ICICI Bank Education Loan iSMART Application, Process, Eligibility

ICICI Bank Education Loan: ICICI bank is providing timely loans to meritorious students who wish to pursue studies abroad. The amount will be sent directly by the bank. Applicants who wish to study in institutes located in overseas countries that offer better education must not miss out on any opportunity. The bank will provide them with an amount so as to pay for their educational expenditures. The students can return the loan amount in the tenure that has been fixed by the lending authorities. Candidates can easily apply for an education loan through the portal. Only candidates who are eligible and will be able to furnish the right documents shall be lent the required amount. To check all the criteria and conditions, read the following article.

ICICI Bank Education Loan
ICICI Bank Education Loan

ICICI Bank Education Loan iSMART

The candidates who have scored well in their respective foreign entrance educational tests and are willing to take up the opportunity can apply for loans. Finance is a huge barrier in the pursuit of education, especially abroad. Hence, the students can easily opt for loans that they wish to repay upon their own financial stability. ICICI Bank is currently accepting online applications for the same. They shall be lending an amount up to Rs. 1 crore depending upon the requirements of the candidate. The last day to apply for the loan has been announced as 31 March 2022. The applications of the candidates will only be further processed if they are eligible and possess all the essential documents for the reception of the loan.

ICICI Bank Education Loan: Highlights

Name of the LoanICICI Bank iSMART Education Loan
TypeEducation Loan
BankICICI Bank
Year 2022
Loan AmountUp to Rs. 1 crore
Unsecured Loan AmountUp to Rs. 40 Lakhs
Interest Rate Starting from 8% per annum
CoursesGraduate, Post Graduate, PG Diploma
Repayment TenureUG: 8/10 years, post completion of course + 6 months
PG: 10/12 years, post completion of course + 6 months

ICICI iSMART Loan Amount and Interest

The interested applicants can apply for the amount that they require in order to support their education: A loan amount in order to cover educational expenses such as Fee, Tuition, Stationary, On or Off-Campus Accommodation and more, up to Rs. 1 Crore in countries abroad. The final amount that will be lent to the candidates will rather depend on the requirement of the candidate. It shall be calculated on the basis of the needs of the applicant. The candidates can also get an unsecured loan amount up to Rs. 40 Lakhs. The amount shall be charged upon the following interest rate:

Loan Amount TypeInterest Rate
SecuredBeginning at 10.50% per year
UnsecuredBeginning at 10.75% per year
iSMART LoanBeginning at 8% per year up to 12.50% per year with an average of 11.12% per annum.

Benefits of ICICI Education Loan

The candidates will get the following benefits upon applying for an education loan at ICICI Bank:

  • 100% tax benefits shall be provided to the candidates upon the payment of interest.
  • 4.5 % savings on TAX Collected at Source or TCS upon payment settlement.
  • No margin amounts shall be required for a loan amount upto Rs. 20 Lakhs.
  • Miscellaneous expenditures such as Travel, Laptop, other facilities and more shall also be covered in the sum.
  • The candidates will receive the amount prior to the reception of the Visa for the abroad studies.
  • Collateral will be accepted in means of Fixed Deposits, existing Mortgage Loans, Fresh Properties upon approval from the bank.

Also Read, JN Tata Endowment Loan Scholarship 2022

Eligibility Criteria for ICICI iSMART Education Loan

The candidates shall only be receiving the benefit of a loan through the iSMART Loan program if they are eligible for it. Prior to application for the loan, the candidates must observe the following conditions:

  • The applicant must be an Indian by nationality.
  • The candidates must be atleast 18 years in age so as to apply for the loan.
  • Candidates more than 35 years in age cannot apply for the loan.
  • The academic record of the candidates must be good and effecient as observed by the bank.
  • The scores in examinations such as GRE or GMAT will be considered upon allocation of loan amount.
  • The candidates can only apply for higher studies. He/She must be studying in a post graduate level or graduate level program or even a Post Graduate Diploma.
  • The source of the income, which is, Parents or Gaurdians, must be stable.
  • The institute or university in which the candidate has applied must be recognised and well acknowledged.
  • The loan will be only granted upon the confirmation of the admission.
  • There must be dependible security that should be guaranteed upon application of loan.

Documents needed for ICICI Bank iSMART Education Loan

The candidates must submit the following valid documents while applying for the iSMART education loan:

  • Passport sized photograph of the Candidate.
  • Signature of the Applicant.
  • For the purpose of identity proof and age proof, the candidates will have to submit Aadhar Card or Voter ID card or Passport or Driving Lisence or any other ID Proof as issued and recognised by Government of India.
  • Examination Certificates for latest attended examinations along with Class 10 and 12 boards.
  • A statement of the cost or expenditure for educational purpose.
  • Residence proof such as Rent Agreement, or Electricity or Telephone Bill, or Gas Record, or Ration Card, or any other valid document.
  • Identity proof of the Parents or Gaurdians of the applicant.
  • To serve as income proof, the applicant must submit Salary Slips or Form 16 of the Parent or Gaurdian.

How to Apply for ICICI Bank iSmart Education Loan?

In order to apply for the education loan at ICICI Bank for the pursuance of further studies at a higher level, follow the subsequent method:

Apply for ICICI Bank Education Loan
  1. Open the official portal of ICICI Bank.
  2. On the main web page, tap on Loans to open the dropdown menu.
  3. In the section of Other Loans, tap on Education Loan.
  4. The details pertaining to the loan will open up.
  5. Tap on Apply.
  6. A form will appear. enter the required details and the bank authorities shall revert back.
  7. One the application form is filled, attest the copies of all the documents in it and fill it out.
  8. Submit the duly signed form to the bank and complete all the necessary formalities.
Official portal of ICICI Bankwww.icicibank.com
Education Loan Information PageClick Here
Loan Application LinkClick Here
SMS Facility TAB‘ to 5676766

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