S. Vishnu Sharma
ICICI Bank announced the launch of the facility recently according to which customers can obtain instant sanction letter on education loans upto Rs 1 crore.
This loan by ICICIBank is for financing higher education of themselves (customers) or their children, siblings or grand children in accredited educational institutions located across the globe.
ICICI Bank 2020
The scheme launched by ICICI Bank is known as ‘Insta Education Loan’ and is said to be the first-of-its-kind facility that enables lakhs of customers to avail loans in fully digital process against their fixed deposits with ICICI Bank.
They can furnish the sanction letter to the educational institute to confirm their admission. The ‘Insta Education Loan’ facility of ICICI Bank significantly improves customer convenience as they can now generate the sanction letter themselves in just a few clicks using the Bank’s internet banking platform.
Typically, it takes a few working days for a customer to get the sanction letter of an education loan. There is another fine point to this facility of ICICI Bank.
It does away with the need of having to visit a bank branch and submitting a whole lot of documents.
Speaking about the launch of this facility Mr. Sudipta Roy, Head (Unsecured Assets), ICICI Bank said as part of our constant endeavour to fulfil the dreams of lakhs of aspiring students, we are pleased to introduce instant approval of sanction letter for education loans against fixed deposits held with the ICICI Bank.
Students can now complete the application process of colleges, universities without worrying for their financial requirements.
They along with their parents can avail this facility with digital convenience and without any hassle of paper work.
This facility by ICICI Bank will bring down the turnaround time for getting the sanction letter from days to a few minutes.
We believe that this facility surely brings in exceptional convenience to customers as they can avail finance for higher studies without breaking their fixed deposit/savings, he said.
A few salient features of this facility by ICICI Bank is that it has instant sanction whereby customers get the sanction letter instantly through email, without visiting a branch.
The other salient feature of this facility by ICICI Bank is flexibility, whereby customers can apply for loans upto 90 percent of their fixed deposits with the Bank for their children, siblings, grand-children or themselves.
The loan amount provided under this facility of ICICI Bank has wide range for students seeking admission in international institutes. The loan amount by ICICI Bank ranges between Rs. 10 lakh and Rs. 1 crore.
The loan amount varies from Rs 10 lakhs to Rs 50 lakhs for students who are seeking admission in educational institutions situated in India.
The loan by ICICI Bank is easy to apply, customers can choose the loan amount and tenure of repayment up to 10 years through internet banking platform of the Bank with just a few clicks.
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Another feature of this facility by ICICI Bank is the tax benefits, full interest payment on the amount of ‘Insta Education Loan’ up to 8 years is allowed as deduction from annual taxable income, as per the Section 80E of Income Tax Act, 1961.
How to access the education loan by ICICI Bank? Customers have to login to the bank’s internet banking platform and check for the pre-approved offer.
After that customers must enter the loan details like the loan amount, repayment tenure, name of college / university and cost of study.
The calculator automatically displays the details of the Equated Monthly Instalment (EMI). Then the information of the student like his or her name, date of birth and relation with the student must be provided.
Then the final offer about the loan by ICICI Bank has to be checked, give an agreement to terms and conditions and authenticate through a One Time Password (OTP).
OTP will be sent to the registered mobile number of ICICI Bank customer. After payment of processing fee, a sanctioning letter is generated instantly.
The provisional sanction letter is sent to the registered email of the customer along with details of the designated relationship manager.
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The final disbursement of the loan can be obtained after the customers of the bank get in touch with the relationship manager mentioned in the email of the sanction letter.
Customers can also visit the nearest bank branch for submission of the documents. The link to be accessed to know more about the education loan is ‘https://www.icicibank.com/Personal-Banking/loans/education-loan/insta-educationloan.page?#toptitle’