ICICI Bank Education Loan

1. Quick loan approval and disbursement.
2. Easy application process with minimum documentation.
3. Competitive interest rates.
4. No processing fees.
5. No prepayment charges.
6. Tax benefits under Section 80(E) of the Income Tax Act.

1. Loan amount up to Rs. 1 crore for studies in India and up to Rs. 50 lakhs for studies abroad.
2. Flexible repayment tenure of up to 10 years.
3. No margin for loans up to Rs. 4 lakhs.
4. No processing fees.
5. No prepayment charges.
6. Tax benefits under Section 80(E) of the Income Tax Act.

1. Application form: Duly filled and signed by the applicant and co-applicant.
2. Photograph: Passport size photographs of the applicant and co-applicant.
3. Identity Proof: Any one of the following - Aadhaar Card, PAN Card, Voter ID, Passport, Driving License.
4. Address Proof: Any one of the following - Aadhaar Card, Passport, Voter ID, Driving License, Utility Bill.
5. Income Proof of Co-applicant: Any one of the following - Salary Slip, Form 16, Income Tax Returns.
6. Proof of Admission: Admission letter from the institute indicating the course, duration, and cost.
7. Academic Records: Mark sheet of the most recent qualification.
8. Collateral Documents: Any one of the following - Property documents, Fixed Deposit receipt, LIC policy, NSC certificates.

1.What is an education loan? 

An education loan is a type of loan that helps students finance their education expenses such as tuition fees, accommodation expenses, study materials, and other related expenses.

2.What is the eligibility criteria for ICICI Bank's education loan? 

The eligibility criteria for ICICI Bank's education loan vary depending on the type of loan and the course you are pursuing. However, some common eligibility criteria include: Indian national, age between 18-35 years, secured admission to a recognized institute, good academic record, co-applicant (if required), etc.

3.What is the maximum loan amount available? 

ICICI Bank offers up to Rs. 1 crore for education loans, but the amount you can borrow depends on various factors such as the type of course, the institute, and your repayment capacity.

4.What is the interest rate for ICICI Bank's education loan? 

The interest rates for education loans offered by ICICI Bank vary depending on the loan amount, course type, and repayment tenure. The interest rates start from 8.25% p.a.

5.Is there any processing fee for the loan? 

Yes, ICICI Bank charges a processing fee on education loans, which is up to 2.50% of the loan amount plus applicable taxes.

6.What is the repayment tenure for ICICI Bank's education loan? 

ICICI Bank offers flexible repayment tenure ranging from 12 months to 84 months, depending on the loan amount and the repayment capacity of the borrower.

7.Is collateral required for education loans? 

It depends on the loan amount and the type of course you are pursuing. For loans above Rs. 50 lakhs, ICICI Bank may require collateral security in the form of property, fixed deposits, or third-party guarantees.

8.Can the loan be pre-closed or pre-paid? 

Yes, you can pre-close or pre-pay the loan, subject to applicable charges and conditions.

9.How to apply for an education loan from ICICI Bank? 

You can apply for an education loan from ICICI Bank by visiting the nearest branch or by applying online through the bank's website. You will need to submit the necessary documents and fulfill the eligibility criteria to avail of the loan.