Question 1

Which bank gives a student loan without collateral for abroad?

Accepted Answer

Several banks and financial institutions in India offer student loans without collateral for studying abroad. Credila provides collateral-free loans up to INR 1 Cr depending on the university and profile. InCred offers education loans up to INR 75 Lakh without collateral, based on academic and financial background. Avanse Financial Services provides collateral-free loans up to INR 95 Lakh depending on the university and applicant profile. Auxilo offers unsecured loans up to INR 1 Cr based on university, course, and the applicant's financial history. IDFC First Bank provides education loans up to INR 1 Cr without collateral for premium universities abroad. Eligibility factors for a collateral-free education loan include admission to a top-ranked university, a strong academic profile, a co-applicant with a stable financial background, and a good credit history and CIBIL score.

Question 2

How do I get an education loan without collateral and a co-applicant?

Accepted Answer

Getting an education loan without collateral and a co-applicant from InCred is possible, though it depends on factors such as your academic profile, university ranking, and future earning potential. Key eligibility criteria include admission to a top-ranked university (Ivy League, top 100 QS-ranked, etc.), a strong academic background (high CGPA, competitive test scores like GRE, GMAT, TOEFL, IELTS), high future earning potential (STEM or high-demand courses preferred), and relevant work experience, if applicable.

Question 3

Whom should I contact if I can't get hold of the InCred finance customer care number?

Accepted Answer

If you cannot get hold of InCred, contact Student Cover's loan buddy, and they will resolve all your requirements regarding the same.

Question 4

Can I apply for an InCred loan for study without a co-applicant?

Accepted Answer

Yes, you can apply for an InCred education loan without a co-applicant, but approval depends on several factors. Since InCred is a private lender, it assesses loan eligibility based on university ranking, course demand, and future earning potential.

Question 5

Is InCred an NBFC?

Accepted Answer

Yes, InCred is an NBFC and follows all applicable NBFC rules. For more details on NBFC regulations, visit the Student Cover website, where your loan buddy can help answer your questions.

Question 6

What is a collateral loan?

Accepted Answer

A collateral loan is one for which you have to mortgage your property. These kinds of loans are usually secured loans, and thus the loan amounts are higher.

Question 7

What is a non-collateral loan?

Accepted Answer

A non-collateral loan, also called an unsecured loan, does not require the borrower to pledge any asset such as property, fixed deposits, or other valuables as security. These loans are granted based on the applicant's financial stability, academic background, future earning potential, and creditworthiness.

Question 8

What are the InCred education loan conditions?

Accepted Answer

InCred offers both secured (with collateral) and unsecured (without collateral) education loans. For unsecured loans, students must be admitted to a reputed university, preferably in high-demand courses like STEM, business, or finance. Interest rates for non-collateral loans generally range from 11.25% to 12.50%, while secured loans have lower rates. Loan repayment starts after course completion, with a grace period of 6 to 12 months, and the repayment tenure can extend from 10 to 15 years depending on the loan amount and the borrower's financial profile. InCred may require a co-applicant, such as a parent or guardian, for unsecured loans, though loans can sometimes be offered without one if the student's profile is strong. The loan amount and terms depend on university ranking and course type, and InCred covers tuition fees, living expenses, travel, and other education-related costs. Processing fees are typically around 0.5% to 1.25% plus GST of the loan amount, and disbursement is made directly to the university or the student's account as needed.

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