Unique Reference Number - 20250328BS100037742005/ 1234
Corporate Identification Number (CIN) L65190GJ1994PLC021012
Sanction Date: Mar 28, 2025
Letter Generation Date: Mar 28, 2025
Mr. Ayraf Jamil Raihan
Ms. Shaleha Jamil Raihan
502 , Saginala House , Dwaraka Nagar , Baglur?cross,
Yelahanka
Bengaluru Urban,
Bangalore
560063
Karnataka
Mobile no.: +91 9967008090
Sanction of Education Loan for Rs. 10,00,000
Dear Mr. Ayraf Jamil Raihan,
We have sanctioned your ICICI Bank Education Loan of Rs 10,00,000 (Rupees Ten Lakh only) with Application Number EL0000046491 subject to the
following terms:
Sr.No. Particulars Details
1 Loan amount(‘Facility’) Rs. 10,00,000 (Ten Lakh Rupees only)
The Floating Rate of Interest for the Facility will be the sum of the Repo Rate* and ‘Spread’ per annum,
plus applicable statutory levies, if any (collectively, ‘Interest Rate’).
As on date, the Repo Rate is 6.25 %, Spread is 5.25 % and the Interest Rate is 11.50 %.
For the first disbursement, the applicable Repo Rate will be the rate prevailing one Business Day prior to
the date of disbursement. For subsequent disbursements, the prevailing Repo Rate will be applicable for
the Facility.
The Repo Rate will be reset on the first day of the third subsequent month, from the month when the
Facility has been first disbursed (irrespective of the date of disbursement) and the applicable Repo Rate
will be the rate prevailing one Business Day prior to such reset date.
‘Repo Rate’ or ‘Policy Repo Rate’ means the Rate of Interest published by the Reserve Bank of India
(‘RBI’) on their website.
2 Interest rate
ICICI Bank reserves the right to modify the reset frequency and the reset date as per the RBI guidelines.
The Borrower further acknowledges that the Interest Rate may increase or decrease along with changes in
the Repo Rate.
The Bank may revise the Spread once every three years from the date of the first disbursement, as per the
RBI guidelines.
However, the Bank reserves the right to reset the Spread at any time, upon substantial change in the
Borrower’s credit assessment and/or because of deterioration in the credit risk profile. The Bank will
communicate any change in the Spread through: (i) Letter (ii) E-mail (iii) SMS (iv) Statement of Account
(s) (v) any other suitable mode.
Changes in the Repo Rate will be displayed on the notice boards at ICICI Bank Branches or on the Bank’s
website www.icicibank.com and the Borrower will be liable to pay the revised Rate of Interest.
3 Type of interest Floating Interest Rate
Change in EMI
Change in Tenure Change in EMI &
Particulars Existing (keeping Tenure
For reset, here is the illustration (keeping EMI constant) Tenure (both)
constant)
showing the possible impact of
4 change in the benchmark Interest Rate of Interest 12.00% 13.00% 13.00% 13.00%
Rate on the Monthly Instalment Loan Amount(Rs) 25,60,000 25,60,000 25,60,000 25,60,000
/Tenure of the Loan Account Tenure (in months) 116 126 116 120
EMI Amount (Rs) 36,708 36,708 38,163 37,528
Particulars Base CGST SGST Total
Processing Fee # 7,500 675 675 8,850
Administration Fee, if
0 0 0 0
applicable # #
CIBIL 0 0 0 0
CERSAI, if applicable 0 0 0 0
All the above charges/ fees are non-refundable.
(#) The Processing Fee is a one-time non-refundable fee and is collected by ICICI Bank to appraise the
Application for the Facility. It is independent of the outcome/result of such an appraisal.
(# #) Administrative Fee is a one-time non-refundable charge collected by ICICI Bank for appraising the
valuation of the property to ascertain the suitability of accepting the property for mortgage. It is
independent of the outcome/result of such an appraisal. The fee is Rs 5,000 or 0.25% of the Loan Amount,
whichever is lower, plus applicable taxes.
