Education and Career Forum

Hello everyone, I want to get the details of the Education Loan scheme of the education loan facilitate by ICICI Bank. I went to bank for this purpose but couldn’t understand about these things. Kindly tell me about this as soon as possible.

Here are some details about the ICICI Bank Education Loan Scheme:

• Eligibility: Indian nationals who have secured admission in a recognized university/college/institution in India or abroad for a higher education course can apply for the loan. The student should have a good academic record and meet the credit criteria of ICICI Bank.
  
• Loan Amount: The loan amount can be up to Rs. 1.5 crore for studies in India and up to Rs. 50 lakhs for studies abroad.
  
• Margin: The margin for loans up to Rs. 4 lakhs is nil. For loans above Rs. 4 lakhs, the margin is 5% for studies in India and 15% for studies abroad.
  
• Interest Rate: The interest rate varies depending on factors such as the loan amount, duration, and creditworthiness of the applicant. ICICI Bank offers both fixed and floating interest rates.
  
• Repayment: Repayment starts after a moratorium period, which is the course duration plus 1 year or 6 months after getting a job, whichever is earlier. The loan can be repaid in up to 10-15 years.
  
• Security: Collateral security or a third-party guarantee may be required for certain loan amounts.
  
• Process: The application process for the ICICI Bank Education Loan Scheme can be completed online or at any ICICI Bank branch. The applicant will need to provide proof of admission, academic records, identity proof, address proof, income proof, and collateral details (if required).

It is recommended to visit the ICICI Bank website or speak to a bank representative for more detailed information and to understand the specific terms and conditions of the loan.