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. 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, travelling 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 Finance offers education loans that are customized depending on the needs of the perspective students. They provide special loan offers and schemes to the individuals who are planning to study in the US or other countries. You can apply for an education loan from InCred Finance through Afinoz 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 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. You can contact our team to get more information or apply for a loan or investment by calling on +919899889816 or by emailing at 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 Finance offers education loans that 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 upto 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 upto Rs. 1 crore at the average interest rate of 11.75 to 14%
  • Complete Transparency: Provides complete transparency in education loan servicing and operations

                                                            Apply Incred Education Loan


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)
  • Medicine
  • 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 or give us a call at +919899889816 or mail us at and get all the solutions at one go.

Expenses Covered by InCred Education Loan

InCred offers education loan of upto Rs. 40 lakhs 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 upto 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

Documents Required

  • Filled and signed InCred education loan form
  • 2 Passport size photographs

Photo ID Proof: Candidate and Co-applicant (any two of the following)

  • Passport
  • PAN Card
  • Aadhaar Card
  • Driving License
  • Voter's ID

Residence Proof : Candidate and Co-applicant (any two of the following)

  • PAN card
  • Aadhaar Card
  • Passport
  • Voter's ID
  • Driving License
  • Electricity/Telephone Bill
  • Passport

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

Admission Letter:

  • 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

Interest Rates

Education Loan
Loan Amount (Rs.)Effective ROI
Upto 10 lacs12.75 - 14%
Above 10 lacs11.75 – 13.75%
Other charges Repayment
Processing fees1%
Pre-closure chargesNil
Repayment period10 to 15 years
Moratorium periodNil


Query: What is the maximum loan amount I can get for studies in abroad?

Reply: InCred usually funds 90% of the education expenses. Applicants can get a loan amount of Rs. 10 lakhs to upto Rs. 1 crore for funding their education.

Query: What is the tenure of education loan from InCred?

Reply: The average tenure for an education loan by InCred ranges between 5 to 7 years. However, some applicants can even get a maximum tenure of 15 years for higher loan amounts.

Query: What is the interest rate on education loan from InCred?

Reply: The interest rate on education 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%

Query: Is there a prepayment penalty by InCred on education loan?

Reply: InCred does not charge any prepayment penalty on education loan to the borrower.

Query: Can I get an education loan of Rs. 40 lakhs for studies in the USA from InCred?

Reply: 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.

Query: Is there any concession for female students on education loan from InCred?

Reply: InCred usually provides a concession of 0.5% on 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 or give us a call at +919899889816 or mail us at