Students willing to pursue higher education in India or abroad can avail of education loans from public banks, private banks, and NBFCs. One such popular and leading NBFC is InCred which provides overseas education loans and covers expenses like tuition fees, travel expenses, accommodation expenses, and other related expenses. Students can avail of InCred education loans to study abroad up to INR 1.5 crore with collateral and unsecured education loans of up to INR 60 lakhs at competitive interest rates.
Let’s have a closer look at all the necessary details that you must know about InCred Education Loans to Study Abroad.
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Also Read: Avanse Education Loans to Study Abroad has great features and a hassle-free application process. Know all about eligibility and interest rates as well.
InCred Education Loans to Study Abroad
InCred Finance is a financial institution that provides secured and unsecured education loans to study-abroad aspirants. They cover up to 100% of fees and expenses with instant loan approval. The loans are provided to pursue higher education in 25+ countries including the UK, the USA, Australia, Canada, New Zealand, France, Germany and many others for 600+ courses.
The table below simplifies all important details on the quantum of finance, interest rates, repayment period and others
| Quantum of Finance | Up to INR 1.5 crores with collateral Up to INR 60 lakhs without collateral |
| Interest Rates | 11-18% p.a (Based on factors loan amount, repayment tenure, borrower profile, credit history, value and type of the asset financed and others) |
| Repayment Tenure | Up to 15 years |
| Processing Fees | 1-2% of the total loan amount |
| Processing Time | 7-10 days |
| Moratorium Period | Course duration + 1 year |
Eligibility Criteria for InCred Education Loans to Study Abroad
All aspiring students must fulfil the eligibility criteria to avail education loans to study abroad. However, it is different for all lending institutions based on their terms and conditions and working process. Similarly, InCred has its own set of criteria laid for the students to avail of InCred Education Loans to Study Abroad. Let’s check the same in this section-
- The student is eligible if they are 18 years or above at the time of filling out the application form.
- The student must have an excellent academic record in school and successfully cleared prerequisite exams like IELTS, TOEFL, GRE, GMAT, SAT or others. Applicants with exceptionally good scores on the GRE can get significant rebates in education loan interest rates when applying for the US.
- The student must have secured admission at a recognised university in a recognised course.
- The student must pursue a regular undergraduate degree, postgraduate degree, doctoral degree, or diploma/ certificate courses in any of the 25+ countries served by InCred.
Documents Required to Avail InCred Education Loans to Study Abroad
The documents required for education loans vary from lender to lender. Any lending institution would provide financing based on these documents which allow them to verify the applicant’s and the co-applicant’s identity, address, and income. Below is a list of documents required by InCred to provide eligible students with education loans to study abroad.
Identity and Address Proof Documents
The identity and address proof documents required for the Incred Education Loan to study abroad are different for the applicant and the co-applicant. Check the list of documents mentioned below for both categories:
For Applicant:
- PAN Card/ Aadhar Card/ Passport
- University Admission Letter
- Entrance Score Card – GRE/ GMAT/ TOEFL/ IELTS, etc.
- Academic Marksheet: 10th, 12th & Degree
- Resume
- Name, Address, Contact and Email ID of 2 References (Friends/ Family/ Neighbors)
- 3 months’ Salary slips (If Applicable)
- 6 months’ Bank Statements (If Applicable)
- Form 16 / ITR (If Applicable)
For Co-applicant:
- Pan Card
- Aadhar Card
- Mobile Number & Email ID
Income Proof Documents
The income proof documents will again vary depending on the source of income of the co-applicant. If the co-applicant is a salaried individual then the requirement will be a little less as compared to a self-employed co-applicant. Check the complete details below:
For Salaried-Job
- PAN Card & Aadhar card
- The latest 3 months’ salary slips
- Latest 1-Year Salary Credited Bank Statements
- Latest 2 Years Form 16
- Electricity Bill
- Mobile Number & Email ID
For Self Employed/Business
- PAN Card & Aadhar card
- Latest 2-year ITR with Computation income, Profit & Loss and Balance sheet
- Business proof (GST, UDHYAM ADHAR, and GUMASTA)
- Latest 1-Year Bank Statement (Income Credited)
- Electricity Bill
- Mobile Number & Email ID
Collateral Documents
If you are taking a secured loan, the details of collateral will require to be submitted. The company will assess the collateral documents in order to find the estimated market value. Check the list of documents below:
- Registered Sale Agreement
- Share Certificate
- All Property Related Documents- e.g- Sanction Plan, Tax paid Receipt
- NA conversion certificate in case of Plot
- OC/CC and Approved Building Plan
- 7/12 Extract
- Society NOC
- Any other Documents associated with Property
Also Read: Know all about MPower Finance educational loans to study abroad, its salient features, eligibility criteria, and how to apply.
How to Apply for InCred Education Loan for Overseas Studies
Applying for Incred Education Loans to study abroad is simple and easy. Just follow these steps and its simple application process will enable you to check if you are eligible to avail of an InCred education loan to study abroad or not. If you are eligible, you can get an instant offer from them.
Step #1: Visit the InCred official website.
Step #2: Fill in the basic information to sign up with InCred Finance like your name, e-mail address, and your mobile number.
Step #3: Enter the program details as asked and check your eligibility.
Step #4: Let them evaluate your profile and wait for a callback.
FAQs on InCred Education Loans to Study Abroad
InCred Finance is a financial institution that provides secured and unsecured education loans to study-abroad aspirants. They cover up to 100% of fees and expenses with instant loan approval. The loans are provided for 25+ countries including the UK, the USA, Australia, Canada, New Zealand, France, Germany and many others for 600+ courses.
Students can avail of InCred education loans to study abroad up to INR 1.5 crore with collateral and unsecured education loans of up to INR 60 lakhs at competitive interest rates.
InCred education loans to study abroad are provided at interest rates ranging from 11-18% p.a. The exact interest rates depend on factors like loan amount, repayment tenure, borrower profile, credit history, value and type of the asset financed and others.
Basic documents required to apply for an InCred education loan to study abroad include providing identity proof like PAN Card and Adhaar Card, educational certificates and mark sheets, all collateral-related documents, and income proof like salary slips and ITRs.
An Indian student who is 18 years or above and successfully cleared prerequisite exams like IELTS, TOEFL, GRE, GMAT, SAT or others is eligible to apply. The student must have secured admission at a recognised university and pursue a regular undergraduate degree, postgraduate degree, doctoral degree, or diploma/ certificate courses in any of the 25+ countries served by InCred.
This was all about InCred education loans to study abroad. To know about education loans, the loan application process, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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