Home > Credenc
Credenc is a unique platform to finance meritorious students for their college fee expenses by underwriting their employability, rather than the means available to their families.
Loan Margin: NIL
Processing Fees: 1.0% to 1.5% of Loan Amount
Credenc, founded in 2017, is a one-of-a-kind platform that subsidises worthy students’ education expenses rather than their parents’ financial resources. It is a cutting-edge startup at the interface of education and financial technology. The fintech platform assists outstanding and deserving students in financing their educational expenses by evaluating their employability rather than their parents’ societal status or financial capabilities. Credenc education loans are available for study abroad, studying in India, up-skilling, and reskilling courses.

Features Of Credenc Abroad Education Loan

FeaturesEducation Loan Details
Loan amount Upto ₹1Cr (Collateral)
Upto ₹50Lac (Without Collateral)
Margin money Nil
Interest rate The university of choice, the course, the destination country, GRE scores, overall academic excellence, the student's job experience, loan tenure, and other factors all have an influence on the Credenc education loan interest rate. The interest rate varies from 11% to 14% for a Credenc Education Loan depending on the course and country chosen by the applicant.
Processing fee 1.0% to 1.5%
Processing time 2 Working Days
Loan tenure 12 Years
Prepayment charges Nil
Countries covered USA, Canada, UK, France, New Zealand, Australia, Germany and others

Benefits of Credenc Abroad Education Loan

A Complete Digital Process

As a digitally-enabled platform, Credenc enables students to secure their education loans through a digital and paperless process in the comfort of their homes. Students do not have to visit the branch physically and can upload their documents online.

Quick Loan Approval

Get your Credenc education loan approved within a day’s time. Unlike the traditional approach, with Wecare Capital, you can rest assured of quick and hassle-free loan approvals.

No Collateral Required

Students can apply for an unsecured Credenc student loan of up to 50 lakhs. If eligible, students do not have to provide collateral.

Competitive Interest Rates

Credenc offers attractive interest rates to make education more accessible for all students, allowing them to achieve their goals.

Benefits Of Getting Your Credenc Abroad Education Loan Through Wecare Capital

Higher Chance Of Approval

By applying for your education loan through Wecare Capital, you are increasing your chances of approval. Generally, banks dismiss applications if they find any missing documents, property issues, or any other problem. With Wecare Capital, we will immediately reach out to Credenc officials and find the best solution.

Online Submission Of Documents

With Wecare Capital, you can submit all the required documents from home! There won’t be any need to visit the branch. Simply head over to our website and submit all the documents there. There won’t be a possibility of not submitting an essential document, as our system is designed to ensure all essential documents required For a Credenc Student Loan are submitted. You also get stepwise updates via notifications.

No Cost To You

All our education loan services are completely free of cost.

Quicker Sanctions

Our strategic partnerships ensure low turnaround time. Expect to have your education loan processed and sanctioned within 5 days.

Eligibility Criteria For Credenc Abroad Education Loan

You are eligible to apply for the Credenc Education loan only if you’ve met the following requirements:
  • The applicant must be an Indian national.
  • Students seeking admission to master’s programmes must have completed a three-year graduate degree in any field. Several Indian master’s degrees, such as the M.A. and M.Sc., are also approved for postgraduate enrollment. He or she should also have a legitimate scorecard (GRE, GMAT, TOEFL, IELTS, etc).
  • According to RBI standards, there is no upper age limit for applicants, but some banks may impose one. As a result, the candidate must be between the ages of 16 and 35.
Eligibility For Credenc Education Loan 1. An applicant should be between the age of 17-35 years to apply for Credenc Education Loan
2. The applicant should be an Indian Citizen or Overseas Citizen of India (OCI)/Person of Indian Origin PIO Card Holder
3. An applicant’s co-borrower can be a parent, sibling, spouse, uncle, aunt, or any other blood relative
Eligible Countries for Credenc Student LoanThe eligible countries for Crendenc student loans are listed below. These are the prime destinations where students choose to study abroad. Check them out!

