Insta Education Loan

Insta Education Loan, a pre-approved Education Loan offer to customers against Fixed Deposits without the hassle of any paper work.

This facility significantly improves the customers’ convenience as they are no longer required to visit a branch to get their sanction letter. Instead, they can generate the final sanction letter themselves with just a few clicks through digital channels of the Bank like iMobile and Internet Banking.

While you plan to finalise your dream career, you can also generate your sanction letter in just a few clicks from the comfort of your home.

Insta Education Loan, a pre-approved Education Loan offer to customers against Fixed Deposits without the hassle of any paper work.

This facility significantly improves the customers’ convenience as they are no longer required to visit a branch to get their sanction letter. Instead, they can generate the final sanction letter themselves with just a few clicks through digital channels of the Bank like iMobile and Internet Banking.

While you plan to finalise your dream career, you can also generate your sanction letter in just a few clicks from the comfort of your home.

Some of the key benefits:

  • Instant sanction: Customers get access to instant sanction letter online from the comfort of their home, by pledging their Fixed Deposits with the Bank.
  • Tax benefits: Education Loan comes with a tax benefit for interest paid without any upper cap for 100% of the amount, which brings down the effective rate and with Fixed Deposit it is further reduced.  
  • Wide range of loan amount: Minimum loan amount is Rs 10 lakh for both international and domestic Education Loans. Maximum loan amount is Rs 1 crore for international and Rs 50 lakh for domestic Education Loan.
  • Ease in applying: Customers can apply for Education Loan through Internet Banking facility of the Bank with just a few clicks.   
  • Turnaround time: This instant facility will bring down the turnaround time from a few days to a few minutes

How to check your offer:

  • Log in to Internet Banking
  • Check your offer under the pre-qualified offers, select Education Loan and click on Instant Sanction
  • Next, fill in the required details and customise your loan as per your need.
  • Agree to the terms and click on Submit
  • Enter the OTP to initiate the payment of the processing fee and click on Pay now
  • Your pre-approved loan will be sanctioned in few minutes

Frequently Asked Questions (FAQs) for Insta Education Loan

What is Insta Education Loan?


A facility that enables customers to get access to an instant sanction letter online, from the comfort of their home, by pledging their Fixed Deposits with the bank without visiting a branch or meeting any personnel.

Why Insta Education Loan?


A Sanction letter from the Bank is accepted as a source of funds for the student’s admission confirmation in the overseas universities and to get their I- 20 form. With this facility, aspiring students get a financial proof in the sanction letter instantly by pledging their Fixed Deposit with the Bank.

Who can avail of Insta Education Loan?


ICICI Bank customers who have Fixed Deposits (FD) worth Rs 10 lakh and above with the Bank, and are applying for higher studies in foreign or domestic universities.

I do not have an existing FD with the Bank? Can I avail of the loan?


Yes, you can be eligible to get an offer in three simple steps:

  1. Open an FD with ICICI Bank (worth Rs 10 lakh and above). For details, click here
  2. Offer will be made available to you
  3. Log in to Internet Banking and avail of the offer.

Steps to open an FD with ICICI Bank

Apply using ICICI Bank Internet Banking

  • Log in to www.icicibank.com with user ID and password
  • Click on Open Fixed Deposit
  • Fill details and click on ‘Submit

Apply using ICICI Bank ATM/Debit Card

  • Enter your ICICI Bank ATM/Debit Card number and PIN
  • Fill the FD details
  • Pay online using your ATM/Debit Card to create an FD online

What are the benefits of Insta Education Loan?


  1. Tax benefits: Insta Education Loan comes with a tax benefit for interest paid without any upper cap for 100% of the amount. Click here to access the calculator.
  2. Turnaround time: This instant facility will bring down the turnaround time for getting the sanction letter from around 15 to 45 days to merely some minutes with a few clicks.
  3. Seamless remittance to international institutes.

What if my FD is less than the amount of loan required?


You are eligible to get a loan equivalent to your FD amount; you can avail of a loan up to Rs 1 crore by pledging collateral for the excess amount required.

What is the amount that can be sanctioned?


The minimum loan amount is Rs 10 lakh for both international and domestic Insta Education Loans. The maximum loan amount is Rs 1 crore for international and Rs 50 lakh for domestic Insta Education Loan.

How can I apply for a pre-approved loan?


You can apply through ICICI Bank Internet Banking, iMobile app or ATM.

How much time does it take to generate a Sanction Letter?


Instant loans are pre-approved loans and require very few steps and a few clicks to complete the process. Post which the sanction letter is received on a registered e-mail ID.

Do I need a security to avail of Insta Education Loan?


Security or guarantor is required if the amount of loan exceeds the unsecured limit given to the customer.

Steps to avail of the Insta Education Loan on ICICI Bank Internet Banking:

Customers can avail of the loan in a few simple steps:

  • Log in to Internet Banking <www.icicibank.com> and check the pre-approved offer
  • Customer has to enter the details like the loan amount, repayment tenure, institute name, cost of study and click on ‘Display Offer Eligibility’
  • Customer has to enter the details of the student like name, date of birth and relation with the student
  • Customer to check the final offer, read terms & conditions, authenticate through OTP and pay the processing fees to generate the sanction letter
  • Post which, provisional sanction letter will get generated and sent to the registered e-mail ID along with details of the designated relationship manager.

How can I get the disbursement of my sanction loan amount?


The final disbursement of the loan amount will be initiated post collection of all required documents, signatures and formalities of the Bank, like lien marking of the Fixed Deposit (FD), submission of hard copies of the admission letter and financial documents. Customers can visit the nearest bank branch or get in touch with the designated relationship manager from the Bank for submission of all the documents.

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