Part payment Charges applicable - NIL.
Prepayment Charges applicable under Floating Rate Loans - NIL.
5 Description of Charges/Fees Conversion Charges (From Floating to Fixed and Fixed to Floating)
a. For conversion from Floating Rate of Interest to Fixed Rate of Interest, the Conversion Charges
applicable will be Rs 3,000 plus applicable taxes.
b. For conversion from Fixed Rate of Interest to Floating Rate of Interest, the following Conversion
Charges will be applicable:
i. Tenure of up to 37 months – 0.50% of the principal outstanding, plus applicable taxes.
ii. Tenure of above 37 months – 2.00% of the principal outstanding amount, plus applicable taxes.
Prepayment Charges under the Fixed Rate Loans:
A. Fixed Rate Loans to be prepaid within 37 months from Loan origination date - 2.00% of the
principal prepaid, plus applicable taxes
B. Fixed Rate Loans sought to be prepaid after 37 months from the Loan origination date – NIL.
Penal Charges: For default/delay in payment/repayment of any part of the Loan Amount on the due
date - Penal Charges applicable will be 5% per annum on the overdue sum, from the due date to the
actual payment date, plus applicable taxes or other statutory levies, if any.
All taxes, duties, and levies, including but not limited to Goods and Services Tax and any other taxes
levies applicable as per law and as may be amended from time to time, will be additionally charged.
Manipal Institute Of Technology-manipal,
6 Institute name
Manipal Institute Of Technology Mit Manipal, India
7 Course type, Course name Graduate, Btech In Computer Science
8 Margin 0%
9 Type of Security Unsecured
10 Details of security NA
11 Repayment type Pre-Equated monthly instalments (PEMI)
12 Moratorium Period 21 Months
Frequency of Repayment during
13 Monthly simple interest on the loan amount disbursed for 21 Months
moratorium
14 EMI post moratorium Rs 15,980 EMI for 96 Months
15 Tenure of Facility 117 Months
Other terms and conditions:
Mr. Ayraf Jamil Raihan, Self, will be fully responsible and liable for the financial obligations under this Facility.
Ms. Shaleha Jamil Raihan, Mother, will be fully responsible and liable for the financial obligations under this Facility.
The Applicant/Co-applicant(s) agree(s) to duly fund the Savings Account before the EMI date, which should be sufficient to pay the EMI, PEMI or
Partial Interest whichever is applicable.
If the Applicant avails a full moratorium period, the accrued interest during such moratorium period will be added to the principal. In such cases, the
EMIs will be calculated based on the principal and accrued interest and shall be payable after the Moratorium Period. There shall be no repayment during
the moratorium period.
If the Applicant avails a Partial Interest option during moratorium period, the difference between the total interest accrued during such moratorium
period and the partial interest paid during such period (‘Unpaid Interest’) will be added to the principal amount. In such cases, once the moratorium
period ends, the EMIs will be calculated based on the principal and Unpaid Interest.
The Credit Facility Application Form (CFAF), security documents and other transactional documents shall be executed by the Applicant and Co-
applicant(s) in a form and manner acceptable to ICICI Bank. In the event the Facility is secured, security shall be created and perfected upfront by the
Applicant and/or Co-applicant, as the case may be.
The proposed Loan will be disbursed to the institution as stated in the admission letter and/or other documents indicating the fee structure and other
expenses.
This Sanction Letter is valid for period of 6 months. However, the Interest Rate mentioned above is valid for a period of 30 days from the date of this
Sanction Letter, subject to any change in the Repo Rate.
If the facility is being sought for pursuing a course in the United Kingdom (UK), the funds from the Loan will be paid directly to the institute in tranches
or as per the Offer Letter. The portion covering the Living Costs under the Loan will be released to the students on or before their arrival in the UK on
successful Visa processing, as per the specific requirements of the country/institute/embassy.
