ICICI Bank Student Loan
About Student Loan
Amount of Money is borrowed from financial institutions or banks for the purpose of study known as ‘Student Loan’. Student Loan is a type of Loan which is only for students and their studies. Student Loan is quite similar to other Loan as it charges a fixed or flexible interest rate.
Student Loan is also known as Education Loan. Student Loan is considered by Students to commit their Higher and costly studies. Student Loan gives way to students to pursue their higher studies.
Student Loan is designed to pay the fees and expenses of higher universities during their education. Student Loan is considered to meet the expenses of a student while studying such as fees , hostel fees , books etc.
Reason Of Student Loan
There are several reasons for student to take student loan , they are as follows :
- Due to a financial Problem.
- Aim of self paying for education
- Due to improper finance , need more money for pursuing Education.
- Sudden expenses of education as survey to foreign culture etc.
- Earning student , capable of paying small emi’s or installment.
- Not to Liquidate other savings accounts or FD’s.
- Increase interest rates, ask for other loans for education such as personal loans etc.
ICICI Bank Student Loan
ICICI Bank offers Student Loan to their student customer to manage their education expenses or fees charges. ICICI Bank offers student loans to their customer beneficiary facility for free mind pursue education.
ICICI Bank offers student loans with the slogan of ‘iSMART’ which means to make smart study without any issues of economics. ICICI Bank Student Loan to make students capable of paying off their education expenses while studying or earning.
ICICI Bank offers student loans for the students , so that they save from other high charges loans for their better education purpose such as personal loan , gold loan etc. ICICI Bank service Student Loan to their customers only.
ICICI Bank Student Loan attracts the student to make bonds with ICICI Bank and enjoy the service of Student Loan. ICICI Bank offers student loans to their customers as a type of financial services in which students have to pay a loan but after their studies , when they start earning.
ICICI Bank Student Loan is an education purpose , redeem for students to pay off their education expenses at time of need or tighten condition , after they begin to earn pay off in small amounts or flexible Emi’s.
Necessary Information of Student Loan in ICICI Bank
- ICICI Bank offers student loans from Rs.1 Lakh to Rs.50 Lakh in the domestic area upto Rs.1 Crore in case of international courses.
- ICICI Bank offers student loans in easy and simple terms and conditions in a quick manner.
- As the Motive of ICICI Bank for student loan to easily run the journey student with best career options.
Calculation of Interest Charges
Student Loan is a type of loan which charges their interest rate as they provide financial services to us. Calculation of Interest charges in followings ways :
- Student Loan doesn’t charge interest rate during the period of education , it begins to charge interest at the time when students begin earning or complete their education.
- ICICI Bank charges interest on student loan is 11.75% p.a (starting of rate) and Maximum interest rate 14.60% p.a.
- ICICI Bank charges a margin rate – Upto amount or above Rs.20 Lakh between 5% to 15% and within Rs.20 Lakh no margin charges.
- Interest rate of student loan – for UG Courses 11.75% p.a. While PG Courses 11.25% p.a.
- No other processing fees or charges , as it is for education and future of india purpose which is discounted by ICICI Bank.
Benefits of ICICI Bank Student Loan
Benefits of ICICI Bank Student Loan are as follows :
- Type of financial support to meet expenses of Education.
- No Margins value.
- Saves from Income tax charges or other charges of Government on loan.
- Low rate interest and fees charges.
- No need for any credit option.
- No need for any co signer.
- Flexible payment as we get time to pause payments.
- When able to earn then driven by repayment.
- Forgiveness options : As it is a type of federal loan which is repaid when access to the income which gives tiem after the tenure of loan with easy formalities.
- Type of Discharged Loan means if the student die or diable due to circumstances loan will be discharged in spite of charging from guarantor or loss of any mortgage.
Eligibility of ICICI Bank Student Loan
Eligibility of ICICI Bank for student Loan are as follows :
- Should be residential of India or Indian Citizen.
- Particular with necessary documents such as proof of identity , proof address etc.
- Applicants must have secured at least 50% Higher secondary school or UG (Graduation).
- Secured admission/name under merit listing.
- To capture the career oriented courses such as in medical , management and engineering for the UG or PG level.
Documents Required for Student Loan in ICICI Bank
Documents required for Student Loan in ICICI Bank are as follows :
- Income statement of regular income of the co-applicant such as parent/sibling/guarantor.
- Copy of Passbook of 6 months.
- KYC Documents whether online or offline.
- Admission letter and their fees or expenses portal copy.
- Educational Marksheets/passing certificates of degree courses.
Registration of Student Loan in ICICI Bank
Registration of Student Loan in ICICI Bank , you have to follow these steps :
- Visit the near branch of ICICI Bank , ask for student loan and consider the form details.
- Then , a signed contract under the terms of student loan and process of approval loan gets started.
ICICI Bank Student Loan Online Registration
- Visit the official website of ICICI Bank ‘www.icicibank.com’.
- Then , click on Loans.
- Select Education/student loan.
- Form will appear , fill the required details.
- Click on the submit button and pay the charges.
Registration process will be done and you are liable to repay the amount assessed to income.
Repayment of Student Loan in ICICI Bank
- Loan paid after earning should be in a fixed amount on a fixed date.
- No late fees or any other charges.
- Within the amount of repaying , you can free the required amount for a particular document.
- Repayment in a flexible manner within the terms of the bank.
ICICI Bank offers many types of loans, for example ICICI Bank Business Loan, ICICI Bank Personal Loan, ICICI Bank Car Loan, ICICI Home Finance Apna Ghar Home Loan, ICICI Bank Wedding Loan and ICICI Bank Gold Loan etc.