Do not have collateral to take an education loan against it? Or the value of your pledged collateral is too low to cover your expenses abroad? If you are looking for different ways to fund your education abroad but don't have collateral then you can avail an education loan without collateral from Incred. 

Incred Finance is one of the top and upcoming names in the NBFC industry. Incred lends both secured as well as unsecured education loans to students who aim to pursue their higher studies abroad. Incred is known to have an easy education loan process where students can expect their education loans to be approved in the fastest, most efficient way if they are eligible according to the Incred education loan eligibility criteria.

To know more about Incred education loan and their eligibility, read this article till the end to gain all the required details. Also, feel free to reach out to our financial team at WeMakeScholars if you are looking for an education loan to study abroad. 

Overview of Incred education loan details

Incred education loan eligibility

A student must meet all the requirements according to the eligibility criteria for education loans set by Incred Finance. Students have to follow stringent eligibility criteria and if they fail to do it that may lead to rejection of the loan application. Therefore, it is crucial for students to clearly understand the eligibility guidelines and should qualify for the same.

According to Incred Education Loan eligibility guidelines for the loan applicant are:

• The loan applicant must be above 18 years of age
• The loan applicant must be an Indian resident
• The loan applicant must have received admission into a recognized university abroad
• The loan applicant must have qualified for the relevant tests like IELTS, TOEFL, GMAT, GRE, etc.

The Incred Education Loan eligibility guidelines for the co-applicant are:

• The co-applicant must be a close blood relative of the applicant- parents or siblings are most preferred
• The co-applicant must be in active service and must be filing Income Tax Returns for the past 2- 3 years
• The co-applicant must have a good CIBIL score

Incred education loan interest rate

Incred education loan interest rates usually range from 11% to 13.5%. It is decided on various factors. A few of them are: 

• University Ranking: Incred bank checks the overall ranking of the university before approving an education loan. When you apply to a highly reputed university, you can expect an interest rate concession. 
• The course and the country of study selected by the student: The negotiation of Incred education loan interest rates also depends on the course and the country a student has opted for as this allows banks to ensure the potential growth and future employment of the student. If the potential chances of employment are high then the student can expect some concession in their education loan interest rates.
• Student’s academic profile: A prolific academic record is a must because if the academic profile of the student is strong, then our financial officer can easily negotiate your education loan terms.
• A co-applicant financial profile: If the credit history is up-to-date and the income of the co-applicant is also strong, then there is a due preference for an education loan interest rate concession.
• Test Scores: Test scores of the exams like GRE, TOEFL and other relevant test scores can help get a better deal from the lender. 

These are the few ways to bring down your Incred education loan interest rates. But there are multiple cases where students have tried negotiating, but the banks do not agree on reducing the interest rate. 

This is why we recommend you to start your education loan process with WeMakeScholars as we ensure an automatic 0.5% reduction on your interest rates. 

In addition, our financial team will try and negotiate with the lenders on your behalf as we share a professional affinity with the lending officials which allows us to help students across India. Our team will be able to tell you whether the proposed interest rates by Incred can be brought down even further after assessing your profile or not. So, get in touch with us at WeMakeScholars and we will get back to you soon.

Incred education loan margin

One of the benefits that a student gets while processing through Incred is that the loan margin is 0%. This means students are not required to pool in any money during the time of disbursement as the bank can finance 100% education expenses of the student. You do not have to pool in any money of your own to activate the disbursement- which is the case with collateral loans from public and private banks.

Incred student loan processing fees and time

Incred finance charges close to 0.9% to 1.5% of the sanctioned loan amount as a processing fee. This processing fee is charged only when a particular candidate’s education loan is cleared for approval and only after a candidate chooses to go ahead with the Incred.

If you have any further doubt, feel free to leave a comment below this article. We will surely revert you as we are very active online.