ICICI Education Loan at Buddy4Study
ICICI Education Loan services are more simplified than other Bank Education Loans in India, perhaps because they understand the simple needs of a student. ICICI Education Loans help students by covering maximum expenses like lab fees, exam fees, loan for research and project work, and student insurance. The ICICI Student Loan conditions also provide simplified repayment rules, higher education loan subsidy and higher loan amount allocation.
There are many ICICI Bank Education Loan Schemes which concentrate upon ICICI Student Insurance and Student Extra-curricular expenses which many other banks fail to consider. ICICI Bank Education Loan Interest Rates are more competitive than any other private bank loans for education.
We will now explain in due detail the categories, benefits and other requirements for getting ICICI Student Loan and allied services.
The terms and regulations of even the top banks providing education loan service bother many loan applicants and parents, but we’ve simplified them in the table below for the ease of your understanding.
| ICICI Bank Education Loan (UG) Terms and Details↓ | Domestic Education | International Education |
| Interest Rate | 11.5% per annum (less/more depending upon institution/course) at the discretion of Internal ICICI Loan dept. decision | 11.5% per annum (less/more depending upon institution/course) at the discretion of Internal ICICI Loan dept. decision |
| Maximum Loan Amount | ₹ 5000000 | ₹10000000 |
| Collateral Requirement | Depending Upon Institution and Course. Collateral Free Loans: Upto ₹ 2000000 (for selected institutions’ list as updated on yearly basis with Branch Managers) | Depending Upon Institution and Course. Collateral Free Loans: Upto ₹ 2000000 (for selected institutions’ list as updated on yearly basis with Branch Managers) |
| Moratorium Period | 6 months to 1 year (depending upon the course and institution of education) | 6 months to 1 year (depending upon the course and institution of education) |
| Margin Payment | None till ₹ 2000000 15% Margin or set-off by Scholarship (if any) for Loans above ₹ 2000000 irrespective of per disbursement value. | None till ₹ 2000000 15% Margin or set-off by Scholarship (if any) for Loans above ₹ 2000000 irrespective of per disbursement value. |
| Loan Tenure Without Collateral | 6 months after course completion period + 5 years (for Undergraduate Courses) Fixed 6 months after course completion period + 8 years (for post-graduate Courses) | 6 months after course completion period + 5 years (for undergraduate courses) Fixed 6 months after course completion period + 8 years (for post-graduate Courses |
| Loan Tenure With Collateral | 6 months after course completion period + 7 years (Undergraduate courses) Fixed 6 months after course completion period + 10 years (for post-graduate Courses) | 6 months after course completion period + 7 years (Undergraduate courses) Fixed 6 months after course completion period + 10 years (for post-graduate Courses) |
Read more about Education Loans Terms and terminologies to better understand these features.
As simple as it could be, the eligibility of ICICI education loan does not needs requires confusing details of course and institution. For ICICI Bank Students loan you only need to complete the previous academic level with a secured admission into the next institution for which the loan is being sought.
In simple words, to be eligible for ICICI Education loan, you need to:
Also read: How to apply for education loans at Government Vidylakshmi Portal?
The list and pile of documents that banks usually demand for Education Loans pose a problem for many Education Loan Applicants. ICICI Bank Student Loan has a concise list of documents required, for both application and disbursal of funds. In order to get your ICICI Bank Education Loan documents straight you need:-
Not all education loans by national banks and private banks cover all expenses that students might face in their time at institutions. Some banks miss out on essential expenses like Loan for Laptop, Loan for Project Work and Research; but ICICI Loan for Education offers to cover maximum number of student expenditures. We have verified the list of all expenses that ICICI Education Loan might avail for you:-
There are two benefits of taking Education Loan from ICICI. Interest paid on the Education Loan worries a lot of Education Loans applicants. At ICICI they help the students to feel at ease with the repayment norms. The ICICI Education Loan Interest Rate Subsidy comes with following two features:-
| ICICI Student Loan Benefit↓ | Details of the Benefit↓ |
| Interest waiver: ICICI Bank Education Loan Interest paid for the Moratorium Period | Complete Interest Rebate: for Course Duration plus 6months/1 year (as applicable) |
| Income Tax Savings: Under Section u/s 80E | ICICI Bank Education Loan Interest paid is tax deductible for the complete duration of loan |
With these benefits students can pay off their maximum ICICI Education Loan within the moratorium period and also relieve their parents/co-applicant from the economic burden of interest thereafter.
