Scholarship

ICICI Bank iSMART Education Loans

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About the Program

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ICICI Bank iSMART Education Loans are being offered by ICICI Bank to Indian students who wish to pursue studies abroad in countries like the USA, Canada, UK, Australia, New Zealand, Germany France, etc. Under this education loan, the candidates applying for admission at A1, A2, A3, or A4 category institutions in one of the above-mentioned countries will be provided with a loan amount of up to INR 1 Crore to cover their educational expenses. The rate of interest applicable under this education loan ranges from 9.25% to 12.25%, depending on the institute category and secured/unsecured loan. 

ICICI Bank, a leading private sector bank in India is offering this education loan to help Indian students pursue their higher studies abroad at an institution of their choice.  

  • ICICI Bank iSMART Education Loans
    Deadline31-Dec-2022
    Eligibility
    • Open for Indian students only.
    • Applicants must be willing to pursue higher education in abroad countries like the USA, Canada, UK, Australia, New Zealand, Germany, France, etc. 
    • Applicants must be top scorers of GRE/GMAT entrance test. 
    Benefits:

    The candidates applying for ICICI Bank iSMART Education Loans will get the following benefits –

    • Loan amount of up to INR 1 Crore for higher studies abroad to cover all educational expenses like tuition fees, hostel and living expenses (on & off campus)
    • Unsecured loan amount of up to INR 40 Lakh
    • 100% income tax benefit for interest paid under Section 80E of IT Act
    • Savings of 4.5% on TAX Collected at Source (TCS) on Remittance through Education Loan
    • iSMART gives 100% LTV for the collateral security compared to LAP which is only 65%
    Documents

    The following documents must be uploaded by the applicant at the time of application - 

    • Two recent passport size photographs (Self-attested)
    • Address proof (Aadhaar Card/Driving License/Passport/Voter ID Card/NREGA Job Card, etc.)
    • Photo identity proof 
    • Date of birth proof
    • Signature verification
    • Academic documents 
    • Proof of admission 
    • Fee structure

    Furthermore, the co-applicants need to upload the following documents –

    • Two recent passport size photographs (Self-attested)
    • Address proof (Aadhaar Card/Driving License/Passport/Voter ID Card/NREGA Job Card, etc.)
    • Photo identity proof 
    • Date of birth proof
    • Signature verification 
    • 8 months bank statement
    • Income proof
    • Collateral documents
    • Relationship proof
    How can you apply?
    • Click the ‘Apply Now’ button below.
    • Login to Buddy4Study with your registered ID and land onto the ‘Application Form Page’.
      • If not registered on Buddy4Study - Register at Buddy4Study with your Email/Mobile/Gmail account.
    • You will now be redirected to the ‘ICICI Bank iSMART Education Loans’ application form page.
    • Click on the ‘Start Application’ button to begin the application process.
    • Fill the required details in the online application form.
    • Upload relevant documents.
    • Accept the ‘Terms and Conditions’ and click on ‘Preview’. 
    • If all the details filled in by the applicant are correctly showing on the preview screen, click on the ‘Submit’ button to complete the application process.
Contact

In case of any queries, please reach out to:

+91-11-430-92248 (Ext: 123) (Monday to Friday - 10:00AM to 6PM)info@buddy4study.com

Frequently Asked Questions
  • How much loan amount can a student get under the ICICI Bank iSMART Education Loans?

    The candidates applying for ICICI Bank iSMART education loans can get a loan amount of up to INR 1 Crore for their studies abroad. However, for unsecured loans, the amount can be up to INR 40 lakh. 

  • What is the repayment tenure for this education loan?

    The repayment tenure for ICICI Bank iSMART education loan is up to 15 years.

  • How much rate of interest is charged under this education loan?

    The rate of interest charged for studies in premier institutes (A1 category) is 9.25%. Furthermore, it may range from 10.25% to 12.25% per annum based on the institute category and secured/unsecured loan. 

  • Is there any processing fee to avail this education loan?

    Yes, the applicants are required to pay 1% on sanction amount + GST as processing fees. 

  • How can a candidate repay the ICICI Bank iSMART education loans?

    The repayment of education loan can be made in the following two ways –

    • For A1, A2 and A3 category institutes – Simple interest during course period + Grace period after the EMI starts
    • For A4 category institutes – Only EMI repayment applicable
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All the information provided here is for reference purpose only. While we strive to list all scholarships for benefit of students, Buddy4Study does not guarantee the accuracy of the data published here. For official information, please refer to the official website. read more