Education is one of the most powerful tools to shape a prosperous future. However, the high cost of education, especially higher education and studies abroad, often poses a significant financial challenge.
To help students overcome this hurdle, InCred offers comprehensive education loans. The InCred Education Loan is designed to help students finance their education without financial strain, enabling them to focus on their studies and future career aspirations.
Understanding InCred Education Loan
InCred Education Loan is a financial product offered by InCred, a new-generation non-banking financial company (NBFC) that started its operations in 2017. InCred offers various types of loans, including personal, home, education, and two-wheeler loans, to cater to a wide range of borrowers’ needs. InCred Education Loan, in particular, is designed to provide monetary help to students planning to pursue higher education domestically and internationally.
Why Choose InCred Education Loan?
1. Collateral-Free Loans: InCred offers collateral-free loans up to ₹60 Lakhs, enabling students to pursue their educational dreams without financial constraints.
2. Instant Approval: Experience quick and hassle-free loan approval, reducing the stress of uncertain financial assistance.
3. Easy Digital Journey: Apply for loans, submit documents, and track your application status using InCred’s user-friendly digital platform.
4. Competitive Interest Rates: InCred’s competitive interest rates make education loans more affordable and manageable for students in the long run.
5. Upto 100% Fees and Expense Cover: Students can enjoy comprehensive financial coverage, including tuition fees, living expenses, study materials, and travel costs, depending on individual circumstances.
6. No Hidden Charges: Experience full transparency with InCred’s education loans, eliminating surprise fees or hidden costs, and ensuring a clear understanding of your financial commitments.
What Does It Cover?
InCred Education Loan covers a host of expenses, including tuition fees, exam fees, library/laboratory fees, hostel charges, and purchase of books and equipment. In fact, for students going abroad, the education loan also covers expenses related to travel and study tours or other project work-related expenses.
Eligibility Criteria for InCred Education Loan
The basic eligibility criteria encompass the student should be an Indian national and secured admission to an Indian or overseas institution. Additionally, the income, work experience, credit history, and repayment capacity of the co-applicant are also taken into consideration.
How to Apply?
The application process for the InCred Education Loan is fairly streamlined.
- Application Submission: The process starts by filling out an application form. You can do this either online on the InCred website or at their office.
- Document Verification: This is followed by the submission and verification of all the necessary documents, including identity proof, address proof, academic records, admission letter, income proof, etc.
- Loan Approval: After the submission and verification of all the details, the loan is approved, and the funds are disbursed directly to the educational institution according to the fee schedule.
Following Up After the Loan Disbursal
Post disbursement, the InCred Education Loan gives students a moratorium period equivalent to their course duration plus 6 months or getting a job, whichever is earlier, thereby reducing the pressure on students.
In a Nutshell
As the costs of higher education increase, the need to finance it has become an essential part of student’s academic journey. InCred Education Loan, with its student-centric approach, aims to tear down the financial barriers stopping students from securing the best possible academics. By ensuring that money doesn’t come in the way of dreams, InCred is indeed building a productive and empowered future for India.
Frequently Asked Questions (FAQs)
InCred offers education collateral-free loans up to Rs 60 Lakhs. The loan amount is decided depending on the institution, the course of study, and the applicant’s ability to repay.
InCred Education Loan covers tuition fees, exam fees, library/laboratory fees, hostel charges, purchase of books and equipment and even travel expenses for students pursuing studies abroad.
The interest rate for an InCred Education Loan starts at 11.5% per annum.
The repayment tenure can go up to 12 years. A grace period or moratorium is typically offered equivalent to the course duration plus 6 months or until the student secures a job, whichever comes first.
Any Indian national who has secured admission in an Indian or overseas institution can apply for an InCred Education Loan. However, the final application approval is based on several factors including the co-applicant’s income, credit history, and repayment capacity.
You can apply for the loan by filling out the application form available on InCred’s official website or by visiting their office.
Necessary documents include identity proof, address proof, academic records, admission letter from the institution, and income proof. Further documents may be required depending on individual cases.
After the loan disbursement, InCred offers a moratorium period equivalent to the course duration plus 6 months or until the student secures a job, whichever is earlier. During this period, the student is not required to repay the loan.
Disclaimer: This blog post is solely for informative purposes. Every loan application at InCred Finance is subject to eligibility, credit check, and approval by InCred. The interest rates, features, and other details mentioned in the blog may vary based on individual profiles and conditions set by the lender. I strongly recommend that readers thoroughly read the terms and conditions of the loan agreement or consult with a professional financial advisor before making any final decisions.
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