Top ICICI Education Loan Benefits you Need to Know About!

ICICI Bank is an Indian multinational banking and financial services organization with headquarters in Mumbai, Maharashtra. Its registered offices are in Vadodara and Gujarat. As of 2018, ICICI Bank is the second-largest bank in India in terms of market capitalization and assets. The bank, over the years, has also aimed to help Indian students who are aspiring to study overseas by providing the needed financial assistance with full convenience. Its multiple features and 100 percent flexibility of loan offerings have made the number one choice in the Indian education loan market. To know more about ICICI Bank education loan benefits, read ahead.

Loan Amount

ICICI Bank study abroad loan has recently started providing Overseas education loans and can provide secured education loans up to one crore and up to two crores with deviation for preferential list universities, hence making an ideal choice for students pursuing higher studies from expensive countries. Students who fail to show any collateral or security against their loan can also get loan up to 40 lakhs for A1 list universities, 20 lakhs for A2 list universities, and up to seven lakhs for all other universities. This bank makes a great option for secured loan borrowers as they do not have to worry about their education expenses at all. They have the widest range of Universities to procure overseas education loans.

Interest Rate -

ICICI Bank Overseas education loan has one of the best interest rates in the market for unsecured loans. They provide a competing rate of interest which is fixed as per the grade of the University. The Interest rate ranges from 10.50% to 12% which is the best in the market. This coupled with 80E Tax benefit makes them very attractive.

Percentage of Loan Against Collateral Provided

ICICI Bank overseas education loan provides loans up to 100 percent of the amount of collateral property kept as security by the borrower. The security can be anything including property or an FD from ICICI Bank but the borrower has to make sure that the property should not be agricultural land and should be registered. The bank can also ask for OC/CC ALL Lineage and Blueprint if its a Jodi flat. This feature helps students to get the desired amount of loan as per their collateral value.

Processing Fees

ICICI Bank study abroad loan charges a processing fee of one percent of the loan amount which is quite low as compared to other financial institutions. Also, the turn around time of the secured loans is a week and three days for an unsecured loan, making it easy for the students to get a loan quickly and easily. It is important to submit all the documentation on time to avail the loan amount within the specified time limit.

Repayment Flexibility

ICICI Bank study abroad education loan provides a decent time period of eight years to the borrowers so that they can get a good job and repay the loan. Also, loan installments start after six months of the completion of the course. The moratorium period can be negotiated in case the student is unable to pay the interests during this time. They are very flexible in helping the students for Overseas education loan

The Bottom Line!

ICICI Bank overseas education loan is one of the leading education loan providers in India and can be a smart option for not only the students admitted to preferential list universities but also for unsecured and secured loan borrowers. The bank, over the years, has only aimed at funding student’s education expenses so that they can pursue potential studies and attain a definitive career. Apart from availing advantages of collateral-free loans and flexible repayment options, applicants also get the advantage of tax benefit under section 80 E of Income Tax Act of India, 1961. The bank also aims at providing a quick and hassle-free loan application process to its customers by giving door-to-door services and allowing the online accessibility of its features. We at edu loans have a pan India relationship manager list supporting your ICICI loan options from your doorstep. We are working very closely with ICICI to provide 100% faster turnaround time and hassle free process. IF you wish to seek all these advantages, do not hesitate to call us and we will make sure you get the best ICICI loan option as per your convenience and need.

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edu loans Joined: May 1st, 2020