If the facility is granted, the borrower will be bound to repay the same to the Bank in accordance with the Terms and Conditions governing the facility.
The Bank will be entitled to exercise all rights available to it under the applicable laws and the facility-related documentation with respect to the security
provided (including any Fixed Deposits created for securing the facility) by the borrower.
In cases where the Facility is secured by an immovable property, the original property documents will be handed over within 30 days from the date of
full settlement of the Facility at the Branch where the Loan was serviced, the nearest Loan Servicing Branch as per the Borrower’s communication
address or any other Loan Servicing Branch opted by the Borrower. The release of the original property documents will be subject to there being no
outstanding dues in relation to this Facility or any other credit facility availed by the Borrower, for which the property was mortgaged to the Bank.
This is to confirm that ICICI Bank is governed by the Reserve Bank of India (RBI). It is India's Central Bank responsible for the issue and supply of the
Indian Rupee and regulation of the Indian Banking System.
Margin money as applicable must be serviced.
In case the Applicants have opted for the Floating Rate of Interest –
The Applicants know that any change in the Repo Rate may lead to an increase in the monthly instalments or tenure or both.
Further, at the time of reset of the applicable Interest Rate, the Applicants will have the option to either opt to
extend the tenure of the Facility
enhance the monthly instalment of the Facility
extend the tenure and enhance the monthly instalment of the Facility
prepay the Facility in part or in full, subject to the applicable prepayment charges (the option of prepayment will be exercised according to the
provisions of the Terms relating to prepayment)
convert the Floating Rate of Interest to a Fixed Rate of Interest by availing the conversion option.
To avail of the changes/options mentioned above, the Bank may require additional documents and payment of Prepayment Charges, Conversion Charges
or any other charges, as notified by the Bank and as applicable from time to time. These changes will come into effect from the next immediate Due Date
or Due Dates, thereafter, depending on the date of application.
Any change in the monthly instalment or tenure or both, will be communicated to the Applicants by either
(i) Letter
(ii) E-mail
(iii) SMS
(iv) Statement of Account(s).
Any pending documents post tranche disbursement, must be submitted within 30 days from the disbursement date.
The Applicant, Co-applicant(s) and guarantor should mandatorily hold a PAN Card. The PAN Card should be linked to the Aadhar Card, as per Section
139AA of the Income Tax Act, 1961 and in accordance with the guidelines issued by the Central Board of Direct Taxes.
The signing of this Letter by the applicant and co-applicant(s) constitutes acceptance and acknowledgement of the Terms and Conditions of the Sanction.
For queries, contact our Customer Care, your RM or visit any ICICI Bank Loan Servicing Branch. Visit maps.icicibank.com/mobile for the list of Loan
Servicing Branches and select Loan Servicing Branch under ‘Services’.
Regarding further verification required for this Sanction Letter by the UKVI team, Consulates, Embassies or Universities, write to elverification@icicibank.
com
Please sign and return the acceptance copy of this Letter
I/We agree to the Terms and Conditions of sanction mentioned above.
___________________________________________________________________________________
Mr. Ayraf Jamil Raihan Ms. Shaleha Jamil Raihan
Signature of the Applicant and Co-applicant(s)
Sincerely,
Credit Manager: CHELSI KUMARI
Employee Number: 90060797
For ICICI Bank Ltd.
ICICI Bank Ltd, Shobha Pearl Towers, Commissariat Road, Bangalore - 560001,Bangalore,Karnataka
ICICI Bank PAN: AAACI1195H
ICICI Bank GSTN:
BranchId: 3172
Branch Address: , , , , , -
Regd. office Address: ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara 390 007,India.
Website: www.icicibank.com
Customer Care No's: Retail-1800 1080/Wealth Management-1800 103 8181/Business Banking-1860 120 6699/IDirect-1860 123 1122
This is a system-generated letter. Hence, it does not require any signature.
V3.20240605
