ICICI Bank iSMART Education Loans
The ICICI Bank iSMART Education Loans provides students the opportunity to pursue their studies abroad and pursue a bright career. This loan provides a nominal interest rate and can be availed by students pursuing a higher education outside India. In addition, the interest paid on the iSMART Education Loan is tax-deductible. Furthermore, it is available to students studying abroad with the help of an iSMART or LAP account.
ICICI Bank iSMART Education loans offer a flexible tenure option and secure coverage for all your educational needs. You can avail tax benefits, a flexible tenure, and special interest rates to pay for your educational expenses. Read on to learn more about this education loan Make sure you check the details against the scheme information document before applying. The interest rates and other terms and conditions may change from time to time.
Benefits of iSMART Education Loans
These loans are offered in various amounts up to 50 lakhs for education needs in India and one crore for studies abroad. The parents or guardians will act as co-applicants as the primary debtor. Besides, a co-signatory and tangible collateral are acceptable security. However, in case of loan amount exceeding 4 lakhs, third-party guarantee is mandatory. Once the student gets a job, repayment of the loan begins. With flexible repayment terms, you can pay back the loan amount over a longer time period.
There are many benefits of availing an iSMART education loan from ICICI Bank. Education loans are subsidized by the Central government and ICICI Bank offers special interest rates for premier institutes. In addition to the attractive interest rates, ICICI Bank also offers special education loan moratorium period to allow parents and guardians to pay part or all of the loan amount.
- Identity proof with signature verification, academic documents.
- Passport size photo ,
- 8 month bank statement,
- Collateral documents,
- Income proof.
Flexible tenure option
ICICI Bank iSMART Education loans have flexible tenure options and can help you meet your educational needs. They offer low interest rates and can be availed even with a short tenure of six months. For students pursuing higher studies abroad, ICICI Bank education loans are an excellent option. Students can get the loans in any amount as per their requirements and repayment options are flexible. In addition, they save their income tax on interest by availing education loans from banks..
Secure coverage for all your educational needs
The ICICI Bank iSMART Education loan is a unique program that covers your entire educational expenses in one single loan. The loan can be used for higher education in India or abroad, and requires repayment upon completion. These loans come with flexible repayment terms, including a grace period of six months. You don’t have to worry about missing a payment, as there is an automatic six-month grace period.
Repayment is simple and easy with ICICI Bank’s three repayment options. In addition to direct debit, you can use an ECS service to repay the loan over a fixed period of time. Simply fill out the ECS form and provide the required documentation at the bank branch. Another option is to request for standing instructions with your existing ICICI Bank account.
Special interest rates
Whether you want to pursue higher education in India or abroad, an education loan from ICICI Bank is the perfect choice. With a flexible repayment schedule and affordable interest rates, you can easily get the education loan that will help you achieve your goals. Plus, you can enjoy tax benefits on interest payments. Besides, the ICICI Bank education loans can help you meet other educational needs, too.
Application Form for iSMART Education Loans
The iSMART Education Loans offered by ICICI Bank allow students to pay for their educational expenses. The applicant must fill in a simple online form that asks for the name, contact details, email id and mobile number. A representative will get in touch with the applicant to verify their information. The processing fee is charged only for international courses. ICICI Bank will not charge any processing fee if the education loan is for a local course