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Incred Education Loan

Incred Finance is a Non-Banking Financial Company (NBFC) that offers education loans without collateral to students who want to study abroad. The institution was established in 2016 and started providing collateral-free loans in 2017. However, the terms and conditions of education loans without collateral depend on the profiles of the applicants, as well as, co-applicants.

Eligibility Criteria of Incred Education Loan

The following are the eligibility criteria for Incred Education Loan:

The applicant:

  • Should be a citizen of India.
  • The minimum age of a candidate should be 18 years.
  • Should qualify admission tests such as the Graduate Management Admission Test (GMAT), Graduate Record Examinations (GRE), International English Language Testing System (IELTS), and Test of English as a Foreign Language (TOEFL).
  • Should receive an admission letter from a recognized university.

The co-borrower:

  • Should have a good credit score.
  • Should have a close relationship with an applicant like siblings or parents.
  • Should have an active income source.

Incred Education Loan Interest Rate

Incred Education Loan ranges between 11% to 13%. The interest rate is decided by considering various factors such as:

  • The Course and the Country: The interest rate on Incred Education Loan varies from course to course and country to country. The company will go through the details of the course opted by the students and ensure their growth and future employment stability. If the chances of getting jobs are high, then the company might provide some concession in the interest rates.
  • University Ranking: Incred verifies the university ranking before approving the education loan. If students borrow education loans to take admission to a reputed university, they can expect concessions on interest rates.
  • Academic Profile of Students: Incred will also go through the academic records of students before approving an education loan amount.
  • Test Scores: Test scores on entrance exams such as GRE, GMAT or TOEFL will also help applicants to get a better deal from Incred.
  • Financial Status of a co-applicant: If the credit scores and earning sources of co-applicants are strong, then they will get education loans with lower interest rates.

Documents Required to Apply for Incred Education Loan

The following are the documents required to apply for Incred Education Loan:

  • Know Your Customer (KYC) Documents: Permanent Account Number (PAN) card, Aadhar card, Voter ID, Passport, and Driving License .
  • Academic Documents: 10th, 12th, graduation certificates, and entrance test scores (if any).
  • Financial Documents of co-applicants: Last three months' salary slips, Income Tax Returns for the last two years, and last six months' bank statement.

Maximum Education Loan Amount

The loan amount offered by Incred varies depending on the course and country. Let’s have a look at the following table:

Preferred Countries Maximum Incred Education Loan Amount Disbursement
Ireland Rs.18 lakh
Canada Rs.20 lakh
Germany Rs.15 lakh
USA Rs.50 lakh

The maximum loan repayment tenure of Incred Education Loan is ten years. If a borrower fails to pay the loan amount within the given tenure will have to bear the penalty charges.

How to Apply for an Incred Education Loan?

Given below are the steps to apply for an Incred Education Loan:

  • Visit
  • Click on ‘Apply Now’.
  • Select ‘Education Loan’.
  • Enter all the necessary details such as your name, pin code, email ID, and phone number.
  • Agree to the terms and conditions and click on ‘Submit’.
  • Next, log in using your registered email ID and One Time Password (OTP).
  • Enter academic details of students.
  • Enter necessary details of the co-applicant.
  • Click on ‘Submit’.
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