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When it comes to education, the real worry is about the funding for the same. ICICI Bank education loan is what you need if you are planning to pursue higher professional education in India and abroad. With the right education loan, you don’t have to worry about your finances anymore.
The ICICI education loan offers a very flexible repayment period along with affordable interest rates. You can avail quick and hassle-free loan processing along with seamless remittance to international institutes. One of the major benefits of the ICICI Bank education loan is the fact that you can save income tax u/s 80E on interest paid.
The interest rate for the ICICI education loan starts at an affordable rate.
The rates for pursuing under graduation and post-graduation are mentioned below:
|Interest Rate||For courses in India||For courses abroad|
|10.50% p.a. onwards||Up to Rs 50 lakh||Up to Rs 1 crore|
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You can avail a loan up to Rs. 50 lakhs if you wish to pursue an education in India. For overseas studies, the loan limit is up to Rs. 1 crore.
There is no margin money required for loans up to Rs. 20 lakh. For loans above Rs. 20 lakh, the margin ranges from 5% - 15%.
The expenses covered under the loan scheme include the fees payable to college and hostel. It also covers the examination, library and laboratory fees. Furthermore, it covers travel expenses or passage money for studying abroad. The insurance premium for the student is also provided along with expenses for the purchase of books, equipment like laptop and computer, uniform and other instruments. Other expenses related to study tour, project work, thesis, etc., are also covered in the loan.
For students wishing to pursue education within India, the loan covered courses leading to graduate, post-graduate degree or postgraduate diploma conducted by colleges and universities covered by UGC, AICTE, Government, AIBMS, ICMR, etc.
For students wishing to pursue education internationally, a job-oriented degree or a postgraduate diploma and professional courses offered by reputed institutes at Undergraduate and Postgraduate level are offered.
Pre-Visa disbursal is available for students applying abroad for education along with preferential forex rates for international disbursements.
The requirement for Collateral will be based on the institute as per the bank’s discretion. Collateral free loans are available for select institutes for up to Rs. 20 lakh for Undergraduate courses and up to Rs. 40 lakh for Post-graduate courses.
For students pursuing undergraduate education within India and abroad, the loan tenure with collateral is up to 7 years post the completion of the course with an extra 6 months. For students pursuing post-graduation in India and abroad, the loan tenure with collateral is up to 10 years post the completion of the course with an extra 6 months.
You can provide residential, commercial property or plot (not agricultural) as tangible collateral. Fixed deposits are also accepted.
Anyone applying for the loan should be an Indian national.
You should have secured admission or invitation from university for a degree or diploma course.
The applicant should be minimum age of 18 years, the maximum age can be of 35 years.
The student should have good academic performance and record.
Pursuing graduate/postgraduate degree or a PG diploma.
The parent or guardian should have a stable source of Income.
Tangible collateral or guarantor, depending on the loan amount and income source.
While applying for the loan, here are the mandatory documents that a student need to provide to the banks:
Other charges include internation processing fees, administrative charges, late penalty charges and more.
|Particulars||Charge iSmart (A1, A2, A3, A4)||Charge (PO & Others)|
|Insurance Premium||As per loan amount||As per loan amount|
|Processing Fee only in international cases||As per RAAC pricing+GST||As per RAAC pricing+GST|
|CERSAI fee||Rs. 50 for LA<5 lakhs, Rs 100 for LA> 5 lakhs+GST||Rs 50 for LA<5 lakhs, Rs 100 for LA> 5 lakhs+GST|
|Administrative charges||Rs 5000 or 0.25% of sanction amt whichever is lower+GST||Rs 5000 or 0.25% of sanction amt whichever is lower+GST|
|CIBIL||Rs. 100+GST||Rs. 100+GST|
|Late Payment Penalty on pre EMI and EMI||24% PA of overdue (2% per month of overdue)+GST||24% PA of overdue (2% per month of overdue)+GST|
|Cheque Bounce Charges||Rs. 500+GST||Rs. 500+GST|
|Repayment Mode Swap Charges||Rs. 500/- per transaction+GST||Rs. 500/- per transaction+GST|
|Amortization Schedule Charges||Rs. 200/- per schedule + GST||Rs. 200/- per schedule + GST|
|Statement of Account Charges||Rs. 200/- per schedule + GST||Rs. 200/- per schedule + GST|
|Duplicate No Objection Certificate/ No Due Certificate||Rs. 500/- per NOC plus GST/Rs. 200/- per NDC + GST||Rs. 500/- per NOC plus GST/Rs 200/- per NDC + GST|
|Revalidation of No Objection Certificate||Rs. 500/- per NOC plus GST||Rs. 500/- per NOC plus GST|
|Duplicate Prepayment/Foreclosure Statement Charges||Rs. 200/- per schedule + GST||Rs 200/- per schedule + GST|
|Loan Cancellation Charges||Rs. 3000/- + GST||Rs. 3000/- + GST|
|EMI Bounce Charges||Rs. 400/- per bounce + GST||Rs. 400/- per bounce + GST|
|Document Retrieval Charges||Rs. 500||Rs. 500|
|Schedule Adjustment charges/Part payment charges||Rs. 1500/- +GST||Nil|
You can Call
1860 120 7777 for any queries or complaints.
ICICI bank education loan provides secure coverage for all your educational needs. You can stay stress-free throughout your education and pay back the loan with their flexible tenure option. Read all the loan-related documents carefully before applying for the loan.
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