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Education Loan
Going abroad for higher studies? Or there’s a course that is domestic and expensive? Whatever be your reason for higher studies, it’s understood that higher education is often very expensive, with the rising cost of education. But that shouldn’t stop you!
We, at ICICI Bank, understand about your career aspirations and offer the needed Student Loans, for successfully aiding your journey to higher education. Getting an Education Loan through ICICI Bank is an easy and simple process. We aim at providing financial support for aspiring students, for pursuing professional higher education in India and overseas.
| Interest Rate | Information |
|---|---|
| 9.25% onwards | For courses in India: Up to Rs 1 Crore For courses abroad: Up to Rs 2 crore |
| Unsecured Loan Amount – Up to Rs 50 Lakh* | |
| Particulars | Eligibility |
|---|---|
| Nationality | Indian |
| Age | Minimum- 16 years Maximum- 35 years |
| Academic record | Proven - good |
| Qualification | 12th Std |
| For Pursuing | Graduate / Postgraduate Degree or a PG diploma in professional Education. |
| University applied to | Listed and Recognized and Accredited Institutes in India and Overseas |
| Admission Status | Pre- admission sanction / Basis entrance exam score like GRE,GMAT etc./ Confirmed |
| Loan Amount | Domestic – Upto Rs 1 crore International – Upto Rs 2 crore |
| Co-Borrower | Father, Mother, Brother, Sister, Spouse (Husband/Wife), Grand Parents, Parents in law, Brother in law, Maternal/Paternal Uncle. |
| Security | Property i.e. House or Flat, FD –Fixed Deposit, Existing ICICI Bank Home Loan for cross collateral. |
Here are the mandatory documents that a student need to provide to the banks while applying for a student loan:
- Duly filled online iLENS application form with affixed photographs
- 2 photographs of passport size
- Copy of exam mark sheets of 10th/12th or latest education certificate
- Admission letter with cost of education
- Aadhaar Card and Pan Card of the student and Parent/ Guardian
Age proof
Copy of Aadhaar Card /Voter ID/Passport/Driving License
Identity proof
Copy of Voter ID/Aadhaar Card/Driving License/Passport
Residence proof
Bank statement of 6 months of the student or co-borrower/guarantor/Copy of Ration card/Gas Book/Electricity Bill/Tel Bill
Income proof
- Most recent salary slips or Form 16 of the parent/ guardian/co-borrower
- 6 months bank statement of the borrower or updated passbook of bank
- Updated ITR (Income Tax Return with income computation) of 2 years or IT assessment order of last 2 years of parent/co-borrower/guardian
- Documents stating the assets and liabilities of the parent/co-borrower/guardian
The NACH e-Mandate system facilitates the issuance and confirmation of mandates made by customers through alternate modes to a paper-based mandate.
Note: The mandate will be routed by the destination bank, after due authentication, to the sponsor bank or by corporate through their sponsor bank to the destination bank with the attributes of customer authentication depending upon the variant of e-Mandate.
To create e-mandate, https://leads.icicibank.com/NewSalesWeb/loadNpciEnachForm.htm?productCode=CF
To track the status of e-Mandate https://leads.icicibank.com/NewSalesWeb/loadenachTracker.htm
Institutes
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Why ICICI Bank for Education Loan?
Save income tax u/s 80E on interest paid
Seamless remittance to international institutes
Collateral free loan up to Rs 50 lakh for select institutes/ courses
Quick and hassle-free process for timely disbursement of loans
Flexible repayment and tenure options to suit your requirement
Competitive simple interest on your loan
How to Apply
ICICI Bank presents education loans up to Rs 50 lakh for your educational requirements in India and up to Rs 1 crore for overseas.
Terms and Conditions applied
