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ICICI Bank Collateral Free Education Loan Benefits:

  • Pre Approved Instant Sanction: Customers get access to instant sanction letter online from the comfort of their home for their Pre Approved Education Loan.
  • Tax benefits: Education loan comes with a tax benefit under SEC(80E) for complete interest paid (100%), without any upper limit. This benefit brings down the effective rate of interest. Check details on Tax Benefit Calculator.
  • Ease in applying: Customers can apply for education loan through internet banking facility of the Bank with just a few clicks.
  • Turnaround time: This instant facility brings down the time for Education Loan sanction from a few days to a few minutes

How to check your PRE-APPROVED OFFER

Log into Internet Banking

Check your offer under the pre-qualified offers, select Education Loan and click on Instant Sanction

Next, fill in the required details and customise your loan as per your need.

Agree to the terms & Click on Submit

Enter the OTP to initiate the payment of the Processing Fee and click on Pay now

Your pre-approved loan will be sanctioned in a minutes

Frequently Asked Questions (FAQs) for Pre-approved Education Loan

A facility that enables you to get instant sanction letter online from the comfort of your home.

instant Sanction letter from banks can be used for

1. Visa Application

2. Providing source of fund for the student’s admission confirmation at overseas Universities

3. Getting Form I-20

4. For quick disbursement

ICICI Bank customers who have Pre Approved offer from the Bank, and are applying for higher studies in universities - Abroad or Domestic

  1. Very Competitive Rate of Interest
  2. Education loan comes with a tax benefit for interest paid without any upper cap for 100% of the amount. Link to the calculator
  3. This instant facility will bring down the turnaround time for getting the sanction letter from around 15 – 45 days to merely a few minutes with a few clicks.
  4. Seamless remittance to international institutes
  5. GIC for Canada
  6. BLOCK Account for Germany
  7. UK Personal Bank Account
  8. Travel Card

Minimum Pre-approved Education Loan amount is Rs 1 lakh for both International and Domestic universities.

You can apply through ICICI Bank Net Banking or iMobile Pay application (available on iOS and Android).