ICICI Bank carries a reputation for providing the best experience when it comes to offering education loans to those aspiring for higher studies. Bank tends to cover all college expenses including tuition, examination, study tours, etc. Alongside it provides the Insurance premium for the students who avail the student loan. ICICI Bank Education Loan also covers travel expenses or passage money for studies overseas. Learn more regarding the criteria and requirements required to avail of the ICICI Bank Education Loan for domestic and international courses.
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ICICI Bank Education Loan Interest Rate
ICICI Bank Education Loan charges a fixed 11.5% interest rate on its student loans for PG/UGDomestic/ International courses. The interest rate may also depend and vary depending on the course student has taken and the institute rolled.
Eligibility Criteria for ICICI Bank Education Loan
In order to be eligible for a loan, there are some basic eligibility criteria that applicants need to meet. The applicant for the loan or the prospective student needs to be an Indian National and should have cleared 12th standard. Along with that one should have secured admission or invite from a university, in an approved university or college. However, the final decision will be taken by the ICICI Bank to decide whether someone is eligible for an education loan.
Eligible Courses
Courses that are approved for ICICI Bank Education Loan by the Bank are:
| Domestic | International |
| Colleges or universities recognized by the University Grants Commission, | The course that the student enrolls in should be job oriented. |
| Degree/diploma conducted by recognized All India Council for Technical Education | |
| Courses that lead to Graduate, Post Graduate degree/diploma recognized by Government, All India Board of Management Studies, Indian Council of Medical Research, etc. |
Documents Required for ICICI Bank Education Loan
Given below is a list of documents required while applying for the ICICI Bank Education Loan
- Identity Proof – Passport, PAN Card, Aadhaar Card, Voter’s ID Card, Driving Licence, Photo Credit Card, Central and State Govt. issued Photo ID Proof, Defence ID Card, etc.
- Income Proof – Salary Slips (not more than 3 months old), Bank Statements (not more than 3 months old), ITR, Form-16, etc.
- Residence Proof – Aadhaar Card, Ration Card, Passport, Bank Account Statement, Voter’s ID Card, Letter from any recognized public authority, Telephone Bill, Electricity Bill, Water Bill, etc (not more than 3 months old), etc.
- KYC documents of both the student and co-borrower.
- Mark sheets required of classes 10th,and12th, graduation, and entrance exams.
- Admission Letter
- Fee structure
- Income proof of co-borrower might be required for specific courses.
- In a situation where ICICI Bank seeks security/collateral from the borrower’s applicants should possess Residential, commercial property plots that are Non-agricultural
- Fixed deposits if needed.
ICICI Bank Education Loan for Domestic Students
The details of ICICI Education loan for Domestic students is as follows
- Interest Rate – Starts at 11.5 %
- Loan Tenure Without Collateral is up to 8 years post-course period with additional 6 months for postgraduate. For undergraduates, it is up to 5 years post-course period with additional 6 months.
- Loan Tenure with Collateral is up to 10 years post-course period with additional 6 months for postgraduate. For undergraduates, it is up to 7 years post-course period with the addition of l6 months.
- Maximum Loan Amount – ₹ 50 Lakh
- Collateral Requirement is based according to the institute. Collateral-free loans for select institutes: Up to ₹ 20 lakh for UG and up to ₹ 40 lakh for PG courses.
- Moratorium Period – As per the course and institute.
- Margin – 15% margin (Margin/ FD/ Scholarship) only for loans above ₹ 20 Lakh.
- Processing Time – 7 days
- Processing Fee – 1 % of Loan Amount + GST
ICICI Bank Education Loan for Abroad studies
The details of ICICI Education loan for abroad studies are:
- Interest Rate – Starts at 11.5 %
- Loan Tenure Without Collateral is up to 8 years post-course period with additional 6 months for postgraduate. For undergraduates, it is up to 5 years post-course period with additional 6 months.
- Loan Tenure with Collateral is up to 10 years post-course period with additional 6 months for postgraduate. For undergraduates, it is up to 7 years post-course period with the addition of l6 months.
- Maximum Loan Amount – ₹ 1 Crore
- Collateral Requirement is based according to the institute. Collateral-free loans for select institutes: Up to ₹ 20 lakh for UG and up to ₹ 40 lakh for PG courses.
- Moratorium Period – As per the course and institute.
- Margin – 15% margin (Margin/ FD/ Scholarship) only for loans above ₹ 20 Lakh.
- Processing Time – 7 days
- Processing Fee – 1 % of Loan Amount + GST
ICICI Bank along with the tuition fees also gives funds for the following non tuition related expenses:
- Examination, library, and laboratory fees.
- Hostel fees, travel expenses, and passage money for overseas studies.
- Insurance premium for student borrower.
- Caution deposit, building fund, or refundable deposit supported by institution bills and receipts.
- Books, equipment, uniforms, instruments, etc.
- Reasonably priced computer if deemed necessary to complete the course.
- Any expenses that are required to complete the course like study tour, project work, or thesis.
How to Apply for ICICI Bank Education Loan
Students can now easily apply for education loans through any of the two ways provided below.
Online
To apply for ICICI Bank Education Loan follow the steps given below
- Visit the ICICI Bank Education Loan application portal.
- Fill out the form and submit it.
- A ICICI Bank official will get in touch with you as soon as possible.
Note – The bank representative will only call you between 10:00 am and 7:00 pm, Monday to Saturday.
Offline
Applicants can also visit the nearest ICICI Bank branch to apply for the education loan.