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

ii) The co-borrower (see 3.2) must also be an Indian national or passport holder.

iii) 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 an Student loan at InCred Finance. Certain additional conditions are required to be met for such applicants and co-borrowers on a case-specific basis.

Currently, InCred Student loans are available for eligible programs in all major destinations including the United States of America, Canada, Australia, Germany, Ireland, New Zealand, Singapore, Hong Kong, Netherlands, India etc.

Yes Possible

i) InCred Finance provides Student loans for courses at the undergraduate (bachelor), graduate (master) and doctoral levels. Certifications and diplomas are also eligible.

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

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

You will need to fill an application form to start the application process. You will also need to submit all supporting documents to InCred Finance. If you wish to hand over documents to InCred Finance, you can request a pick-up or fill the attached form and upload your docs.

https://form.jotform.me/elhub/el-customer-application-form

i) Know-Your-Customer (KYC),

• Past academic Record, upto the most recent degree
• Financial documents - Last 3 year ITS/Form 16
• If employed, details of employment
• Passport Size photograph
• If applicable, documents related to the collateral security will also be required.

You can refer to our checklist of the documents at the end of the application form:

https://form.jotform.me/elhub/el-customer-application-form

No. There are no upfront fees or charges to apply. Once your loan is provisionally approved, you are required to pay a loan processing/administration fee which is typically set at around 1% - 1.5% of your loan amount.

Once you have completely filled and submitted the loan application form and all supporting documents, it will generally take approx 5 working days for us to process your application in full.

Though we endeavour to make the application process as streamlined and seamless as possible, depending on the circumstances of your case, you may be required to provide additional information after your initial application and submission of documents.

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-borrower’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.

i) The co-borrower is the co-obligor to the loan. Typically, this is an income earning family member who is willing and qualified to take up the repayment of the loan in case the student (applicant) is unable to repay the loan.

ii) InCred’s Finance fully customized products and processes make it possible for us to uniquely understand every case and, in turn, offer various flexibilities related to the fulfillment of conditions, including the co-borrower.

iii) Either or both parents of the student are generally required to co-sign the loan. In certain circumstances, another family member such as a sibling or spouse or even blood relations may join the loan as co-borrowers. InCred Finance can accept multiple co-borrowers scattered over multiple locations. The co-borrower should typically have an operative Indian rupee denominated bank account in India with cheque writing facilities.

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

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

InCred Student loan interest rates are completely risk-graded against your scholastic performance and future potential to repay the loan. Additionally, the interest rate may be impacted by various other factors including credit histories, employment records, securities provided for the loan, etc.

i) InCred Finance provides Indian Rupee denominated Student loans which are disbursed into an agreed upon operative bank account in India belonging to the co-borrower. The loan funds are then converted into the exact foreign currency by an InCred Finance appointed foreign exchange vendor and wire transferred to the university.

ii) All course or school related charges and payments are necessarily wired to the university through international fund transfers. The university will typically generate an invoice of all such billable charges which the student needs to provide to us before disbursement.

iii) The loan can be disbursed in installments on a semester-basis as and when required by your university.

i) Once your loan is approved, a few formalities and processes including the execution of the loan agreement need to be completed. Once all formalities and documentation etc. is completed, InCred Finance will take approx 5 days to disburse your loan.

ii) Please bear in mind that the conversion of loan funds into foreign exchange and subsequent international transfer to your university account may again require anywhere between 3-5 days. Hence, it is strongly suggested that you start your loan disbursement processing at least 12-14 days prior to your fee payment date.

For students residing on-campus, funds for living expenses and meals will be transferred to your university account. If you select to stay off-campus, we will either load the appropriate amount on your international forex card or transfer the amount to your foreign bank account. Generally, the living expenses are also disbursed in semester-wise installments.

You will typically need to fill a small form/send an email requesting disbursement, sign the loan agreement and provide all supporting documents including post dated cheques, the “Fee Statement” or “Invoice” generated by your university or institute, etc.

i) Once you have availed your first loan disbursement from InCred Finance and are enrolled in the course, the process for subsequent loan disbursements is easy. You will simply be required to send an email to InCred Finance to request the next disbursement by attaching a copy of the university/college generated payment invoice. Please ensure that you start this process at least 10-12 days prior to your fee payment date. Your request will get processed subject to your loan account having sufficient balance.

i) The Student loan model at InCred Finance has been a result of strong factors coming together to develop something that the Indian student community truly deserves–the collective experiences of people who have benefited from or been a part of the Student loan movement, technological advances in gathering and precisely analyzing data, expertise from the best in lending and educational sectors from around the globe and a penchant to deliver justified, conscious and educated decisions to deserving students.

ii) As such, the loan application, evaluation and delivery is based largely keeping in mind the student and his/her needs and the entire process gets customized to individual courses, universities, countries, backgrounds and requirements. InCred Finance aims at seamlessly weaving the Student loan process with your admissions process—we understand how challenging the higher Student admissions process is for students and families. Being a hindrance or adding to the challenge is what we simply don’t want to do.

