Replying on behalf of the speaker -
—> As far as the documents are concerned, they vary a bit depending on the case in hand. But I will give you a little idea about the documents that are required in general. From you, your basic KYC documents, your academic documents: undergrad degree, transcripts, if you are applying after getting admission then your offer letter, your GRE, GMAT scores, IFS score proof, etc. Talking about the co-applicant, KYC documents are necessary. And another important factor that most students miss is the ITR and Form 16. Now, these institutes have to follow certain guidelines as specified by the RBI. Hence, they have to look at the CIBIL scores and the co-applicant’s income so that they can know, in case the student is unable to repay the loan, whether the co-applicant will be able to do so or not. Thus, the co-applicant’s bank statements, ITR, and Form 16 become absolutely necessary to get a loan. To give an idea about income requirement: If your parents have a business, a three year ITR, Form 16 should suffice. If they are salaried, two year ITR, Form 16 would be required along with salary slips and bank statements for 6 months.
If you are applying for a loan of 20 lakh rupees and going to a decent college, the income should be around 40-45 thousand rupees per month to get the loan approved. Now you can calculate it for 30 or 40 lakh rupees as well. The required income obviously varies from college to college and from country to country.
—>Going to the second question, once the documentation is done, the InCred team is very fast and can get your loan approved in 2-3 working days. The documentation takes the most time as there is usually some confusion and not all documents are available at the same time. Hence, the duration of the process depends on you and how ready you are with your documents. If you are ready with all your documents and you submit them today, you can expect your work to be completed in 3-5 working days. Your loan cannot be approved if you have not submitted all the documents. So, if even one document is pending that will cause a delay in the process.
—>To answer the third question, I will give you an overview here. But I would recommend you to go to Gyandhan.com and check out the customized education loan EMI calculator that we have built. You can change the moratorium period, grace period, depending upon your specific loan and it will show your repayment schedule accordingly. For an education loan of 2 years, you can take disbursal periods as per your convenience. Suppose in the first semester, you need 5 lakhs, you can take 5 lakhs. In the second semester, you need another five lakhs, so you can withdraw another 5 lakhs. Therefore, you take them as per your requirements. There are some countries, where pre-visa disbursal is necessary, like Canada where you have to put money in GIC, or Germany, Australia where you have to pay the fees before applying for a visa. If that is the requirement, these new age lenders also give you a loan before the visa.