Now let us try to know more about the detailed information about the different ICICI Bank Loan Schemes related to Education of young Indians. This next section of information will provide you with details of what courses are eligible and what institutions does the ICICI Bank Student Loan covers.
Domestic institutions have always carried the responsibility of young student and professional education with utmost responsibility. But rising education expenses, have made parents and students more burdened with finances than studies.
ICICI Domestic Education Loans provide for all the expenses that could be enlisted in the roasters of any educational institution. Besides providing Tuition fees for the institutions ICICI Bank Student Loans consider accommodation costs, research travel costs, examination fees, laboratory fees, books-instrument and equipment fees, etc. ICICI Domestic Education Loan is applicable to all Indian Institutions certified UGC/AICTE/Government Undertaking/AIBMS/ICMR etc. providing graduation, post-graduation, diploma and degree courses. Some elite certifications courses are also covered under this ICICI Bank Loan Scheme, but the list is short and very competitive.
ICICI being a private banking institution has access to resources and collaborations with many foreign institutions which allows it to provide the necessary monetary support to Indian National visiting foreign universities for higher education.
ICICI Bank Loan for Education Abroad incorporates provide vivid array of services account for a richer and well provisioned experience of students away from home.
The ICICI Education Loan for Overseas Education is a specific section of provisions for students going abroad for education. With their connections across the globe ICICI has been able to understand the needs of foreign institutions and students studying there in a better way. The norms of Foreign Education Loans by ICICI are even simpler than the domestic loans. ICICI education loans also cover overseas examination fees like SAT Exam, LSATS, GRE, TOEFL, GRE, GMAT. Education Loan ICICI Bank Details for Foreign Education have been laid down as follows:-
| S. No. | ICICI Education Loan for Overseas | Benefits of ICICI Abroad Education Loan |
| 1. | ICICI Loan against Securities (LAS) | Interest Rate at fixed 11% per annum No prepayment charges Interest charged only on disbursed amount via Overdraft Flexibility on principal repayment Option to liquidate collateral principle set-off Unique facility of selling collateral shares online |
| 2. | ICICI Foreign Education Loan against Property (LAP) | Loan Amount upto ₹ 30000000 (₹ 3 Crore) Repayment duration extended to 15 years Prepayment of loan sum anytime Comparatively low interest rates |
| 3. | ICICI Education Loan / Overdraft against Fixed and Recurring Deposits for Overseas Education | Loan Overdraft upto 90% of FD/RD Interest Rate of FD Interest rate + 1% for Senior Citizen Applicants Interest rate of FD + 2% for Parents Loan Processing within 1 day |
In addition to these services ICICI Bank Loan for Education Abroad is dedicated to serve students’ interests throughout the term of their foreign education. There are other services as well which cater to the needs which other bank loans fail to consider.
Considering the mandatory needs of foreign institutions regarding medical and health insurance of visiting students. Includes provisions for a 2-way compassionate visit as well for parents and guardians in case of emergency.
Combined with ICICI Bank Student Loan schemes and also usable with fund deposits from parents; this card can help in form filling expenses, in-flight expenses, checked-in baggage loss, and personal accident expenses.
ICICI Education Loan go to the levels of creating more ‘Requirement Centric Education Loan Solutions’ compared to ‘Category Centric Education Loans’. Which means that ICICI Bank Education Loan facilities do not differentiate between the applicant categories of State, Social Section, and Economic Status etc. In fact they’ve built a holistic student loan service around the requirements of any student after the loan has been sanctioned to them. ICICI Bank also accounst for common concerns of education loans including interest subsidy, co-applicant obligations, salary bound agreements.
ICICI Education Loans have been categorized on the simple conditions of whether the student is pursuing education in India or outside. Keeping the loan process limited to such conditions, allows the terms of ICICI Education Loan Repayment and Interest rates more organized.
Being a loan applicant, to go through those interest rates’ charts back and again; and to check various Education Loan subsidy regulations becomes tiresome. Buddy4Study has gone through the problems of loan applicants while implementing the scholarship programs at grassroots levels with its Education Programs. Thus we’ve been able to compile the customized services from multiple Education Loan providers, which sync with the demands of various students and concerned parents likewise.
With all these details we believe that you’re more than equipped to pursue your educational dreams for both domestic and international education.
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