ICICI’s Education Loan - Shiksha Sarthi
Objective of the Scheme:
An ideal scheme which provides financial support to deserving and meritorious students for pursuing technical / professional higher education in India as well as abroad. The main emphasis is that every meritorious student even poor is provided with an opportunity to pursue education with the financial support and on liberal / simple terms and conditions.
Eligibility of the Student :
- The student should be an Indian National and secured admission to professional / technical / Graduation / Post Graduation courses in India or Abroad through Entrance Test / Merit Based Selection process.
- In case of studies abroad, student should submit the Unique Identification Number ( UIN ) / copy of Identity Card to the branch.
- The student / applicant should not be availing / will not avail any education loan during currency of our loan.
Age Limit :
Minimum 16 years and maximum upto 40 years.
Studies in India :
- Graduation courses – BA, B.Com, B.Sc. etc.
- Post Graduation courses - Masters & Phd.
- Professional courses
- Computer certificate courses of reputed institutes accredited to Dept. of Electronics or Institutes affiliated to University.
- Regular Degree / Diploma courses.
- Courses offered in India by reputed foreign universities.
- Evening courses of approved institutes.
- Other courses leading to diploma / degree etc. conducted by colleges / universities approved by UGC / Govt. / AICTE / AIBMS / ICMR, National Institutes and other reputed private Institutions - depending on future prospects / recognition by the user Institutions.
Studies over a Wide Area :
- Graduation – for job oriented professional / technical courses offered by reputed universities.
- Post graduation – MCA, MBA, MS etc.
- Courses conducted by CIMA – London, CPA in USA etc.
Liability of Finance:
Expenses allotted for the Loan :
- Fee payable to college / school / hostel.
- Examination / Library / Laboratory fee.
- Purchase of books / equipments / instruments / uniforms.
- Caution deposit, Building fund / refundable deposit supported by Institution bills / receipts, subject to the condition that the amount does not exceed 10% of the total tuition fees for the entire course.
- Travel expenses ( to and fro ) for studies abroad.
- Purchase of computer – essential for completion of the course
- Any other expenses required to complete the course – like study tours, project work, thesis etc.
Quantum of Finance :
- Maximum Upto Rs.10.00 lacs for studies in India and
- Maximum Upto Rs.20.00 lacs for studies abroad.
- Quantum of loan will be determined by the Bank on the basis of estimates given by the college / institute ( with proper documentary evidence ) and repaying capacity of student / parent.
- Any monetary benefit / Scholarship / grants / stipend received by the student will be deducted from the total cost.
Loan Upto Rs.4.00 lacs: No margin
Loan above Rs.4.00 lacs:
(i) 5% for studies in India
(ii) 15% for studies outside India.
Processing Fee / Mortgage Charges:
No Processing / Upfront / Fore closure charges will be collected on education loan.
Rate of Interest :
- As prescribed / changed by bank from time to time at monthly rests. Presently the rate of interest is 11% ( 4% below BPLR )( subject to change from time to time )
- Penal Interest : As per Bank's circulars in force for overdue amount and period.
- Interest as and when debited will be recovered from the parent till repayment commences. ( In special / deserving cases interest may be funded for the study period up to a maximum of 2 years on selective basis at its sole discretion.)
Repayment Period of the Loan :
- Loan will be repaid in 5 - 7 years after commencement of repayment in equated monthly installments depending upon quantum of loan and repaying capacity.
- Repayment will commence six months after completion of course or one month after the student starts earning, whichever is earlier.
- Interest debited will be recovered from the parents till the repayment commences. ( In special / deserving cases interest may be funded for the study period up to a maximum of 2 years on selective basis at its sole discretion.)
- If the student is not able to complete the course within the schedule time, extension of time for completion of course may be permitted for a maximum period of 2 years.
For more Details, Kindly refer the following link :