“The ‘Insta Education Loan’ facility significantly improves customer convenience as they can now generate the sanction letter themselves in just a few clicks using the Bank’s internet banking platform. Typically, it takes a few working days for a customer to get the sanction letter of an education loan. Also, it does away with the need of having to visit a bank branch and submitting a whole lot of documents,” ICICI Bank acknowledged in a press launch.
“We believe that this facility surely brings in exceptional convenience to customers as they can avail finance for higher studies without breaking their fixed deposit/ savings,” mentioned Sudipta Roy, Head – Unsecured Assets, ICICI Bank.
Here are some key options of the Insta Education Loan:
- Flexibility: Customers can apply for loans as much as 90 per cent of their fastened deposits for his or her youngsters, siblings, grand-children or themselves.
- Wide vary of loan quantity: For students searching for admission in worldwide institutes, the loan quantity ranges between Rs 10 lakh and Rs 1 crore. The quantity varies between Rs 10 lakh and Rs 50 lakh for student searching for admission in home institutes.
- Easy to use: Customers can select the loan quantity and tenure of reimbursement as much as 10 years via the Internet banking platform.
- Tax advantages: Full curiosity fee on the quantity of ‘Insta Education Loan’ as much as 8 years is allowed as deduction from annual taxable earnings, as per the Section 80E of Income Tax Act, 1961.
How to make use of this facility
- Log in: Customers can log in to the bank’s Internet banking platform and test the pre-approved provide
- Enter loan particulars: They must enter particulars like loan quantity, reimbursement tenure, identify of faculty / college and price of research. The calculator routinely shows the small print of the EMI.
- Enter student particulars: They are required to enter particulars of the student like identify, date of beginning and relation with student. Further, they should test last provide, comply with phrases and situations and authenticate by way of a one-time password (OTP) obtained on their registered cellular quantity. Thereafter, on fee of processing price, a sanction letter is generated immediately.
- Receive sanction letter: The provisional sanction letter is shipped to the registered e mail ID together with particulars of the designated relationship supervisor.
For the ultimate disbursement of the loan, prospects are required to get in contact with the connection supervisor talked about within the e mail of sanction letter. Post gathering required paperwork like admission letter, monetary paperwork and signatures, the bank will disburse the loan quantity to the academic establishment. Customers may also go to the closest department for submission of the paperwork.