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iSMART Service

ICIC Bank iSMART service providers Loans to Indian Students studying in abroad countries like the USA, Canada, UK, Australia, New Zealand, Germany, France etc. Most loans cover all expenses like Tuition fees, accommodation and living expenses. The service provides 100% Income Tax benefit for interest paid under SEC 80E of IT Act. TCS benefit can be availed, where the student will only pay 0.5% on remittance as TAX instead of  4.5% in a Self-funding scenario.  iSMART gives 100% LTV for the collateral security compared to LAP, which is only 65%. 

ICIC Loan Features

  • Up To Rs 1 Crore loan amount for a student studying abroad

  • Unsecured loan amount of Rs 40 Lakhs for CAT A1 & Rs 20 Lakh for CAT A2

  • Interest to be paid during the course + 6 months after

  • Repayment tenure up to 15 years

  • Rate of Interest starting from 9.50% for Premier Institutes, 10.50%* for Secured and 11.99%* for other Institutes

  • 1% of the loan amount processing fees

  • Unsecured loan of 20 Lakh for 270+ institutes in Canada