Some of the key benefits:
- Pre Approved Instant Sanction: Customers get access to instant sanction letter online from the comfort of their home for their Pre Approved Education Loan.
- Loan Amount Without Collateral: Unsecured Loan amount Up to Rs 50 Lakhs
- Tax benefits: Education loan comes with a tax benefit under SEC(80E) for complete interest paid (100%), without any upper limit. This benefit brings down the effective rate of interest. Check details on Tax Benefit Calculator.
- Wide range of loan amount: Minimum loan amount is Rs. 1.0 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 brings down the time for Education Loan sanction from a few days to a few minutes
How to check your offer: & Features
A facility that enables customers get access to instant sanction letter online from the comfort of their home. Without visiting branch multiple times or meeting any personnel.
Sanction letter from Banks is accepted for VISA application and as a source of fund for the student’s admission confirmation at overseas Universities and to get their I-20 for studying in USA. With this facility, aspiring students get a financial proof in sanction letter instantly with ICICI Bank.
ICICI Bank customers who have Pre Approved offer with the Bank, and are applying for higher studies in universities abroad or in domestic universities.
- Very Competitive Rate of Interest starting from 9.25%*
- Tax benefits: Education loan comes with a tax benefit for interest paid without any upper cap for 100% of the amount. Link to the calculator
- Turnaround time: This instant facility will bring down the turnaround time for getting the sanction letter from around 15 – 45 days to merely some minutes with few clicks.
- Seamless remittance to international institutes
- GIC for Canada
- BLOCK Account for Germany
*Rate of Interest Linked to Repo Rate and for Premier Institutes and Specific Customer segment
Minimum loan amount is Rs. 1.0 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.
You can apply through ICICI Bank Net Banking.