Education Loan for Abroad Studies – ICICI Education Loan
Sharing information regarding collateral-free / unsecured loan. If looking for a secured loan from ICICI Finance then look at the end of the post.
I faced difficulty in gathering data during my research and it took time to understand which is the best bank to get the loan from, so sharing this bit so that it becomes easier for people who are about to apply for a loan. I hope it helps.
ROI – 10.75%
Processing Fee – 1%
1. Interest period starts post 2Y + 12m
2. But simple or partial simple interest needs to be paid during the education too.
3. If prime A college then 40L, prime B 25L else 7.5L. (Top 50-75 univs according to yocket app is prime A, 75-200 is prime B, confirm with bank)
4. Section 80E, ITR benefit eligible
5. No pre-payment penalty. Interest on the amount used and not on sanctioned amount.
Personal Review – Based on personal experience and reviews, I feel it’s a good bank to get your educational loan. They provide good service and their interest rate is negotiable.