ICICI Bank Education Loan Disbursement Process

 

Taking an abroad education loan from ICICI Bank can be a good decision especially if you are looking for a non-collateral / unsecured loan. ICICI Bank is considered to be one of the best banks to take education loans from. There are several features that you should know before taking a loan from ICICI Bank. These features are -

Now that you have understood the ICICI Bank education loan features it is time to understand the disbursement process. It is important to understand the disbursement process because there are many sources from which you can get the loan process information but there are very few that have given knowledge on the disbursement process.

ICICI Bank abroad education loan disbursement process

The disbursement process is the phase that starts once your loan has been sanctioned. Loan sanction signifies the lender's agreement to grant the requested loan amount to the borrower, indicating loan approval. It does not, however, imply that the funds have been released to the borrower. Further verifications and checks may be performed by the lender before disbursing the loan amount. It is important to note that loan sanction and loan disbursement are two distinct phases of the loan process. Thus, it makes understanding the loan disbursement process equally important.

Steps for ICICI Bank abroad education loan disbursement process

As the process for ICICI Bank’s education loan is digital therefore you do not have to undergo many additional steps in order to get your loan disbursed. The simple steps that you would need to follow in order to take the disbursement are as follows -

1. The first step you would need to do is to read and sign the loan agreement. In this agreement, you can find the list of documents that are required to be submitted during the disbursement process. 
2. After reading the agreement letter, you would have to perform 2 tasks. First, you would be required to collect all the documents that are mentioned in the loan agreement. The second would be to sign the agreement and also get the co-applicant to sign the agreement. 
3. Afterward, you have to contact the ICICI Bank personnel with an application request to disburse the required amount. The amount mentioned in the application will be disbursed accordingly. There is no special disbursement request form. You need to ensure that you ask for disbursement approximately 15 days before tuition fee submission.

The disbursement takes place in the following manner - 

1. Tuition fees - The tuition fee is directly transferred to the university account or the student’s account as per the requirement. 
2. Living expenses - Expenses for accommodation, hostel, travel, and more are transferred to the student’s account for ease of processing the same further.
3. Other expenses - All expenses incurred during studies abroad are covered under the ICICI Bank education loan. The loan amount for the same is transferred to the student’s account. 

Documents required for ICICI Bank education disbursement process

Just like the list of documents during the application process for an education loan, there are some documents that you may need to submit in order to get the disbursement process initiated. The document list is shown below - 

• Applicant’s KYC documents
• Address proof
• University’s admit letter
• Fees structure of the target university
• Financial proof of co-applicant
• NACH form
• The co-applicant will also have to submit 9 - 12 post-dated cheques, in case s/he is unable to make an interest payment in a particular month.