InCred Education Loan aims to make student finance easier. With an InCred Education Loan, students can now dream of pursuing higher education abroad without any worries. Get quick education loans that cover up to 100% cost of fees and living expenses. You can also get InCred education loan without collateral up to Rs. 65 lakhs.
Loan Margin: NIL
Processing Fees: 0.75% to 1.25% of Loan Amount
InCred is a prominent NBFC that provides individualised education loans to students studying abroad or in India. InCred Education loans are distinguished by their flexible terms, which enable students of all backgrounds to get an education loan. The InCred Education Loan interest rates are determined by a student’s academic records, academic course, institution type, co-financial borrower’s strength, and collateral given. This student loan will cover not only your tuition but also your living expenses, travel expenditures, and other education-related costs.
Features Of InCred Abroad Education Loan
| Features | Education Loan Details |
|---|---|
| Loan amount | Upto ₹1Cr (Collateral)
Upto ₹65Lac (Without Collateral) |
| Margin money | Nil |
| Processing fee | 0.75% to 1.25% |
| Processing time | Login to Decision is 48 working hours, Decision to disbursement is 7 working days |
| Loan tenure | 15 Years |
| Prepayment charges | No charges after six months from first disbursement |
| Repayment holiday | Partial/ SI/EMI. Partial Interest amount can go as low as INR 4k per month(Exceptions case by case) |
| Countries covered | USA, Canada, UK, Ireland, New Zealand, Australia, Germany and others |
| Payment study period | Simple Interest or Partial Simple Interest, depending on the student’s profile and the target course. |
Benefits of InCred Abroad Education Loan
Up To 100% Finance
Whether you opt for an InCred Education Loan without collateral or with, you can expect up to 100% of financing. With so many different types of expenses to cover during your stay abroad, you can rest assured with InCreds.
Flexible Repayment Options
Make use of the repayment choices available with InCred Education Loan, which allows loans to be tailored to the needs of the consumer. If you have any particular criteria for your education loan, please contact Wecare Capital, and we will pass them to the InCred team, who will then give you the best options that match your needs.
No Margin Money
Obtaining an education loan with InCred has a key advantage over education loans from other banks in that there is no margin money. In a nutshell, margin money is the amount of money that borrowers must pay themselves, with the lender covering the rest. This means that the loan will cover all expenditures except tuition, housing, travel, and the Caution Deposit/Building Fund/Refundable Deposit. As a consequence, you will not have to spend anything out of pocket to support your education and related expenses.
Digitized Process
Wecare Capital makes it easy for you to upload documents without having to visit the branch. This helps you save energy, time, and money, as well as avoid the physical labour of dealing with large amounts of paperwork.
Express Approvals
In the case of an emergency, you can utilise Wecare Capital to expedite the loan application process. In reality, your student loan should be finalised within two working days. If you need to meet a deadline to get your loan sanctioned, pay the cost, or acquire your VISA, contact Wecare Capital and we will make sure your loan is granted on time.
Customised Education Loan Solutions
Get tailored options for your education loans, such as tenure, payment during the moratorium period, and disbursement, from InCred to meet your individual needs.
Loan Coverage
InCred offers education loans that cover living expenses, caution deposit/building fund/refundable deposit, and travel expenses for students going abroad.
Online Account Management
Following the disbursement of your InCred loan, you will be able to access an online account to examine a comprehensive history of all your transactions, interest and EMI payments, and so on. This helps you to keep an organised and consistent record of transactions while also ensuring transparency.
Benefits Of Getting Your InCred 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 InCred officials and find the best solution.
