Features of ICICI Ban Education Loan
|S.No.||Features||ICICI Education Loan Requirements|
|4.||Repayment Holiday||Course + 6 Months|
|5.||Margin Money||Up to Rs.20 lakh: NIL Above Rs.20 lakh: 15%|
|6.||Processing Fee||1 % of Loan Amount + GST|
|7.||Processing Time||7 days|
One may also ask, can I get education loan 1 crore?
The private sector lender ICICI Bank today launched ‘Insta Education Loan‘ where customers will get an instant approval of education loans of up to ₹1 crore. This first-of-its-kind facility will enable thousands of customers to take education loans in a fully digital process against their fixed deposits with the bank.
Subsequently, can I get education loan without property?
Lenders you can approach for an education loan without collateral. Public banks – Public banks like SBI, BOB, etc according to their policies can only provide up to 7.5 lakhs student loan without collateral irrespective of the course and country.
Can I take personal loan after education loan?
The answer to the question, ‘can students get Personal Loan’ is yes, you can. You can apply for a personal loan and use the money to finance your education.
The age of the candidate must fall within the bracket of 18 to 35 years during loan application. … He/she must be undergoing a graduate/postgraduate degree or a PG diploma. The applicant should have a secured admission in a college or university affiliated by UGC/AICTE/Govt.
Steps to Apply for Education Loan on Property
- Step 1 – Apply Online. Go to the Student Loan application page for the online application form. …
- Step 2 – Respond To Our Representative. …
- Step 3 – Receive Loan Approval Confirmation. …
- Step 4 – Furnish The Necessary Documents.
Documents required for Education Loan
- KYC documents.
- Bank Statement / Pass Book of last 6 months.
- Optional – Guarantor Form.
- Copy of admission letter of the Institute along with fees schedule.
- Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses.
Education Loan Repayment – How to repay your education loan
- Repay Education Loan by Cheque/DD (Demand Draft repayment)
- Education loan repayment by cash.
- Automated EMI payments (ECS/NACH) of student loans.
One of the most prominent factors considered by NBFCs and private banks before approving any education loan application is an applicant and their co-applicants CIBIL score. Most of the NBFCs which function in India require loan applicants as well as their co-applicants to have a CIBIL score to be above 700.
Easily available: Education loans are widely and easily available. In fact, they are a priority product in all banks as per the RBI’s guidelines. Varied loan amounts: Banks can offer loans anywhere between Rs. … To study abroad, the loan amount goes up to Rs.
Some students take an education loan for graduation and then avail of the top-up facility to complete their post-graduation. “Taking a top up on education loan is bad, because it will increase the liability further. It is better to finish the first education loan before taking the second one,” says C. S.
The bank filed the present appeal saying candidates who have secured 60% marks and above alone are eligible to get education loan as they alone can be treated as meritorious candidates.
Compare Top Education Loan Offers 2021
|Name of Bank||Interest Rate (p.a.)||Loan Amount|
|Axis||13.70% to 15.20%||Up to 75 Lakh|
|Bank of Baroda||7.85% to 9.85%||Up to 4 Lakh and above|
|HDFC||9.55% to 13.25%||Max Apr|
|Tata Capital||10.99% onwards||Up to 30 Lakh|