Education and Career Forum

Hello sir, I want to apply for an education loan of 11 lakh in ICICI Bank to study MBA course from Singapore. Please tell me what are the requirements for it? Should I apply in a government bank?

Yes, it is better to apply for an education loan in a government bank because the processing charges will be reimbursed by the bank and in private bank they will charge around 1 to 2% of the loan amount and which will not be reimbursed by the bank. So applying in the public/government bank is more beneficial than private banks. The borrower needs to submit the proof of admission like a photocopy of admission letter, fee receipt, etc. ID proof, address proof, educational documents, Parent should sign the co-borrower. The maximum of Rs. 20 Lac can be taken from the bank to study abroad with the floating charge of 11.60% interest rate on the amount above Rs. 7.5 Lac and also the borrower need to show the tangible collateral security and parent as a co-borrower on the amount above Rs. 7.5 Lac.