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Are you studying abroad or planning to enrol in any Indian university? Or do you wish to enlist in a more expensive course at your dream university but cannot afford travel expenses and tuition fees? Regardless of your reason for higher studies, a few courses are sometimes costly, with rising education prices. ICICI Bank understands your career aspirations, offers personal loans for student expenses, offers education loans covering your requirements, and aids you in achieving your goals.
An ICICI personal loan for students is the ideal solution for you. Whether you wish to enrol in engineering, medicine, law arts, management, or any other course, ICICI loans can aid you in funding your education easily and conveniently.
Why Opt for a Personal Loan from ICICI Bank for Student Expenses?
The following are the reasons why you can opt for an ICICI personal loan for your expenses related to tuition fees, travel, and living costs:-
- You can get approximately one crore Indian rupees for pursuing higher education in India and two crore Indian rupees for fulfilling your dreams of studying at an international university at an attractive ICICI personal loan interest rate.
- You can choose a repayment tenure of approximately 15 years and pay no equated monthly instalments during the course tenure and an extra six months for chosen educational establishments.
- Under Section 80E of the 1961 Income Tax Act, you can take advantage of tax privileges for the paid interest towards the loan amount.
- Online and offline application modes are available, and you can get quick disbursals and approvals.
Types of ICICI Personal Loan for Student Expenses
ICICI Bank offers a variety of personal loans for students based on their course, educational establishment, and eligibility criteria. These are as follows:-
Education Loan
This type of loan covers your educational requirements and aids you in achieving your academic goals. Whether you wish to pursue your higher education dreams in India or abroad, an educational loan covers all your needs, from travelling and living expenses to tuition charges.
Fresher Funding
The fresher funding loan product is specially crafted for fresh graduates who wish to pursue higher education or professional courses. You can get approximately Rs.1.5 lakhs without hassles and pay off effortlessly in simple equated monthly instalments over sixty months.
Top-Up Loan
The Top-Up type of an ICICI personal loan lets you get extra funds on your current loan if you require more funds for your spending. You can merge it with your existing loan or consider it as an altogether different loan at a competitive ICICI personal loan interest rate and flexible terms.
- Benefits of IC’ICI Personal Loans for Students
Below are the perks of personal loans from ICICI Bank for students:-
- Unsecured loan
- Simple eligibility requirements
- Less paperwork
- Fast approval
- High amount allotment – up to Rs 25 lakhs
- Direct and swift disbursement
- Flexibility to opt for a loan term (12 to 72 months)
- Fixed ICICI personal loan interest rate throughout the loan tenure
Documents Required for ICICI Loans for Education
Below are the documents you need to provide when applying for a loan to fund your education:-
- Online application form duly filled
- Two passport-size photos
- A copy of the 12th mark sheet or the latest education certificate
- Admission letter with education price, if available
- You and your parent or guardian’s Permanent Account Number
Age Proof
Submit any one of the following documents as age proof:-
- Aadhaar Card
- Voter Identification Card
- Passport
- Driving Licence
Proof of Identity
Submit any one of the following documents as proof of identity:-
- Voter Identification Card
- Aadhaar Card
- Driving Licence
- Passport
Proof of Residence
Here are the following documents needed for residence proof:-
- Passport
- Regional Transport Authority or RTA-issued driving licence
- ECI issued Voter ID
- NREGA issued job card with a signature from the State Government Officer
- Letter from National Population Register comprising information related to your name and address
- Possession proof of complete Aadhaar Number or Card
Proof of Income
Here are the following documents required for income proof:-
- Latest salary slips and parent, guardian, or co-borrowers form number 16
- Last three months’ bank statement in the case of non-ICICI account holders (Not applicable for ICICI account holders)
- Updated ITR with parent, co-borrower, or guardian’s income computation of two years
Conclusion
An ICICI personal loan for students is a flexible and transparent loan product which is free from hassles. It lets you fulfil your dream of pursuing your higher education without worrying about your finances. You can get a loan with a tempting ICICI personal loan interest rate starting at 10.99%. You can enjoy the perks of the digital Know Your Customer verification procedure, video verification process, pre-admission approval, security-free loan, and tax subtraction under the 80E section. You can pursue your educational dreams and secure your future with a personal loan from ICICI Bank for student expenses. So, why wait? Apply today and achieve your goals!