General FAQs

What is InCred?

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InCred is a new-age financial services platform that leverages technology and data-science to make lending quick and easy. We give 3 kinds of loans – Personal Loans, Education Loans and SME Business Loans

What is InCred Financial Services Limited?

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InCred Financial Services Limited is our legal entity that owns the Non Banking Finance Company (NBFC) license granted by RBI. Our Personal Loan, Education Loan and SME Business Loan units lend through this entity.

How does InCred differentiate itself?

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InCred has enabled a customer –focused, human approach to lending. Our products are flexible and can be tailor made to suit the unique requirements of our customers. We leverage technology and data science to simplify the borrowing process and make it quick and hassle-free. Our products do away with heavy documentation and mandatory branch visits. The team at InCred comprises former bankers and finance professionals who have been active in the lending space for over 15 years. The team intends to leverage its deep experience and understanding of financial services and businesses to provide funding solutions to customers as per their requirements. Developing long term, sustainable relationships with customers, providing customized products and ensuring superior customer experience are some of the key focus areas for the team.

What kind of loans does InCred provide?

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We provide 3 kinds of loans – Personal Loans, Education Loans and SME Business Loans.

InCred provides short term unsecured personal loans to retail customers with ticket sizes of Rs 50,000 to Rs 7.5 lakhs.

InCred provides long-term loans to students pursuing higher education both in India as well as overseas. Loan sizes range from Rs 2 lakhs to Rs 100 lakhs.

InCred provides both short-term working capital as well as term loans to small and medium enterprises. Loan sizes range from Rs 1 lakh to Rs 10 crore.

How do I apply for a loan?

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You can apply for a loan through any of the following ways :

  1. You can apply directly through our website by clicking on Apply Now.
  2. Email us at

Can I speak to someone directly?

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Yes, you can connect with us instantly and get real-time assistance through our WhatsApp live chat on +91-8826272192 for a seamless and personalized customer experience.

Product FAQs

How will InCred decide the loan amount I am eligible for?

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We will determine your loan eligibility mainly by your income and your capacity to repay the loan. Other important factors include your qualification, number of dependents, age, Income other than main income, Existing loans or obligations, savings history and the stability & continuity of your occupation and assets & liabilities.

When can I apply for a home loan?

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Ideally, you can apply for a home loan at any time after you have made up your mind to buy a house or construct a property. Application can be initiated even if the property is not selected or if the construction has not started.

How do I begin the loan application process?

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You will need to collect the application form from our nearest office and submit it yourself along with the supporting documents and the processing fee cheque at any InCred office that is convenient to you. Alternatively, you can contact our toll free number and we will arrange for a representative to contact you for the same.

Who can be the co-applicants for the loan?

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  • Your spouse
  • Any of your blood relative (immediate family members)
  • In case of a co-owner, he/she must necessarily be a co-applicant in the loan.

What does an EMI mean?

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EMI refers to the ‘Equated Monthly Installment’ which is the amount you pay every month on a specific date till the loan is fully repaid. The EMI generally remains the same throughout the duration of the loan. It comprises of the principal & interest component

What is Pre-EMI?

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Pre-EMI is the interest paid on the loan amount availed in part and before the start of the actual EMI. This usually occurs in self construction or construction stage-linked loans. The EMI does not begin until the loan is disbursed in full and so the interest is charged only on partially disbursed loan amount.

What security will I have to provide?

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Security of the loan would usually be security interest on the property being financed by us and / or any other collateral / interim security as may be required by us. It is very important for you to make sure that the title of the property is clear, free from any encumbrance and marketable. There should not be any existing mortgage, litigation or loan, which is likely to affect the title to the property.

What is an under-construction property?

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An under-construction property refers to a house which is in the process of being constructed and the possession would be given to the owner/buyer later on completion.

What are the stages involved while taking a loan?

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  • Submission of application form – Submit the filled-in application form with all the necessary documents.
  • Sanction of your loan - You will get approval for your loan amount based on your requirement, repayment capability and the value of the property.
  • Disbursement of your loan – This is done based on the nature of transaction. For resale, disbursal is made favoring the seller. For balance transfer loan cases, it will be favoring current financer and for self-construction cases, it will be based on the stage of construction.

