InCred Education Rate of Interest

InCred offers 100% finance facility to its borrowers.

  • InCred does not ask for any kind of security.
  • No additional concessions are provided.
  • InCred provides unsecured loans up to INR 40 Lacs.

The interest rates are in accordance with the demands of the Board of NBFCs.

  • For a loan up to INR 10 Lacs, the RoI varies from 12.75%-14.00%.
  • For loans above INR 10 Lacs, the RoI varies from 11.75%-13.75%.


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EMI Payable

188 per month

Total Interest


Payable Amount


Total Interest
Principal Loan Amount

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InCred Education Loan Eligibility

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  • Indian National. The applicant should be a citizen of India.
  • 10+2. The student should have cleared 10+2 with essential grades.
  • Age. There is no age limit.

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Applicable Rate of Interest Up to INR 10 Lacs: 12.75%-14.00%
Above INR 10 Lacs: 11.75%-13.75%
Up to INR 7.50 Lacs: 10.55%
Above INR 7.50 Lacs: 10.80%
12.99% onwards
Max Loan with Collateral For India: No limit
For Abroad: 1 crore
For India: 10 Lacs
For Abroad: 20 Lacs
INR 50 Lacs
INR 25 Lacs
Max loan without collateral For India: INR 10 Lacs
For Abroad: INR 20 Lacs
For India: 10 Lacs
For Abroad: 20 Lacs
INR 50 Lacs
INR 25 Lacs
Processing Fee 1%
Up to INR 4 Lacs: Nil
Above INR 4 Lacs: INR 5000
Repayment Period 10-15 years
15 years
20 years
5 years
Loan for top institutions No
Yes, SBI Scholar Loan Scheme
Margin Nil
For loan above INR 4 Lacs
In India: 5%
In abroad: 15%
Age Limit no age limit
no age limit
No age limit.
Minimum of 23 years old and a maximum of 58 years.
Loan Security Nil
Upto 7.50 Lacs: Only Parent/ Guardian as co-borrower. No Collateral Security or third party guarantee
Above INR 7.50 Lacs: Tangible security along with parents as co borrower
No Collateral Security
No Collateral Security
Eligibility concession for SC/ST No
Processing Time N.A.
20 days
24 hours
24 hours
Prepayment charges Nil
Penal charges Nil
Penal interest @ 2% to be charged for loans above Rs.4 lacs for the overdue amount and overdue period
Mandatory insurance cover No
Travel expeneses No
Bank transfter allowance No
Not available
Not available
Top up loan availability No
Interest Subsidy Schemes None
Padho Pardesh
Skill Loan Scheme
Tax benifit No
Concession/benefits No margin charged
No security asked
No moratorium period
Concession to girl students
1% concession if interest is serviced during moratorium period including course period
Instant loan approval.
24 hour loan disbursal.
Tax benefits.
No margin charged.

How to apply for InCred Education Loan ?

InCred Education loan application form can be available online or offline at Bank branches.

Visit the official website for InCred Education Loan

Click on Apply Now

Fill out the form with your details

Upload the mandatory documents required

Submit the form and take out a print out of the application

Visit the office for further formalities

Applicants can directly visit the nearest office and ask for an application form. The InCred representative will then guide them with all the necessary information regarding eligibility, documents, etc.

InCred Education Loan Details

Loan Limit
For India: INR 10 Lacs
For Abroad: INR 20 Lacs
For India: No limit
For Abroad: 1 Crore
Processing Fee
Loan Security
No Collateral Security
Loan Repayment
10-15 years

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Expenses covered under InCred Student Loan Scheme

  • Tuition Fee
  • Examination Fee
  • Library/ Laboratory Fee
  • Hostel Fee
  • Cost of books, equipment, instrument or uniforms
  • Miscellaneous expenses- study tours, project work, thesis, etc.
  • A reasonable cost of computer or laptop (if required)

Education Loan Documents Required ?

Admission letter with all essential details

Attested copies of age proof, residence proof and birth date

Self-attested passport size photographs

Copies of mark sheets of SSC and HSC

Income proof and/or a copy of income tax return file of co-applicant, parents, and guarantor (if any)

Details of collateral security along with government approved valuation certificate (if any)

Bank account statement of the applicant

Copy of passport and visa for abroad courses

Frequently Asked Questions


Does NBFCs offer any interest subsidy scheme along with its education loan variant/s?

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No, NBFCs does not provide any interest subsidy scheme initiated by the government.


In whose name is the loan granted?

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The loan is granted in the name of the student


What is the age limit for availing loan from InCred?

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There is no restriction on age. Student must clear the other eligibility criteria's stated by InCred


What does margin on any loan mean?

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Margin amount is the amount that a borrower has to pay through his/ her own sources in form of a down payment as his/ her contribution towards the education.


Where can I avail InCred Education Loan?

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You can fill the application form online from the official website or contact the branch for the same.


Is there any minimum aggregate marks to meet the eligibility criteria to avail InCred education loan?

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No, there are no minimum aggregate marks stated by the InCred in regard of eligibility to apply for the loan.


What is the discount/ rebate offered by InCred?

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There is no discount or rebate offered by InCred.


What all is included in tangible collateral security?

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There is no collateral security asked by InCred. Mostly NBFCs asks tangible security for loan amount above INR 4 Lacs. Tangible security includes documents related to land/ building/ government security/ public sector bonds/ units of UTI, NSC, Life insurance policy/ bank deposits/ shares or debentures. The value of the security should be equal to the education loan amount.


Is scholarship or assistantship included in the margin?

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NBFCs does not charge any margin amount. They provide education loan with 100% finance facility.


What is Moratorium Period?

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Course Period plus one year, or six months after getting a job


What is tenure of an education loan?

