ICICI Bank offers instant education loan of up to ₹1 crore: Key things to know before applying2 min read . Updated: 22 Jun 2020, 12:20 PM IST
- With ‘Insta Education Loan’ facility, the borrower can generate the sanction letter within just few minutes
- This first-of-its-kind facility will enable thousands of customers to take education loans in a fully digital process
Gone are those days when you have to wait for a week to get your loans approved by the bank. The private sector lender ICICI Bank today launched ‘Insta Education Loan' where customers will get an instant approval of education loans of up to ₹1 crore. This first-of-its-kind facility will enable thousands of customers to take education loans in a fully digital process against their fixed deposits with the bank. With this, they can easily finance higher studies for themselves or their children, siblings and grand-children in accredited colleges and universities across the world, the bank said in a statement.
With ‘Insta Education Loan’ facility, the borrower can generate the sanction letter within just few minutes. Usually, it takes a a few working days for a customer to get the sanction letter of an education loan. They can furnish the sanction letter to the educational institute to confirm their admission. They will no longer need to visit the bank branches and furnish documents to get a loan.
Features and benefits:
Customers can apply for loans of up to 90% of their fixed deposits with the ICICI Bank. For students seeking admission in international institutes, the loan amount ranges between ₹10 lakh and ₹1 crore. The amount varies between Rs. 10 lakh and ₹50 lakh for student seeking admission in domestic institutes.
One can choose the loan amount and tenure of repayment up to 10 years through internet banking platform of the bank.
Tax benefits: Full interest payment on the amount of ‘Insta Education Loan’ up to 8 years is allowed as deduction from annual taxable income, as per the Section 80E of Income Tax Act, 1961.
"Students can now complete the application process of colleges/universities without worrying for their financial requirements. They along with their parents can avail this facility with digital convenience and without any hassle of paper work," said Sudipta Roy, Head - Unsecured Assets, ICICI Bank.
How to apply:
a) Customers need log in to the ICICI Bank’s internet banking platform and check the pre-approved offer
b) They need to enter details like loan amount, repayment tenure, name of college/university and cost of study. The calculator automatically displays the details of the Equated Monthly Instalment (EMI).
c)They are required to enter details of the student like name, date of birth and relation with student. Further, they need to check final offer, agree to terms & conditions and authenticate via a One Time Password (OTP) received on their registered mobile number. Thereafter, on payment of processing fee, a sanction letter is generated instantly.
d) The provisional sanction letter is sent to the registered email ID along with details of the designated relationship manager.
For the final disbursement of the loan, customers are required to get in touch with the relationship manager mentioned in the email of sanction letter. Post collecting required documents like admission letter, financial documents and signatures, the bank will disburse the loan amount to the educational institution. Customers can also visit the nearest ICICI Bank branch for submission of the documents.