What are the various kind of loans extended?

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  • Loan for home purchase
  • Loan for Residential plot and self-construction
  • Loan for Home extension/Improvement
  • Balance Transfer from other banks
  • Loan Against Property

What is an amortization schedule?

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An amortization schedule is a table that provides information on the reduction of your loan amount via monthly installments. The amortization schedule gives the break-up of every EMI towards the outstanding principal and the repayment interest of your loan.

Who Can Avail Subsidy Under Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojna (PMAY)?

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A beneficiary family not owning an existing house in any part of the India is eligible for this subsidy scheme subject to income criteria as defined for the family under various schemes for EWS/LIG/MIG-1 and MIG-2. Through this scheme, the beneficiary is eligible to avail interest subsidy on the purchase/construction of a house/enhancement of existing living unit.

What are the documents that I need to submit for availing under InCred Home Loans?

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Application form with a photograph of the applicant and co-applicant, KYC and Banking, Income document if any and any other document which is required to assess the loan eligibility should be submitted at the time of application. Our Sales representative will be glad to inform you about the document requirements .

What is the Tax benefit on availing home loan?

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Under the Indian Income Tax Act of 1961, resident Indians are eligible for certain tax benefits on principal and interest components of a loan. Under Section 24(1), interest repayment of 2,00,000/- per annum qualifies for tax saving. An added benefit under Section 80(c) on repayment of principal amount to the extent of 1,50,000/- per annum is also available on the same loan subject to compliance with conditions stipulated in the IT Act.

What are the eligibility criteria to avail home loan?

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If you are an Resident Indian citizen between the ages of 18 to 55, and are either salaried, self-employed, self-employed professional, you are eligible to apply for a home loan.

How much will be the processing fees?

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Processing fee varies from product to product. For Home loans, it is 1.5% and for Loan Against Property, it is 2% of total loan amount.

What is a Personal Loan?

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A personal loan is an unsecured loan for your financial needs like medical emergencies, planning a holiday or a wedding, purchasing a consumer durable or meeting an unexpected cash flow need. Loan ticket sizes range from Rs 50,000 to Rs 7.5 lakhs.

What are the documents required to avail a Personal Loan?

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The documents required are KYC Documents + Income Documentation.

What is the tenure for which I can avail a Personal loan?

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12,24,36,48,60 months

How do I pay back the loan?

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Once your loan is approved, and disbursed, you will be required to pay back the loan in Equal Monthly Installments (EMI), which will be automatically debited from your bank account via ACH.

What is the minimum and maximum amount of Personal Loan that I can get?

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Minimum 75,000 to 15,00,000. However, the actual loan amount eligibility will be calculated based on your income and other parameters .

Do I have to pay any charges for Personal Loan?

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A processing fee is levied on loan basis the defined pricing matrix followed by us. This fee will be deducted from the disbursal amount payable to you hence you do not have to pay any amount to us or to any of our associates.

How do I keep track of my Personal Loan? For example, how do I get my statements, and repayment schedule?

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You may place a request for Statement of Account or Repayment Schedule in either of the following ways:

By calling our Call Centre.

By using your registered email id to write to us

Alternately you can get all the details by downloading our app.

Can I foreclose or prepay my Personal Loan?

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Yes, you can prepay the entire loan outstanding anytime during the loan tenure after 6th instalment, subject to payment of standard pre-closure charges applicable as per the agreement. No part prepayment is allowed.

Can my application be rejected?

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If you are a genuine borrower, with no intent for fraud, a clean or new credit history, and documented incoming, then it is very rare for your application to be rejected. That said, fraudulent characters, and people with tainted credit histories, and past records of default often apply for loans on InCred, and our system is forced to reject such applications.

How will the loan be disbursed?

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Post approval, your loan amount will be transferred digitally to your bank account.

What happens if I miss an EMI payment?

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Missing payments is a bad thing - you will have to pay a bounce fee, and a late payment penalty. Your credit history may also be impacted, and as such this is not something you should plan to do. If there are genuine circumstances, such as loss of job or other emergency, then please call us in advance so that we can re-structure your loan to fit the circumstances.

What are my options for making my EMI payments?

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You need to repay your EMI through National Automated Clearing House (NACH), your EMIs will be debited automatically at the end of monthly cycle on your emi due date through your bank account.

