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

Currently, InCred education 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 provides education 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 has loan options available for all areas.

iii) InCred 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. If you wish to hand over documents to InCred, 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 education 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 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 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 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 education 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 provides Indian Rupee denominated education 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 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 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 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 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 education loan model at InCred 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 education 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 aims at seamlessly weaving the education loan process with your admissions process—we understand how challenging the higher education 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.