ICICI Education Loan

ICICI Education Loan is available for both domestic and international universities. ICICI Bank is offering up to INR 2 crore education loan for studying abroad.

Getting admission into a top university abroad is not easy as you have to go through a lengthy process of admission and sometimes you do not have sufficient funds to pursue the desired course in the university of your choice. Well, that is the moment of despair for students. This is the point where students can seek an education loan to prevent financial constraints from coming in their way of the admission process to their dream university. Almost all the banks facilitate education loans to students but choosing the right one is a matter of concern. ICICI Education Loan provided by the ICICI Bank is one of the most suited options available for you. Let’s have a look at this education loan in detail.

Name of Loan	ICICI Education Loan
Age Limit	16 to 35 years old (Only)
Qualification	Must have completed 10+2/ Diploma
Loan Amount	Domestic – Up to INR 1 Crore International – Up to INR 2 Crore
Unsecured Loan Amount	Up to UNR 1 Crore
Loan Processing Fees	Up to 2% + GST (non-refundable)
Interest Rate	10.50% Secured 10.75% Unsecured
Security	Property i.e. House or Flat, Fixed Deposit, Existing ICICI Home Loan for cross collateral.

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Understanding the ICICI Education Loan

ICICI Bank is known for its excellent banking and financial services. ICIC Education loan is one of the most popular services offered in the Indian banking sector. Currently, ICICI Bank is offering education loans to domestic and international students who have secured their admission to a recognised and accredited university in India and abroad.

There are two types of ICICI education loans available; Up to INR 1 Crore to domestic students and Up to INR 2 crore to international students. However, this loan is only available to students with Indian citizenship.

Residential and commercial properties can be kept as collateral while applying for an education loan. Non-agricultural plots and fixed deposits will also work. ICICI Bank also offers a collateral-free in which the borrower does not have to offer any asset or pledge any collateral to get the loan. However, this loan has to be paid 6 months after the completion of the degree. 

Why ICICI Education Loan?

When it comes to education loans, a lot of people prefer public banks rather than private banks. Private banks like ICICI are known for their hassle-free loans to students. ICICI being one of the leading banks in the country offers loans with competitive lesser interests. Making your admission to universities overseas seamless, ICICI offers quick remittance to international institutes. It also gives you the choice of flexible payment and tenure options to suit your requirements. With ICICI Education Loan, you can save income tax on the interest paid. 

Also Read: Education Loan without Collateral and How to Get an Education Loan for Studying Abroad

ICICI Bank Education Loan Details

Stated below are the features of the ICICI education loan for domestic as well as international studies- 

ICICI Education Loan in India

The table below expands upon the ICICI education loan in India.

Details	Postgraduate	Undergraduate
Interest Rate	Starts at 11.5 %	Starts at 11.5 %
Loan Tenure Without Collateral	Up to 8 years post-course period with additional 6 months	Up to 5 years post-course period with additional 6 months
Loan Tenure with Collateral	Up to 10 years post-course period with additional 6 months	Up to 7 years post-course period with additional 6 months
Maximum Loan Amount	INR 50 Lakh	INR 50 Lakh
Collateral Requirement	As per the institute. Collateral-free loans for select institutes: Up to INR 20 lakh for UG and up to INR 40 lakh for PG courses.	As per the institute. Collateral-free loans for select institutes: Up to INR 20 lakh for UG and up to INR 40 lakh for PG courses.
Moratorium Period	As per the course and institute.	As per the course and institute.
Margin	15% margin (Margin/ FD/ Scholarship) only for loans above INR 20 Lakh.	15% margin (Margin/ FD/ Scholarship) only for loans above INR 20 Lakh.

ICICI Education Loan Abroad

The table below expands upon the ICICI education loan in abroad countries.

