ICICI Education Loan – A Comprehensive Guide

ICICI Bank is a leading private sector bank in India, with a robust presence across the country. Founded in 1994, ICICI Bank has emerged as a pioneer in the Indian Banking landscape, offering a wide range of financial products and services to individuals, businesses, and corporations.

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In the realm of education loans, ICICI Bank stands out as a trusted provider, catering to the needs of aspiring students seeking financial assistance to pursue higher education.

Recognizing the significance of higher education in shaping career aspirations, ICICI Bank offers comprehensive student loan solutions to empower aspiring individuals to pursue their academic goals. With an easy and streamlined application process, ICICI Bank aims to provide accessible financial support to students embarking on their professional education journeys, both within India and overseas.

The article provides essential information on the eligibility criteria, benefits, and the application process for ICICI education loans.

ICICI Education Loan – Eligibility Criteria

Age

  • The applicant must be between 16 and 35 years of age at the time of loan application.

Academic Record

  • The applicant must have a good academic record throughout their educational journey.
  • For studies in India, the student must have secured admission to a recognized university or institution.
  • For studies abroad, the applicant must have secured admission to a recognized university or institution mentioned on the approved list of ICICI Bank.

Course Selection

  • The applicant must be pursuing a full-time undergraduation, postgraduation degree programmes or PG diploma course in a recognized university or institution.
  • The course must be recognized by the relevant statutory body or authority.
  • The course must be included in the approved list of ICICI Bank.

ICICI Education Loans – Loan Amount

Loan Amount

ICICI Bank offers education loans up to: 

  • ₹1 crore for studies in India
  • ₹2 crore for overseas studies

This generous loan amount allows students to pursue their academic aspirations without financial constraints.

ICICI Education Loan – Documents and Application Process

Documents Required

The following documents are required for the ICICI Education Loan application process:

Career Assessment Test

  • Duly Filled Application Form: ICICI Bank’s website
  • Passport-Size Photographs: Two photographs of the applicant
  • Mark Sheets: Mark sheets of 12th standard or latest education certificate
  • Admission Letter: Admission letter with cost of education, if available
  • PAN Card: PAN Card of the student and Parent/ Guardian
  • Income Proof: Most recent salary slips and Form 16 of the parent/guardian/co-borrower
  • Age Proof: Aadhaar Card /Voter ID/Passport/Driving Licence
  • Bank Statement: Latest 3 months bank statements for non-ICICI Bank customer
  • ITR (Income Tax Return): Updated ITR of parent/co-borrower/guardian

(Income Tax Return with income computation) of 2 years 

Application Process

There are two ways to apply for an ICICI Education Loan programme:

Online

  • Visit ICICI Bank’s website and click on the “Education Loans” tab.
  • Click on the “Apply Online” button.
  • Fill in the online application form and upload the required documents.
  • Submit the application form and wait for approval.

Offline

  • Visit your nearest ICICI Bank branch.
  • Collect the education loan application form and apply.
  • Submit the application form and required documents to the bank representative.

Contact Details

ICICI Bank Customer Care Number – 1800 1080 (Toll Free)

Registered Office

ICICI Bank Tower

Near Chakli Circle, Old Padra Road, Vadodara 390007, Gujarat, India.

Buddy4Study - Education Loan

Tel : 1800 1080

CIN : L65190GJ1994PLC021012

Corporate Office

ICICI Bank Towers

Bandra-Kurla Complex, Mumbai 400 051

Tel : 1800 1080

Fax : +91-22-26531122

Important Links

Apply Online for ICICI Education Loan Here

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ICICI Education Loan – Frequently Asked Questions

What is the interest rate for the ICICI Education Loan programme?

Interest Rate Information
[*REPO + 3.45%(Spread)] onwards             For courses in India: Up to ₹1 Crore

            For Courses abroad: Up to  ₹2 Crore

 

Unsecured Loan Amount – Up to ₹1 Crore

* Interest rates are linked with Repo rate, the rate of interest at which the central bank of a country lends money to commercial banks.

What type of interest is applicable on my education loan? Is it simple or compounded? 

Simple interest will be calculated on an education loan.

What are the key documents required to apply for an education loan?

The mandatory documents that a student need to provide to the banks while applying for a student loan are as under:

Duly filled online application form • 2 photographs of passport size • Copy of 12th standard mark sheet or latest education certificate • Admission letter with cost of education if available • Pan Card of the student and Parent/Guardian

Other important required documents are clearly mentioned on the website of the education loan provider.

Are there any co-signer requirements for the ICICI education loan?

Yes, co-signer requirements exist for the ICICI Education Loan. A co-signer, typically an adult, assumes responsibility for the loan in case the student is unable to repay it. The co-signer must meet specific eligibility criteria, which include maintaining a good credit score and having a stable source of income.

Can I prepay my ICICI education loan without penalties?

Yes, you can prepay your ICICI Education Loan without penalties. There are no prepayment charges for ICICI Education Loans. This means that you can make additional payments towards your loan principal at any time without incurring any additional charges. Prepaying your loan can help you save money on interest and pay off your loan sooner.

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