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ICICI Bank Educational Loan

ICICI Bank will provide an education loan that will cover the entire course fee as well as supplementary expenses( such as course material, boarding and lodging expenses) as stipulated by the Institute (approx Rs 2 Lacs).

Loan Amount
          Study Abroad             
                 Min. - Rs 50000
                 Max. - Rs 400000
         
          Study India
                 Min. - Rs 50000
                 Max. - Rs 400000

Loan Purpose           

    * Fee payable to College / Hostel
    * Examination / Library / Laboratory fee
    * Purchase of books / equipments / instruments
    * Caution Deposit / Building Fund
    * Travel Expenses / Passage
    * Purchase of computers

Course          
Graduation    

Loan Type    
Term Loan

Rate of interest
The rate of interest charged is 14.75%. (Might be revised shortly)

Moratorium period
Moratorium period of 18 months is given (which is the course period + 6 months). The monthly installment during the moratorium period (1 - 18 months ) will be Rs. 2458/-.

Post Moratorium period
Students can have the option of repayment period which starts post moratorium period of 2 yrs, 3 yrs & 4 yrs.

Monthly Installment after the moratorium period

• For 2 yrs tenure will be Rs 9674/- beginning from 19 month to 42 months.
• For 3 yrs tenure will be Rs 6909/- beginning from 19 months to 54 months.
• For 4 yrs tenure will be Rs 5541 /- beginning from 19 months to 66 months.
• Processing Fee: - There will not be any processing fee.
• Foreclosure Charges: - There are no charges for foreclosing the loan.

How to apply

• The student needs to apply at the nearest ICICI Bank branch which distributes loans of his domicile along with the letter from the Institute detailing his confirmation of admission & course fee along with other mandatory documents.

• ICICI Bank will require a letter from ICICI Prudential Life confirming that the students will get absorbed under the payroll of the company.

• Co-applicants: The candidate's parent /guardian will be the co-applicant for the loan.

 

Mandatory documents:
Pre Sanction:

a) Documents of Applicant:

1. Loan application form duly filled.
2. Letter from Institute confirming the admission of the candidate with stipulated fees & other charges for completing the course.
3. Letter from ICICI Prudential Life confirming that students will get absorbed under the payroll of ICICI Prudential Life.
4. ID proof (Driving License/ Passport/ Pan Card etc).
5. Permanent address - residence proof ( Ration Card/ Utility Bill).
6. Qualification proof - Marksheets of graduation, 12th and 10th Std.
7. Signature Proof - (Driving License/ Passport/ Pan Card).

b) Documents of Co-applicant:

1. Earning Parent or earning sibling to be taken as the co-applicant for the loan.
2. ID Proof. (Driving License/ Passport/ Pan Card etc).
3. Permanent address - residence proof (Ration Card/ Utility Bill).
4. Income Proof ( 2 months salary slip for salaried) /ITR of last 2 yrs (for self employed).
5. Signature Proof. (Driving License/ Passport/ Pan Card).
6. Updated Bank Statement for last 6 months from date of application.

Post Sanction:

1. Repayment of the loan through Auto Debit mandate.
2. Credit facility form.

Source : http://www.icicibank.com/

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