InCred Education Loan: Interest Rates, Repayment, Documents, & Application

Posted on by Adwaidh

Interest RateMoratorium PeriodMargin Money
11.8% – 13.5% Course years + 6 – 12 months0%

Table of Contents

  1. InCred Education Loans Overview
  2. InCred Education Loans Interest Rates
  3. What are the Eligibility Criteria for InCred Education Loan?
  4. Documents Required for an InCred Education Loan
  5. InCred Education Loan Repayment Process
  6. Conclusion: Apply for an InCred Education Loan 
  7. Frequently Asked Questions

InCred education loans transform your study abroad funding experience into a seamless journey. InCred is an Indian NBFC that offers high-amount education loans to deserving students without collateral. More than 12,000 students have used InCred education loans to finance their studies abroad. 

As of 2025 data, InCred has disbursed a whopping INR 500 Million+ in education loans for diverse courses abroad. InCred education loans support 600+ courses abroad. Learn everything about InCred education loans to flag off your education loan application journey with confidence and determination. Here we go! 

InCred Education Loans Overview

InCred education loans are available without collateral for students. Compared to banks, InCred has relatively loose eligibility criteria. If you match the eligibility requirements, you can explore the possibilities of getting 100% funding from InCred abroad education loans at affordable interest rates. 

Maximum Loan AmountUp to INR 80 Lakhs without collateral
Interest Rates11.8% – 13.5% 
Margin Money0%
Processing Fee1% – 2% of the loan amount 
Moratorium PeriodCourse years + 6 – 12 months
Repayment PeriodUp to 10 years 

InCred Education Loans Interest Rates

InCred offers competitive interest rates and up to 100% finances for studying abroad. InCred education loan interest rates are decided based on your financial profile and the future earning potential of the course chosen. 

  • 11.8% – 13.5% is the InCred education loan interest rate in general
  • InCred education loan interest rates vary with different countries and courses
  • For universities with top global rankings, the interest rates can go lower as much as possible if you have a strong  profile

What are the Eligibility Criteria for InCred Education Loan?

The eligibility criteria for InCred education loans mainly include your academic eligibility. You must get admission to a recognized university and submit the offer letter to apply for an education loan. Here are the general eligibility criteria for InCred education loans: 

  • Be at least 18 years of age at the time of application 
  • Get admission to a university 
  • Have a cosigner with a high CIBIL score (750 – 900) 

Documents Required for an InCred Education Loan

InCred education loan application involves complete documentation of your academic details and your cosigner’s financial eligibility. An accurate document checklist will be created based on your profile. The following are the typical documents required for an InCred education loan: 

KYC DocumentsPhoto ID – Any of the below documents
PAN Card
Passport (mandatory for applicants for overseas courses)
Driving License
Voter’s ID Card
Aadhar Card

Residence Proof (Anyone)
Passport (front & back)
Bank Statement With Address
Utility Bill – Electricity, Water, Telephone, etc. (latest bill not more than 3 months old)
Registered Leave & License Agreement + address proof of landlord (utility bill)
Voter’s ID Card
Sale Deed of property with share certificate + maintenance bill

Signature Verification (Anyone)
PAN Card
Passport
Academic Documents10th & 12th (SSC & HSC) mark sheets, certificates
Undergraduate (bachelors) mark sheets & certificate
Standardized/Entrance Test Scores (GRE/GMAT/SAT/CAT/etc.)
English Test Scores (TOEFL/IELTS/PTE)
Admission Letter, I20, CAS, CoE, Fee Structure, Scholarship letter, fee paid receipts/ invoices (All that apply)
Student Visa Approval
Professional History – Resume/CV, Last Pay-Slip, Appointment/Experience Letters, etc. (All that apply)
Financial DocumentsSalaried
Latest 3 months salary slips/salary certificate 
Latest 2 years form-16 & Latest IT Returns 
Latest 6 months’ bank statement where salary is credited
Latest 6 months bank statements of other accounts + accounts from which loans are being repaid

Self-Employed
Latest 2 years IT returns with all schedules, profit/loss, computation, etc. 
Business continuity proof of 5 years 
Latest 6 months business bank statements 
Latest 6 months bank statements of savings accounts + accounts from which loans are being repaid
Addn Docs for Partnership firm – Partnership deed, Individual financials for latest 2 years. 
Addn Docs for Pvt. Ltd. company – MOA, AOA
Other DocumentsIn some cases, a marriage Certificate, Proof of additional funds for education, repayment track records, etc., may be required.