1. USA
2. Canada
3. UK
4. France
5. New Zealand
6. Australia
7. Germany and more

Documents Required for Credenc Abroad Education Loan

When applying for a Credenc student loan, the following documents will be expected from the applicant as well as the co-applicant –
TypeDocuments Required
For Students 1. Pan Card / Aadhar Card
2. ID Proof
3. Proof of Address
4. Academic documents such as mark sheets, certificates of 12th exam, and certificates of Subsequent Years of Education e.g. BE, B. Com, and BSc.
5. Proof of Admission
For Co-applicant Pan Card / Aadhar Card
ID Proof
Proof of Address
If salaried1. 3 months' latest salary slips
2. 6 months' latest salary account statements
3. 1-year latest Form 16 or ITR
If self-employed 1. Relationship proof (with the applicant)
2. Business proof (GST certificate, or Business registration copy)
3. 2 years latest ITR with computation
4. 6 months saving account statement & current account (if the person has one)
5. Contact details
6. Ownership proof (address verification)
For Parents1. Identity Proof (Pan card, or Aadhar card)
2. Contact details

Loan Repayment For Credenc

  • Whether you accept an Indian or overseas education, the repayment period is fixed at 15 years from the onset of repayment.
  • Education loan payments typically begin one year after the completion of the six-month term after employment, whichever comes first.
  • The loan’s first instalment will be paid, and interest repayment will begin immediately.

How To Apply For Credenc Abroad Education Loan?

Credenc attempts to simplify the loan application and approval process by remaining transparent and straightforward. Following are the steps to apply for a Credenc education loan –
  1. Once you’ve verified your eligibility, you may start your application. Students can apply online or request a call from one of our expert student loan consultants.
  2. Our skilled counsellors can help you get a Leap Finance loan. Prior to submitting the form, our counsellors will thoroughly review your profile depending on your eligibility.
  3. Wecare Capital lets students submit documents online, eliminating the need to submit your documents at the bank and allowing you to do so from the comfort of your own home.
  4. Furthermore, Wecare Capital provides you with a customised set of documents depending on your profile and the loan you’ve applied for in order to expedite the process.
  5. Once the documentation and application are verified to be free of errors, the loan is accepted and ready for sanction.
  6. After obtaining the permission letter, the student and co-applicant must execute the loan agreement within the 6-month validity term of the sanctioning letter.
  7. After signing an agreement, the student is authorised to receive loan payments.
  8. Wecare Capital ensure that the lender will then deposit the funds into your bank account or into the university’s account.

Frequently Asked Questions

Credenc allows a maximum of 5 co-applicants.
The process can be divided into below three stages – Credit approval can be issued within 6 hours after all documents have been submitted. Once accepted, the processing fee is collected based on the student’s availability. The time between a student’s request for disbursement and the actual transfer of cash is 48 hours (provided the student and the financial guarantor are available for agreement e-signing & NACH)
Credenc will consider the entire amount, including living expenses during the tenure of study.
There are two situations when the funds will be transferred – Pre-Visa disbursal: All direct and indirect expenses will be transferred to the co-applicants account and post-Visa, the amount can be wired through the Credenc funds’ transfer channel to the destination university or college account. A declaration needs to be signed by the customer stating the end use of the loan for education purposes and confirming the use of the Credenc forex channel for remittance. Post-Visa disbursal: All direct expenses will be wire transferred to the destination university or college account. The amount to be transferred will be vetted against the fee statement or invoice or demand letter from the college. All indirect expenses will be transferred to the student’s Forex card.
Yes. Provided applicants fit well within the eligibility criteria and submit their necessary documents, they can get their education loan sanctioned and approved even before they finalise their university.
The best part about securing a Credenc education loan is that students get their loan approved on the basis of their own merit and not based on their parents’ finances or collateral. In fact, this is how these student loans get approved even prior to the student finalising on the university of their choice.