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Tenure of education loan provided by InCred is 15 years


What does MCLR stands for?

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MCLR stands for Marginal Cost of funds based Lending Rate. It refers to the minimum interest rate of a financial institution below which it cannot lend.


What all expenses are covered under this course?

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Expenses covered by InCred education loan are:

  • Tuition/ college/ hostel fee
  • Examination/ lab/ library fee
  • Books/ uniform/ instruments
  • Caution deposit
  • Passage money for studies abroad, etc.

Will my travel expense will be covered if I take loan from InCred?

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Yes, travel expenses are covered under this loan


I have taken admission through management quota. Am I eligible?

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There is no such provision mentioned by InCred. You may contact the particulatr financial institution regarding the same.


What do you mean by reputed or recognized institutes?

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Institutes that are affiliated to state/ central universities and comes under UGC or AICTE are considered as recognized institutes. Reputed institutes are those which are well known and have standard course of repute. More often, NBFC's provide the list of institutes they consider for loan. (You can contact nearest branch for the same)


Are there any special benefits if I have secured admission to one of the top premier institutes?

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There is no special benefits in lieu of loan of you secure admission in top IITs or NITs.


What is the processing fee or prepayment charges?

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The education loan offered by InCred carry 1% processing fee.


Will cost of my computer be covered under the loan sanctioned?

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Reasonable cost for the computer or laptop well be covered under the loan if it is required to complete the course.


Why is Pan Card necessary?

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Pan Card is one of the mandatory document required by NBFC these days. It is mandatory because:

  • Easy to assess Income
  • Easy to trace borrowers

Are diploma or certificate courses considered under InCred education Loan (both for India and Abroad)?

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Yes diploma or certificate courses are eligible under InCred Education Loan. Regular degree or diploma courses like, shipping, pilot training, and aeronautical that are approved by Director General of Civil Aviation or Shipping


Is a co-borrower necessary for loan?

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Yes, it is mandatory to have a co-borrower to avail loan from InCred


Who can be my co-borrower?

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Your parent/ spouse/ guardian can be a co-borrower. A co-borrower should be your immediate family member, should have a steady source of income in India, and a good credit history.


What all documents are required from the co-borrower?

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Documents required from the co-borrower are:

  • Attested copies of age proof, residence proof and birth date.
  • Self-attested passport size photograph
  • Income proof and/or copy of income tax return file
  • Details of collateral security along with government approved valuation certificate (if any).

What is the KYC requirement in education loan?

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KYC requirements are the documents as a proof of personal identification and residence proof of the applicant as well as the co-borrower.


What are maximum term for repayment?

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Maximum term for repayment is 15 years


How can I repay the loan?

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You can repay the loan after the moratorium period by mode of EMI or through post- dated cheques.


What is EMI? How are they calculated?

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EMI stands for Equated Monthly Installments. It can be calculated by using the formula given below

EMI = [P x R x (1+R) ^n] / [(1+R)^ n-1]

Here, P is Amount of Education Loan, R is Rate of Interest, n is Tenure of the Loan.

Or simply you can use the EMI calculator provision available on official website.


Is the loan disbursed in name of individual applicant or to the institute/ university directly?

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The loan is disbursed directly to the institute/ university that you have taken admission to. Hence, an applicant is supposed to submit institute brochure with proper division of the fee


If I am unable to complete my course in given tenure, will my repayment term be extended?

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It is completely on the financial institutions discretion to extend the moratorium period or not. You can contact your nearest branch for the same.


What is method of application of interest on education loan?

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The interest will be charged at simple rate from the date of disbursement till commencement of repayment of loan. After that, compound interest is charged on reducing balance.


What is interest rate of education loan?

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The interest rate charged by InCred is

Upto 10 Lacs12.75 - 14%
Above 10 Lacs11.75 - 13.75%

What is employment verification in an education loan?

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InCred takes the responsibility to cross verify all the employment details of the applicant and co-borrower. If it fails to cross verify every detail provided, it might reject the loan application.


Are there any tax benefits in education loans?

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Under Section 80E of Income Tax Act, loan borrowers can avail the tax benefits. This benefit is only available over and above INR 1,50,000. Tax benefits can be availed once the borrower starts paying interest on loan. The deduction is available until borrower pays off full interest amount on loan or for maximum of 8 years (whichever is earlier)


Can I repay my loan in foreign currency even if my financial institution is in India?

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Yes, you can pay the amount in foreign currency (Euro, Pound, Dollar, etc.) NBFC might charge an additional currency conversion fee as per RBI regulations.


Why do NBFCs require insurance policy as security?

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The NBFCs require insurance policy as security in lieu of education loan provided. The insurance policy should be equal or more to the amount of loan sanctioned. In case of untimely demise of the borrower, NBFC recovers the amount from the insurance policy


What is credit score? Is it important for education loan?

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Credit Score is inclusive of various factors such as credit history (Loan history or credit card). If a student does not have a credit score, NBFCs calculate it by considering factors such as University, College and the Course of admission. The academic background of student and credit history of co-borrower is also considered.


Are NRIs eligible for the education loan?

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NRIs are eligible for the loan if they have Indian citizenship and are Indian passport holder.


Is Visa a necessary document for studying abroad?

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Visa is needed as a document proof but it is not a sole requirement.


What all procedures do one have to go through while applying for abroad?

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A student who is applying for studying abroad have to give necessary documents required by theNBFC. One needs to have a thorough knowledge of the course they are applying for and in which institute as it can be asked on the airport by the foreign officials.


If a student have any query, where or whom to contact?

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student can reach out to the nearest branch in case of any query.

Contact Number:+91-1860 500 2192, +91-8826272192


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