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Secure your academic future instantly with a pre-approved ICICI Bank Education Loan. Experience the ease of obtaining an Education Loan without collateral in just a few clicks. No more tedious paperwork or branch visits required. ICICI Bank’s unique offering provides an instant sanction letter online, allowing customers to finance their education journey effortlessly.
Apply for an ICICI Bank Education Loan online and get quick approval in just a few minutes. Enjoy flexible repayment options and competitive interest rates, all without the need for collateral.
Benefits of ICICI Bank Education Loan without Collateral
Pre-Approved Personal Loan: Eligibility & Document
Eligibility criteria and documents required for a pre-approved Personal Loan are as follows:
Eligibility criteria |
Details |
Good credit score |
A track record of timely repayments and a good CIBIL score |
Existing ICICI Bank customer |
Accessible through the iMobile Pay app orwww.icicibank.com. |
Pre-Approved Personal Loan: Amount & Tenure
The pre-approved Personal Loan amount differs for every individual. The maximum pre-approved amount can go up to Rs 50 lakh after taking into consideration the customer’s credit history as well as the loan repayment cycle. To repay the loan, you can opt for a tenure ranging from 12 months to 72 months which will make the loan repayment process easy for ICICI Bank customers.
Sample Personal Loan Calculation
Loan amount |
Rs 10,00,000 |
Interest rate |
11.25% per annum |
Loan term |
60 months |
Monthly EMI |
Rs 21,867 |
Processing Fee |
2.00% of the loan amount plus GST |
*The values shown here are for representation purposes only. Actual values may differ.
To avail a pre-approved Personal Loan digitally, follow these steps:
Step 1: Log in to the iMobile Pay app
Step 2: Navigate to the ‘Loans’ section and select ‘Pre-approved Personal Loan’
Step 3: Confirm your required loan amount and tenure
Step 4: Validate all the details of your loan
Step 5: Accept the Terms and Conditions by checking the box and click on ‘Disburse Now’
Step 6: Authenticate by providing the grid values on your Debit Card and then click on ‘Submit’.
This digital loan approval process ensures a hassle-free experience.
How to check and apply for a pre-approved Education Loan without collateral offer?
FAQs on Education Loans without Collateral
A facility that enables you to get an instant sanction letter online from the comfort of your home.
Instant sanction letter from banks can be used for:
1. Visa application
2. Providing a source of funds for the student’s admission confirmation at overseas universities
3. Getting Form I-20
4. Quick disbursement.
ICICI Bank customers who have a pre-approved offer from the Bank and are applying for higher studies at universities abroad or in India.
Since an unsecured Education Loan requires no collateral, it is a practical choice for students. The advantage of unsecured loans is that there is no requirement to pledge assets. However, the interest rate could be a little higher. You must ensure you have a strong repayment strategy.
Banks consider several criteria when providing an Education Loan without collateral including your academic performance, the ranking of the school, the course you are taking, your potential for future income and your/co-applicant’s credit history. Banks use these factors to assess your ability to repay the loan even without collateral.
For an instant loan, students can apply online through the website or mobile application of ICICI Bank. We offer pre-approved Student Loans in just a few minutes, provided you meet the requirements. Pre-approved offers and minimal paperwork can further expedite the process, making it easy to fund your education quickly.
Competitive rate of interest
The Education Loan comes with a tax benefit for the interest paid without any upper limit (100% of the interest amount). Explore the Tax Benefit Calculator now.
This instant facility will bring down the turnaround time for getting the sanction letter from around 15 to 45 days to merely a few minutes.
Seamless remittance to international institutes
Guaranteed Investment Certificate (GIC) for Canada
UK Personal Bank Account
Travel Card
The minimum pre-approved Education Loan amount is ₹ 1 lakh for both international and domestic universities.
You can apply through ICICI Bank Net Banking or the iMobile app (available on iOS and Android).
