meritorious students aspiring to further enhance their education in India or abroad. With the professional courses becoming expensive, most of the students have now started to take education loan either from nationalized banks or private financial institutions. In this context, we will say InCred Education Loan in India helps students to realize their dreams and achieve their goals by accomplishing their future endeavors.
Education Loan can be your child’s ticket to quality education in a reputed college. However, before applying for an education loan from any institution, consider all the risks and seek expert advice. If you are planning to take a loan then InCred Finance which is one of the leading NBFCs in India can be a good choice as it provides 90% coverage for your education expenses such as tuition fees, library fees, admission fee, traveling expenses, hostel fees, etc. In order to make the lending of education loan easy and quick, they have even leveraged their platform with technology and data-science focusing mainly on the needs and circumstances of their borrowers.
InCred education loans are customized depending on the needs of the prospective students. The special loan offers and schemes are suitable to even those individuals also who are planning to study in the US or other countries. You can apply for an InCred education loan from InCred Finance without having to make multiple visits to the bank by submitting all your requirements and the required documents online. As Afinoz has an exclusive collaboration with InCred Finance, the process of application and approval of an education loan through Afinoz in InCred is much easier and quicker.
InCred is a renowned Non-Banking Financial Institution (NBFC) established in the year 2016 with its corporate head office in Mumbai, Maharashtra, India. It was founded by the former Head of Investment Banking and co-head of Banking and Securities for Asia Pacific of Deutsche Bank, Bhupinder Singh while Anshu Jain, the former co-CEO of Deutsche Bank and M D Mallya, the former chairman of Bank of Baroda were named as the chairperson of the Advisory board of the company. InCred Finance provides a wide range of financial services and products to its customers in the areas of loans such as Education Loan, Consumer/Personal Loan, Home Loan and Lending to small and medium enterprises or SMEs. In August 2016, this NBFC was able to secure Rs. 500 crore as its funding from angel investors and private equity firms.
What is Afinoz.com?
Afinoz.com is India's foremost online financial marketplace for availing loans and investments. Our main objective is to make the process of getting a loan or making an investment safer, convenient and hassle-free for individuals. We work with public and private banks, NBFCs and mutual fund houses across the entire country and offer an unbiased quotation on financial products. Apply for InCred Education Loan at Afinoz and win amazing cash backs You can contact our team to get more information or apply for a loan or investment by calling on 0120-411-0376 or by emailing at firstname.lastname@example.org. Afinoz.com provides solutions which are quick, reliable, transparent, confidential and above all free.
Features & Benefits
- Flexible Repayment Facility: Provides attractive education loan options by offering flexible loan repayment options of 10 to 15 years
- Customized Lending: InCred education loans are customized depending on the needs of the respective student
- Simple and easy application option with quick loan sanction
- Expenses covered: Provides 100% expenses and course fee coverage
- Higher loan amount: A borrower can avail an education loan from InCred of up to Rs. 40 lakhs for education in India without providing any collateral. The amount can be Rs 1 Crore for Education in Foreign Country.
- Loan Quantum: InCred provides an education loan of Rs. 10 lakhs to up to Rs. 1 crore at the average interest rate of 11.75 to 14%
- Complete Transparency: Provides complete transparency in education loan servicing and operations
InCred education loan eligibility varies across different lenders based on the various factors. These factors include loan tenure, total loan amount required, monthly income, the market value of the collateral provided, etc. The following are the eligibility criteria for education loan from InCred:
The following stream of courses offered by reputed institutions in India and abroad are eligible for an education loan from InCred: (Any graduation and post-graduation course in the following discipline )
- Engineering (Both graduation and master)
- MCA and MCM
- Hotel and hospitality
- Management programs
Citizenship: The borrower and the co-applicant must be an Indian citizen
Age: Minimum age of the borrower at the time of an education loan application should be 18 years
Confirmed Admission Letter: The candidate must have confirmed admission from a recognized university
- Co-Applicant’s Eligibility Requirement:
- Co-applicant: An immediate family member of the student such as father, mother, sister, brother, spouse (if the candidate is married)
- Minimum Income: The minimum income of the Co-applicant should be at least Rs. 20,000 per month
- A valid document to establish the relationship of the applicant with the co-applicant should be provided
- Types of collateral that can be submitted:
- Fixed deposit
- Residential house/ flat
- Non-agricultural Land
InCred Education Loan eligibility and InCred Education Loan interest rates can easily be evaluated through and seen on Afinoz. If there is any query about InCred Education Loan application, you can log on to afinoz.com or give us a call at +0120-411-0376 or mail us at email@example.com and get all the solutions at one go.
