ICICI Bank Education Loan for Studying Abroad – Eligibility & Rates
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| Interest Rate | Grace Period | Margin Money |
| 9.50% – 14.25% | Course Period + 1 Year | 15% |
Studying abroad is a dream for many students, however, financing your education can be a challenge. ICICI Bank overseas 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.
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Features of ICICI Bank Education Loan for Abroad Studies
ICICI Bank’s overseas 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 |
|
| 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 |
|
| Processing Fee | Up to 2% of the loan amount |
| Eligibility |
|
Unique Benefits of 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 Foreign Education Loan Interest Rate 2025
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 Abroad Education Loan Without Collateral
ICICI Bank offers abroad 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 overseas 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 overseas 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 abroad 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.
Mansi Jain
Updated on July 31, 2025
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