InCred Education Loan Repayment Process

InCred education loans offer long repayment periods, up to 10 years, including your course years. 

  • InCred education loan repayment starts after the moratorium period. While studying, the student may pay back the interest. 
  • The maximum duration to repay the loan can be up to 10 years in general 
  • InCred education loans are typically not eligible for tax deduction under Section 80 E 

Conclusion: Apply for an InCred Education Loan

InCred education loans are quickly processed within 3 – 5 business days. Without collateral, InCred offers education loans up to INR 80 Lakhs to study abroad. No more worries about funding your education abroad – apply for InCred education loans!

Check your education loan eligibility for InCred education loans with Nomad Credit. Our personalized approach and guidance simplify your abroad education loan process for free. Connect with our counselor now. 

Frequently Asked Questions

Who can apply for InCred education loans? 

Students who are admitted abroad can apply for InCred education loans. They must have a cosigner with a strong financial profile.

Is InCred approved by the RBI? 

InCred is an NBFC approved by the RBI. InCred education loans are legally accepted to fund your studies abroad. 

What is the minimum CIBIL score for InCred education loans?

The CIBIL scores required to apply for InCred education loans depend on your profile. A minimum of 625 – 750 is required when you apply for an education loan from InCred. 

Do InCred education loans cover living expenses? 

Yes, InCred education loans cover your living costs, travel expenses, and other expenses related to studying abroad. 

Is InCred education loan interest rate negotiable? 

InCred education loan interest rates are finalized based on your profile and co-applicant income. You can negotiate with the lender if your profile is strong.

In Cred Education Loan

Posted on by Ishfaque

InCred Education Loan

Studying abroad opens doors to incredible opportunities, but financing it can be challenging. Nomad Credit understands these hurdles and is dedicated to simplifying the process for international students. Common roadblocks like the requirement of a cosigner or collateral often deter students. That's why Nomad Credit has partnered with Incred to offer the perfect solution. Don't let financial constraints limit your dreams of studying abroad. Let Nomad Credit and InCred Finance empower you to find the best education loan options, ensuring your educational aspirations become a reality.

InCred Finance Overview

Feature Detail
Loan Amount 40-45 Lakhs
Interest Rate 10.5% to 13.5%
Interest Rate Type Floating
Minimum Income Not Required
Repayment "Immediate: The student must pay the full principal and partial simple interest. Interest Only: The student must pay the interest charges each month."
Processing Fee 1%
Other Charges No charges
Margin Money 0
Loan Tenure 10 years
Processing Time 5 working days
Repayment Penalty No Penalty

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Admissible Programs and Countries for Incred Education Loan

Admissible Programs:
  • Incred, much like other lending institutions in India, exclusively offers unsecured loans for postgraduate or master's level programs, including PG Diplomas.
  • For undergraduate programs, secured education loans are primarily available. Still, undergraduate students with a robust co-applicant income profile may qualify for unsecured loans with direct EMI payments during the moratorium period.
  • Incred extends loan approvals for STEM (Science, Technology, Engineering, and Mathematics) and MBA programs.
  • As for individuals interested in Arts and Humanities, they should seek out esteemed institutions specializing in these fields. Moreover, having relevant work experience significantly enhances the likelihood of loan approval.
Admissible Countries:
  • Incred provides loans for well-known study-abroad destinations such as the US, UK, Canada, and Germany.
  • Other countries like Singapore, Netherlands, and Sweden may be considered case-by-case, depending on the institute's ranking.
  • However, there is a clear policy against offering loans to countries like Ukraine, the Philippines, Russia, and China, commonly chosen for MBBS studies.
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How is InCred Education Loan Beneficial for Me?

