Home / Loans / Education Loan / ICICI Bank Education Loan

ICICI Bank Education Loan

Financial assistance is available to qualified students who want to pursue professional higher education in India or abroad under the ICICI Bank Education Loan Scheme. You can receive financial assistance with an ICICI Bank education loan, but there are limitations and conditions.

Connect with our Loan Advisor Now!

  • Personalized Home Loan solutions
  • Expert guidance
  • Application assistance
  • Credit score discussion
  • Home Loan interest rate comparison

Get in Touch for Loan Expert Advice

+91
₹

Features of the ICICI Bank Education Loan

Category

Details

Loan tenure

  1. Post-course period of undergraduate course plus 6 months: Up to 8 to 10 years
  1. Post-course period of postgraduate course plus 6 months: Up to 10 to 12 years

Maximum loan amount

  1. Domestic course: Up to Rs.50 lakh
  1. International course: Up to Rs.1 crore

Collateral requirement

Acceptable examples of exceptional collateral include cross-collateralization with already-existing mortgage loans, fresh real estate, and fixed deposits

Unsecured Loan requirement

  1. Unsecured loan for selected institutes of up to Rs.20 lakh for undergraduate
  1. Up to Rs.40 lakh for postgraduate courses

Moratorium period

Based on the institution and course

Margin

  1. Premium institutes: no margin
  1. Other institutes: no margin up to Rs.20 lakh
  1. For loans more than Rs.20 lakh, 5%-15% margin

Eligibility Criteria for ICICI Bank Education Loan

  1. You can apply for this loan if you are Indian national
  2. You should have completed 12th standard
  3. You should have acquired an admission or invite from an approved university/diploma course/college in degree

Fees and Charges of ICICI Bank Education Loan

Parameter

Fees

Processing fees

Up to 2% + GST

CIBIL charges

Rs.100 + GST

Swap charges

Rs.500 for every transaction

Document retrieval charges

Rs.500 + GST

Cheques bounce charges

Rs.500 + GST

Documents for ICICI Bank Education Loan

  1. Graduation certificate
  2. Your 10th and 12th standard mark sheets
  3. Your admission letter
  4. Entrance exams certificates
  5. Fee structure certificate
  6. The KYC documents of Co-applicant and proof of income
  7. Two photographs of passport size

*A few additional documents could be requested in case collateral is required

Interest Rate for ICICI Bank Education Loan

Interest Rate

Information

10.25% p.a. onwards

  1. For courses in India: Up to Rs 1 Crore
  1. For courses abroad: Up to Rs 3 Crore

Unsecured Loan Amount – Up to Rs 1 Crore

* Mean rate = Sum of rate of all loan accounts/number of all loan amounts

Expenses Covered by ICICI Bank Education Loan Schemes

  1. Fee that must be paid to the institution, i.e., school/college fees and hostel fees
  2. Examination/laboratory/library fees
  3. Passage money and travel expenses for international studies
  4. Insurance premium for student borrowers
  5. Charges for uniforms/instruments/equipment/books
  6. Building fund, caution deposit/refundable deposit supported by receipts/bills from the institution
  7. Cost of computers

FAQs

What is Insta Education Loan?

Customers can use this service to obtain an instant penalty letter online without having to visit a branch repeatedly or speak with staff members.
Who can avail Insta Education Loan without collateral?

ICICI Bank customers who wish to study abroad and have a pre-approved offer with the bank.
Why Insta Education Loan?

For VISA application, sanction letters from bank are accepted and help fund the student’s admission confirmation at overseas Universities to get their I-20 for studying in USA.