ICICI Bank’s education loan open for Indian students for abroad studies

About the Program

ICICI Bank iSMART Education Loans are being offered by ICICI Bank to Indian students who wish to pursue studies abroad in countries like the USA, Canada, UK, Australia, New Zealand, Germany France, etc. Under this education loan, the candidates applying for admission at A1, A2, A3, or A4 category institutions in one of the above-mentioned countries will be provided with a loan amount of up to INR 1 Crore to cover their educational expenses. The rate of interest applicable under this education loan ranges from 9.25% to 12.25%, depending on the institute category and secured/unsecured loan. 

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ICICI Bank, a leading private sector bank in India is offering this education loan to help Indian students pursue their higher studies abroad at an institution of their choice.  

• ICICI Bank iSMART Education LoansDeadline31-Mar-2022Eligibility
  • Open for Indian students only.
  • Applicants must be willing to pursue higher education in abroad countries like the USA, Canada, UK, Australia, New Zealand, Germany, France, etc. 
  • Applicants must be top scorers of GRE/GMAT entrance test. Benefits:The candidates applying for ICICI Bank iSMART Education Loans will get the following benefits –
  • Loan amount of up to INR 1 Crore for higher studies abroad to cover all educational expenses like tuition fees, hostel and living expenses (on & off campus)
  • Unsecured loan amount of up to INR 40 Lakh
  • 100% income tax benefit for interest paid under Section 80E of IT Act
  • Savings of 4.5% on TAX Collected at Source (TCS) on Remittance through Education Loan
  • iSMART gives 100% LTV for the collateral security compared to LAP which is only 65%DocumentsThe following documents must be uploaded by the applicant at the time of application – 
  • Two recent passport size photographs (Self-attested)
  • Address proof (Aadhaar Card/Driving License/Passport/Voter ID Card/NREGA Job Card, etc.)
  • Photo identity proof 
  • Date of birth proof
  • Signature verification
  • Academic documents 
  • Proof of admission 
  • Fee structureFurthermore, the co-applicants need to upload the following documents –
  • Two recent passport size photographs (Self-attested)
  • Address proof (Aadhaar Card/Driving License/Passport/Voter ID Card/NREGA Job Card, etc.)
  • Photo identity proof 
  • Date of birth proof
  • Signature verification 
  • 8 months bank statement
  • Income proof
  • Collateral documents
  • Relationship proof

To apply visit: https://www.buddy4study.com/page/icici-bank-ismart-education-loans