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%.
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