ICICI bank educational loan for higher studies.

ICICI educational loan for higher studies

ICICI bank is one of the prestigious banks of India. ICICI bank will provide an educational loan to students for their higher studies in India and in Abroad. Educational loan is given to meritorious students so that no hurdle of finance will come in their educational path. Desirable student and deserving student may apply for ICICI educational loan to continue their study without any problem. You can also apply for SBI-educational loan. SBI also provide lower interest rate educational loan and it is the top bank of India.

Eligibilty for applying

If you want to apply for ICICI bank educational loan please fulfill the criteria given here. Student must be citizen of India. Student or candidate should do their study in any professional course and technical course. Admission in any this course is done by entrance test held by the respective institute or there may be selection of student under merit bases. Courses that are eligible for loan is as follows. The following courses come under study in India.
Professional courses, Graduation courses, post graduation courses, CA, ICWA, computer certificate courses etc. Courses like IIM, IIT means technical courses held by repudiated universities. Any diploma courses like nursing, teacher training courses that should be comes under the central government policies. Courses that are accepted by UGC etc. all are eligible for the ICICI bank loan. Course that comes under study in abroad are as follows-
Course that is eligible for abroad contains any technical or professional course that is job oriented. Any graduation course like MBA, MCA etc. should be conducted by CIMA-London and CPA in USA and so on.

Operating cost eligible for loan

The expenses that comes under the ICICI loan is given below-
1. Payment of fee given to colleges, hostels and schools.
2. Fee payable to library, examination and laboratory.
3. There are travel expenses for studying in foreign.
4. Any equipment required during course like computer etc. comes under this loan.
5. Any expense like project, tours related to your study and thesis etc. all are eligible for this loan scheme.

Loan for studying in India- Maximum of Rs. 10 lacs.
Loan for studying in abroad- Maximum of Rs. 20 lacs.
Margin is nil upto RS. 4 lacs and above for lacs margin is 5% and 15% for studies in India and abroad respectively.

Security and rate of interest

1. If you take a loan upto Rs 4 lacs then your parents also act as co obligation and if there is no account hold by your parents than your grandparent acts as co obligator.
2. In case the amount of loan is between 4-7 lacs then its Co obligation of parents along with security in the shape of a appropriate third party assurance for 100% of the loan sum to be in use.
3. In case loan sum is above Rs. 7 lacs Co obligation of parents along with security of 100% worth of loan.
4. The co-obligator must be parents and guardian of the apprentice borrower. In case of married person, co-obligator can be wife/husband or the parent and parents-in-law.
Interest rate and repayment- There is at least 0.50% allowance in interest rates for girls educational loan that are pursuing for higher education in India and out of the country penal interest @2%.
Repayment is after six months the candidate will get job. The educational loan shall be repay in 5-7 years after beginning of repayment. There are no charges for prepayment. There are no charges in processing.

ICICI bank educational loan for higher studies.

ICICI educational loan for higher studies

Eligibilty for applying

Operating cost eligible for loan

Security and rate of interest

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