Online Service
With Wecare Capital, there’s no need to visit the branch to submit your documents. Simply visit the Wecare Capital website and upload your documents from the comfort of your home. You can also enjoy step-wise 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 InCred Abroad Education Loan
You are only eligible to apply for the InCred Abroad Education loan if you meet the following criteria:
| Type | Requirement |
|---|---|
| Eligibility For An Incred Abroad Education Loan | For the borrower & co-borrower -
1. Indian citizens/Indian passport holders who are currently registered or are planning to enroll in a qualified course can apply. 2. The co-borrower should also be an Indian national or passport holder. 3. Non-resident Indians (NRIs) with an Indian passport or with a card from Overseas Citizens of India (OCI) or Persons of Indian Origin (PIO) are also entitled to apply to InCred for an education loan. Such special requirements are expected to be fulfilled on a case-specific basis for certain applicants and co-borrowers. |
| Eligible Courses | You are eligible for the InCred loan if you’re undertaking any of the following courses:
1. Undergraduate programmes (bachelor degrees) 2. Postgraduate studies (masters degree) 3. Doctoral-level programmes 4. Certificate and diploma programmes InCred provides financing for any disciplines and courses that have been approved by the relevant regulatory organisations. |
| Eligible Countries | Currently, InCred offers financing alternatives in the USA and Canada. Loan applications for other locations will be processed based on the programme and course. |
Documents Required for InCred Abroad Education Loan
Wecare Capital supplies you with a personalised document list for an InCred Education Loan based on your profile, the profile of your co-applicant, and any property/asset you may present as collateral. However, the following documents will be required at a higher level:
| Type | Documents Required |
|---|---|
| Applicants | Identity Proof Address Past Academic Record |
| Co-Applicants | Identity Proof Address Financial |
Loan Repayment For InCred
Flexible repayment choices are provided under the InCred loan terms and conditions. However, the most popular method of repaying an NBFC Education Loan is the partial payment of interest while the student is still enrolled in the course. On average, the monthly payment in the Incred Education loan plan ranges from Rs. 2000 to Rs. 5000. This amount is maintained as low as possible so that the student is not at any inconvenience. Following the conclusion of the course, the EMI payment for the Incred Loan begins. The majority of Incred Loan payments are made online.
How To Apply For InCred Abroad Education Loan?
Apply Online & Upload Your Documents :
- After you’ve determined your eligibility, you may apply online or contact one of our experienced education loan counsellors and request a callback. Depending on your needs, our skilled counsellors can help you secure an InCred education loan with or without collateral.
- Once you’ve provided your profile data, our specialists will thoroughly examine your profile and, based on your eligibility, propose the next set of steps to you.
- Wecare Capital allows students to upload documents online, saving you the inconvenience of presenting your documents at the bank and allowing you to do it from the comfort of your own home.
- Furthermore, to expedite the process, Wecare Capital provides you with a customised list of documents to submit depending on your profile and the loan that you’ve applied for.
Processing and Approval:
- You can send your loan application and accompanying paperwork to InCred for evaluation and real-time approval once you’ve uploaded/submitted the necessary documents.
- Wecare Capital will connect with InCred on a regular basis in order to establish the progress of your application and ensure that it is handled as soon as feasible. Our website will keep you updated on the latest developments if any.
- Applicants should be aware that the lender may contact them at this time to request more paperwork in support of their loan application. Wecare Capital will be sending these specific requirements to applicants. If an unreasonable demand is made, we will send it to the appropriate InCred authorities.
- Once the documentation and application are confirmed to be free of errors or additional loopholes, the loan is accepted and ready for sanction.
Loan Sanction And Disbursal:
- After your loan is approved, you must pay the processing fees in order to acquire the sanction letter.
- Following receipt of the sanction letter, the student and co-applicant must complete the loan agreement within the validity period of the sanction letter, which is six months.
- The student is eligible for loan disbursement after signing the agreement.
- The lender will deposit the required sum of money into your bank account or university/account. We talk with the InCred team and get it done if the student requires disbursement prior to the visa as per the visa office’s guidelines.
- Wecare Capital will also guarantee that disbursements are completed on time, and students can contact Wecare Capital at any time during the loan’s term.
Frequently Asked Questions
No. InCred education loans cover 100% of a student’s expenses.
You can get upto 70 lacs unsecured loan and with Collateral you can get upto INR 1 Cr.
The tenure of an InCred education loan is up to 15 years.
No. InCred finance tuition + living + some miscellaneous expenses.
Tuition fees and on-campus housing fee is transferred to the university, whereas other living expenses are transferred to the borrower’s account.
No, education loans do not have tax benefits if taken from NBFCs like InCred.
No, not after 6 months from first disbursement.
