ICICI Bank Education Loan: ICICI Education Loan offered by ICICI Bank to an individual to pursue higher education in India or Abroad. Students have to start the loan repayment after completing their education. Students will get a grace period of 6 months to get a job. Students can decide the loan repayment process. The repayment amount will be as per their selection of interest. That means whether they want to start paying at the time of the moratorium period or after the moratorium period.
The moratorium period is the time given to students for their education and 6 months or 1 year grace period to get a job. Only after completion of this period students have to start paying the loan amount. Students have to repay a huge amount at the time of their graduation since the loan interest commences to accrue during the dispersal of funds. But, the loan amount during graduation can be reduced if your parents/ guardians will start the loan repayment during the moratorium period. In this period, it will be calculated as simple interest. Read the complete article to get all the information about ICICI Bank Education Loan.
ICICI Education Loan offered by ICICI Bank to support the financial needs of the students. ICICI Bank offers competitive education loans at good interest rates. Due to ICICI Bank Education Loan, many students have taken admissions in top universities and colleges in India and abroad. ICICI Bank understands the career aspirations of students and provides them the best education loan to fulfill their dream.
The Industrial Credit and Investment Corporation of India (ICICI) Bank is one of the largest private sector banks in India. It was founded in 1994. It provides banking products and financial services to corporate and retail customers by a variety of delivery channels and its group companies. It offers a collection of credit products designed to match the various needs of its customers. ICICI Education Loan aims to provide financial support to outstanding students for pursuing higher professional education in India and overseas.
Types of ICICI Education Loan
The below-given are the types of education loans provided in India.
- Under Graduate Education Loan
- Post Graduate Loan
- Parents Availing An Education Loan
- Career Growth Education Loans
Under-Graduate Education Loan: This will be given to students who have completed their secondary education and seeking graduation in India or abroad.
Post-Graduate Education Loan: This will be given to students who want to pursue post-graduation after completion of under-graduation from a reputed university/college. This loan can be given for studying in India or abroad.
Parents availing an education loan: This will be given to parents for the educational purposes of their children. This loan is an unsecured loan and not only for graduation or post-graduation but also for elementary and higher secondary courses.
Career growth education loans: This will be given to young individuals who wish to pursue courses/ training or certifications which help in their career growth.
ICICI Education Loan Overview
|Conducting Body||ICICI Bank|
|Scheme Name||ICICI Education Loan|
|Loan Tenure||15 years|
|Loan Amount||Up to 50 Lakhs for studying in India or Abroad|
For Vocational courses up to 1 Crore
|Purpose||offered education loan to an individual to pursue higher education in India or Abroad|
ICICI Education Loan Eligibility Criteria
Students must fulfill the following eligibility criteria to apply for the ICICI Education Loan:
- The student must be a citizen of India.
- Students must have secured admission to the approved university/college in the degree or diploma courses.
- Students should have completed 12th standard.
ICICI Education Loan Benefits
The following are the benefits and coverage of ICICI Education Loan:
- Get tax benefits under section 80E on interest paid
- Low-interest rate
- No processing fee
- Quick and hassle-free loan disbursal
- Less paperwork
- Competitive simple interest on a loan
- Remittance to international institutes
- Flexible repayment and tenure options
- No prepayment and pre-closure charges
- Avail loans up to 1 crore
- No margin for loans up to 20 lakhs
- Preferential forex rates for international loan disbursal
- Pre-visa disbursal for students who will apply for overseas education
- Collateral free loan up to 40 Lakhs only for selected institutes or courses
ICICI Education Loan Expenses Coverage
The following are the coverage of the expenses of ICICI Education Loan:
- Students exchange travel expense and passage expenses for study abroad will be covered
- Exam or library or laboratory fee
- Insurance premium for the student borrower
- Building fund or refundable deposit supported by institution bills or receipts, caution deposit
- College fees, hostel charges, buying books, equipment, instruments, uniforms
- Buying a computer/ laptop at a reasonable cost if required for completing the course
- The study tour, project work, a thesis will also be covered in other expenses required to complete the course
Courses Covered Under ICICI Education Loan
- For India: Approved courses in graduation or post-graduation or postgraduate diploma conducted by recognized colleges or universities approved by AICTE or Govt or UGC or ICMR or AIBMS etc.
- For International: Job oriented degree or PG diploma or professional courses offered by reputed institutes at under-graduate and postgraduate level.
