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GoStudyLoans Partnered Education Loan With ICICI Bank Without Collateral

GoStudyLoans is India’s predominant education loan provider. GoStudyLoans partnered education loan with ICICI bank without collateral comes with the lowest interest rate!

ICICI bank unsecured education loan through GoStudy comes with major benefits that a government banking institution will offer you. The rising costs associated with traveling, studying, and accommodation make it very difficult for meritorious aspirants to study abroad; however, this is possible with ICICI education loans. The smooth, transparent, and expert process of ICICI bank education loan for abroad without security through GoStudy makes it the best in class and perfectly ideal for the mass.

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Reasons to Opt for ICICI Bank Unsecured Education Loan For Abroad Studies through GoStudy

1

Seamless Remittance to International Universities

ICICI bank education loan without collateral through GoStudy comes with seamless remittance to international universities, so you don’t have to wait anymore.

2

Higher Loan Value Without Collateral

ICICI bank unsecured education loans through GoStudy come with a higher loan value of up to 50 lacs without any sort of collateral for select universities.

3

Pre-VISA Disbursal

ICICI bank education loans come with a faster disbursal process even before your i20 VISA is approved.

4

The minimum CIBIL Score is 600+

ICICI bank education loans come with a minimum CIBIL score requirement of 600+, which is indeed a great sigh of relief to students

5

Comprehensive Offerings

ICICI bank non-collateral education loan through GoStudy offers loans from as low as 1 lacs and ranging up to 1 Cr with low-interest rates starting at 9.50% PA.

6

Tax Exemption Under Section 80E

ICICI education loans can land you savings on taxes under Section 80E of the IT Act and no margins for amounts up to 20 lacs.

7

Host of Popular Loans

GoStudyLoans helps students with diverse ranges of lucrative and customized ICICI bank education loans without collateral that works as a leverage to your education.

8

Immediate Loan Processing

Our experience in processing 1000s of education loans for students across the country helps us process loans at the fastest rate. We process education loans on priority.

9

Lowest Interest Rates In The Market

With GoStudyLoans, you get access to the lowest interest rates, which are usually 0.5% - 1% lower than the market rates!

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ICICI Bank Overseas Unsecured Education Loan For Abroad Studies through GoStudy

Studying abroad in top-tier universities is something that every talented aspirant dreams of. However, things always don’t go their way. Monstrous costs, hectic loan procedures, and lack of reliable funding make it extremely tough for them to dream of studying abroad. Moreover, education is not the only cost they must bear while studying abroad. Other associated costs, such as accommodation, traveling, fooding, buying equipment, lab fees, etc., make it more hectic for them. ICICI bank education loan for abroad without collateral through GoStudy can cover all of these costs for you so you need not worry anymore about studying abroad. The education loan from ICICI bank is fast, reliable, and approved even before your VISA is issued.

The banking professionals from ICICI bank make the entire loan processing and approval process seem like a walk in the park. ICICI bank unsecured education loan through GoStudy is a brilliant idea for your VISA to be approved faster since you need to show sufficient funding before going abroad.

Never fall short of your dreams when an ICICI bank education loan without collateral through GoStudy is there for you. Think of them as your financial partners when you are abroad and just focus on your studies. Although the collateral-free loan can be allowed up to 20 lacs, if you are entitled to a prestigious organization, this figure can go up to 50 lacs or more.

Interest Rates of Education Loan at ICICI Bank for Abroad Studies through GoStudy

Interest rates are always levied on the sanctioned loan amount, and depending on the applicant's profile, the rates may vary. ICICI bank education loan through GoStudyLoans without collateral comes with attractive interest rates that start at 8.25% annually and may vary depending on the individual applicant criteria. The applicant’s credit score in the case of these unsecured loans directly impacts the interest rates, and the better your credit profile, the lower interest fees you need to pay. For EWS or Economically weaker sections with people having a family income of fewer than 4.5 lacs annually, students are eligible for lower interest rates and various subsidies.

The interest rates for ICICI bank education loan through GoStudyLoans for abroad without security are very flexible and come with pocket-friendly rates. This may change depending on the customer's credit profile and the course of the education period. The interest rate calculating formula is very transparent, and there are no hidden charges associated with the loan amount. The iSmart interest rates for ICICI bank education loan through GoStudyLoans without security starts at 8.25% and can go up to 13.75% per annum. Students are also entitled to APR rates on the education loan amount for individual cases. The Annual Percentage Rate (APR) is a method to compute annualized credit cost, which includes the interest rate and processing fee.

