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ICICI Education Loan

ICICI Education Loan: All you need to know

by Ankur Gupta

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.

ICICI Education Loan features: Easier Norms and High Benefits

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.

ICICI Student Loans: Features of schemes
  • Low Interest Rates
  • Total Loan Amount upto ₹40 Lakhs (₹4000000)
  • Special Schemes for Study Abroad (covering Student Insurance and Transit Expenses)
  • Loan Duration upto 15 years
  • Collateral Free Loans upto ₹20 Lakhs (for specific students)
  • Low Documentation required
  • Less (or no) inspection charges, documentation charges

We will now explain in due detail the categories, benefits and other requirements for getting ICICI Student Loan and allied services.

ICICI Education Loan Benefits and conditions

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.

ICICI Bank Education Loan Eligibility

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:

  • Be an Indian National
  • Have cleared your 10+2 (12th) or equivalent examination for Graduation courses.
  • Clear your Graduation for Post-Graduation Loans
  • have cleared your Post Graduation for Doctoral and Post-Doctoral Study Loans
  • And, must have secured an admission (conditional/final offer of admission) from an approved University (Indian/International) for Degree/Diploma Course

Also read: How to apply for education loans at Government Vidylakshmi Portal?

ICICI Bank Education Loan: Documents required

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:-

  • Identity Proof (Aadhar Card, Bank Pass Book, Residence proof and attested photographs)
  • Class 10th, 12th Marksheets and Graduation Marksheet (if applying for Post-Graduation Student Loan)
  • Admission Letter (Conditional/confirmed) from the Educational Institution applying for
  • Identity Proof of Loan Co-Applicant (Gaurdian) if cases of some institutions as specified by various branches
  • Income Proof of Education Loan Co-Applicant (Guardian) for specific collateral free education loans
  • Collateral assurance documents in cases where Education Loan Collateral applies

ICICI Education Loan expenses covered

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:-

  • Tuition Fees of Educational Institutions
  • Books, Laboratory, Library, and Equipment Fees
  • Examination Fees, Re-admission fees, Convenience Fees
  • Travel Expenses and Outward Remittances for Overseas Education Loan Applicants
  • Life and Risk Insurance Premium for Student Applicant
  • Caution Deposit, Building Fund, Welfare and Refundable Deposits as demanded by institutions
  • Purchase of Computer and accessories with just cause of Educational Purposes.
  • Project Work, Research Work, Thesis, Study Tour expenses
  • Travel Insurance for Overseas Education Loan applicants
  • Medical Expenses for conditions occurring as a result of Educational Proceedings

ICICI Bank Education Loan Interest Rate Subsidy: CSIS and Tax Savings

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.

ICICI Bank Education Loan for Domestic Studies

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 Education Loan for International Studies

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.

Features of ICICI Education Loan for Abroad
  • Education Loans for UG/PG/Doctoral/Research and Diploma Courses worldwide
  • Large number of Partner and Trusted Institutions
  • Coverage of maximum expenses (tuition, exam, project, accomodation)
  • Provision of International Student Insurance
  • Option of Student VISA Travel Card
  • Availability of conjugal round trip loan reimbursement for foreign students
  • Long repayment period
  • Wide range of loan options (Loans on FD/RD/Property/Securities, Shares, MF)

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.

ICICI Education Loan offerings for Education Abroad

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

ICICI Education Loan for Study Abroad: Additional Services

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.

ICICI Globetrotter Overseas Individual Student Insurance Policy

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.

ICICI Student Travel Card

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.

Why ICICI Education Loan is preferred than other Education Loans?

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.

Education Loan: Needs of the Few are also important

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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