Incred Finance is an NBFC (Non Banking Financial Company) which provides the much needed education loan without collateral for students planning to study abroad. It was established in 2016 and entered the collateral free education loan segment in 2017. Even though it's fairly new in the market, Incred Education Loan has already emerged as one of the leaders in the Non Collateral Education Loan arena. The terms and conditions of an NBFC education loan vary on a case by case basis. The Incred Student Loan is generally better than other loan providers in the market. However, the financial team at WeMakeScholars negotiates on behalf of the student and makes sure the students end up the best package of education loan without security in Incred for their profile.
Here are all the details of Incred Unsecured Education Loan in a nutshell:
Incred Education Loan Topics Covered
|Key Pointers of Incred Unsecured Education Loan||Details of Incred Education Loan Without Collateral|
|Rate of Interest||11%- 13% depending on the student’s profile.
WeMakeScholars students have the added benefit of an automatic 0.25% reduction in ROI.
|Max amount possible for education loan without security in Incred||Rs. 50 Lacs|
|Preferred Countries||USA, Germany, Canada, Ireland|
|Preferred Courses||Masters and Diploma courses in the STEM and Management fields|
|Repayment Options||Flexible repayment options are available|
|Loan Tenure||10 years Maximum|
The terms of an education loan without collateral are completely dependent on the profile of the applicant and co-applicant.
Sign up for a free discussion with the non collateral education loan experts to understand the prevailing terms and conditions for students with profiles like yours. Get your Education loan in Incred at the best rates for 2020!
According to Incred Education Loan guidelines:
Do you want to keep another relative as your co-applicant to get an Education loan in Incred? Are you wondering what is a good CIBIL score according to Incred Education Loan terms and conditions? Do you meet all the education loan eligibility criteria of Incred?Find out from the unsecured education loan experts!
|Incred Education Loan Interest Rate in 2020||11%- 13% depending on the student’s profile.|
The factors that determine your Incred Education Loan Rate of Interest is your university ranking, GRE, TOEFL or other relevant test scores; and your co- applicant’s credit history and monthly salary.
Some ways to bring down your Incred Loan interest rate in 2020:
|Best courses to get a collateral free education loan from Incred Finance||Masters and Diploma courses in the STEM and Management field.|
Please note the cases where an education loan without collateral is NOT POSSIBLE:
Is your academic profile below the mark? Do you have some backlogs from your graduation days? This makes your Incred Education Loan application stand on shaky ground.
Speak to our financial team who have enabled loans for students with multiple backlogs on a case by case basis. If there’s anyone who can negotiate on your behalf, it’s them!
|Loan Margin for Incred||0%|
One of the Incred Education Loan benefits is that the loan margin is nil. The Incred disbursement happens automatically when the loan is sanctioned. You do not have to pool in any money of your own to activate the disbursement- which is the case with collateral loans from public and private banks.
Click here to see the Incred Education Loan Documents checklist.
According to the Incred Education Loan details, the Incred Education Loan documents mostly revolve around the Applicant and Co-Applicant.
|Incred Education Loan Documents Required|
|To be submitted by both the applicant and co-applicant||
PAN Card, Aadhar Card, Driving Licence, Passport and Voter ID Card
|To be submitted by the applicant||
10th, 12th and graduation mark sheets. Test scores of GRE, GMAT, TOEFL, IELTS- as applicable
|To be submitted by the co-applicant||
Salary Slips for the last 3 months
As per the Incred Education Loan requirements, there are some more profile- specific documents. Get the whole picture after speaking to the non collateral education loan experts for free.
The Tuition Fee is sent directly to the university. According to the Incred Education Loan guidelines, the Living Expenses are credited to the student’s account.
There are many country-specific cases where payments have to be made before the visa is issued. For example, if you plan to study in Germany, a ‘blocked account’ has to be created to lock the living expenses for a year. A similar GIC account has to be created for students planning to pursue higher studies in Canada. Incred Finance will disburse the amount as per the student’s requirement.
Incred Education Loan prepayment charges will be incurred if you pay off your loan entirely within 6 months of getting your Incred Education Loan sanction. However, if you choose to close your loan at any point after six months of sanction, there will be no extra charges.
|Best countries to get Incred Education Loan without collateral||Countries for which it is simply impossible to get a collateral free education loan|
|Germany||Eastern European countries like Poland, Latvia, Lithuania|
|Ireland||Russia, Malaysia, Singapore, Hong Kong|
An Incred Education Loan without collateral is easily sanctioned for countries where it is relatively easier to get Permanent Residency and eventual citizenship.
The Incred education loan application form has been updated with added information for the new intake season. To get started with your unsecured education loan, fill the Incred Loan Application form here!
The Incred education loan terms and conditions vary depending on the country you have decided to pursue higher education. Here is a breakdown of the maximum amounts that have been disbursed by the Incred Student Loan scheme:
|Preferred Countries to get an Education Loan without collateral in Incred||Maximum Incred Loan disbursement|
|USA||Rs. 50 Lacs|
|Germany||Rs. 15 Lacs|
|Canada||Rs. 20 Lacs|
|Ireland||Rs. 18 Lacs|
To fund your higher studies abroad with an Incred Loan apply here!
|Incred Education Loan Charges|
|Processing Fee||0.9- 1.5% of the loan amount (WeMakeScholars can negotiate to bring it to the least possible for your profile)|
|Insurance Amount||1% of the loan amount|
Please note, your Incred processing fee and other charges are levied only after your loan is approved and you have decided to go ahead with the loan. To bring your Incred Education Loan processing fee and other charges to the lowest possible, ask your WeMakeScholars Financial Counselor to connect you to the best team!
WeMakeScholars ensures that your unsecured education loan is sanctioned in the quickest manner possible. Through WeMakeScholars your Incred Loan process will take a maximum of 7 to 10 days.
Incred Education Loan terms and conditions terms and conditions allow for flexible repayment options. However, the most common mode of repaying an NBFC Education Loan is partial payment of interest while the student is still pursuing the course.
This monthly payment in the Incred Education loan scheme is Rs. 2000 to Rs. 5000 on average. This amount is kept to the bare minimum so that the student is not inconvenienced. The Incred Loan EMI payment begins after course completion. The Incred Loan payment is predominantly done online.
Wondering how WeMakeScholars can boost your Incred loan process? Read this!
The maximum period for an Incred Loan is 10 years. Failure to stick to the Incred Loan payment schedule will incur penalty charges.
When the student starts his Incred Loan process with WeMakeScholars, he will immediately be assigned a financial counselor who will be his point of contact not only until the sanction, but also to look after post sanction details. You need not look anywhere else for help in your Incred education loan process. Even the Incred loan application status tracking process will be taken care of.
Fill your Incred Education Loan Application online here!
Apply through WeMakeScholars only if:
To get a general idea of the Unsecured Education Loan process for abroad studies, watch this video by our co-founder, Damini Mahajan.