What Is InCred Education Loan?

InCred Financial Services Ltd. is a licensed Indian NBFC (non-bank financial company) that offers education loans for students pursuing higher education in India or abroad (USA, Canada, UK, Australia, Germany, Singapore, etc.). Loans are often tailored based on academic profile, future earning potential and co-applicant credentials.

Key Features

Loan Amount

• You may be able to borrow up to ₹60 lakh or more, depending on your profile and course costs.
• Unsecured education loans are possible without collateral up to a certain limit; secured loans with collateral go higher.

Interest Rates

• InCred typically offers competitive interest rates (floating rates) that vary by loan size and profile. Approx ranges (indicative):
• ~11.5% – ~14% p.a. (varies by lender terms and credit profile)

Repayment & Moratorium

• Flexible repayment tenure — often up to 10–15 years.
• Moratorium generally includes your course duration + up to 6-12 months grace.
• During the study period, you may be required to pay interest only or partial interest before full EMIs begin after graduation.

Eligibility Criteria

To be eligible for an InCred education loan:

• You should be an Indian citizen or have OCI/PIO/Indian passport status.
• Generally, be 18+ years old and admitted to a recognized course.
• Co-applicant (co-borrower) must be an Indian national with stable income and good credit history.

What Can the Loan Cover?

InCred can fund the entire cost of attendance as certified by your school, including:

• Tuition fees
• Accommodation & living expenses
• Books, laptop and travel costs
• Insurance and other incidentals

Fees & Charges

• Processing fee: Approximately 1%–2% of the loan amount (plus applicable taxes)
• Prepayment / foreclosure: Usually no penalty on floating rate loans; fixed rate loans may have charges during the initial period
• Other charges such as late payment fees, cancellation charges, etc., may apply

Collateral Requirements

• No collateral often required up to a secured limit (e.g., ₹60–80 lakh)
• For very high loan amounts (e.g., above ₹80 lakh to ₹1.5+ crore), collateral security may be requested, which can also improve interest rates and approval chances

Pros

• No or limited collateral needed for many courses
• Can cover full cost of attendance including non-tuition expenses
• Flexible repayment tenure and moratorium options

Why Apply Through PayStudy?

Using PayStudy with InCred gives you several advantages:

• Better Organisation
  PayStudy collects, organises, and submits documents properly — reducing the risk of incomplete submissions, which are a common reason for rejection.
• Faster Processing
  With structured support, approval and disbursement tend to move faster than direct applications.
• Active Follow-Up
  PayStudy communicates with InCred on your behalf regarding clarifications or missing information.
• Clarity on Terms
  Loan offers, sanctions, and repayment schedules are explained clearly so there are no surprises later.

Quick Checklist Before Starting

• ✔ Admission / offer letter from your overseas university
• ✔ Valid ID (Aadhaar, PAN) and passport
• ✔ Academic mark sheets and test scores
• ✔ Co-applicant income documents (salary slips, bank statements, ITR)
• ✔ Fee structure and cost breakup from the school
• ✔ Passport-size photographs