Quality Help from A Trusted Leader in the Industry

  • InCred has secured over $500 million in loan approvals, demonstrating its strong commitment to supporting students in financing their education.
  • InCred loan process has funded thousands of students pursuing their study abroad higher education in 700+ Eligible Universities and 200+ Eligible Programs.

Loan Assistance Catered to Your Specific Study Abroad Journey

  • Up to 100% finance covering tuition fees & living costs
  • Can receive student loan sanction even before Visa, Admissions & I20)
  • InCred education loan interest rates are competitive in the market

Easy Process with No Hassle

  • InCred loan application status and the process is conducted online, ensuring a quick and hassle-free experience.
  • Easy EMIs with repayment tenure of up to 15 years

Free Assistance from Nomad Credit

  • Nomad Credit will assist you in your entire loan process completely free of charge.

Am I Eligible for an InCred education loan without or with collateral?

Please complete our loan option search to see if you may be eligible!

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International Students studying abroad with the help of Nomad Credit

Study Abroad Student Loan Eligibility

  • The borrower must be an Indian citizen.
  • Co-applicants(s) must be an Indian citizen.
  • Co-borrower(s) must have a bank account in any bank in India with cheque writing facilities.
  • Confirmed admission in the colleges before disbursement.
  • Borrower and Co-applicant(s) to meet InCred’s credit and underwriting norms as applicable occasionally.

Co-applicant Requirements

  • Bringing in an earning co-applicant(s) based in India to support the Education Loan application is mandatory.
  • Co-applicant (s) may be any of the following relatives, viz Father / Mother / Brother / Sister (married) /Spouse, where such co-applicant income would be considered in determining the loan eligibility per InCred’s credit and underwriting norms;
  • Co-applicants liability is co-extensive with the Student;
  • Co-applicant(s) to provide documentary proof to establish their relationship with the student to the satisfaction of InCred;
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Required Document Icon

What Documents Do I Need?

Nomad Credit offers a tailored document checklist for InCred education loan options based on your profile, co-applicant profile, and any property or assets you may use as collateral.

On behalf of the applicant:

  1. Identity proof: PAN/ Passport/ Driver’s License/ Voter ID card or government-issued identification document.
  2. Education loan application form.
  3. Address proof: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill/ Driving License/ Aadhaar card.
  4. Passport
  5. Past academic record.
    • 10th standard mark sheet
    • 12th standard mark sheet
    • Undergraduate result (semester-wise)
  6. Entrance exam results (e.g. GMAT, GRE, TOEFL, etc.)
  7. Proof of admission: admission letter (A conditional admission letter is also applicable).
  8. Statement of expenses.

On behalf of the co-applicant:

  • Identity proof: PAN/ Passport/ Driver’s license/ Voter ID card or government-issued identification document.
  • Address: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill or copy of Driving license/ Aadhaar card.
  • 2 passport-size photographs.
  • Bank account statement of the co-borrower/guarantor for the last 6 months (in case of takeover of education loan).
  • Income proof for salaried co-applicant/guarantor
    1. Salary slips for the last 3 months.
    2. Copy of Form 16 of the last 2 years or copy.
    3. Bank account statement for the last 6 months (Salary account).
    4. Brief statement of assets & liabilities of parent/ guardian/ other co-borrower.
  • Income proof for self-employed co-applicant/guarantor
    1. Business address proof.
    2. Last 2 years IT returns ( If IT Payee).
    3. TDS certificate (Form 16A, if applicable).
    4. Certificate of qualification (for C.A./ doctor and other professionals).
    5. Brief statement of assets & liabilities of parent/ guardian/ other co-borrower
    6. Bank account statement for the last 6 months.

