ICICI Bank is one of the leading public sector banks in India with over 5900 branches in operation. The bank provides education loans to study abroad at affordable interest rates. You can apply for an education loan to study abroad with the ICICI Bank through its official website. ICICI Bank education loan disbursement process is completely online and the amount of the loan is directly transferred to the university. The loan amount covers multiple expenses like tuition fees, accommodation costs, academic tour fees etc. They also cover the cost of buying a laptop, two-wheeler etc for academic purposes. Let’s check how exactly the ICICI Bank education loan disbursement process works.
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Understanding the ICICI Bank Education Loan
ICICI Bank offers easy education loans specifically for students pursuing higher education overseas. These loans cover tuition fees, accommodation expenses, travel costs, and other related expenses. You can also apply for an education loan from this bank on the Vidya Lakshmi Portal. The bank provides loans up to INR 2 crores to study abroad and the interest rate is ongoing REPO* + 3.45% (Spread) onwards.
Steps involved in ICICI Bank Loan Disbursement
ICICI Bank education loan disbursement involves certain steps such as application, verification, sanction etc. The loan is disbursed once all these processes are completed and the bank has agreed to approve the loan. Check all the details on the steps below:
Loan Application and Documentation
The first step in securing an ICICI Bank education loan to study abroad is to submit a loan application along with the supporting documents. Follow the below-mentioned steps to apply for the loan:
- Visit the official website of the bank or any nearest branch
- Check all the features of the education loan so that you can apply for the amount as per your requirement
- Fill out the loan application form and submit the same along with the supporting documents
- Students must provide acceptance letters from the university, KYC documents, details of collateral, documents of co-applicant etc.
After receiving the education loan application, the bank will initiate the verification process. The bank will run the enquiry for credit reports, credit scores, collateral, admission etc. After successful verification of the documents, the bank will specify the net eligible loan amount based on the net monthly income, university and course. The bank will also provide you with the sanction letter which you can submit to the university for financial proof.
The sanction letter contains all the loan-related terms and conditions, the loan amount, repayment period, interest rate etc. After receiving the sanction letter, you will have enough time to decide if the loan amount and the terms and conditions are suitable for you or not. You can also compare the loan terms from other lenders or banks. If you are proceeding with the same bank you can provide the education loan sanction letter to the university as proof of financial support.
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Documentation and Agreement
After the loan approval, the student is required to submit further documents. The bank will ask for the visa approval letter, copy of Air tickets, admission letter etc. After submitting all these documents, you will be signing the loan agreement along with the co-applicant. The bank will initiate the disbursement process after verifying the visa approval letter and university acceptance letter.
ICICI Bank Loan Disbursement
ICICI Bank is a popular choice for education loans due to its fast, secure and easy disbursement process. At the time of the loan disbursement, the bank will transfer the loan amount directly to the university in order to cover tuition fees, accommodation costs, lab fees etc. For all other expenses like outside accommodation, laptop cost, two-wheeler cost etc the bank may transfer the amount in your personal bank account. Check all such policies of the bank at the time of getting the loan sanctioned.
ICICI Bank education loan takes around 15 days to get disbursed from the date of loan approval. However, this is just an expected turnaround time and the actual period may differ depending upon the stages.
ICICI bank education loan Interest rates may vary depending on the income of the co-applicant, repayment period, required loan amount, type of loan etc. Usually, ICICI Bank offers education loans on interest rates ranging from 9% to 14%.
All the major expenses such as tuition fees, accommodation costs etc are transferred directly to the university. If the loan amount covers outside accommodation, vehicle expenses etc then the amount for the same may get transferred to your account.
After verifying your documents, the bank will initiate the loan disbursement and transfer the relevant amount directly to the university.
It is suggested to apply for an education loan directly by visiting the nearest branch. Vidya Lakshmi portal may not allow the application from a bank which is not associated with it.
This was all about the ICICI Bank education loan disbursement process. Read all the loan-related terms and conditions carefully before finalising the loan.
To know more about the loan application process, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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