ICICI Bank now allows its customers to get instant sanction letters on education loan of up to Rs 1 crore. These are pre-approved loans that are processed digitally and can be applied for online from anywhere against existing fixed deposits (FDs) with the bank.
ICICI Bank's Insta Education Loan facility can be used by a customer to borrow money to either finance their own education or that of their siblings, children or grandchildren. This instant sanction letter can be submitted by students to their educational institution and complete their admission process.
About the Insta Education Loan
- Customers can apply for up to 90 percent of their fixed deposit amount.
- For those seeking admission in an international institution, the loan amount can range between Rs 10 lakh and Rs 1 crore. For domestic institutes, the loan amount can be between Rs 10 lakh to Rs 50 lakh.
- The choice of loan amount and tenure of repayment (up to 10 years) can be chosen by the applicant.
- Interest payment towards the instant education loan up to 8 years is applicable for tax deduction from annual taxable income, under the Section 80E of Income Tax Act, 1961.
How to apply for ICICI Bank's instant education loan online?
- Login into ICICI bank's net banking portal.
- Check for pre-approved offers on your bank account.
- Fill in the details on the loan amount, repayment tenure, name of college/university and cost of study. The online calculator will show EMI details on the education loan.
- Enter student details like name, date of birth, the relationship of the account holder with the student.
- Check the final offer. Read and agree to the terms and conditions. Identity of the account holder will be then authenticated via a one-time password (OTP) sent to their registered mobile number.
- Payment of processing fee and a sanction letter is generated instantly.
- Provisional sanction letter is sent to the registered email ID along with details of the designated relationship manager.
- The customer has to get in touch with the designated relationship manager mentioned in the email for the final disbursement of the loan.
- After collecting required documents like admission letter, financial documents and signatures, the bank will disburse the loan amount to the educational institution. The documents required for verification can be submitted by the customer to the nearest branch as well.