ICICI Bank Education Loan

ICICI Bank Education Loan is a financial solution tailored to empower students in pursuing their academic aspirations. Designed with flexibility and competitive interest rates, this loan caters to diverse educational needs, including tuition fees, accommodation, and other related expenses.

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We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

What is an ICICI Bank Education Loan?

The ICICI Bank Education Loan is designed to help students fund their education with competitive interest rates and flexible repayment choices. This loan takes care of different educational expenses like tuition fees and accommodation. The application process is straightforward, and the goal is to make quality education more accessible by offering financial support to students.

ICICI Bank Education Loan Interest Rates 2024

ICICI Bank Education Loan Interest Rate  (in % p.a.) Details
Minimum: REPO Rate + Spread of 3.45% 
  • Education in India: up to Rs. 1 crore
  • Overseas Education: up to Rs. 2 crores
Loan Amount of Unsecured Loan: Up to Rs. 1 crore

What are the Features of ICICI Bank Education Loan?

Category Details
Loan Tenure
  • Bachelor's degree completion + 6 months: 8-10 years afterwards
  • Master's degree completion + 6 months: 10-12 years afterwards
Maximum Loan Amount
  • Course in India: Up to Rs. 50 lakhs
  • Overseas Course: Up to Rs.1 crore
Collateral Requirement Acceptable Collaterals: 
  • Fixed Deposit
  • Fresh Property
  • Cross-collateralization with existing Mortgage loans
Unsecured Loan Requirement Unsecured Loan Limits for Selected Institutes:
  • Undergraduate courses: Up to Rs. 20 lakhs
  • Postgraduate courses: Up to Rs. 40 lakhs
Moratorium Period Depends on the institution and type of course
Margin
  • Premium institutes: No margin
  • Other institutes (up to Rs.20 lakh): No margin
  • For loans more than Rs.20 lakh: 5%-15% margin

What are the Benefits of ICICI Bank Education Loan?

Following are some of the key advantages of borrowing an ICICI Bank student loan:

  • Access loans of up to Rs.1 crore easily

  • Enjoy zero margin money requirements for loans up to Rs.20 lakh

  • Cover student exchange travel costs and laptop charges

  • Secure pre-visa disbursal for students applying for overseas education

  • Benefit from preferential forex rates for international disbursements

  • Save on income tax under section 80E for the interest paid

  • Experience seamless remittance services

  • Obtain collateral-free loans up to Rs.40 lakh for institutions/courses

  • Swift and hassle-free process ensures timely loan disbursement

  • Flexible tenure and repayment options tailored to your needs

  • Avail competitive simple interest rates on loans

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What are the Expenses Covered under ICICI Bank Education Loan Schemes?

ICICI Bank Education Loan Schemes cover a wide range of expenses related to your education, including:

  • Institutional Fees: School/college and hostel fees; Examination, laboratory, and library fees.

  • Study Abroad Expenses: Passage money and travel expenses for international studies.

  • Student Insurance: Premium for student borrower insurance.

  • Educational Materials: Charges for uniforms, instruments, equipment, and books.

  • Institutional Funds: Building fund and caution deposit (refundable, with receipts).

  • Technology Costs: Cost of computers.

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What are the Fees and Charges for ICICI Bank Education Loan?

The fees/ charges levied on taking education loan form ICICI Bank are as follows:

Parameters

Fees/ Charges under ICICI Bank Education Loan

CIBIL charges

Rs. 100 + GST

Document retrieval charges

Rs. 500 + GST

Processing fees

Up to 2% + GST

Cheques bounce charges

Rs. 500 + GST

Swap charges

Rs. 500 per transaction

What is the Eligibility Criteria for ICICI Bank Education Loan?

The following individuals can apply for ICICI Bank student loans in India:

  • Nationality: The applicant should be an Indian national.

  • Academic Qualification: The applicant should have secured admission to a higher education course in recognized institutions, Indian or abroad, through entrance tests.

  • Course Coverage: ICICI Bank offers education loans for undergraduate and postgraduate courses in India and overseas.

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What are the Documents Required for ICICI Bank Education Loan?

The documents required for an ICICI Bank education loan can be broadly categorized into the following:

  1. KYC Documents

    • Proof of Identity: Aadhaar card, PAN card, or voter's ID card

    • Proof of Residence: Recent utility bills (electricity, water, or telephone) or rental agreement

    • Proof of Age: Birth certificate or school leaving certificate

  2. Academic Documents

    • Mark sheets: Class 10th, 12th, and graduation/post-graduation mark sheets (if applicable)

    • Admission letter: Official admission letter from the chosen university or institution

    • Fee structure: Detailed fee structure for the entire course duration

  3. Income Proof

    • Income tax returns: Copies of income tax returns for the past three years for the primary applicant and co-applicant (if any)

    • Salary slips: Recent salary slips (at least three months) for the primary applicant and co-applicant (if any)

  4. Collateral Documents (if applicable)

    • Fixed deposit (FD) or recurring deposit (RD) statements: Copies of FD or RD statements as proof of collateral

    • Property documents: Copies of property documents (if any) pledged as collateral

People also read: Sukanya Samriddhi Yojana

How to Apply for an ICICI Bank Education Loan?

Follow the steps mentioned below to apply for ICICI Bank Education Loan Schemes:

Step 1: Go to your nearest ICICI Bank branch.

Step 2: Prepare required documents like ID, address proof, admission letter, etc.

Step 3: Fill out the education loan application form. If needed, submit collateral documents.

Step 4: Review your application and submit it with all necessary documents.

Step 5: Upon approval, the loan amount will be disbursed for your education.

Conclusion

The ICICI Bank Education Loan offers a comprehensive financial solution for students aspiring to pursue higher education. With competitive interest rates, flexible repayment options, and a streamlined application process, it caters to the diverse needs of students and their families. The loan's accessibility, coupled with ICICI Bank's reputable service, makes it a viable choice for those seeking reliable funding to pursue their educational goals.

FAQ's

  • Is ICICI Bank good for education loans?

    ICICI Bank is a good option for education loans. They offer competitive interest rates, flexible repayment options, and pre-approved loans. However, you should also be aware of the processing fees and prepayment penalties before taking out a loan.
  • Can I get Rs. 25 lakhs education loan without collateral from ICICI Bank?

    Yes, you can get an education loan of up to Rs. 50 lakh without collateral from ICICI Bank, if you are pursuing a course at one of the bank's pre-approved institutions.
  • How long does it take to get an education loan from ICICI Bank?

    The processing time for an ICICI Bank education loan typically takes 2-4 weeks. The exact timeframe may vary depending on the complexity of your application and the availability of supporting documents.
  • Can I get Rs. 20 lakhs education loan from ICICI Bank?

    Yes, you can get an education loan of up to Rs. 20 lakhs from ICICI Bank, subject to eligibility criteria and the specific terms of the loan product you choose.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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