ICICI Bank Education Loan

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Why Us?

Rates as low as 9.33%
Pre-Admission Loans
Study in India / Abroad
Doorstep Service
Unsecured Loan Available

ICICI Bank Education Loan

ICICI Bank education loan

What is an education loan?

An education loan is a fund acquired by an individual to pursue higher studies in India or abroad. The loan repayment commences after the completion of the education of a student/individual. A period of 6 months is given as a period of grace to students to get a job.

Your choice of interest determines the repayment amount. Therefore, it would be best to decide when you want to repay the loan ( during or after the moratorium period ).

Note:- The moratorium period is the time of your education plus 6 months or 1 year given to get a job.

ICICI Bank education loan

Types of education loans available in India

There are basically four types of education loans available in India:-

  1. Undergraduate education loan:- This loan is given to students who have finished their secondary education and are seeing to do higher studies in the undergraduate program. It can be done in India or Abroad.
  2. Postgraduate education loan:- These types of education loans are provided to students who want to pursue post-graduation after completing their graduation program from any recognised university/College. These loans also can be availed for both ( India or Abroad)
  3. Parents helping education loan:- In this type of loan, parents take the loans for their children’s higher education. This is an unsecured loan, and it need not be for graduate or postgraduate courses. These loans can be taken for elementary and secondary education also.
  4. Carter growth education loans:- Carter growth education loans are provided to young people who want to pursue courses or training, certifications that will benefit their career growth.

About ICICI Bank

ICICI Bank Limited is an Indian financial services firm headquartered in Mumbai, Maharashtra, with its registered office in Vadodara, Gujarat. It is one of India’s leading private-sector banks.

Why should one choose ICICI Bank for Education Loan?

  • To save tax as per section 80E on paid interest.
  • For seamless remittance to international institutions.
  • For a quick and hassle-free process.
  • For timely distribution of loans.
  • Flexible repayment and tenure options that suit your requirements.
  • Competitive simple interest on your loans.

Advantages of ICICI Bank Education Loan

  • Low rate of interest.
  • Less paperwork.
  • No processing fees.
  • No prepayment charges.
  • No pre-closure charges.
  • Faster disbursal of loans 

Key highlights of ICICI Bank Education Loan

Eligibility Criteria
Students who have secured admission
Tenure of Loan Up to 15 years
Loan Amount Up to 20 Lakhs
Interest Rate
Decided by the bank
Processing Fees
Nil

List of Approved Institutes

  • Architecture college
  • Law college
  • Medical college
  • Pharmacy college
  • Engineering college
  • Bio-technology
  • college
  • Management college
  • Science, Commerce, and Arts college
  • Physical education college
  • B.ED college

Courses Covered

When studying in India

  • Graduation courses- B.A.,B.COM,B.Sc etc.
  • Post Graduation courses- Masters and PhD.
  • Computer certificate courses of reputed institutes accredited to dept. of electronics or institutes affiliated with the university.
  • Evening courses by certified and approved institutes.
  • Other courses- diploma/ degree etc. conducted by college/ university approved by UGC/GOVT./ AICTE/ AIBMS/ ICMR/ etc.
  • Professional courses- medical, agriculture, law, dental, management computer ICWA, C.A. etc.
  • Courses offered by National institutes and other private institutions.
  • Courses leading to certifications are not to be considered.

When studying abroad

  • Graduation- job oriented/ professional/ technical courses offered by reputed universities.
  • Post-graduation- MCA, MBA,MS etc.
  • Courses conducted by CIMA- London, CPA, and the USA etc.

Expenses Covered

Expenses Covered under ICICI Bank education loan are as follows:-

  • Payment of course fees.
  • Purchase of Books.
  • Equipment.
  • Instruments.
  • Uniform.
  • Payment of hostel fees.
  • Examination Fees.
  • Study tools.
  • Passage expenses.

The interest rate of ICICI Bank Education Loan for studies in India and Abroad

Applicable Rate of Interest up to INR 4 Lakhs: 13.6%
above INR 4 Lakhs: 14.6%

The interest rates change according to the lending rates of the banks.

The rate of interest decided by the bank for girl students is 0.50% concession on interest.

Documents required

  • Letter of admission.
  • Loan application form.
  • 2 passport size photos.
  • Statement of cost of study.
  • Aadhar card photocopy of student and parent/ guardian.
  • Proof of residence.
  • Pan card of parent/guardian.
  • Proof of identity
  • Student/co-borrower/ guarantor’s bank account statement of last 6 months.
  • Proof of income.
  • A brief statement of assets and liabilities of parent/guardian/other co-borrowers.

How to apply for ICICI Bank Education Loan?

You can apply for an education loan in ICICI bank both offline and online

For taking a loan through offline mode, you need to:-

  • Visit the bank 
  • Fill the form
  • Attach all the required documents to the state.
  • Now please submit it to the bank.
  • And wait for the approval of your loan.

For taking a loan through online mode you just need to:-

  • Visit the official website of ICICI Bank.
  • Go to the education loan section.
  • Fill the form displayed on the screen.
  • And click on apply.

EMI Payments Methods

You can pay ICICI Bank Education Loan EMI in the following three-way:-

  1. Standing Instructions (SI):- If you are an existing account holder of ICICI Bank then SI is the best mode of repayment for you. With this, your EMI’S will automatically be debited at the end of the month.
  2. Electronic Cleaning Service (ECS):- You can use ECS if you are not an existing customer of ICICI Bank. With this, your EMI’S will be debited at the end of the month.
  3. Post-dated check (PDC’s):- You can submit a. Post dated EMI cheques from your non-ICICI Bank account at your nearest ICICI Bank Loan centre.

FAQ’s on ICICI Bank Education Loan

Is ICICI good for an education loan?

Yes, ICICI bank is good for education loans as it helps students realise their dream of obtaining a world-class education in premier institutions abroad by providing a collateral-free loan of up to Rs. 40 lakh, tax savings on interest paid under Section 80(E), flexible tenure and repayment options, and competitive ICICI Bank education loan interest rates.

Can I get a 1 crore education loan?

Yes, you can get an education loan of up to 1 crore from ICICI Bank, which has launched ‘Insta Education Loan,’ which allows customers to get instant approval for education loans of up to 1 crore rupees. This facility allows the borrower to generate the sanction letter in just a few minutes.

Who can be a guarantor for an education loan?

Since most students have no prior credit history, a parent or guardian must co-sign as a guarantor for an education loan.