You are allowed to borrow up to the total cost of attendance for your course. However, we suggest you be financially responsible and explore if you are able to secure any scholarship or any form of grants from your institute. If you are able to, then you will be able to lower your loan requirement.

Once you take a loan disbursement from InCred Finance, you will be eligible to take advantage of a host of benefits ranging from discounts on air tickets, books, clothes, insurance, Forex Cards, etc.

This is the interest for the gap period between the actual disbursement date of the loan and the first installment due date. At IFSL, the BPI is calculated at the pro-rata basis and added to your loan principal before EMI scheduling begins.

For any requests or queries related to your education loan account, such as starting EMI payments, making prepayments, or other services, please email el.care@incred.com. Make sure to include your App ID and Loan Account Number (LAN) in your email.

Moratorium period means option given by IFSL (Lender) to make only interest payments for the disbursed loan/facility amount, for a certain period of time, from the date of disbursement of loan and till the commencement of payment of Equated Monthly Installment (EMI). EMI shall include both Principal and Interest. This moratorium period typically may be calculated as course period (Duration of course offered by University/college as per admit letter and accepted by IFSL ) + 12 months, following the completion of the course, or until the borrower begins employment, whichever is earlier. This is subject to the sole and absolute discretion of the IFSL and as per IFSL's policy, at all times.

During the moratorium period, the accrued broken period interest for the disbursed loan amount shall be paid each month. The payment of interest can be in full or partial as per the Repayment Schedule at the applicable Rate of Interest detailed in the sanction letter.

EMI payments will immediately commence once the moratorium period ends.The EMI, comprises of both interest and principal components and must be paid by you as per the repayment schedule provided to you along with the loan documents.

Simple interest will be calculated during the moratorium period. The unpaid interest accrued during this period, will be capitalized and added to your principal outstanding. This capitalized amount will be subject to compound interest, and will form part of the repayment schedule which is payable as an EMI, after the moratorium period

EMI (Equated Monthly Installment) comprises both principal and interest components. The EMI is based on the amortization schedule, which is determined by the rate of interest, loan amount and the terms and conditions of the loan documents. The details of the principal and interest components for the entire tenure will be available in the repayment schedule.

As per the terms and conditions of the loan agreement and based on your Disbursement Request, the disbursement is carried out in the following modes: 1.Through your authorized bank account which is empanelled with IFSL. 2.Through an approved Forex partner who will be a AD-II category forex dealer. In the case of remittances through the forex dealer, tuition and living expenses are transferred by us to our empanelled forex dealers, who then make payments on your behalf. These may include tuition fee payments directly to the university, and living expenses are loaded to your forex card or remitted to your overseas personal savings bank account in your country of study.

No, you are not allowed to avail any new education loan /additional loan from any other banks/financial institutions without obtaining NOC from IFSL as per the terms of the loan agreement.Issuance of NOC is solely and entirely at the discretion of IFSL.

Yes, we consider loans for students who are already in the host country pursuing their education and we can provide mid-course funding to the NRI student with a valid Indian passport.

Yes, a life insurance policy is mandatory and is in the name of the applicant. The premium for this policy is included as part of the loan and will be directly remitted to our insurance service provider, subject to your acceptance of the applicable insurer’s terms and conditions and as per the terms and conditions of the loan agreement. This life insurance provides financial protection by covering the outstanding loan amount in the unfortunate event of the borrower’s demise, thereby safeguarding the co-applicant or family from future repayment obligations.

Interest rate applicable to InCed's Education Loan is as per IFSL's Board approved Rate of Interest Policy, which is updated periodically in the website of IFSL- https://incred.com/rate-of-interests/

The processing fee for IFSL Education Loans is specified in the Schedule of Charges available on IFSL’s official website. Processing fees are non-refundable as per the terms of the Application Form and the Loan agreement. Please refer to our website https://www.incred.com/Policies/

IFSL’s Education Loan Rate of Interest are originally floating in nature and they are subject to change as per the prevailing rate of interest in the market, and as per macro economic conditions and IFSL’s internal policy during the tenor of the Loan/Facility, at its discretion.The Borrower shall also be liable to pay interest at such revised Rate of Interest in such manner and within such period as may be determined by IFSL at its sole discretion.

National Automated Clearing House (NACH) is a service offered by the National Payments Corporation of India (NPCI) whereby all banks and financial institutions are allowed to electronically debit the monthly repayments of a loan from an India based bank a/c.

Your EMI will be deducted from your co-applicant’s bank account registered with us. The NACH on your loan is originally registered to your co-applicants bank account. If you want to change this registered bank a/c, please refer to the subsequent sections.

Yes, the NACH bank account can be changed to the applicant’s own account only if the student has completed their course and has secured a job to service the loan installments.

