ICICI bank is one of the nationalized bank that provides the best opportunity for education loans. It has got many branches in various states of the country. So it is very convenient for you to apply for the education loan anywhere. All the terms provided by the bank is also easy to follow.

ICICI bank provides the education loan that covers the entire course fee including the supplementary expenses such as course material, lodging & boarding expenses. This comes out to be approx. 2.5 lacs.

This is a Term Loan. The rate of interest is approx.14.75% which might be revised shortly.

Loan Amount : It is maximum of Rs.4 lacs & minimum Rs.50,000 for the study either in India or Aboard.

Loan Purpose : The purpose of loan is fee payable to college / Hostel Or, Examination / Library / Laboratory fee Or, caution deposit / building fund Or, Computers purchase Or, travel expenses / Passages.

Monthly Installments : Moratorium period is of 18 months. During this period, the monthly installment is Rs.2,458/-. After the moratorium period, monthly installments are as follows -

1. From 19 months to 42 months, tenure will be Rs.9674/- for 2 years.
2. From 19 to 52 months, tenure will be Rs.6909- for 3 years
3. From 19 to 66 months, tenure will be Rs5541/- for 4 years.

Procedure for Loan Application : You need to apply at the nearest ICICI bank branch with the letter from the institution confirming the admission & course fee. ICICI Bank will require a letter from ICICI Prudential Life confirming that the students will get absorbed under the payroll of the company.

Mandatory Documents required at the time of Applying :

1. Documents of the Applicant – Loan application form duly filled,  Letter from Institute confirming the admission of the candidate with stipulated fees & other charges for completing the course, Letter from ICICI Prudential Life confirming that students will get absorbed under the payroll of ICICI Prudential Life, ID proof (Driving License/ Passport/ Pan Card etc), Permanent address – residence proof ( Ration Card/ Utility Bill),  Qualification proof – Mark sheets of graduation, 12th and 10th Std. Signature Proof – (Driving License/ Passport/ Pan Card).
2. Documents of the Co-applicant : Earning Parent or earning sibling to be taken as the co-applicant for the loan, ID Proof. (Driving License/ Passport/ Pan Card etc), Permanent address – residence proof (Ration Card/ Utility Bill), Income Proof ( 2 months salary slip for salaried) /ITR of last 2 yrs (for self employed),  Signature Proof. (Driving License/ Passport/ Pan Card),  Updated Bank Statement for last 6 months from date of application.

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