Adding to this, the specific mathematical formula that is improvised to determine the EMI based on the interest rates of education loan at ICICI Bank For Abroad Education through GoStudy is below mentioned:

EMI = [Principal Amount x Rate of Interest x (1 + Rate of Interest) Tenure*] / [(1 + Rate of Interest ) Tenure* - 1]

*Please note that the tenure of the loan is calculated in months.

What Costs Are Covered by ICICI Bank Unsecured Education Loan for Abroad Studies through GoStudy?

ICICI bank education loan without security through GoStudy is a 100% funding program for abroad education, however, up to 20 lacs. For amounts ranging more than 20 lacs, there is a 5-15% margin depending on the loan amount. The processing charges are NIL for loans under 20 lacs; however, for amounts more than that 1% processing charges of the loan amount are applicable. The ICICI bank non-collateral education loan through GoStudy covers all the major expenses ranging from admission fees to traveling, hostel fees, and all other miscellaneous expenses such as equipment buying, lab fees, etc. The maximum loan amount granted for studying in India is 1 Cr and for abroad is 2 Crs. Below is a list of countries where ICICI bank education loans are accepted, with the loan amount covering all expenses abroad-

• USA
• Canada
• Ireland
• UK
• France
• Germany
• Singapore
• Australia
• New Zealand
• Austria
• Belgium
• Hungary
• Italy
• Poland
• Spain
• Switzerland
• Denmark
• Finland
• Netherlands
• Norway
• Sweden
• Japan
• Estonia
• Portugal
• Czech Republic

ICICI bank unsecured education loan through GoStudy is a 100% funding program for students who availed loan amounts up to 20 lacs. With no margin and NIL processing charges, it is a real blessing for students pursuing their careers in India and abroad. iSmart interest rates for ICICI bank start from 8.25% and may vary depending on the individual credit profile of the applicant. Any apprenticeship or scholarship amount falls within the margin of 5 to 15% when your loan amount is more than 20 lacs.

Following are the lists of the Costs Covered by ICICI Education Loan through GoStudyLoans:

ICICI Bank Education Loan Through GoStudyLoans Without Collateral

ICICI bank education loan for abroad without collateral through GoStudy comes with cheaper interest rates that are pocket-friendly and can save you a substantial amount of money. For premier institutes, the loan amount does not involve any margins, and there are no processing charges. The moratorium period is sufficient, and there is a grace period of 6 months or more after applicants get a job. ICICI bank also categorized the institutions under three categories such as A1, A2, and A3; however, A3 does not guarantee unsecured education loans. A maximum loan amount of 1 Cr is allotted for studying in India, and for studying abroad, an amount of 2 Cr is allocated.

ICICI Bank education loan without security through GoStudy is divided into three different types, which are secured, partially secured, and unsecured loans. Unsecured loans are easy to obtain; all you need is a good credit profile and a good score. The interest rates for ICICI bank unsecured education loans through GoStudy are a bit on the higher side compared to the secured loans where you pledge security. With ICICI bank education loans, students can avail of up to 50 lacs without any form of collateral, but if you can show the approval letter of prestigious institutions with minimal fees, you can avail of up to 1 Crore of funding. Prior to approving unsecured loans, ICICI bank makes a thorough check on the credit profile of the applicant and may suggest partially secured loans if your finances are on the weaker side. For students having 3+ years of experience and wanting to pursue PG courses, there is no need for any co-applicant to avail of the loan.

Creditworthiness is the only thing you need to ensure to get an unsecured education loan from ICICI bank. With a minimum credit score of 600+, you can easily qualify for an ICICI bank education loan without collateral through GoStudy with proper documentation. The below list of documents is required to qualify and start the process of getting unsecured education loans from ICICI-

• Unconditional/Firm/Confirmed Offer Letter
• Co-Applicant’s Income Proof
• PAN Card
• Academic Documents
• Other Relevant Academic Scores - GRE/GMAT
• IELTS/TOEFL/PTE/English Language Scorecard
• Valid Passport

ICICI bank education loan for abroad without security through GoStudy comes with unsecured loans under the scheme Emergency Credit Line Guarantee Scheme and EWS category for up to 40 lacs only (50 lacs or more depending on profile), and that too for the best-selected colleges and merits.

