Shiksha Sarthi an education loan scheme from ICICI for Indian students
ICICI Bank one of the leading private sector banks offers educational loan to deserving candidates for higher studies in India and in reputed institutions abroad. The loan is offered for various study courses at competitive rates and terms and conditions. Come explore the ICICI education loan scheme.
ICICI ranks among the top private sector banks in India. The bank provides 'Shiksha Sarthi', an education loan for higher studies abroad and also within India. The bank offers loan to cover the tuition fee and additional payments that need to be paid to the educational institution. The bank does not charge a processing fee or closure charges for education loans.
Eligibility for education loan
The following is the eligibility criterion for education loan from ICICI bank –Study programmes eligible for loan
Education loan is offered for a wide range of study programmes –
Applicants planning on higher studies at a university abroad or in India are provided loan to cover the following expenses:Quantum of loan
Students pursuing studies in India can avail a maximum loan of ten lakh rupees. Students who have gained admission in a university abroad are entitled to a maximum loan sum of twenty lakh rupees.
These are the maximum amounts that are granted as a loan by ICICI. The final loan amount is decided based on the following factors –Margin money
Security
Rate of interest
At present, the rate of interest charged on education loan stands at 11%. However, this is subject to change at any time. Repayment of loan
The repayment of the loan amount begins six months after the course is completed or a month after the applicant becomes employed, whichever occurs earlier. The education loan is to be repaid within five to seven years in Equated Monthly Instalments (EMI), depending on the loan amount and the repaying capacity of the borrower. The interest on the loan is charged immediately and is to be paid in EMIs before the repayments of the actual loan amount starts. In case an applicant fails to complete the course within the stipulated period then the bank has a provision to extend the holiday period to a maximum of two years.Disbursement of loan amount
ICICI disburses the loan directly to the institution as and when an invoice is raised. The bank will reimburse any amount that the applicant may have already paid to the institution provided it falls within the expenses that the loan is applicable for. Documentation
Applicants have to submit copies of education-related documents, along with a copy of admission letter and the invoice for fees and other charges. Birth certificate, 10th and 12th standard mark sheet and pass certificate and school leaving certificate also need to be submitted. If the applicant is pursuing a PG course then the transcripts of the UG course and pass certificate will need to be submitted as well. Originals will have to be presented to the bank for verification. The co-applicant which can be a parent or a spouse will have the provide the following documents when applying for the loan –If the co-applicant is a salaried professional
If the co-applicant is self-employed professional
All documents that are required to be submitted by the salaried co-applicant, other than copies of salary slip. Instead of salary slip, the co-applicant will need to submit CA Certified Audited Balance Sheet, along with Profit & Loss Account for the last three months.If the co-applicant is a non-professional self-employed
All documents required for self-employed professionals along with proof of existence of business and business profile
For more information check the ICICI education loan page
You may also want to read up on education loans offered by some other banks –
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