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All you need to know about ICICI Bank education loan for studying abroad
Founded in 1994, ICICI Bank is a leading private-sector bank in India. Whatever your reason for higher studies, ICICI Bank understands that higher education is often very expensive, with the rising cost of education. But that shouldn’t stop you!
GyanDhan has partnered with ICICI Bank with an aim to provide financial support for aspiring students, pursuing higher education overseas. ICICI Bank, understands your career aspirations and offers the needed student loans, to successfully aid your journey to higher education. Getting an Education Loan through ICICI Bank is an easy and simple process.
Based on the target university and selected course, ICICI Bank has divided the premiere educational institutions into different categories which are A1, A2, A3, and A4. ICICI Bank provides a collateral-free loan of up to Rs.50 lakh, tax saving on interest paid under section 80(E), flexible tenure and repayment options, and competitive interest rates, these loans help students realize their dream of attaining a world-class education in premier institutions abroad.
Feature | Detail |
---|---|
Loan amount |
A1 - 50 Lakhs INR A2 - 40 Lakhs INR A3 - 15 Lakhs INR A4 - On an immediate EMI basis |
Interest rate |
A1 - 10.95% A2 - 11.70% A3 - 12.25% A4 - 12.50% |
Interest rate type | Floating Interest rate |
Minimum Income (Co-Applicant) | 50,000 INR (without obligations) |
Repayment | Need to pay S.I. only during course + 6 months grace period |
Processing fees | 0.5% - 1% of the loan amount + GST |
Other charges | Nil |
Margin Money |
A1 - 0 A2 - 5% A3 - 15% A4 - 15% |
Loan Tenure | Upto 10 years |
Processing time | 5 - 7 days after document submission |
Prepayment penalty | No Penalty |
Tax Benefit | Yes |
There are a few eligibility criteria for ICICI Bank that you must fulfill to ensure that you can get approval for your abroad education loan. The eligibility requirements are -
Apart from providing normal abroad education loans, there is a unique product that is only provided by ICICI Bank. This product is best for those individuals that have work experience and after working for several years want to go abroad to pursue higher education. A few of the aspects of this experience-based product by ICICI Bank are -
Note: Applicant needs to make a Fixed Deposit (FD) of an amount equivalent to the simple interest to be paid during the moratorium period with the ICICI Bank as security.
The mandatory documents that you would need to start your process of abroad education loan with ICICI Bank.
There are some additional benefits that you can get if you pursue your abroad education loan from ICICI Bank from GyanDhan. These benefits include:
If you are looking to secure an abroad education loan from ICICI, you can apply online at their website. However, for a hassle-free application process, you can choose to apply for your education loan through GyanDhan.
GyanDhan is an online platform designed to assist Indian students in financing their education abroad. To start your process with us all you need to do is check your loan eligibility and leave the rest to us!
(Principal + Interest)
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