All About ICICI Bank Education Loan
ICICI offers The Educational Loan Scheme – Shiksha Sarthi. This ICICI Bank education loan is aimed at providing financial support to deserving/ meritorious students for pursuing higher education in India and abroad. The student who can avail of this education loan scheme:
- Should be an Indian National
- Secured admission to professional / technical courses in India or Abroad through Entrance Test / Merit Based Selection process
Courses covered in ICICI Bank Education Loan Scheme
For Studies in India :
Graduation courses,Post Graduation courses, Professional courses, Computer certificate courses, Courses like ICWA, CA etc, Courses conducted by IIM, IIT etc., Courses offered in India by reputed foreign universities, Courses offered by National Institutes and other reputed private institutions, Teacher Training Course/Nursing Course/B.Ed approved either by the Central Government or by State Government and many more .
For Studies Abroad:
Graduation : For job oriented professional/ technical courses offered by reputed universities, Post graduation: MCA, MBA, MS, etc., Courses conducted by CIMA- London, CPA in USA etc.
ICICI Bank Education Loan Eligibility
The student should be an Indian National and secured admission to professional / technical / Graduation / Post Graduation courses in India or Abroad through Entrance Test / Merit Based Selection process.
- Sanction of loan will be considered on the basis of academic record, net worth & income of family and scope for securing good / gainful employment. The student will have to submit all required documentary evidences including receipts, estimates etc. & progress / performance report to the Bank regularly till completion of the course.
- In case of studies abroad, student should submit the Unique Identification Number (UIN) / copy of Identity Card to the branch.
- The student / applicant should not be availing / will not avail any education loan during currency of our loan. Necessary Affidavit / Undertaking to this effect to be obtained.
- Type of Loan:
- Term Loan (To be sanctioned preferably by the Branch nearest to the place of residence of parents).
- Borrower: Student and Parent / Guardian jointly.
- Age Limit: Minimum 16 years and maximum upto 40 years.
- B.Courses eligible
- For Studies in India:
- Graduation courses – BA, B.Com, B.Sc. etc.
- Post Graduation courses – Masters & Phd.
- Professional courses – Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, ICWA, CA, CFA etc. Courses conducted by IIM, IIT, IISc, XLRI, NIFT etc.
- Computer certificate courses of reputed institutes accredited to Dept. of Electronics or Institutes affiliated to University.
- Regular Degree/Diploma courses like Aeronautical, Pilot Training, shipping etc. approved by Director General of Civil Aviation/Shipping, if the course is pursued in India. In case the course is pursued abroad, the Institute should be recognized by the competent local aviation / shipping authority.
- Courses offered in India by reputed foreign universities.
- Evening courses of approved institutes.
- Other courses leading to diploma / degree etc. conducted by colleges / universities approved by UGC / Govt. / AICTE / AIBMS / ICMR / etc.
- Courses offered by National Institutes and other reputed private Institutions – depending on future prospects / recognition by the user Institutions.
- Courses leading to certification are not to be considered.
For Studies Abroad:
- Graduation – for job oriented professional / technical courses offered by reputed universities.
- Post graduation – MCA, MBA, MS etc.
- Courses conducted by CIMA – London, CPA in USA etc.
ICICI Bank Education Loan Amount
- Studies in India – Maximum Rs.10.00 lacs
- Studies abroad – Maximum Rs.20.00 lacs
- Quantum of finance subject to repaying capacity of the parents / students with margin and the following ceilings.
ICICI Bank Education Loan Interest Rates
Loan Amounth Interest Ratesh Up to Rs 4 lakh IBAR ( not exceeding BPLR) Above Rs. 4 lakh BPLR + 1% At least 0.50% concession in interest rates on Education Loans to girl students for pursuing higher education in India and abroad Penal interest @ 2%
Note: Presently the rate of interest is 11% (4% below BPLR)(subject to change from time to time)
Expenses covered under ICICI Bank Education Loan
- Fee payable to college/ school/ hostel
- Hostel expenses
- Examination/ Library/ Laboratory fee
- Purchase of books/ equipments/ instruments/ uniforms
- Caution deposit/ building fund/ refundable deposit supported by Institution bills/ receipts
- Travel expenses/ passage money for studies abroad.
- Purchase of computers – essential for completion of the course
- Any other expense required to complete the course – like study tours, project work, thesis, etc
Security required under ICICI Bank Education Loan
Loan Amount Security Upto Rs 4 lakh Co-obligation of parents Above Rs 4 lakh and upto Rs. 7.5 lakh Co-obligation of parents along with Collateral in the form of a suitable third party guarantee for 100% of the loan amount to be taken Above Rs 7.5 lakh Co-obligation of parents along with Collateral security of 100% value of loan
Leading Education Loan Providers (Click to Apply)
- SBI Education Loan
- BOI Star Education Loan
- HDFC Education Loan
- IDBI Education Loan
- Punjab National Bank Education Loan
- Other Banks
ICICI Education Loan EMI Calculator ICICI Education Loan Interest Rates
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