Details	Postgraduate	Undergraduate
Interest Rate	Starts at 11.5 %	Starts at 11.5 %
Loan Tenure Without Collateral	Up to 8 years post-course period with additional 6 months	Up to 5 years post-course period with additional 6 months
Loan Tenure with Collateral	Up to 10 years post-course period with additional 6 months	Up to 7 years post-course period with additional 6 months
Maximum Loan Amount	INR 1 Crore	INR 1 Crore
Collateral Requirement	As per the institute. Collateral-free loans for select institutes: Up to INR 20 lakh for UG and up to INR 40 lakh for PG courses.	As per the institute. Collateral-free loans for select institutes: Up to INR 20 lakh for UG and up to INR 40 lakh for PG courses.
Moratorium Period	As per the course and institute.	As per the course and institute.
Margin	15% margin (Margin/ FD/ Scholarship) only for loans above INR 20 Lakh	15% margin (Margin/ FD/ Scholarship) only for loans above INR 20 Lakh

Check out These Loans by the Government:

• Education Loan by Delhi Government
• Education Loan Scheme by Narendra Modi
• Education Loan for Abroad Studies by Indian Government

ICICI Bank Education Loan: Maximum Amount

If you have sufficient collateral security, you can obtain the maximum secured loan amount of Rs. 1 Cr. The maximum amounts for an ICICI education loan without collateral are as follows:

Category A1	Category A2	Category A3
Maximum Unsecured Amount: INR 40 lakhs	Maximum Unsecured Amount: INR 20 lakhs	Unsecured Loans: not possible

Note: The fact that you can take a partially secured loan is a very unique feature of the ICICI Bank education loan policy. Assume you need a Rs. 45 lakhs education loan from ICICI bank. If your university is in the A2 category on ICICI’s Prime University List, you can apply for a maximum ICICI unsecured education loan of Rs. 20 Lakhs.

Eligibility Criteria

To successfully receive the ICICI education loan, applicants must fulfil all the required eligibility criteria, which are listed below.

• The applicant must be a resident of India.
• The applicant must have completed the admission to a university.
• The age limit is 16 to 35 years.
• The applicant must have an Indian passport.
• The applicant should have received the admission letter from the university.
• A good credit/CBIL score is essential.

What Does the ICICI Education Loan Covers?

The education loan is inclusive of the following features:

• Examination, library, and laboratory fees.
• Hostel fees, travel expenses, and passage money for overseas
• Books, equipment, uniforms, instruments, etc.
• Caution deposit, building fund or refundable deposit supported by institution bills and receipts.
• Insurance premium for student borrowers.

Also Read: Loans to Study Abroad for Indian Students

Courses Covered

As we are discussing all the important details pertaining to ICICI education loan, let us also take into account the courses to which this loan is applicable:

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.
• Evening courses of approved institutes.
• Computer certificate courses of reputed institutes accredited to Dept. of Electronics or Institutes affiliated with the University.
• Regular Degree/Diploma courses like Aeronautical, Pilot Training, shipping, etc. approved by the 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 by National Institutes and other reputed private Institutions – depending on prospects/recognition by the user Institutions.
• Courses offered in India by reputed foreign universities.
• Other courses leading to diploma/degree etc. conducted by colleges/universities approved by UGC / Govt. / AICTE / AIBMS / ICMR / etc.
• Courses leading to certification are not to be considered

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 the USA, etc.

ICICI Education Loan: Prime University List

The list of prime universities under different categories are tabulated below.

A1 Category	A2 Category	A3 Category
Harvard University	National University of Singapore	Purdue University
Massachusetts Institute of Technology (MIT)	University of Texas at Austin	Grenoble Ecole de Management
London Business School	University of Amsterdam	Swinburne University of Technology
HEC Paris	University of Warwick	Loyola University, Chicago
Princeton University	University of Tokyo	University of Colorado, Denver

How to Apply ICICI Education Loan?

ICICI Bank has offered way separate ways to apply for its education loan. Students can apply through any of these ways.

