Things to know about Insta Education Loan | Fusion - WeRIndia

Things to know about Insta Education Loan

Things to know about Insta Education Loan

ICICI bank offers instant education loan, i.e. Insta Education Loan. This instant loan helps customers get instant approval of an educational loan of up to ₹1 crore. But, the customers should have a fixed deposit with the bank to get this loan.

Here are some important things to know about Insta Education loan:

  • Insta Education Loan facility helps borrowers to get sanction letter within a few minutes. Initially, there is no need to visit the bank branch and submit documents to get a loan. Borrowers can finish the process digitally through internet banking.
  • Customers should deposit money with the bank in the form of fixed deposits. They can get a loan of up to 90% of their fixed deposits. The minimum loan amount is ₹10 lakhs while the maximum amount is ₹1 crore for students seeking admission in international education institutes.
  • The loan amount ranges between ₹10 lakhs and ₹50 lakhs for students seeking admission in domestic educational institutions.
  • The tenure of repayment can be up to 10 years.
  • It has tax benefits as well. Interest paid on the loan up to 8 years can be deductible from the annual taxable income.
  • Many international education institutions ask for bank sanction letter to give admission. Hence, this instant loan is handy for students since the bank sanctions loan within few minutes.
  • Customers who have enough funds in their fixed deposits and do not want to liquidate them can avail this facility for themselves or the education of their children, siblings etc.
  • Preapproved customers can generate the sanction letter through net banking. Hence, check your eligibility if you are a customer of ICICI bank.
  • Once you generate the sanction letter, it will be sent to your registered email ID with the details of the designated relationship manager.
  • You will have to contact the relationship manager for the final disbursement of the loan after furnishing all relevant documents and details regarding admission.
  • The calculator will automatically display the EMI details when you enter the loan amount and repayment tenure.

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