Collateral for an Education Loan in ICICI Bank through GoStudy

Collateral loans are also offered by ICICI bank at the lowest rates of interest and are very easy to obtain. Collateral loans are generally some assets kept as security to the bank against the loan amount. If your finances are on the weaker side, however, you may not be able to apply for collateral as you would not have anything to pledge. This will ensure 100% approval rates for them, and they can enjoy low-interest rates on the loan amount with better plans and rebates. The collateral loans also come with a better moratorium period of 7+ and 10+ years for loan amounts of 20 lacs and 20+ lacs, respectively. The below list of collateral list is accepted by ICICI bank, and you need to make sure you have these handy:

• Property Title Deed and Registered Sale Agreement
• Original Registration Receipt for the above-mentioned agreement
• Allotment Letter by Municipal Corporation/ Any Authorized Government body like MHADA, CIDCO, HUDA, JDA, GIDC ETC (if applicable)
• Encumbrance Certificate (EC) to be submitted for the previous 30 years. This collateral document is generally known as Link Document.
• Valid Copy of the municipality-approved building plan or plot layout.
• Latest property tax bill or Latest electricity bill bearing the same address

The collateral loans are very flexible and come with budget-friendly requirements. Unsecured ICICI bank education loan for abroad without collateral through GoStudy, however, are always preferred by students as they lack collateral securities to pledge.

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List of Institutions Abroad Accepting ICICI Bank Education Loan through GoStudy

ICICI bank is one of the pioneer banking names in the educational funding sector, the ICICI Bank non collateral education loan through GoStudy is ideal for students dreaming of pursuing their dream careers in India and abroad. The long list of institutions across the globe accepting ICICI bank education loans is something that makes them a giant name in the funding industry and ideal for meritorious students. ICICI Bank education loan without collateral through GoStudy catered to more than 4,00,00,00 students for their dream education career abroad tied up with top tier 3000+ universities in 30+ countries.

Below is the List of the top 50 abroad Universities accepted by ICICI Bank Education Loan

Co-Applicant for Education Loan in ICICI Bank through GoStudy

Co-Applicant is an integral part of any unsecured loans, be it educational, personal, or any other form of a loan. When your finances are a bit weaker, a co-applicant with a good credit profile and background can strengthen your loan approval chances. Education abroad or even in India in the top universities is always expensive, and you will want to increase your chances of making sure the loan is sanctioned. A co-applicant just does that for you. This forms a sense of security for the lending institution that if something goes awry and you are not able to repay, the co-applicant can do it for you. The below list of co-applicants is approved by ICICI bank education loan through GoStudyLoans for abroad without collateral.

• Parents
• Parents-in-law
• Spouse
• Siblings
• Maternal Uncles & Aunts
• Paternal Uncles & Aunts

Eligibility Criteria for ICICI Bank Education Loan Without Collateral through GoStudy

The eligibility criteria for an ICICI bank education loan through GoStudyLoans for abroad without collateral is pretty transparent, and you can easily qualify for it with minimum hassles. The process is very smooth, and even a novice can easily understand all the basic eligibility deals involved in loan approval. To start, you need to show an unconditional letter of admission offer from any reputed institution that falls under the coverage of ICICI bank funding. There are a few more eligibility criteria, which are listed below but that may change a bit depending on individual ICICI bank non collateral education loan cases:

• Students need to be Indian Citizens of 18 years of age.
• Has a co-applicant or a co-borrower who is working anywhere in the world or self-employed in India who must be either one of a Parent, Parent-in-law, Spouse, Own Siblings, Maternal & Paternal Uncles, and Aunts.
• Co-Applicants need to have fulfilled the minimum CIBIL score for an education loan in ICICI Bank, which typically tends to be upwards of 600. However, this is subject to the discretion of the provider.