Expenses Covered by InCred Education Loan
InCred education loan of up to Rs. 40 lakhs can be offered to students who are planning to pursue higher studies in India. The students who are planning to go abroad for studies are eligible to avail an education loan of up to Rs. 1 crore. The expenses covered in InCred education loan are:
- Library/ examination fee
- The entire tuition fee payable to the college/ university
- Travel expenses
- Living expenses which include hostel fees
Loan Re-payment Policy
- InCred Education Loan tenure mainly depends on the following factors:
- Loan amount
- Course duration
- Grace period after the completion of education
- Repayment period
- The maximum tenure offered by the InCred is 15 years. The repayment interest will start immediately after the disbursement of the first loan instalment
- Filled and signed InCred education loan form
- 2 Passport size photographs
Photo ID Proof: Candidate and Co-applicant (any two of the following)
- PAN Card
- Aadhaar Card
- Driving License
- Voter's ID
Residence Proof : Candidate and Co-applicant (any two of the following)
- PAN card
- Aadhaar Card
- Voter's ID
- Driving License
- Electricity/Telephone Bill
Academic Documents :
- HSC and SSC Marksheet/ Certificate
- Entrance exam Marksheets of GMAT/GRE/IELTS/TOEFL/CAT/CET (If applicable)
- Scholarship Documents (If applicable)
- Marksheet/ Certificate of the last attended highest education
- Proof of confirmed admission letter with the university's letterhead and the institute's address
- Cost of study statement from the university or college
Student and Co-Applicant's Bank Statement :
- Last 6 months’ bank statement of the borrower
- Last 12 months’ bank statement of the co-borrowers salary account or business receipts credited every month (If more than one account, provide the printed statements of all)
Income Documents :
In case of Salaried Employee -
- Last three months’ salary slips and date of joining letter
- Form 16 for the last 2 years from the employer or last 2 years ITR certificate
- Last 6 months bank statement
In case of Self-Employed Co-Applicant(s) -
- Last 2 years' Income Tax Returns/Balance Sheet audited and certified by a CA
- Last 8 months’ bank statement
- Proof of business turnover
In case of Self-Employed Professional -
- Last 8 months’ bank statements
- Qualification Proof
- Last 2 years’ ITR statement
- Last 2 years’ Audited Financial Statements certified by CA
For collateral - any one of the following documents of the immovable property
- Title Deed of the property
- Current maintenance bill along with receipts as provided by the society or builder
- Latest property tax receipt
- Original property registration receipt
- Allotment letter provided by Municipal Corporation/Government Authorities like MHADA, CIDCO, HUDO, DDA, JDA etc
Education Loan Interest Rate 2019
|Loan Amount (Rs.)||Effective ROI|
|Upto 10 lacs||12.75 - 14%|
|Above 10 lacs||11.75 – 13.75%|
Other charges Repayment
|Repayment period||10 to 15 years|
Ques. What is the maximum InCred Education Loan I can get for studies in abroad?
InCred usually funds 90% of the education expenses. Applicants can get a loan amount of Rs. 10 lakhs to up to Rs. 1 crore for funding their education.
Ques. What is the tenure of InCred Education Loan?
The average tenure for an education loan by InCred education loan ranges between 5 to 7 years. However, some applicants can even get a maximum tenure of 15 years for higher loan amounts.
Ques. What is the InCred Education Loan interest rate?
InCred Education Loan depends mainly on two factors: • The total loan amount procurred • The ability of the borrower to repay the loan InCred usually charges an interest rate of 11% to 14%
Ques. Is there a prepayment penalty by InCred on education loan?
InCred does not charge any prepayment penalty on education loan to the borrower.
Ques. What are the courses funded by an incred education loan?
An incred education loan without collateral is provided for programs/courses at all levels (undergraduate, graduate and post-graduate). Diplomas and certification courses are also eligible. Incred education loan options are also available for all fields/streams of study/subjects/major areas, as long as the courses have the necessary authorizations/approvals/accreditations from relevant bodies.
Ques. Why should I opt for an incred education loan?
Incred is a renowned financial services organization that leverages data-science and cutting-edge technology to make lending easy and quick for the borrowers. The incred education loan without collateral has made quite a name for itself, as indicated by overwhelming response obtained in incred education loan review and incred education loan quora.
Ques. I am yet to take admission into a course as yet. Am I eligible for an incred education loan?
Yes, you are! You can apply for an incred education loan immediately after you get your standardized test score. If you are not willing to take the test or wish to apply before that, then you can start the loan application process when you are going through the short-listing process or during the application process into any college/university.
Ques. Can I get an education loan of Rs. 40 lakhs for studies in the USA from InCred?
You can get an education loan of Rs. 40 lakhs from InCred if you are planning on pursuing MS in the USA and your GRE score is more than 325. However, you are required to provide collateral of the value equivalent to the loan amount.
Ques. Is there any concession for female students on InCred Education Loan?
Yes, there is a concession to females for InCred Education Loan. The lender usually provides a concession of 0.5% on the interest rate to girl students for pursuing higher education in India or abroad For any query about InCred Education Loan application, you can log on to afinoz.com or give us a call at +0120-411-0376 or mail us at firstname.lastname@example.org.