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Icici Bank Limited Education Loan

Icici Bank Education Loan Interest Rate (Updated on 20 Jan 2021)

INTEREST RATE11%
LOAN TENUREIn 5 to 7 years after the Holiday | Moratorium Period
PROCESSING FEEAs decided by the bank from time to time
GUARANTOR REQUIREDYes
PRE CLOSURE CHARGESAs decided by the bank from time to time

Icici Bank

Icici Bank Limited is a private sector bank in india with total assets 10300 crore. It has headquarter in Mumbai. Icici Bank Limited was founded on 1996. It has 4450 branches and total assets 1030013900 ATMs across India.

It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.

Find details about Icici Bank Limited which includes Icici Bank Limited Official Website, Icici Bank Limited ATMs accross the India, Icici Bank Limited Branches accross the India, Icici Bank Limited Contact Numbers, Icici Bank Limited official EmailID, Icici Bank Limited Headquarter and Icici Bank Limited Headquarter Address. Find Icici Bank Limited Education loan purpos, Eligibility, Margin, Repayment of Education Loan ,Security, Documents Required for Education Loan from below.

Icici Bank Education Loan Purpose

To provide financial assistance to the deserving / meritorious students in getting their education completed specially for higher education. The scheme aims to ensure that the deserving students may not loose opportunities for want of arrangements of funds.

Icici Bank Eligible Courses for Education Loan

Education Loan can be availed under following cases-

  • Graduate, Post graduate, Diploma and Professional courses recognized by University Grant Commission, All India Council for Technical Education (AICTE) and the Indian Council for Medical Research, Government of India.
  • Job oriented Professional or Technical courses of reputed education institutes abroad, etc.
  • Government recognized or approved vocational or skill development courses.
  • Courses conducted by IIM, IIT, IISC, XLRI, NIFT, etc
  • Courses offered in India by reputed foreign Universities.
  • Other Courses leading to Diploma/ Degree, etc. conducted by Colleges/ Universities approves by UGC/ Govt./ AICTE/ AIBMS/ ICMS, etc.

Icici Bank Education Loan Document Required

For salaried individuals

  • Duly filled up and signed education loan application form along with photographs
  • KYC (Know Your Customer)documents
  • Proof of identity- Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card
  • Latest salary slip showing all deductions or Form 16 along with recent salary certificate
  • Proof of residence - Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement
  • Bank Statement or Bank Pass Book of having entries of last 6 months
  • Guarantor Form, Copy of admission letter or the Institute along with Fees schedule (Optional)
  • Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)
  • Detailed break-up of the costs of the course (Optional)

For all individuals except salaried

  • Duly filled up and signed education loan application form along with photographs
  • KYC (Know Your Customer)documents
  • IT returns of the last 2 years and computation of income of last 2 years certified by a Chartered Accountant
  • Proof of identity- Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card
  • Proof of residence - Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement
  • Bank Statement or Bank Pass Book of having entries of last 6 months
  • Guarantor Form, Copy of admission letter or the Institute along with Fees schedule (Optional)
  • Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)
  • Detailed break-up of the costs of the course (Optional)

Icici Bank Education Loan Amount

a) For studies in India, maximum Rs. 10 Lakhs.
b) For studies abroad, maximum Rs. 20 Lakhs

Margin

a) Up to Rs.4 lakhs-Nil.
b) Above Rs. 4 lakhs- Studies in India 5% Studies Abroad 15%

Icici Bank Education Loan Repayment

Repayment Holiday| Moratorium: Course Period + 1 year or 6 months after getting job, whichever is earlier. The loan to be repaid in 5 - 7 years after commencement of the repayment.

Security

Loans Upto Rs 4 lacs - Co obligation of parents
Above Rs. 4 lakh and upto Rs. 7.5 lakh - Collateral in the form of a satisfactory guarantee
Above Rs.7.5 lakh, the parents will be co-obligators and collateral security will have to be placed

Mode of Repayment of Education Loan

Post Dated Cheque (PDC): PDCs are given by the borrower in advance to the bank. They will be for future dates. Bank will deposit the cheque on the date mentioned on the cheque. This mode used to be opted by the borrowers when there were no online repayment options available. This mode is no longer popular and is used by very few borrowers.

Electronic Clearance System (ECS): This mode is very popular and most of the borrowers opted for this mode of repaying the loan. It is an electronic mode for transferring the EMI from borrower's bank to lender's bank.

National Automated Clearing House (NACH): NACH is a facility offered by National Payment Corporation of India (NPCI) for online transfer of funds on due date. This system has come into force recently and is preferred by many people. The benefit of this mode is that it allows transactions to be processed in real time.

Standing Instruction (SI): It is an order or instruction which the account holder gives to his/ her bank to pay a fixed amount to another bank/ account at a regular interval. It is also used by many borrowers to pay EMIs as EMI is a fixed amount. SI is not suitable for variable amounts.

Icici Bank Limited Contact Details

  • BANK OFFICIAL WEBSITE - www.icicibank.com
  • CONTACT NUMBERS - 18001024242, 022-33667777
  • EMAIL ID - care@icicibank.com
  • MISSED CALL NO. - 2230256767
  • TOTAL BRANCHES - 4450
  • TOTAL ATMS - 13900
  • HEADQUARTER - Mumbai
  • BANK ADDRESS - ICICI Bank Towers, Bandra-Kurla Complex, Mumbai 400 051

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