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Documents Required for ICICI Bank Education Loan through GoStudy

The documentation process is as smooth as pie and is very easy to qualify. The list of documents is not long, and you need to keep them handy for faster loan approval. You do not need to sacrifice your career goals when you have an easier education loan such as ICICI bank non collateral education loan through GoStudy. The following list of documents is required for the approval process:

• KYC of student
• Educational Documents of the student
• Course Details & Fee Structure of the University of choice
• Unconditional/Firm/Confirmed Offer Letter
• Co-Applicant’s KYC
• Co-Applicant’s Proof of Income
• Income Tax Returns of Student - 3 Years (If Applicable)
• Income Tax Returns of Co-Applicant - 3 Years
• Proof of Birth Documents
• Proof of Relationship with Co-Applicant
• Bank Statement for Months of Co-Applicant
• Collateral Documents

Income Proof for Salaried Co-applicant/ Guarantor:

• Salary Certificate or Salary Slip for the last 3 months
• Copy of IT Returns for the last 2 financial years or Copy of Form 16 for the last 2 years, acknowledged by IT Dept.
• Bank statement for the recent 6 months (in case of Salary Account)

Income Proof for Self-employed Co-applicant/ Guarantor:

• Business address proof (If applicable)
• IT returns for the last 2 years (if Income Tax payee)
• TDS Certificate (Form 16A, if applicable)
• Certificate of qualification (for Doctor/ C.A. and other professions)
• Bank statement for the latest 6 months

Note that the above-mentioned list of documents is all that you need to start the process, but it may change on the applicant's profile. We at GoStudyLoans ensure the documentation process is smooth for you and you are able to complete it without any hassles.

Process & Procedure for ICICI Bank Education Loan through GoStudy

The process for an ICICI bank education loan through GoStudyLoans without collateral is straightforward. It starts with you submitting the loan details to the bank, such as the loan amount required, institution details, course details, co-applicant details, self details, and any other relevant info. You also need to show the offer letter for admission from the designated university.

Then the bank does its own verification and rounds of checks to ensure everything is authentic and in place with the submitted information. You need to be very careful about the documents submitted to ensure faster approval. This is where professionals like GoStudyLoans ensure everything is in sync and you do not miss out on any.

When this is done, the bank will send you a loan offer letter with all the relevant details, such as EMI, moratorium, interest, etc., for further processing of the loan. Then you are required to pay the processing charges if any, plus GST taxes on the amount.

Finally, when everything is done, the bank will offer you an approval letter, after which the loan is approved within 7 to 10 days, depending on the sole discretion of the lender.

SBI Education Loan through GoStudyLoans Sanction & Disbursement

The sanction letter is the final approval letter from the bank that your loan has been sanctioned. This is a comprehensive letter with clearly mentioned all the loan amount details, interest, EMI, moratorium, guarantor details (if any), university details, etc.

Once the sanction letter is received and the agreement is signed between the lending institution and the applicant parties, the amount of money is transferred in INR to the university of your choice. The course fee is sent to the institution, and any other miscellaneous fees are sent to the applicant or co-applicants.

Moratorium Period for ICICI Bank Education Loan through GoStudy

ICICI bank unsecured education loan through GoStudy comes with a unique moratorium period in sync with the rules instructed by RBI. A moratorium period is offered for the student to have plenty of time to repay the amount of money owed as a loan. It starts 6 months after the course ends. You need to pay a simple rate of interest during this period. However, the repayment period cannot extend more than 20 years. GoStudyLoans allows you to opt for the least moratorium period interest rate.

ICICI Bank Education Loan Repayment through GoStudy

In accordance with the ICICI Bank education loan without collateral through GoStudy repayment terms, you can select between a time period of 12 months to a period of 180 months or 15 years. You can always choose the repayment option that is the most convenient for you. In specific cases where the financials are weaker, ICICI bank will choose the convenient options for you. Certain repayment options for ICICI bank education loans are:

• Partial Simple Interest
• Simple Interest
• EMI
• ICICI offers a full Moratorium period.

ICICI Bank Education Loan EMI through GoStudyLoans Exemption under Section 80E of the IT Act

According to section 80E of the IT Act, you can apply for an exemption and reduction on the complete EMI to be paid when you opt for the education loan. This applies to the student, spouse, children, or any legal guardian who has taken up the responsibility of the education loan.

Although there is no specific cap on the tax benefit under the scheme, however, the period of 15 years or the entire interest repayment period taken, whichever falls earlier, comes under the scheme. In order to claim all the benefits of the tax exemption, you need to make sure you repay the amount within the stipulated time.

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