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.