ICICI Bank offers instant approval of education loan of upto Rs 1 crore
First bank in the country to offer this facility
Mumbai: ICICI Bank today announced the launch of a facility that empowers customers to get instant sanction letter for education loans upto Rs. 1 crore to finance higher studies for themselves or their children, siblings and grand-children in accredited colleges and universities across the world. Called ‘Insta Education Loan’, this first-of-its-kind facility enables lakhs of pre-approved customers to 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.
The ‘Insta Education Loan’ facility significantly improves customer convenience as they can now generate the sanction letter themselves in just a few clicks using the Bank’s internet banking platform. Typically, it takes a few working days for a customer to get the sanction letter of an education loan. Also, it does away with the need of having to visit a bank branch and submitting a whole lot of documents.
Speaking about the new facility, Mr. 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.”