Do you offer Balance Transfer facility in Personal Loan?

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We offer Balance Transfer for your existing loan as well as Credit card outstanding subject to meeting our policy norms.

Is there any security or guarantor required for availing Personal Loan?

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No. We do not require any collateral or security guarantee.

Who is eligible to apply for an InCred Student Loan?

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Citizens of India/Indian passport holders currently enrolled or planning to enroll in an eligible course can apply.

The co-signer must also be an Indian national or passport holder.

Non Resident Indians (NRIs) with an Indian passport or with an Overseas Citizens of India (OCI) or Persons of Indian Origin (PIO) cards are also eligible to apply for a student loan at InCred. Certain additional conditions may be required to be met for such applicants and co-signers on a case-specific basis.

Which destination countries are eligible for InCred Student Loans?

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Currently, InCred Student Loans are available for eligible courses in the United States of America and Canada. Depending on the program of study, InCred may also process loan application for other destinations.

Which courses do you fund?

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InCred provides education loans for programs at the undergraduate (bachelor), graduate (master) and doctoral levels. Certifications and diplomas are also eligible.

In terms of fields or streams of study or majors or subject areas, InCred has loan options available for all areas.

InCred will process loans only for those courses/institutes which have required approvals, authorizations or accreditation from relevant bodies.

What is the minimum and maximum amount I can borrow?

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The absolute maximum amount that you can borrow is the entire cost of attendance as certified or provided by your university for all years of your course. This amount will be capped at INR 1 crores. However, if you are in receipt of a scholarship, grant, fellowship, assistantship or any other form of funding, you will need to deduct that amount from your InCred loan amount.

The minimum loan amount that you can apply for is INR 2 lakhs and the minimum you have to avail is INR 1 lakh.

Am I eligible to apply for a loan if I don’t have admission to a course yet?

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Yes! You can apply as soon as you receive your standardized test score. If you are not going to take a standardized test, or want to apply prior to that for some reason, then you can start your loan application when you are in the process of short-listing or applying to your universities/colleges.

How does InCred evaluate its student loan applications?

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InCred Student Loan leverages on educational and financial data analytics and predictive modeling driven by cutting edge technology to arrive at fully customized loan options for students. A trajectory of the potential income of the student after completing the course is charted that, in conjunction with historical data such as the student’s past academic and career records, co-signer’s credit worthiness, etc. portrays an accurate understanding of the risk involved in the case. This typically implies that the possibility of loan approval and more favorable terms are better if the student and/or the course are better. Availability of collateral security may also improve chances of loan approval in certain cases.

Do you cover the entire cost of attendance?

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Yes, the entire cost of attendance (COA) as certified by your university or educational institute can be lent by us provided your application meets all loan parameters and requirements. The COA includes the tuition for your course, associated fees, meals, books and laptop, travel, insurance and incidentals.


What is a Business Loan?

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It is a loan taken by a business (sole proprietorship, partnership or a private limited company) to fund a new business or fund growth and expansion in an existing business . A Business Loan can be secured (i.e. against assets / property of the business) or it can be unsecured (i.e. without pledging anything against the borrowed amount). A Business Loan is thus a loan at an agreed interest rate to be repaid over an agreed time along with the interest from the cash flows generated by the Business. On the Business Loans side, the focus of InCred is going to be on funding SMEs (small and medium enterprises) for their expansion and working capital requirements.

What is the typical size of a Business Loan?

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The size of a Business Loan varies from a few lakhs to a few crores depending on the nature and size of the businesses. InCred is focusing on lending ranging from Rs. 1 lakh to upto Rs. 10 crore.

What is the tenor for the Business Loans?

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The tenor of the loan depends on the business requirements and the nature of the business. InCred is looking at funding businesses for their short to medium term requirements ranging from 12 to 36 months.

What are the documents required for applying for a Business Loan?

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Typically, the following documents for the business and the promoter are required at the application stage -

  • Audited Financials for previous years and unaudited financials for the current year
  • Income Tax Returns
  • Bank Statements
  • KYC Documents
  • Proof of ownership of the assets
  • Key contracts of the business
As the due diligence process goes on, additional documents maybe requested from the Borrower.