ICICI Bank Education Loan

Interest Rate	Grace Period	Margin Money
9.50% – 14.25%	Course Period + 1 Year	15%

Table of Contents:

1. ICICI Bank Education Loan
2. ICICI Bank Abroad Education Loan
3. ICICI Bank Education Loan Interest Rate
4. ICICI Bank Education Loan Without Collateral
5. Documents Required for ICICI Bank Education Loan
6. Frequently Asked Questions

Studying abroad is a dream for many students, however, financing your education can be a challenge. ICICI Bank education loan provides a hassle-free solution, making it easier for students to achieve their dreams without financial worries. ICICI Bank offers education loans for up to INR 3 crore for students planning to study internationally.

ICICI Bank Education Loan

ICICI Bank education loan has various benefits for students planning to study abroad. The key features of ICICI Bank education loan are as follows:

Particulars	Details
Loan Amount	Domestic – Up to INR 1 crore International – Up to INR 3 crore
Co-borrower	Father, Mother, Brother, Sister, Spouse (Husband/Wife), Grandparents, Parents-in-law, Maternal/Paternal Uncle
Security	Property i.e., House or Flat, Fixed Deposit, Existing ICICI Bank Home Loan for cross-collateral
Loan Tenure	Up to 10 / 12 years for UG courses Up to 12 / 14 years for PG courses
Processing Fee	Up to 2% of the loan amount
Eligibility	Applicant must be Indian and should be between 16 years to 35 years Must have a good academic record and completed 10+2 (12th std/diploma) Must be pursuing a Graduation / Postgraduate degree or PG diploma in Professional Education The university must be listed, recognized, and accredited

ICICI Bank Abroad Education Loan

ICICI Bank abroad education loan is given to students to provide financial assistance of up to INR 3 crore. Here are some of the features and benefits of ICICI Bank abroad education loan:

Particulars	Details
Special Products for Professionals	Tailored loan options for government employees, CXOs, and professionals with 2 years of work experience
Countries	Special loan offerings tailored for students planning to study in Canada, the UK, and Germany, addressing their specific needs
Collateral-free Loans	Students at premier institutes can get collateral-free loans with no margin of up to INR 1 crore, with no need for additional security
Digital Process	Easy loan process with no branch visits
Pre-admission Sanction	Secure financial assistance before finalizing their admission

ICICI Bank Education Loan Interest Rate

Your interest rate on your education loan determines the amount you would be required to pay on your loan amount. ICICI Bank’s education loan interest rate is [REPO* + 3.75%(Spread)] onwards. The details are as follows:

Minimum Interest Rate	Maximum Interest Rate	Mean Interest Rate
9.50% per annum	14.25% per annum	11.26% per annum

ICICI Bank Education Loan Without Collateral

ICICI Bank offers education loans without collateral of up to INR 1 crore for students securing admission abroad. Here are some benefits of securing an ICICI Bank education loan without collateral:

• Pre-approved Instant Sanction: Applicants can access instant sanction letters online for their pre-approved education loan.
• Tax Benefits: Applicants can get tax benefits under Section 80(E) for their education loan. They can get tax benefits for the entire interest amount paid without any upper limit.
• Easy Application Process: Applicants can apply for an ICICI Bank education loan without collateral online in just a few minutes.
• Turnaround Time: This reduces the time of the education loan sanction from days to minutes.

Documents Required for ICICI Bank Education Loan

If you are planning to apply for an ICICI Bank abroad education loan, here are the documents required:

• A duly filled online application form
• 2 passport-size photographs
• Copy of 12th mark sheet or latest education certificate
• Admission letter from university, including cost of education (if available)
• PAN card of student and parent/guardian
• Address proof: Any of the following – Passport, Driving License, Voter ID, NREGA Job Card, National Population Register Letter, or Aadhaar Card
• Age and Identity proof: Any of the following – Passport, Driving License, Voter ID, or Aadhaar Card
• Income proof:
  • Recent salary slips and Form 16 of parent/guardian/co-borrower
  • Last 3 months bank statements for non-ICICI bank customers
  • Updated ITR with income computation of parent/co-borrower/guardian for last 2 years

Frequently Asked Questions

What are the ICICI Bank education loan eligibility criteria?

If you apply for an ICICI Bank education loan, you must fulfill the eligibility criteria. You must be an Indian national aged between 16 to 35, with a good academic record, and have completed 10+2. The applicant should be pursuing a recognized graduation, postgraduate degree, or PG diploma in professional education and must have secured admission to a university.

How do I fill out the online application form for the ICICI Bank education loan?

To complete the ICICI Bank education loan online application form, visit the official website or your nearest branch. However, for a seamless application process and expert guidance, you can contact Nomad Credit for free.

What is the ICICI Bank education loan processing fee?

ICICI Bank charges a processing fee of up to 2% of the loan amount for its education loan. The processing fee is paid at the time of loan sanction and is included in the overall amount.

Before receiving the admission letter, can I apply for the ICICI Bank education loan?

You can apply for the ICICI Bank education loan before receiving your admission letter. However, if you have your university admission letter and the cost of education, you must submit it to the bank during the loan process.

How long does it take for ICICI Bank education loan approval?

Once all your necessary documents have been submitted, you can expect your loan disbursement in 5 to 7 days.