ICICI Bank iSMART Education Loan, Application Form, Eligibility Criteria

ICICI Bank iSMART Education Loan: ICICI Bank offers iSMART Education Loan to students who are seeking admission to foreign universities. Higher education can be pursued in nations like the United States, the United Kingdom, Australia, Canada, New Zealand, Germany, France, etc. with the help of an education loan facility provided by ICICI Bank.

Candidates who apply for admission to A1, A2, A3, or A4 category institutions in one of the aforementioned nations will be given a loan sum of up to INR 1 crore to pay their tuition expenses under this education loan. The interest rate on this education loan varies based on the institute type and whether it is a secured or unsecured loan, from 9.25 percent to 12.25 percent.

ICICI Bank iSMART Education Loan: Highlights

Name of the Loan ICICI Bank iSMART Education Loan
Type Education Loan
Bank ICICI Bank
Loan Amount Up to Rs. 1 crore
Unsecured Loan Amount Up to Rs. 40 Lakhs
Interest Rate Starting from 8% per annum
Courses Graduate, Post Graduate, PG Diploma
Repayment Tenure UG: 8/10 years, post completion of course + 6 months
PG: 10/12 years, post completion of course + 6 months
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How to Apply?

Candidates who want to apply for the ICICI iSMART education loan must follow the following steps:

  • Go to the official website of ICICI Bank.
  • The ‘Application Form Page’ will appear once you have logged in with your Buddy4Study ID to the ‘Loan’ section.
  • Candidates will be redirected to the “ICICI Bank iSMART Education Loans” webpage.
  • To start the registration process, click the “Start Application” button.
  • Complete the online application form with the necessary information.
  • Upload all necessary documents.
  • By checking the box next to “Terms and Conditions,” you agree to them.
  • Click the “Submit” button to finish the application process if all the information entered by the applicant appears accurately on the preview screen.

Admission Open 2023:

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Documents

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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

ICICI Bank iSMART Education Loan Exam Date:

Events Exam Date
Application Form Release Date To be announced
Last Date To Apply To be announced
Admit Card To be announced
Exam Date To be announced
Result To be announced

Eligibility Criteria:

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The following eligibility requirements must be met by applicants seeking financial assistance from ICICI Bank to pursue their higher education at international colleges:

  • The candidate must be an Indian citizen.
  • The applicant must be open to attending a higher education institution in a foreign nation, such as the United States, Canada, the United Kingdom, Australia, New Zealand, Germany, France, etc.
  • The candidate must have a good score on GRE/GMAT exam.
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Benefits/Advantages:

The following advantages are available to applicants for ICICI Bank iSMART Education Loans:

  • For higher study overseas, a loan sum of up to INR 1 crore is available to pay for all college expenses, including tuition, housing, and living costs (on & off campus)
  • Candidates can avail the benefit of an unsecured loan of up to 40 lacs.
  • There will be a 100% tax benefit on interest paid.
  • Savings of 4.5 percent on TAX Collected at Source (TCS) on Remittance via Education Loan
  • iSMART provides 100% LTV for the collateral security whereas LAP only provides 65% LTV.

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