ICICI Bank is a leading private sector bank in India that provides various financial products and services to its customers. One of its popular offerings is education loans, which help students fulfill their dreams of higher education without worrying about the financial burden.
ICICI Bank offers education loans for students who have secured admission in recognized universities or institutions in India or abroad for courses such as engineering, medicine, management, and other professional and vocational courses. The bank provides loans up to Rs. 1 crore, depending on the course and the repayment capacity of the borrower.
ICICI Bank's education loans come with attractive interest rates, flexible repayment tenure, and customized loan solutions. The bank offers interest rates starting from 8.25% p.a. and repayment tenure ranging from 12 months to 84 months. The loan can be repaid in equated monthly installments (EMIs) or in lump-sum payments, depending on the borrower's preference.
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.