Everyone dreams of having a successful career. For fulfilling this dream, the first step is obtaining a degree of higher qualification from a reputed college or university. But with the increasing inflation, the cost of education is also rising, making it unaffordable for many. It is where education loans come into the picture.
What is an education loan?
An education loan is a personal loan provided to students who want to enrol in recognized institutes in India or abroad to complete their higher studies. It can be availed either by students or their parents to fund their education. Students can fulfil their dreams by taking admission in reputed colleges and universities with the help of ICICI Bank personal loan for education. They can easily apply for an ICICI Bank education loan online through AapkaBank.
Features of ICICI Bank Education Loan
- It charges a fixed rate of interest of 11.5% for both Indian and international courses.
- It has a quick and easy application process.
- It covers all the college expenses, including travel expenses in the case of overseas studies.
- It offers insurance premiums to students availing of loans.
- The loan can be availed up to Rs. 50 lakhs for education in India and 1 crore for studying abroad.
- Collateral is as per the institute.
- The amount of collateral-free loans for selected institutes in both India and abroad is up to Rs 20 lakhs for undergraduate courses and Rs 40 lakhs for postgraduate courses.
- Tenure in case of collateral-free loan is up to 8 years after-course period with additional 6 months for post-graduation and up to 5 years after-course period with additional 6 months for under graduation.
- Tenure in case of a loan with collateral is up to 10 years of after-course period with additional 6 months for post-graduation and up to 7 years after-course period with additional 6 months for under graduation.
- There is a margin of 15% on loans above 20 lakhs.
- Know your Customer (KYC) documents of both the student and co-borrower.
- Mark sheets or DMCs of 10th/12th standard, graduation, and entrance exams.
- Fee structure
- Admission Letter
- Income Proof of co-borrower for specific courses.
- Commercial, residential property plots and fixed deposit in case of collateral.
- Be an Indian citizen.
- Have taken admission to an approved university or college or got an invite from that university.
- Have cleared 12th standard.
- Indian: Graduate and postgraduate degree and a diploma from colleges and universities recognized by the University Grants Commission, All India Council for Technical Education, Government, All India Board of Management Studies, Indian Council of Medical Research, etc.
- International: All the courses that are job oriented.
AapkaBank is one of India's leading financial service providers.
- We have partnered with India's leading banks and financial institutions to provide the best deals and loans with lower interest rates to customers through our digital platform.
- Our loan processing, approval, and disbursal is quick.
- We provide financial solutions to both individuals and business enterprises.