ICICI Bank Educational loan | iSMART Loan

ICICI Bank Educational loan: ICICI bank is offering loans in a timely manner to students who are planning to study abroad. The loan amount will be deposited directly to the bank. Students who want to pursue their studies at institutions located in foreign countries that provide superior education shouldn’t loose any opportunity. The bank will provide them the amount sufficient to cover their education expenses. Students can repay the loan amount within the time frame determined by the lending institution. Candidates are able to apply for a loan for education via the website. Only applicants who meet the criteria and are able to submit the proper documents can be granted the amount. To verify all criteria and conditions, please read the article below.

ICICI Bank Educational loan

ICICI Bank Educational loan

Candidates who performed well on their examinations for foreign entry and are keen to accept the chance are eligible to take advantage of loans. It have been observed that financial burden is an obstacle for students who want to pursue higher education, particularly in foreign countries. Students are able to easily apply to take out loans that they would like to repay on their own financial stability. ICICI Bank is currently accepting online applications for this. They will be lending the amount of as high as 1 crore rupees. The last date when you can apply to the loan was set at the 31st of March, 2022. Candidates’ applications are only considered in the event that they are eligible and have all the necessary documents required for receiving the loan.

ICICI Bank Educational loan Overview

Description of the loanICICI Bank iSMART Education Loan
TypeEducation Loan
BankICICI Bank
Sum of the LoanAs high as 1 crore rupees. 1 crore
Unsecured Amount of Loanup to 40 Lakhs at Rs. 40 Lakhs
Inflation RateBeginning at 8 percent per annum
CoursesGraduate Post Graduate PG Diploma
Repayment TenureU: 8/10 years, post completion of course plus six months PG: 10/12 years, after completion of course 6 months

ICICI Bank Educational loan Amount and Interest

The applicants who are interested may make an application for the money they need to fund their education: A loan amount to pay for educational expenses such as tuition, Fee Stationary, Fees accommodation, on or off campus and more Up to 1 crore. The amount that will be loaned to the applicants will depend on the needs of the applicant. It will be calculated in accordance with the requirements of the applicant. Candidates may also be eligible for an unsecured loan amount that is up to the amount of Rs. 40 Lakhs. The amount is payable based on the following rate:

Advantages of the ICICI Bank Educational loan

The applicants will receive the following benefits when they apply for an education loan with ICICI Bank:

  • 100% tax-free benefits will be granted to candidates after paying interest.
  • 4.5 percent savings on TAX At Source Collection or TCS after settlement of payment.
  • The margin amount is not needed for loan, which are less than the amount of Rs. 20 Lakhs.
  • Unexpected expenses such as Travel, Laptop, other services and more, will also be included in the total.
  • Candidates will be provided with the funds prior to acceptance of the Visa for studying abroad.
  • Collateral is accepted by the form of Fixed Deposits, current Mortgage loans, Fresh Properties upon approval by the bank.
Must Criteria For Applying ICICI Bank Educational loan

Following criteria are necessary to fulfill to avail the loan benefit:-

  • A person applying for the job must be Indian of citizenship.
  • The applicants must be at least 18 years old to be eligible to apply for loan.
  • Anyone over 35 years old of age are not eligible to apply to borrow the money.
  • The academic records of applicants must be of good quality and efficient as viewed by the bank.
  • The scores from tests like GRE and GMAT will be considered when determining the the allocation of the loan amount.
  • The applicants must only apply for advanced studies. The candidate must be at a post-graduate level or graduate-level program, or perhaps having a Post Graduate Diploma.
  • The source of income that is the source of income, which is parents or Gaurdian, have to be steady.
  • The institution or university to which the applicant has applied should be recognized and recognized.
  • The loan will only be granted following the confirmation of admission.
  • It is essential to have a reliable security that is guaranteed on the loan application.
Must have document ICICI Bank Educational loan

Candidates must provide the following documents that are valid when making an application for ICICI Bank Educational loan

  • Photograph of passport size that of the Candidate.
  • Signature of the applicant.
  • In order to be able to provide identification and proof of age candidates are required to provide an Aadhar Card as well as Voter ID cards, Driver’s Licence and any additional ID proof accepted and recognized by Government of India.
  • Examination Certificates for the most recent attended exams, as well as Boards for Class 10 and 12.
  • An account of the expense or expenses for educational purposes.
  • Documents that prove residence, such as Rent Agreement or Electricity or Telephone Bill, or Gas Record, or Ration Card as well as any other acceptable proof.
  • Identification proof of the parents or Guardians on behalf of applicant.
  • For the purpose of proving income applicants must provide salary Slips as well as Form 16 from the Gaurdian or Parent.

Similar Links:-

Details of Student Education Loan

PM vidya laxmi educational Loan scheme

Process of applying for ICICI Bank Educational loan?

To apply for the loan to educate from ICICI Bank for the pursuance of studies at a more advanced level then follow the following steps:

  • Visit the official website for the official portal ICICI Bank.
  • On the main website page, click the word “Loans” to access the menu dropdown.
  • In the section called Additional Loans Click on Education Loan..
  • The details of the loan will become available.
  • Tap to the Apply.
  • The form will show. Enter the required information, and bank officials will be able to return.
  • After the form is completed, sign the copies of all documents contained in it, and complete it.
  • Send the completed form to the bank, and then complete all necessary formalities.

ICICI Bank Education Loan Important Links and Contacts

Official website for ICICI Bankwww.icicibank.com
Educational Loan Info PageClick Here
Link for Loan ApplicationClick Here

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