ICICI Education Loan Interest Rates
Girl students will get a 0.50% concession on education loan interest rates for pursuing higher education in India and Abroad. Refer to the following interest rates and margin offered by ICICI Bank in education loans.
|Loan Amount||Interest Rates|
|Up to 4 Lakhs||13.6%|
|More than 4 Lakhs||14.6%|
ICICI Education Loan Margin
|Up to 4 Lakhs||Nil|
|Above 4 Lakhs||5% for study in India|
|Above 4 Lakhs||15% for study in Abroad|
ICICI Education Loan Charges and Repayment
- Loan Amount: Up to 50 lakhs for your educational needs in India and up to 1 crore for studying in Abroad.
- Security: The parents/Guardians will be the co-applicant of the loan and the primary debtor. Tangible collateral will be accepted as security with the third-party guarantee by the bank. Security will not be required for loans up to 4 lakhs.
- Loan Amount Secured: above 7.5 Lakhs
- Loan Amount Unsecured: Up to 7.5 Lakhs
- Processing Fees: Nil
- Pre-payment Charges: Nil
- Late Payment: 2% per month
- Repayment Period: 5 to 7 years
- Moratorium Period: 1 year after completing the course. Repayment starts in 6 months of getting a job.
ICICI Education Loan Payment Methods
Refer to the following payment methods to repay the ICICI Education Loan.
- Standing Instruction (SI): This is the best method of repayment for the existing account holders of ICICI Bank. The EMI amount will be debited automatically at the end of every month from your existing ICICI Bank account.
- Electronic Clearing Service (ECS): This method is convenient for those individuals who have a bank account in other Banks. They would like to debit EMIs automatically at the end of every month from this bank account.
- Post-Dated Cheques (PDCs): applicants can submit their post-dated EMI cheques of non-ICICI Bank account at their nearest ICICI Bank Loan Centre. A fresh set of PDCs should be submitted within a stipulated time. Please keep in mind that PDCs will only be collected in non-ECS locations.
It is recommended to select either the SI or ECS method of payment for faster and hassle-free processing than the use of PDCs.
How To Apply for ICICI Education Loan?
ICICI Education Loan can be applied through online or offline mode. The applicant should visit the nearest ICICI Bank branch to get the application form. Otherwise, you can also download it from the official website of ICICI Bank. Fill the form to apply and submit it along with the necessary documents to the nearest branch. Then, your loan approval process will be started. Refer to the below points to apply online for ICICI Education Loan.
- Go to the official website of ICICI Bank.
- Click on the ‘Apply Online’ menu that appeared on the homepage.
- Click on ‘Apply Now’ that appeared under the Education Loan section.
- Fill the correct information in the education loan application form.
- Upload the necessary documents along with the education loan application form.
- Then, submit the ICICI Education Loan application form to start the loan approval process.
ICICI Education Loan Checklist of Documents
The following documents have to be submitted to apply for the ICICI Education Loan.
- Students KYC (Photo ID, Residential Proof, 2 passport size photograph)
- Marksheets of 10th, +2, graduation, and entrance exams
- Admission Letter
- College fee structure
- KYC of Co-applicant (Aadhaar, Pan card, 2 passport size photograph, Residential proof such as electricity bill/telephone bill/house lease agreement/bank statement)
- Income proof of Co-applicant (6-month bank account statement, ITR or Form 16 of last 2 years, last 3 months salary slip)
- Accepted security of Co-applicant (Residential or Commercial Property or Non-agricultural Plots, Fixed deposits)
FAQ’s on ICICI Education Loan
Why should ICICI Education Loan?
ICICI Education Loan offered by ICICI Bank to an individual to pursue higher education in India or Abroad. It provides tax benefits under section 80E on interest paid. The loan can be availed with a low-interest rate, no processing fee, quick and hassle-free loan disbursal process.
How much processing fee required for ICICI Education Loan?
ICICI Bank will not charge any processing fee on education loans.
How much interest rates will be charged for girl students on education loans?
Girl students will get a 0.50% concession on education loan interest rates for pursuing higher education in India and Abroad.
Whom can I show as my co-applicant?
You can show your parents, grandparents, in-laws, spouse, brother, and sister as your co-applicants.
How many days will be taken to disburse the loan amount?
The loan disbursement process will take 15 working days after the submission of all required documents.
Which type of interest will be calculated on my loan?
Your loan interest will be calculated as a Simple interest.
Will the scholarship be accepted as margin money?
Yes, the scholarship awarded to the applicant from the respective institute can be accepted as margin money.
We hope this article will help you to get more information about ICICI Education Loan. If you have queries related to ICICI Education Loan, then leave it in the comment box.
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