The world is evolving and so are the ways we live. Education has become an important part of our lives and we want to make sure that our children get the best education possible. Education loans play a crucial role in helping students finance their abroad studies and in fact, it is one of the most feasible options. There are many banks that provide student loans and ICICI Bank is one of them. In this article, we will tell you all about getting an ICICI Bank Education loan without Collateral, how to apply for this loan, and what benefits it offers you!
Eligibility For An ICICI Bank Study Abroad Loan
Nowadays, any student can get an Education Loan. ICICI Bank makes it simple to apply for a loan. Depending on your needs, the bank offers loans ranging from Rs 50 lakh to Rs 1 crore. It is critical to understand the eligibility requirements before applying for a loan. The eligibility for an Education Loan varies by bank. The following are the eligibility requirements for applying for an ICICI Education Loan without collateral:
- Applicants can apply for an ICICI Bank Education Loan Without Collateral provided they are a citizen of India.
- They should also be below the age of 30 years at the time of applying.
- The minimum age limit is 20 years and the maximum age limit is 35 years.
ICICI Bank Educational Loan Interest Rate
ICICI Bank, founded in 1994, is a leading private-sector bank in India. The bank provides a variety of banking and financial services, as well as credit products, to meet the needs of its customers. The bank understands students’ career goals and has designed its ICICI education loan without collateral for abroad in such a way that each student is successful in his or her journey toward the future.
These loans help students realize their dream of obtaining a world-class education in premier institutions abroad by providing a collateral-free loan of up to Rs.40 lakh, tax savings on interest paid u/S 80(E), flexible tenure and repayment options, and competitive ICICI Bank education loan interest rates. The interest rate of ICICI Education Loan without collateral is not fixed. It depends on the loan amount and duration of the loan. For loans above Rs. 1 crore, it is 12%. For loans below Rs. 1 crore, it is 9%.
Documents Required for ICICI Bank Education loan without Collateral
- Applicant’s Identity Proof (Passport copy or Driving License copy or Voter ID card copy)
- Latest Salary Slip (At least one-year-old)
- Utility bills (Gas, Electricity, and Water bills issued within the last three months in applicant’s name)
- Bank Statement (Last six months bank statement in applicant’s name)
- Address Proof (Passport copy or Driving License copy or Voter ID card copy)
- CA Certificate/Chartered Accountant certificate
- Residence Proof (Passport copy or Driving License copy or Voter ID card copy
Benefits Of ICICI Bank Student Loan
The ICICI Bank Education Loan Without Collateral offers a wide range of benefits when compared to other private banks.
- Interest rate is lower than other private banks
- Loan amount is flexible and can be used for any purpose
- Payment period can be over a longer period of time, making it easier to pay off the loan within your budgeting plan
- Loans are available for students studying abroad as well as in India
The ICICI Bank Education Loan Without Collateral application process is quite simple. You just need to fill out the form located on the website, attach all necessary documents and submit the same to get approved.
Features Of ICICI Education Loan
- Objective: To provide ICICI Bank abroad education loan without collateral to international students pursuing higher education.
- Quantum of Loan: Up to ten lakh rupees for studies in India and up to twenty lakh rupees for studies abroad
- Margin: No margin is required for loans up to INR 4 Lakhs, 5% margin for loans above INR 4 Lakhs for studies in India, and 15% margin for studies abroad.
- Repayment period: After completing the course, the moratorium period is one year. After getting a job, repayment begins six months later.
- Security: The parents or guardians will be the loan’s co-applicant and primary debtor. The bank will accept tangible collateral as security in exchange for a third-party guarantee. There is no need for security for loans up to 4 lakhs.
- Processing fees: There are no processing fees when applying for an ICICI Bank education loan without collateral.
EMI Payment Methods
The ICICI Bank abroad education loan without collateral can be repaid in three ways:
- Standing Instruction: Standing Instruction is the best mode of repayment if you already have an account with ICICI Bank. Your EMI will be deducted automatically from the ICICI Bank account you specify at the end of the monthly cycle.
- Electronic Clearing Services: If you have a non-ICICI Bank account and want your EMIs to be debited automatically at the end of the monthly cycle, you can use this mode.
- Post-dated Cheques: Post-dated EMI cheques from non-ICICI Bank accounts can be submitted to your local ICICI Bank Loan Centre. A new set of PDCs must be submitted in a timely manner. Please keep in mind that Post Dated Cheques will only be accepted at non-ECS locations.
ICICI bank is one of the most respected banks in India. It has been offering educational loans to students since 1981. ICICI Bank finances all graduate and postgraduate programmes and courses in India and around the world. For an ICICI Bank education loan without collateral, you can apply online at a nearby Bank branch. You can also download the education loan application form from the ICICI Bank website, fill it out, and submit it to a bank representative. We hope that this guide has helped you! You may also read our other blogs that might be of your interest: