ICICI Education Loan – ICICI bank is one of the leading banks which contributes Education Loan for all the eligible students to study in India as well as Abroad. Though there are several banks in India, ICICI bank outperforms all the banks in providing education loan to students due to various advantages. Students who wish to study undergraduate course or postgraduate courses in residential institutes or international institutes can opt for ICICI Education Loan.
The officials of ICICI will offer up to 50 Lakhs of education loan for the students who wish to study in India and up to 1 Crore rupees for the students wish to study in Abroad or Foreign. Many of the student’s first choice is ICICI Education loan due to the easy application process when compared to other banks. In this page, we will provide you with all the necessary information regarding ICICI Education Loan, How to apply for ICICI Education Loan, Eligibility, Intrest rate etc.,
Types Of ICICI Education Loan
Basically, the ICICI bank offers 4 types of education loan and they are listed below:
- Undergraduate Education Loan – Students who have completed their higher secondary level education and further planning to pursue UG or Undergraduate courses will be given loan under this scheme. The loan is applicable for students who wish to study in India or Abroad as well.
- Postgraduate Education Loan – Students who wish to pursue PG or Postgraduate courses in India or else in Abroad can avail loan under this scheme.
- Parents Education Loan – Parents who take an education loan for the purpose of educating their children can opt for this scheme. Parents can go for this loan for their child’s elementary, secondary, higher secondary loan as well.
- Career Related Education Loan – Aspirants who wish to undergo training, certifications that will benefit their career growth can opt for this education loan.
ICICI Education Loan Eligibility Criteria
Students who wish to opt for ICICI Education loan must check their eligibility criteria. The ICICI bank education loan eligibility criteria for all the loan schemes are listed below:
- Candidates must belong to the Indian Nation.
- He/She must have secured admission in a recognized educational institution.
- Candidates must have an invite from the university which he/she have chosen to study.
- Degree students and Diploma students are eligible to apply for ICICI education loan.
- Students should have completed class 10+12 or equivalent education from a recognised school board.
Courses Offered Under ICICI Education Loan
The list of courses offered under the ICICI Education Loan are listed below:
Courses Offered In India – The list of courses offered in India are given below:
- List of approved courses leading to Graduate Degree
- Any Post Graduate Course
- Post Graduate Diploma courses conducted by recognised colleges or universities
- Courses recognised by UGC
- UG/PG courses under AICTE
- Under Graduate or Post Graduate courses under Government/ AIBMS/ ICMR etc.
Courses Offered In Abroad – The list of courses offered in Abroad or Foreign are given below:
- Job oriented degree courses
- Under Graduate (UG) Courses
- Post Graduate (PG) Courses
- Post Graduate Diploma/ Professional courses offered by reputed institutes
Expenses Covered Under ICICI Education Loan
Students who choose ICICI Education Loan will enjoy several benefits as the ICICI education will cover various educational expenses. The list of expenses covered under ICICI Education Loan are listed below:
- School or College Fees
- Hostel Fees
- Exam Fees
- Library Fees
- Laboratory Fees
- Travel Expenses
- Transportation Money for pursuing an education in abroad
- Security bonus for the student borrower
- Money for buying Computer/Books/Uniforms and education-related instruments
- Study tour expenses or project work thesis expenses.
Benefits of ICICI Education Loan
Students who avail ICICI Education Loan will enjoy several benefits. The ICICI Education Loan Benefits are given below:
- Students can avail loan up to 1 Crore rupees
- Candidates who avail loan up to 20 Lakhs doesn’t need margin money
- For Pre-Payment and Part Payment, there are no limitations or restrictions
- Many expenses such as student travel expense, PC/Laptops are covered under ICICI Education Loan
- Pre-Visa expenses are carried out ICICI bank for students who apply for abroad education
- Special foreign exhchange rates for international payments
Features of ICICI Education Loan
The ICICI Education Loan features for both in India or Abroad education are given below:
- Intrest Rate – Starting at 11.5% per annum (Domestic and International)
- Maiximum Loan Amount for students studying in India- 50 Lakhs
- Maiximum Loan Amount for students studying in Abroad- 1 Crore
- Collateral Requirement – As per the institute (Domestic and International)
- UG Collateral-free Loans For Selected Institutes: Up to Rs 20 lakh
- PG Collateral-free Loans For Selected Institutes: Up to Rs 20 lakh
- Moratorium Period: Depends on the course and institute (Domestic and International)
- Margin – No margin up to Rs 20 lakh. 15% margin (Margin/ FD/ Scholarship) for loans above Rs 20 lakh.
|Loan tenure without collateral||Up to 8 years after the course is completed and additionally 6 months can be availed||Up to 5 years after the course is completed and additionally 6 months can be availed|
|Loan tenure with collateral||Up to 10 years after course period is compleded + 6 months||Up to 7 years after course period is completed + 6 months|
How To Apply For ICICI Education Loan?
Follow the steps as listed below to apply for ICICI Education Loan:
- Visit the official website of ICICI bank – icicibank.com.
- Now in the homepage, Click on “Products” tab and select “Loans” from the menu.
- The page will be directed.
- Now scrolldown the page and click on “Education Loan”.
- Read all the intructions carfeully and click on the button “Apply Now”.
- The page will be redirected.
- Now enter all the necessary details such as Name, Location, Contact Number, Emai Id etc.,
- Click on submit.
- You will receive the confirmation to your registered mobile number or email id.
Else students can also visit the nearest ICICI Bank branch, fill the form and get started with your loan approval process.
ICICI Education Loan – Documents Required
The list of documents required for ICICI Education Loan are given below:
- 10th Class marksheets
- 12th Class marksheets
- Additional documents may be asked in case of security required
- Admission letter issued by institute
- Co-applicant KYC and income proof
- Entrance exam scorecards
- Fee structure of the institute
- Graduation marksheets
- KYC Documents
ICICI Education Loan – Frequently Asked Questions
The frequently asked questions or FAQs regrading ICICI Educational Loan are listed below:
Q1. Can I apply for an education loan if I do not have a co-applicant with income?
A: Yes, for PG Courses, applicants with 3+ years of experience can apply for a loan with a non-financial co-applicant.
Q2. What type of interest is applicable on my loan? Simple or compounded?
A: Only simple loan intrest will be applied for the loan.
Q3. Can I pre pay my loan?
A: Yes, students can pre pay the loan.
Q4. What will be the charges for pre-payment?
A: No charges are applicable for pre-payament of the loan.
Q5. Is there a processing fee for an education loan with ICICI Bank?
A: No, there are no processing fees on ICICI Bank education loan.
Q6. What are EMI Payment methods?
A: The EMI Payment methods of ICICI Education Loans are listed below:
- Standing Instruction (SI)
- Electronic Clearing Service (ECS)
- Post-Dated Cheques (PDCs)
Now that you are provided all the necessary information regarding ICICI Bank Education Loan and we hope this detailed article is helpful. If you have any questions regarding this article or ICICI Bank Education Loan, ask through the comment section below and we will get back to you as soon as possible.