ICICI Bank Loan

One of the Indian banks that will provide educational loans to people who want to pursue higher education is ICICI Bank whose loan will not only cover the entire tuition fee but will also take care of any other fee that is needed for the completion of the course, regardless of where in the world the course will be taken. Every other fee includes travel fees, boarding and hostel fees, research and thesis fees, library fees, book and other educational materials as well as any other non-refundable processing fee you will have to pay.

ICICI Bank is unique in that the rate of interest for the payment of the educational loans is 14.75% which is a plus for anyone studying abroad although not favourable for anyone studying within India. Other banks charge an interest of 15% for any student taking a loan to study abroad and a 5% interest rate for any student loans for Indian studies. After the course is finished, one will take up to a year and a half before he starts repaying the loans in flexible payment terms that you will have discussed with the bank during the processing of the loan. One can choose to pay the loan over a period of 2, 3 or 4 years after the need of the mandatory one and a half years after the completion of the studies this is a highlight of the ICICI Bank since most banks will expect a person to start repaying the loan after 6 months or a year. However, while other banks give a maximum repayment period of 7 years, ICICI Bank gives a maximum repayment period of 4 years, which can be taxing for anyone who is settling into a career.

Applications should be sent to the closest ICICI Bank in your home area along with the admission letter to a university of your choice. ICICI Bank educational loans are given to Indian nationals, who have to provide proof of this alongside their applications for educational loans. A guarantor needs to provide security for the loan of student. Only institutions of higher learning that have been approved by the government will be funded using the ICICI Bank educational loan. The admission letter to the institution will serve as a confirmation of the expenses that will be taken care of by the loan. One has to prove that he was qualified for the course he is applying for, so recent report academic progress reports will need to be provided to the bank. Anyone who is a guarantor or co-applicant has to be employed and prove his employment by providing salary slips and bank statements for the previous six months of application.

The work of the guarantor is to pay the loan on behalf of the borrower in case he does not pay the loan after the completion of his studies. In cases of huge loans, he will have to provide material security and prove the ownership of the property in question before the loan can be processed. Because of the existence of many banks that have easier repayment terms compared to ICICI Bank, fewer people opt for this loan although it is still a good way of funding your education. The ICICI Bank will process you application very fast and will pay the institution of higher learning on your behalf. You have the advantage of having every expense of yours taken care of when you are in school and a relief of the burden from your parents or guardians. Having a loan that covers your fees is settling; you will have peace of mind to concentrate on getting good grades in school.