Published date: 26 Aug 2020 Updated on: 26 Aug 2020 InCred was founded in 2016 with the aim of making funds available to borrowers in a quick, easy, and hassle-free manner. Using technology and data science, the lending process has been streamlined with the focus on the needs and circumstances of the borrowers. This makes InCred one of the best lenders in the market for abroad education aspirants. InCred education loans are customized according to the needs of the students, with multiple beneficial features. In this blog, we will explain in detail the disbursement process of the InCred education loan. So, without further ado, let’s get into it. What Steps Are To Be Taken Before The InCred Education Loan Process? Steps Required To Apply For InCred Education Loan Are Straightforward - Apply For The Loan - You can apply for the loan on GyanDhan’s portal after thoroughly discussing the loan features with our Education Loan Counselor (ELC). GyanDhan’s ELCs are well-versed in education loans and will help you understand the features, benefits, requirements, etc. of the loan. Submit All The Documents - While completing the online application for the loan, you will have to submit the documents as well. You can fill the online form and attach the documents, or you can request a doorstep document pick-up. A GyanDhan representative will collect the documents from your home. Loan Sanction - Once you’ve filled and submitted the online application form along with all the relevant documents, it will take approximately 5 days for the loan application to process. During the process, InCred will pull your credit bureau report to check your and your co-applicant’s credit score. On successful application, the loan would be approved and sanctioned. You will have to pay the InCred processing fee on receiving the provisional loan approval. Loan Agreement - The InCred Education loan application process is streamlined and straightforward. All the relevant documents are collected in one go along with the completed application form. After completing any further formalities and collecting any remaining case-based documents, a final loan agreement has to be signed. The loan amount can be disbursed approximately 5 days after completion of the loan process. Want To Apply For Incred Education Loan For Abroad Studies? Fill this form and get in touch with an expert What Are The InCred Education Loan Documents Required For The Loan Disbursement? The documents required before the disbursement of the loan amount are mentioned in the InCred Sanction letter. The self-attested hard copies of the documents will have to be mailed to the assigned InCred executive. The applicants will also have to verify their signature with their current bank by filling up a sign verification form. The Required Documents Are - KYC documents of the applicant and the co-applicant - Voter ID, Pan Card, Aadhar Card, and Passport. Central KYC Registration Form filled by the applicant and the co-applicant(s). Academic documents of the applicant - also include a scholarship letter, if any. Fee statement or Invoice generated by the university. Ownership Proof - document on the name of the owner, like Electricity Bill, House Tax Bill, or Sale Deed. Financial documents of the co-applicants - For salaried co-applicants - Latest 3 months salary slips Latest 2 years Form 16 or IT Returns Latest 6 months bank statements where the co-applicant’s salary is credited Latest 6 months bank statements of all the other bank accounts in the name of the co-applicant For self-employed co-applicants- Latest 2 years IT Returns attested by a CA. It should show computation of income, Balance sheet, and Profit & Loss Statement. Latest 12 months business bank statements. It should include Savings A/c and Current A/c. Current A/c should be attested by the company stamp along with self-attestation. Business entity proof Proof of the relationship between the applicant and the co-applicants. Pre-Visa disbursement form - in case of taking the disbursed amount before the Visa is issued. Before the disbursement, the applicant will need to either fill a small form or send an email requesting the disbursement. The co-applicant would be asked to submit 9-12 post-dated cheques along with Cheque Submission form. NACH form - to auto-debit the interest/EMI from the co-applicant’s account. What is the Incred Loan Disbursement Process? On successful completion of the loan application process, the applicant and co-applicants will sign the loan agreement. You will have to submit all the documents that are mentioned in your Sanction letter. Fill a small form or send an email requesting the disbursement of the funds. After this, InCred will take approximately 5 days to disburse the amount. The loan amount is first disbursed to the agreed bank-account of the co-applicant. This bank account has to be in India and be operational at the time of disbursement. Since the loan funds are disbursed in Indian Rupees, they are converted into the required foreign currency by an appointed foreign exchange vendor and wire-transferred to the university. This process may take 3-5 days. All the necessary charges and payments are wired to the university via international funds transfer. The loan amount can be disbursed on a semester basis as and when required by the university. The amount will also include living expenses. For students residing on-campus, the living expenses are disbursed to the university account. For students residing off-campus, the required amount is either loaded on your international forex card or transferred to your abroad bank account. For every subsequent semester, you will be required to send an email to InCred requesting the next disbursement. Along with the email, attach a copy of the university/college generated payment invoice. Make sure to start this process 10-12 days before the date of payment. What Are The Features Of The InCred Education Loan? Loan Amount - InCred offers education loans with a high loan limit. Students can get an education loan up to INR 40 lakhs or more depending on the case profile. Interest Rate - InCred education loan interest rate is decided based on the student’s academic performance and future potential to repay the loan. The rate may also be impacted by credit history, employment records of the co-applicant, etc. The rate of interest offered is floating, which may increase or decrease during the loan tenure. Eligibility - InCred education loan eligibility rules state that the applicant must be an Indian citizen or passport-holder planning to enroll in an eligible program and course. The co-applicant must also be an Indian national or passport holder. Processing Fee - InCred charges a loan process and administration fee, which is generally 1% - 1.5% of the loan amount. The fee is not charged upfront and only payable on receiving a provisional loan approval or InCred Education Loan sanction letter. Loan Tenure - InCred offers a flexible time duration to repay the loan amount. Students can repay the loan in 5 to 12 years, as per their convenience. What are the Benefits of the InCred Education Loan? Tailor-made education loan options - InCred offers education loans fitting the needs of the students. The loan amount, rate of interest, repayment are all determined after the application is submitted. Loan Sanction Before An Admit Letter - InCred gives the option to apply for an education loan immediately after receiving the standardized test scores. For students who hesitate in applying to universities abroad due to high expenses, this gives surety of funds to pursue their dreams. Quick Loan Process - Incred processes the loan fast and within 12-15 days. A boon for students who wait until admission to finalize as they can apply for the loan two weeks before the fee payment date and still be assured that the payment will be made. Of course, applying with GyanDhan will further reduce the time and any unnecessary delays. Multiple Co-borrowers - Another favorable feature of InCred is that it accepts multiple co-borrowers. Along with the parents, applicants can also add siblings or other blood relatives as their co-applicant. Foreclosure or Prepayment - Students can foreclose the loan before the loan tenure without any hidden or penalty charges. Moreover, they can make partial prepayments or bulk payments, significantly reducing the balance of the loan account. What’s the Advantage of GyanDhan Gateway For The Education Loan? GyanDhan believes that the education loan process should be as simple and hassle-free as possible. Keeping that in mind, we partnered with InCred and offer our expert advice and service to you. Customized document checklist, doorstep document pick-up service, assistance on every step of the loan process, eliminating any unnecessary delays or issues, are just of the services that you can avail of with GyanDhan. Further, you can keep track of their InCred loan application status on the dashboard of your GyanDhan account and stay in the loop. So, check your loan eligibility and take a step forward to achieve your education dreams!
This is a companion discussion topic for the original entry at https://www.gyandhan.com/blogs/disbursement-process-of-incred-education-loan