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ICICI launches the ‘Insta Education Loan’ digital facility in India

By Edil Corneille

June 22, 2020

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ICICI, bank, IndiaMumbai-based ICICI Bank announced today the launch of the ‘Insta Education Loan’ facility. Customers can instantly get the sanction letter for education loans up to INR 10 million with this facility to finance higher studies for themselves or their children, siblings and grand-children in accredited colleges and universities globally.

The bank has mentioned that 100 thousands of pre-approved customers can take education loans in a fully digital process against their fixed deposits with the bank. They can furnish the sanction letter to the educational institute to confirm their admission.

Sudipta Roy, Head – Unsecured Assets, ICICI Bank said, “As part of our constant endeavour to fulfil the dreams of lakhs of aspiring students, we are pleased to introduce instant approval of sanction letter for education loans against fixed deposits held with the Bank.

“Students can now complete the application process of colleges/universities without worrying for their financial requirements. They along with their parents can avail this facility with digital convenience and without any hassle of paper work. This facility will brings down the turnaround time for getting the sanction letter from days to a few minutes. We believe that this facility surely brings in exceptional convenience to customers as they can avail finance for higher studies without breaking their fixed deposit/ savings.”

The ‘Insta Education Loan’ facility is expected to significantly improve customer convenience as the sanction letter can be generated by the customer using the ICICI Bank’s internet banking platform. Otherwise, it takes a few working days for a customer to get the sanction letter of an education loan.

For the final disbursement of the loan, customers are required to get in touch with the relationship manager mentioned in the email of sanction letter. Post collecting required documents such as the admission letter, financial documents and signatures, the bank will disburse the loan amount to the educational institution. Customers can visit the nearest ICICI Bank branch too for submission of the documents.

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