EDUCATION LOAN
Higher education with-in your reach
Education Loan aims to provide the much required / needed financial support to deserving / worthy students for pursuing higher professional or technical education in India or in abroad also. The education loan would be provided to those students only who have obtained admission to career-oriented courses e.g. medicine, management, engineering etc., either at the graduate / post-graduate level.
We believe, given the right tools and aid each & every child has the potential to be successful. Our (education loans) aim to be the very tool which will enable them to succeed & reach to their goals in life. No more would a deserving student have to reveal their pursuit of dreams due to lack of money. Our (student loans) will ensure that worthy students are empowered to take their destiny in to their own hands. Our endeavour is to assist / help the future of our nation in education and prosperity.
Quantum of Loan
The quantum of finance under the scheme is capped at Rs. 10.00 lacs for studies in India & Rs 20.00 lacs for studies abroad, which would cover their tuition fees, hostel charges (if any), cost of books, etc. The minimum (education loan) amount would be Rs. 50,000 thousand.
Margin
No margin for education loans up-to Rs. 4 lacs. For loans above than Rs. 4 lacs, 0.5% margin for studies with-in India & 15% for their higher studies overseas.
Timeline for application deaccessioning
Bank will convey its decision with-in 15 working day’s from the date of receipt of the application provided the application is complete in all respects. The computation of 15 day’s shall starts from the day on which all documents required / needed for a proper appraisal of the application are provided by the Customer to bank.
Role of the Guardian:
The parent’s or guardian of the student would be treated as a co-applicant of the student loan. His / her role would be necessarily, like the primary debtor.
Security
3rd party guarantee or collateral security may be asked for in appropriate cases.
Additional Security:
Assignment of (LIC) policy in favour of the Bank for the sum assured being at least 100% of the education loan amount. The policy is kept alive during the currency of the education loan. To ensure this, the annual premium may be included within the computation of the loan requirement, along with the tuition fees & other recurring charges. Further, the future or longer term income of the student needs / required to be assigned in favour of the Bank for meeting the installment obligations.
Disbursement:
The student loan will be disbursed in fully or in suitable installments taking into account the requirement of funds or fee schedule as assessed by the Bank directly to the educational institution or vendor of books or equipment or instruments.
| Purpose | Salaried | Others |
| Identity proof | Identity proof Passport or Voter’s ID card or driving license or PAN card or government department ID card | Passport or driving license or Voter’s ID card & PAN card |
| Income proof | Latest salary slip showing all deductions or Form 16 along with recent salary certificate | IT returns for the last 2 yrs. and computation of income for the last 2 yrs. certified by a (CA) |
| Residence proof | Bank account statement or latest electricity bill or latest mobile or telephone bill or latest credit card statement or existing house lease agreement | Bank account statement or latest electricity bill or latest mobile or telephone bill or latest credit card statement or existing house lease agreement |
| Bank statement & Pass Book where regular salary or income is credited | Last 6 months | Last 6 months |
| Guarantor form | Optional | Optional |
| Other Documents | Copy of admission letter of the Institute along with Fees schedule, mark sheets / pass certificates of S.S.C, H.S.C , Degree courses | Copy of admission letter of the Institute along with Fees schedule, mark sheets / pass certificates of S.S.C, H.S.C , Degree course. |
PROJECT LOAN
Our company has established a geography / position in the industry by rendering highly efficacious Project Loan Services within the market. The financial personnel in our crew raise capital & finance for previously standing & new and future business entities, who want to increase their field of operations. Further-more, these personnel provide / offer great help to our audience for the planning of project report with financiers, financial institutions & many others.
Starting an aspiring new project?
Get project financing for enlargement, heterogeneousness, balancing of equipment, modernization, quality certification or anything else you might need to make sure that your projects are nothing short of victory /success.
Eligibility:
We tendered / offered to companies / firms in sectors such as automobiles, auto-ancillary, nourishment and agri-processing.
- The corporate / firm must be in business for at least 3 yrs. with profit in the last audited monetary yr.
- Greenfield projects can be deliberate only from recognized players in that business
- Dealer condense funding loans can be deliberate for established dealers of reputed auto-mobile OEMs
Documents required / needed for availing Project Finance:
- Company / firm profile as well as existing product range
- Promoter profile including KYC details
- Purpose of the loan
- Security offered
- Audited (balance sheets) of the last 3 yrs.
Features
- Finance amount: Up-to Rs. 40 crore
- Margin requirement: Depends on customer profile
- Tenure: Up-to 6 yrs.
- Security: Normally asset cover of 1.5 times
WORKING CAPITAL LOAN
A loan whose purpose is to finance everyday operations of an organization / company / firm. A working capital loan is not used to buy any long term assets or investments. Rather than it’s used to clear up accounts payable, wages, etc.
We offers / provide you a unique wide range of working capital facilities at your door-step. We provide / offer reasonable, convenient financial / monetary solutions which are of paramount importance in running an economical / efficient enterprise.
You can choose from the wide range of customized working capital loans for easy / flowing business operations.
Working Capital types
- Cash Credit / Overdraft
- (TL) Term Loan
- (LC) Letter of Credit
- (BG) Bank Guarantee
- (PC) Packing Credit
- Post consignment Finance
- Bill Discounting
You can get the bellow loans facilities from (ICICI) Bank to accomplish your Working Capital
- Cash Credit limit facility to accommodate your every-day needs / requirements
- Working capital limits to accommodate your export requirement. Export Credit for providing Pre & Post-Shipment finance to exporters
- Working capital limits in form of non-fund based facilities – Letters of Credit & Buyers Credit to make sure timely delivery of goods.
- Various/ numerous types of Bank Guarantees to satisfy / meet performance & financial obligations
Related Questions
How much loan can I avail of and how is the quantum decided?
The loan quantum is determined based on your needs / requirement, credit assessment & re-payment capacity. However, it is restricted to Rs. 40 crore.
What can be approved as security for my business / commercial loan?
We accept an ample range of securities. The hue cycle includes land & real estate property, plant & machinery, equipment, Fixed Deposits, Deposit Certificates, KVP, NSC, securities issued by Central & State Governments, gold a& other cash equivalents, life insurance policies, and many others.
How long will it take to get the loan?
The commercial loan will be processed within the 20 working days provided everything is in order.
How do I re-pay my loan?
You have the flexibility of opting for Equated Instalment, Bullet Re-payment or Ballooning Re-payment (depending on the needs / requirements of your business). PDCs, ECS mandate or Electronic Transfers are all accepted means of payment.
Can I pre-pay the loan?
Yes, you can pre-pay the business loan. Foreclosure charges at 2% shall be applicable on the principal outstanding.
Why (ICICI) Bank Working Capital Finance is the right choice for you
- Our decentralized operations ensure quick processing & fast availability of loans
- Our Relationship Manager works with you to assist meet all your desires / needs
- We provide / offer competitive rate of interest, commission & charges
- Our more than 3,000 branch network and Anyplace Banking facility ensure ease of operations
What collateral is acceptable for loan facility?
- We offer flexible / versatile collateral options in terms of Commercial / Residential / Liquid securities / Industrial property.
Who can get benefit from Working Capital finance?
If you’re a Manufacturer, Service provider, and merchant or engaged in Wholesale, Trade & having domestic / overseas trade (import or export), you can apply for Business Loans and enjoy benefit from our products and services.
What is the rate of interest for your loan facility?
We offer / provide competitive rate of interest for our loan facilities. The rate of interest for each loan will be determined based on assessment of your business profile, past track record, monetary assessment, loan amount & tenure.
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