Insta Education Loan Faqs
Insta Education Loan
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.
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 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.
How can I apply for a pre-approved education loan?
You can apply through ICICI Bank Internet Banking, iMobile app or ATM.
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.
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.
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:
- Open an FD with ICICI Bank (worth Rs 10 lakh and above). For details, click here
- Offer will be made available to you
- 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
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.
Why Insta Education Loan?
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.