The Industrial Credit and Investment Corporation Bank is India’s largest private sector bank. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its group companies. If you want Education Loan to pursue higher studies from Abroad or India, You are at the right place to collect every aspect of information related to Education Loan in India.
Read this full post on ICICI Bank Education Loan for information Like Eligibility, How to apply, Interest Rates, Documents Needed, Different aspects of Education Loan, Interest Rates, Return Policy, General Instructions etc. Throughout the article, we will share information regarding ICICI Bank Educational Loan it’s Process to Apply and full detailed Information.
Industrial Credit and Investment Corporation Bank Education Loan
The major aim of the bank is to ensure anywhere and any time banking for the customer with the latest state-of-the-art technology. The Bank is very serious about its Education Loan Facility and by developing an effective customer-centric relationship it promises to emerge as a world-class education Loan provider. Before we share further, let us first have a brief review of the Bank.
Brief Review
| Profile | Description |
| Name of Bank | ICICI Bank |
| Founded on | 1955 |
| Headquarter | Mumbai, Maharashtra, India |
| Type of Bank | Private Bank |
| Number of Employees | 84,922 (2019) |
| CEO Name | Sandeep Bakhshi |
| Maximum Loan Amount | Rs. 1 crore |
| Timeline for Loan Disposal | Maximum 15 Working days |
| Annual Revenue | ₹91,246.94 crore (US$13 billion) (2020) |
| Processing Fees | No Processing Fee will be charged |
| Other Subsidiaries |
|
| Category | Education Loan in India |
Types of ICICI Bank Student Loan
| S.no. | Scheme | Description |
| 1. | Education Loan | This loan is for pursuing higher education in India and abroad. One can avail a loan amount up to Rs.50.00 lakh for studies in India and abroad. for Vocational courses – Maximum up to Rs.1 crore |
How to Apply
Online
- Visit official Web Site of ICICI Bank (Click Here)
- Find the Educational Loan Section Apply Now Button
- Fill the Online Application Form
Offline
- Visit the nearest branch of Allahabad Bank to get offline Education Loan form.
- You may also download the form from official web handle.
- Submit the Application Form to Nearest Branch along with document needed.
Eligibility
- The applicant should be an Indian national.
- Secured admission/ invite from the university in approved university/ college in degree/ diploma course
- Education: Should have completed 10+2 (12th standard).
Documents Needed
- KYC
- Mark sheet of last qualifying examination for school and graduate studies in India
- Academic Records: 10th Result, 12th Result, Graduation result-semester Wise (if Possible) Entrance Exam Result through which admission is being taken
- Proof of admission: Offer Letter or Admission Letter from the Institution.
- Co-applicant KYC and income proof*
- Additional documents may be requested in case of collateral required
Note:- Co-applicant income proof required only for specific courses.
Expenses Considered
- Tuition and course fee
- Examination/ Library/ Laboratory fee
- Travel expenses
- Passage money for studies overseas
- Insurance premium for a student borrower
- Caution deposit, building fund/ refundable deposit supported by Institution bills/ receipts
- Purchase of books/ equipments/ uniforms/ instruments
- Purchase of computer at a reasonable cost if required for completion of the course
- Any other expense required to complete the course like study tour, project work, thesis.
Return Policy
- Loan tenure without collateral
• India and Abroad:- PG Up to 8 years post-course period + 6 months,
UG Up to 5 years post-course period + 6 months - Loan tenure with collateral
• India and Abroad:- PG Up to 10 years post-course period + 6 months,
UG Up to 7 years post-course period + 6 months
EMI Calculator
EMI Calculator is used for calculating the periodic payment amount due on a loan. For calculating EMI one must input data like Amount, Interest Rate, tenure, Processing Fee etc.
- If you want to calculate EMI for ICICI Bank Educational Loan: Click Here
Security
- Up to Rs. 4 Lacs
• Co-obligation of parents
• No security - Above Rs. 4 lacs and up to Rs 7.50 Lacs
• Co-obligation of parents together with collateral security
in the form of suitable third party guarantee. The bank
may, at its discretion, in exceptional cases, waive third
party guarantee if satisfied with the net-worth/means of
parent/s who would be executing the documents as
“joint borrower”. - For cases above Rs 7.5 Lacs
• Co-obligation of parents along with Collateral security of 100% value of a loan. - Residential/ commercial property/ plots (Non-agricultural)
- Fixed deposits.
Contact Details
| Head office | ICICI Bank Towers, Bandra-Kurla Complex, Mumbai 400 051. |
| Official website | www.icicibank.com |
| Apply for Loan | Click Here |
| Contact Number | +91-22-33667777 |
ICICI Bank Student Loan FAQs
We hope that the information furnished above will guide you to get the best educational loan for your studies. In case of any doubt regarding the loan procedure and other related terms, read our FAQ’s session.
Ans. Your parents/guardian can be a co-borrower as well as the spouse in case of a married applicant. The co-borrower should have a steady source of income and a good credit history in order to improve the applicant’s chances of a successful loan application.
Ans. Generally, the time taken for the education loan to process is somewhat between 7-10 working days. Often, the whole process can be easily completed within 3 to 5 Working days, once the student fulfils all documentation.
Ans. Apart from the tuition fees, other aspects of expenses such as hostel charges, equipment purchases and other course-related expenses may also be covered by the education loan.
Ans. An education loan can be availed for all courses recognized by the UGC in case of India and all regular courses abroad. Each lender has its own list of educational institutions and courses that they would provide a loan for whether overseas or within India.
Ans. Yes, this is possible. You can borrow a loan for a bachelor’s degree followed by one for master’s without repaying the first loan. This loan can be taken as a top-up loan against the already existing loan; however, it is subject to the lending bank’s discretion and the internal rules and regulations of the lender.
Ans. Loan borrowers can avail tax benefits on interest paid on education loan under Sec 80E of the Income Tax Act. This benefit is available over and above the Rs. 150,000 deduction allowed under Section 80C. Tax benefits can be availed once the borrower starts paying the interest on the education loan. Further, the deduction is available until the borrower pays off the full interest amount on the loan or for a maximum period of 8 years, whichever is earlier.
Ans. Banks usually prefer that students avail a life insurance policy equivalent to, or more than, the loan amount. The policy acts as a security feature and forms a part of the collateral. In case of the untimely demise of the borrower, the bank recovers the outstanding loan amount from the student’s life insurance policy and the remaining amount, if any, is paid out to the beneficiary of the policy.
Ans. Banks generally provide a 0.5% concession on the applicable education loan interest rate to girl students pursuing higher education in India and abroad.
Ans. Yes, eligibility criteria and loan margins on education loan are relaxed for Scheduled Caste/Scheduled Tribe students availing education loans in India. The eligibility criteria are lowered from first/second class to pass class for SC/ST category students seeking education loan for graduate and postgraduate studies, while, margin money is sometimes lowered than the regular percentage or nil.
Ans. The loan is available from all branches in metro/urban areas as well as those having personal banking divisions.
Best of Luck..!!
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