InCred
Education Loan

No, there are no minimum aggregate marks stated by the InCred in regard of eligibility to apply for the loan.

There is no discount or rebate offered by InCred.

There is no collateral security asked by InCred. Mostly NBFCs asks tangible security for loan amount above INR 4 Lacs. Tangible security includes documents related to land/ building/ government security/ public sector bonds/ units of UTI, NSC, Life insurance policy/ bank deposits/ shares or debentures. The value of the security should be equal to the education loan amount.

NBFCs does not charge any margin amount. They provide education loan with 100% finance facility.

Course Period plus one year, or six months after getting a job

Tenure of education loan provided by InCred is 15 years

MCLR stands for Marginal Cost of funds based Lending Rate. It refers to the minimum interest rate of a financial institution below which it cannot lend.

Expenses covered by InCred education loan are:

• Tuition/ college/ hostel fee
• Examination/ lab/ library fee
• Books/ uniform/ instruments
• Caution deposit
• Passage money for studies abroad, etc.

Yes, travel expenses are covered under this loan

There is no such provision mentioned by InCred. You may contact the particulatr financial institution regarding the same.

Institutes that are affiliated to state/ central universities and comes under UGC or AICTE are considered as recognized institutes. Reputed institutes are those which are well known and have standard course of repute. More often, NBFC's provide the list of institutes they consider for loan. (You can contact nearest branch for the same)

There is no special benefits in lieu of loan of you secure admission in top IITs or NITs.

The education loan offered by InCred carry 1% processing fee.

Reasonable cost for the computer or laptop well be covered under the loan if it is required to complete the course.

Pan Card is one of the mandatory document required by NBFC these days. It is mandatory because:

• Easy to assess Income
• Easy to trace borrowers

Yes diploma or certificate courses are eligible under InCred Education Loan. Regular degree or diploma courses like, shipping, pilot training, and aeronautical that are approved by Director General of Civil Aviation or Shipping

Yes, it is mandatory to have a co-borrower to avail loan from InCred

Your parent/ spouse/ guardian can be a co-borrower. A co-borrower should be your immediate family member, should have a steady source of income in India, and a good credit history.

Documents required from the co-borrower are:

• Attested copies of age proof, residence proof and birth date.
• Self-attested passport size photograph
• Income proof and/or copy of income tax return file
• Details of collateral security along with government approved valuation certificate (if any).

KYC requirements are the documents as a proof of personal identification and residence proof of the applicant as well as the co-borrower.

Maximum term for repayment is 15 years

You can repay the loan after the moratorium period by mode of EMI or through post- dated cheques.

EMI stands for Equated Monthly Installments. It can be calculated by using the formula given below

EMI = [P x R x (1+R) ^n] / [(1+R)^ n-1]

Here, P is Amount of Education Loan, R is Rate of Interest, n is Tenure of the Loan.

Or simply you can use the EMI calculator provision available on official website.

The loan is disbursed directly to the institute/ university that you have taken admission to. Hence, an applicant is supposed to submit institute brochure with proper division of the fee

It is completely on the financial institutions discretion to extend the moratorium period or not. You can contact your nearest branch for the same.

The interest will be charged at simple rate from the date of disbursement till commencement of repayment of loan. After that, compound interest is charged on reducing balance.

The interest rate charged by InCred is

InCred takes the responsibility to cross verify all the employment details of the applicant and co-borrower. If it fails to cross verify every detail provided, it might reject the loan application.

Under Section 80E of Income Tax Act, loan borrowers can avail the tax benefits. This benefit is only available over and above INR 1,50,000. Tax benefits can be availed once the borrower starts paying interest on loan. The deduction is available until borrower pays off full interest amount on loan or for maximum of 8 years (whichever is earlier)

Yes, you can pay the amount in foreign currency (Euro, Pound, Dollar, etc.) NBFC might charge an additional currency conversion fee as per RBI regulations.

The NBFCs require insurance policy as security in lieu of education loan provided. The insurance policy should be equal or more to the amount of loan sanctioned. In case of untimely demise of the borrower, NBFC recovers the amount from the insurance policy

Credit Score is inclusive of various factors such as credit history (Loan history or credit card). If a student does not have a credit score, NBFCs calculate it by considering factors such as University, College and the Course of admission. The academic background of student and credit history of co-borrower is also considered.

NRIs are eligible for the loan if they have Indian citizenship and are Indian passport holder.

Visa is needed as a document proof but it is not a sole requirement.

A student who is applying for studying abroad have to give necessary documents required by theNBFC. One needs to have a thorough knowledge of the course they are applying for and in which institute as it can be asked on the airport by the foreign officials.

student can reach out to the nearest branch in case of any query.

Contact Number:+91-1860 500 2192, +91-8826272192

Contact Id:care@incred.com