ICICI Bank Education Loan

ICICI Bank Education Loan

ICICI Bank was initially promoted in 1994 by ICICI Limited, an Indian financial institution. At present, it is India's largest private sector bank with total consolidated assets of Rs. 11,242.81 billion by March 31, 2018. The profit of the bank after tax is Rs. 67.77 billion for the year ended March 31, 2018. Currently, it has a network of 4,867 Branches and 14,367 ATMs across India.

ICICI became the first Indian company and the first bank or a financial institution from non-Japan Asia to be listed on the NYSE in 1991. In October 2001, the Boards of Directors approved the alliance of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank which was also supported by the shareholders in January 2002. The details regarding the loan process, margin and other related terms are briefed in the table of content listed below

ICICI Bank Education Loan Details

ICICI bank understands the career aspirations of the students and offers the best student loan to help students and their family to successfully support the journey as a student. The bank understands the needs of the people and their interests vested in academics and it helps the students to tap their potential and not let the lack of financial funding get in the way of their dreams and ideal career orientation as such. It allows students to take up loans and repay them at ease. ICICI understands the needs and challenges that come along with the passion for education and academics as such. The loan that is lent is to be used judiciously and the student needs to make sure that it meets their academic requirements inclusive of the tuition fees and other structures covering for their resources. It offers loans up to Rs 1 crore. The bank doesn't exert any restriction on pre-payment or part payment. ICICI bank education loan application form will be available on the official website where the applicants can apply for the education loan

ICICI Bank education loan rate of interest 

 Rate of Interest

PG

UG

Interest rate

Starting at 11.5% per annum

Loan tenure without collateral

Up to 8 years post-course period + 6 months

Up to 5 years post-course period + 6 months

Loan tenure with collateral

Up to 10 years post-course period + 6 months

Up to 7 years post-course period + 6 months

Maximum loan amount

Rs 50 lakh

Moratorium period

As per the course and institute

Benefits and features of ICICI Bank Education Loan

  • Loans up to Rs 1 crore
  • No margin money is needed for loans up to Rs 20 lakh
  • No restrictions on pre-payment or a part payment
  • Other expenses like student exchange travel expense, the laptop also covered
  • Pre-Visa disbursal for students applying for overseas education
  • Preferential forex rates for international disbursements
  • Minimal documentation along with an added percentage of no collaterals or securities for loan up to 7.5 lacs
  • No Processing Charges; No Foreclosure Penalty
  • Faster Processing and Easy Documentation

Eligibility for ICICI Bank education loan

  • The student should be an Indian national.
  • The student should have already secured the admission/ got invite from approved college/ university in degree/ diploma course.
  • The student should have completed 12th standard.

For academics in India :

  • Graduation courses – BA, B.Com, etc.
  • Post Graduation courses - Masters & Phd.
  • Professional courses – Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, ICWA, CA, CFA, etc. Courses conducted by IIM, IIT, IISc, XLRI, NIFT, etc.
  • Computer certifications of prestigious institutes accredited to Dept. of Electronics or Institutes affiliated to University.
  •  Degree/Diploma courses like Aeronautics, Aviation, Pilot Training, shipping, etc. approved by The Director General of Civil Aviation/Shipping, if the course is pursued in India. In case the course is pursued abroad, the Institute should be recognized by the competent local aviation/shipping authority.
  • Courses offered in India by reputed foreign universities.
  • Evening courses of approved boards
  • Other courses leading to diploma/degree etc. conducted by colleges/universities approved by UGC / Govt. / AICTE / AIBMS / ICMR / etc.
  • Courses offered by National Institutes and other reputed private Institutions - depending on future prospects/recognition by the user Institutions.
  • Courses leading to certification are not valid

For academics abroad:

  • Graduation (undergraduates)
  • Post-graduation (Masters, MPhil)
  • Courses sponsored and conducted by CIMA- London and more.

Documents required for education loan in ICICI bank

  • KYC

  • Mark sheets of 10th, 12th, graduation and entrance exams if any.

  • Admission letter

  • Fee structure

  • Co-applicant KYC and income proof (applicable only for a specific course)

  • Additional documents may be required in case of requirement of collateral

Accepted Security/ Collateral

  • Residential/ commercial property/ plots (Non-agricultural)

  • Fixed deposits

Expenses considered

  • Fee payable at college/ school/ hostel

  • Examination/ library/ laboratory fee

  • Travel expenses

  • Insurance premium for the student borrower

  • Refundable deposit approved by Institution bills/ receipts

  • Purchase of books/ equipment/ uniforms/ instruments and purchase of the computer at a reasonable cost only if required for completion of the course.

  • Any other expense required to complete the course like study tour, project work, and so on.

Margin for ICICI Bank Education Loan

When the candidate is applying for a loan that amounts to up until 4 lacs, the margin is considered to be nil

On the other hand, when the candidate applying for the loan exceeds the amount of above the stipulated 4 lacs, he/she has a margin of about 5% to consider if in India, and 15% of margin if it is outside India/ Abroad.

Repayment Process for ICICI Bank Education Loan

The student applying for ICICI Bank Education Loan has to follow up on the repayment scheme which says that he/she is entitled to initiate the repayments either after the period of 6 months of the commencement of the course, or when his/her first full-time job is kickstarted.

Moreover, one has to pay no fee for the loan application concerned that is the processing fee is nil/zero on the whole.

ICICI Bank customer care number

For any query, you may dial 1800 200 3344 between 9 a.m. to 6 p.m. from Monday to Friday. This is all that you need to know about the Education loan and its benefits that are provided by the ICICI bank for students throughout the country as such. Beneficial and reasonable, this loan will allow you to reach your potential.

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