1. ICICI Bank Branch

Students are required to visit their nearest ICICI bank branch and apply for an education loan. This is an offline process and is preferred by most of the students.

2. Apply Online

With the smooth internet connectivity and digital platforms, ICICI Bank has also started offering its education loan services online. Students can visit the ICICI official website and apply for an education loan under the ‘Loans’ section. Here is the website: https://loans.icicibank.com/loans/.

3. VidyaLaksmi Portal

Eligibile students can also apply for the ICICI Bank education loan on the VidyaLaksmi portal. VidyaLaksmi is an education loan portal where students are offered smooth educational loan services.

4. Pre-approved Education Loan

This option is available to existing ICICI customers only. This is one of the smoothest educational loan options which will be sanctioned instantaneously and without any paperwork.

Documents Required

Students should ensure that they have the below-mentioned documents to avail for the education loan.

• KYC
• Marksheets of 10th, 12th, graduation and entrance exams
• Admission letter of the university or college
• Fee structure of the course applied for
• Co-applicant KYC and income proof (needed for specific courses only)

• Income Proof of co-borrower*
• Residential, commercial property plots (Non-agricultural). **
• Fixed deposits. **

Once you are ready with all the documents, you can start your application process. For this, you may either visit the nearest ICICI Bank branch and fill in the ICICI Education Loan application or simply apply online wherein the bank executive will contact you to help you complete the process.

*Income proof required only for specific courses.

** Only asked for when ICICI Bank seeks security/collateral from the borrowers.

ICICI Education Loan Modes for EMI of Loan

ICICI education loan can be repaid through:

• Standing Instruction (SI) 

The best mode for repayment is Standing Instruction if you are an existing account holder with ICICI Bank. Your EMI amount will be debited automatically at the end of the monthly cycle from the ICICI Bank account you specify.

• Electronic Clearing Service (ECS)

For all the non-ICICI bank account holders, this mode can be used to deduct the EMIs automatically at the end of the monthly cycle from the account.

• Post-Dated Cheques (PDCs)

Students can submit post-dated EMI cheques from a non-ICICI Bank account at their nearest ICICI Bank Loan Centre. Then, a fresh set of PDCs will have to be submitted on time. Please note: Post Dated Cheques will be collected at non-ECS locations only.

ICICI Education Loan: Important Points to Note

Here are some critical points to consider when applying for an ICICI Education Loan for study abroad:

• The ICICI Education Loan Scheme is extremely versatile, allowing for secured, unsecured, and partially secured education loans for international studies.
• The ICICI Education Loan eligibility criteria are quite stringent. ICICI has a very specific list of colleges, universities, and courses that are loan-eligible. 
• An ICICI education loan is not available if your institution is not on their list.
• The terms and conditions of the ICICI Education Loan Policy are entirely dependent on your university’s ranking.
• Even Bachelor’s programmes are eligible for an ICICI Unsecured Education Loan. This point deserves special emphasis because no other financial institution will provide collateral-free education loans for Bachelor’s degree programmes.

Related Reads To Consider

• Syndicate Bank Education Loan
• IDBI Education Loan
• Bank of Baroda Education Loan
• Allahabad Bank Education Loan
• The PNB Education Loan Program
• Canara Bank Education Loan
• HDFC Education Loan
• Vijaya Bank Education Loan
• Avanse Education Loan
• IOB Education Loan
• Axis Bank Education Loan
• Allahabad Bank Education Loan
• SBI Education Loan

Other Funding Options

You can also look for several scholarship options such as HDFC Scholarship, Canara Bank Scholarship and Inspire Scholarship amongst others. that provide funding for studies in India and abroad.

FAQs

Whether you are looking to study in India or abroad, ICICI Education Loan helps you with a hassle-free loan application to fulfill your dreams of pursuing your desired course. You can reach out to our experts at Leverage Edu for more information on loan consultation as well as career-related guidance. For more entertaining and informative content, follow us on Facebook, Instagram, and LinkedIn.