Things to know about Insta Education Loan | Fusion - WeRIndia

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.

Image Reference: https://www.icicibank.com/Personal-Banking/loans/education-loan/education-loan.page