Please follow the below steps to change your account, 1. Email us at el.care@incred.com requesting for account change with the following details: a. Your AppID & Loan account Number (LAN) b. Reason for requesting the change c. New Bank Account Details, i. Name of the Bank ii. Account Holder name iii. Account No. iv. Account Type v. IFSC Code. d.3 months account statement & a copy of a cancelled cheque as proof of the bank account. 2.Once you share the above details, accordingly we will email an e-NACH link or physical NACH form to register your new account. 3. Once the NACH registration is authorized through E-NACH or the physical NACH form from your bankers, an account swapping fee of Rs. 1180/- including GST needs to be paid to register your new account. (To make the payment for bank account swapping please follow the steps mentioned in the prepayment section ) Note- Your Loan account with us should not have any pending dues or charges before we swap the ACH. 4. We also need 2 Security Cheques for this new account. a.Security cheques should be in favour of INCRED FINANCIAL SERVICES LIMITED. b. Please clearly write your loan account number and name overleaf the cheque. c.These cheques will need to be couriered at IFSL’s Thane branch:-Unit No. A/2, 3rd Floor, A wing, Ashar IT park, wagle Industrial Estate, Thane Maharashtra 400604.
5. Once we receive the security cheques, your new account will become active and the same will be confirmed with you by email.

No, as per RBI norms we can deduct your monthly EMI only from an Indian bank account. So only Indian bank accounts registered to either your co-applicant’s or an NRE/NRO account registered in your name will be accepted as a new account to pay your EMI.

Upfront Interest refers to the collection of the interest applicable during the moratorium period in advance, before loan disbursement. This may include either the full or partial interest amount due, during the moratorium period. In cases where only part of your interest is collected upfront, the remaining balance will be amortized to your principal outstanding which will form part of your repayment schedule and is payable as an EMI, after the moratorium period.

Part Prepayment is a bulk payment towards your loan which will reduce your principal outstanding. Prepayments are typically of higher value than the EMI amount.

You can make a prepayment from an India based bank a/c by using NEFT/RTGS or you can use international money transfer services like TransferWise/Remitly etc to make prepayments from an overseas bank a/c. Please refer to the below point. All the payments are subject to realizations.

1. Make the payment to the below Virtual Account which is linked to your loan account. Make the payment to the below Virtual Account which is linked to your loan account. The Virtual account number is a combination of the bank account number, which is 909090, and the last 9 digits of your loan account number (LAN). For example, if the last 9 digits of your loan account number (LAN) are 111122222, then your Virtual Account Number is 909090111122222. Please check your account statement for your loan account number (LAN). Beneficiary Name: INCRED FINANCIAL SERVICES LIMITED Bank Name: IDFC FIRST BANK IFSC Code: IDFB0040101 Account Type: Current Branch: BKC-Naman Chambers Branch, Mumbai 2.Once you make the payment please fill the following EL Payment Form with your prepayment details. Note that if you make multiple payments, you need to fill the form for each payment separately. 3. Note that you can follow the same steps as mentioned above to make all kinds of payments towards your loan, including overdue payments, swapping charges etc. 4. Once your payment is processed, your part prepayment will come into effect within 15 working days

When you make a prepayment, your principal outstanding reduces. You can then choose one of the following options: (a) Reduce your EMI amount while keeping the loan tenure the same, or (b) Reduce the loan tenure while keeping the EMI amount the same. You can select your preferred option through the EL Payment Form

No, there are no additional fees charged on prepayments or Foreclosure on Education Loans.

Closing your loan completely earlier than your original loan repayment plan/schedule is called foreclosure of a loan.

Please follow the below steps to foreclose your loan, 1.Please fill the following EL Loan Servicing Form requesting for foreclosure. 2. Once you fill the form, within 3-4 working days we’ll share a Foreclosure letter with you which will contain the final amount that needs to be paid to foreclose your loan. 3. Accordingly, please make the payment towards your loan to initiate the foreclosure. To make a payment for your foreclosure, please follow the same steps as mentioned in the Part prepayment section above. 4. Once your payment is processed, your loan will be closed within 14 working days and a No Due Certificate will be shared with you as a confirmation and any available security cheques will be shredded and an indemnity will be shared for this.

If you are foreclosing the loan earlier than your original tenure, the balance insurance premium paid during your loan disbursement will be refunded back to you. The refund is processed by the insurance company to your registered bank account within 30 days after your foreclosure. However, post closure of the loan our contact centre might connect with you to understand if you wish to continue with the insurance.

Once your loan is closed, your collateral documents will be retrieved from our central storage and will be transferred to your nearest IFSL branch within 30 days. Once the documents are available for pickup you will be notified via email.

PDD (Post Disbursement Documents) refer to the disbursement-related documents that were pending and not submitted prior to the loan disbursement. These documents must be submitted within the specified timeframe / when demanded.