ICICI Bank Education Loan

When it comes to education, the real worry is about the funding for the same. ICICI Bank education loan is what you need if you are planning to pursue higher professional education in India and abroad. With the right education loan, you don’t have to worry about your finances anymore.

The ICICI education loan offers a very flexible repayment period along with affordable interest rates. You can avail quick and hassle-free loan processing along with seamless remittance to international institutes. One of the major benefits of the ICICI Bank education loan is the fact that you can save income tax u/s 80E on interest paid.

ICICI Education Loan Interest Rates 2024

The interest rate for the ICICI education loan starts at an affordable rate.

The rates for pursuing under graduation and post-graduation are mentioned below:

Features of ICICI Bank Education Loan

1. Loan Amount

You can avail a loan up to Rs. 50 lakhs if you wish to pursue an education in India. For overseas studies, the loan limit is up to Rs. 1 crore.

2. Margin

There is no margin money required for loans up to Rs. 20 lakh. For loans above Rs. 20 lakh, the margin ranges from 5% - 15%.

3. Coverage

The expenses covered under the loan scheme include the fees payable to college and hostel. It also covers the examination, library and laboratory fees. Furthermore, it covers travel expenses or passage money for studying abroad. The insurance premium for the student is also provided along with expenses for the purchase of books, equipment like laptop and computer, uniform and other instruments. Other expenses related to study tour, project work, thesis, etc., are also covered in the loan.

4. Courses

For students wishing to pursue education within India, the loan covered courses leading to graduate, post-graduate degree or postgraduate diploma conducted by colleges and universities covered by UGC, AICTE, Government, AIBMS, ICMR, etc.

For students wishing to pursue education internationally, a job-oriented degree or a postgraduate diploma and professional courses offered by reputed institutes at Undergraduate and Postgraduate level are offered.

5. Visa and Forex Rates

Pre-Visa disbursal is available for students applying abroad for education along with preferential forex rates for international disbursements.

6. Collateral Requirement

The requirement for Collateral will be based on the institute as per the bank’s discretion. Collateral free loans are available for select institutes for up to Rs. 20 lakh for Undergraduate courses and up to Rs. 40 lakh for Post-graduate courses.

7. Loan Tenure

For students pursuing undergraduate education within India and abroad, the loan tenure with collateral is up to 7 years post the completion of the course with an extra 6 months. For students pursuing post-graduation in India and abroad, the loan tenure with collateral is up to 10 years post the completion of the course with an extra 6 months.

8. Security

You can provide residential, commercial property or plot (not agricultural) as tangible collateral. Fixed deposits are also accepted.

Eligibility for ICICI Education Loan

1. Nationality

Anyone applying for the loan should be an Indian national.

2. Admission

You should have secured admission or invitation from university for a degree or diploma course.

3. Age

The applicant should be minimum age of 18 years, the maximum age can be of 35 years.

4. Academic Record

The student should have good academic performance and record.

5. Qualification

Pursuing graduate/postgraduate degree or a PG diploma.

6. Income

The parent or guardian should have a stable source of Income.

7. Security

Tangible collateral or guarantor, depending on the loan amount and income source.

Documents Required for ICICI Education Loan

While applying for the loan, here are the mandatory documents that a student need to provide to the banks:

• Age proof - Copy of aadhaar card /Voter ID/Passport/Driving License
• Identity proof - Copy of Voter ID/Aadhaar Card/Driving License/Passport
• Residence proof - Rental agreement/Bank statement of 6 months of the student or co-borrower/guarantor/Copy of Ration card/Gas Book/Electricity Bill/Tel Bill
• Duly filled and signed application form with affixed photographs
• 2 photographs of passport size
• Copy of exam mark sheets of 10th/12th or latest education certificate
• Statement of course expenses/cost of study
• Aadhaar Card and PAN Card of the student and Parent/ Guardian
• Income proof
  • Most recent salary slips or Form 16 of the parent/ guardian/co-borrower
  • 6 months bank statement of the borrower or updated passbook of bank
  • Updated ITR (Income Tax Return with income computation) of 2 years or IT assessment order of last 2 years of parent/co-borrower/guardian
  • Documents stating the assets and liabilities of the parent/co-borrower/guardian
• KYC
• Mark sheets of 10th, 12th, graduation and entrance exams
• Admission letter
• Fee structure
• Co-applicant KYC and income proof
• Additional documents may be requested in case of collateral required

Other Charges

Other charges include internation processing fees, administrative charges, late penalty charges and more.

ICICI Bank Education Loan Customer Care Number

You can Call 1860 120 7777 for any queries or complaints.

Conclusion

ICICI bank education loan provides secure coverage for all your educational needs. You can stay stress-free throughout your education and pay back the loan with their flexible tenure option. Read all the loan-related documents carefully before applying for the loan.