Other Documents:

  • Notarized affidavit from the borrower and co-applicant, as provided by your assigned financial consultant at Nomad Credit.
  • Declaration from the co-applicant stating their commitment to cover all expenses apart from the loan amount.
  • Previous loan account statements are active in the last year.
  • Receipts of any prior payments made.
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What Should I Do Next?

How to apply for an education loan at Incred via Nomad Credit?

  1. Begin by registering your interest and providing details about your study plans. Nomad Credit will assist you in preparing everything for a smooth funding application process.
  2. Submit the necessary documents for processing your loan option, and Nomad will handle the organization and submission to InCred.
  3. Stay informed with updates from a Nomad Education Loan Option Manager regarding successfully logging in and sanctioning your loan.
  4. Complete any required sanction fees and await disbursement.
  5. With flexible InCred EMI payment repayment options, you can focus on your studies first and pay later.

Incred Education Loan Insurance

Incred offers student loan insurance with fees ranging from 1% to 2% of the loan amount. Many students opt to invest in education loan insurance to ensure that in the event of unforeseen circumstances, including the applicant's unfortunate demise, the responsibility for repaying the debt falls on the insurance company, not the borrower's parents or co-borrower.
When finalizing your loan option assisted by Nomad Credit, consult your financial advisor for additional information about loan insurance.

Benefits of Getting your InCred Education Loan through Nomad Credit

Online Documentation
With our online document upload facility, you can seamlessly submit your paperwork from your home, expediting your loan approval process. Bid farewell to the need for physical visits to the NBFC for document submission.		 Streamlined Processing Time:
When you opt for a public bank to process your education loan, you can expect the sanctioning process to conclude within 15-20 days. However, if you choose InCred, in collaboration with Nomad Credit, the wheels of approval turn even more swiftly. Typically, your loan will be sanctioned within 5-7 working days after completing your paperwork.
100% no-cost services from Nomad
Nomad Credit goes the extra mile in providing services that come at no financial burden to applicants. We proudly offer our services completely free of charge, without imposing any fees or hidden costs. Your financial peace of mind is our priority.		 Holistic help
Nomad Credit offers a range of services, from admission guidance to visa to loan assistance. We're not just consultants but your partners in your study abroad journey.

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Frequently Asked Questions

Who can apply for an InCred Education loan?

The co-signer must also be an Indian national or passport holder. Non-resident Indians (NRIs) with an Indian passport or those holding Overseas Citizens of India (OCI) or Persons of Indian Origin (PIO) cards are also eligible to apply for an InCred student loan options. Certain additional conditions may apply case-by-case for such applicants and co-signers.

Citizens of India and Indian passport holders currently enrolled in or intending to enroll in an eligible course are eligible to apply.

Which courses are eligible for funding?

InCred offers education loans for undergraduate (bachelor's), graduate (master's), and doctoral programs. Certifications and diplomas are also considered eligible. Regarding fields of study, majors, or subject areas, InCred provides loan options for all disciplines.

Please note that InCred will only process loans for courses and institutions that have obtained the necessary approvals, authorizations, or accreditation from relevant governing bodies.

Are There Income Tax Benefits for InCred Education Loans?

Unfortunately, education loans obtained from Non-Banking Financial Companies (NBFCs) like InCred do not offer income tax benefits. Unlike education loans from banks, which may provide tax benefits under certain conditions, loans from NBFCs typically do not qualify for such tax benefits. It's essential to consider this when planning your education financing, as the tax implications can vary depending on the type of lender you choose for your loan.

Is there an application fee?

No, there are no initial fees or charges when you apply. However, after provisionally approving your loan, you will be asked to pay a processing/administration fee. This fee typically amounts to around 1% to 1.5% of your total loan amount.

Which countries qualify for an InCred Education Loan?

Currently, InCred education loans are accessible for eligible programs in numerous prominent destinations. These destinations encompass the United States of America, Canada, Australia, Ireland, New Zealand, India, and more.

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