Frequently Asked Questions

An Insta Education Loan is a pre-approved, quick Education Loan offered to eligible customers based on their banking profile or the FD(s) held by them. It has instant sanction with minimal documentation.

Existing ICICI Bank customers who meet the Bank’s eligibility criteria or hold an FD that can be pledged as collateral can avail an Insta Education Loan.

Yes. The loan can be used for education in India or overseas, as per eligibility and documentation.

Eligibility is based on customer profile, credit history, income and whether the customer holds an ICICI Bank FD (if applicable). The student must have confirmed admission to a recognised institute.

A co-applicant might be required depending on the programme, loan amount and repayment capacity.

Yes, you can apply for an FD-backed Insta Education Loan, since the FD acts as security. For non-FD-backed loans, credit score requirements apply.

Yes. Soft copies uploaded online are accepted during digital application.

Yes. The full journey- from application to sanction- can be completed digitally through iMobile or Net Banking.

For FD-backed Insta Education Loans, the linked FD acts as collateral. For pre-approved unsecured Education Loans, no security is required.

Your FD continues to earn interest normally. It is only marked with a lien (i.e., the funds cannot be withdrawn) until the Loan is repaid and closed.

You can link multiple FDs as collateral for the loan. Alternatively, you can adjust the loan amount as per the available FD value.

The FD can be renewed. The lien continues to be marked on the renewed FD until the loan is fully repaid.

Basic KYC documents, admission letter, fee structure, academic documents and income proof (if required). FD-related documents are required for FD-backed Insta Education Loans.

Generally, Education Loans have floating interest rates, subject to the Bank’s policy.

Processing fee depends on the loan type. FD-backed Insta Education Loans might have minimal or zero processing charges.

No. All charges, including GST and administrative fees, are disclosed during the application.

The rate varies based on customer profile, FD type and loan category. FD-backed loans usually have lower rates.

Tenure can range up to 10-15 years depending on the loan amount, course and customer profile.

Yes, this is possible subject to eligibility and assessment. Additional documentation night be required for the same.

Yes, you can pre-pay or foreclose anytime. Pre-payment charges, if any, depend on the loan type.

>FD-backed loans typically do not have penalties for pre-payment. For unsecured loans, charges apply as per Bank policy.

Repayment usually starts after course completion or as per the Bank’s policy. FD-backed loans might have different repayment timelines.

You can place a correction request through an ICICI Bank Loan-Servicing Branch or by calling Customer Care on 1800 1080.

Yes. Disbursement can be done semester-wise or as per the fee schedule.

Yes. However, this is subject to re-evaluation and documentation.

Ensure that your KYC is updated and your banking profile is active. You can also try refreshing the app or contacting Customer Care.

You can track it via iMobile, Net Banking or by contacting Customer Care on 1800 1080. Please keep your application ID handy.

You can retry using another device or reach Customer Care for support.

Check your documents’ status and update any pending information. If everything is in order, please raise a request through Customer Care.

You can contact Customer Care, visit your Branch or raise a request through iMobile.

The lien on the FD is automatically removed after loan closure and the FD becomes fully accessible.

Yes. The Bank issues a loan closure / No Objection Certificate (NOC) upon final repayment.

Once all dues are paid, a closure request can be placed via a Branch or Customer Care.

Yes, if the course and institute meet the Bank’s approval criteria.

Yes, based on your repayment track record and eligibility.

Yes. Disbursement can be made directly to the institute or to the borrower, as per requirement.

You can reapply after updating your documents or improving your credit score / eligibility.

Yes. The funds of an Education Loan can be used to cover tuition fees, costs of travel, books & laptop, living expenses as well as other academic costs.