ICICI Education Loan for Study Abroad – Benefits and Features

ICICI Education Loan Services are already popular among Indian parents in education of Indian students. The ICICI Bank also provide the services of ICICI Education Loan for Study Abroad to help students pursue their internationallal studies.

ICICI Education Loan for Study Abroad provides easy application process, starting from 1-day Foreign Education Loan sanction. They also provide relatively higher loan amount limits, upto 3 crore Indian rupees which helps in covering overall costs outside the country. With all these provisions ICICI Educations Loans can help anyone pursue the dreams of global education with financial freedom.

ICICI Education Loan for Study Abroad: Benefits & Features

Students find many providers of Education Loan for Study Abroad, but most of them have mismatching services. What students need is one Education Loan Service which has all benefits of other servcies. ICICI Education Loan for Foreign Education covers following concerns of Indian students going abroad:

  • Maximum academic expenses covered (tuition fees, accommodation, exam, project, research etc.)
  • Travel Expenses and in-flight expenses covered
  • Student Medical Insurance covered
  • Expenses of VISA and other official expenses covered
  • Multiple options of Loan schemes
  • Lowest rates of international study loans
  • Least documentation required
  • Quick turn-around-time, no need to apply months and years earlier

Students visiting foreign institutions for education seldom get these many facilities. We’ll now present in depth how ICICI Student Loan helps you get easy loans, with least procedure hassle and simple eligibility requirements.

ICICI Education Loan for Study Abroad: How much loan can you get?

Tuition expenses incorporate major portion of foreign education for any student in any country. The staggering amount of expenses including the living and accommodation arrangements are seldom covered by Foreign Education Scholarships. ICICI Bank Student Loan for Foreign Education provides following expense limits to loan applicants.

ICICI Education Loan for Study Abroad amount limits and timelines

ICICI Education Loan for Study Abroad detailsLoan Amount AvailableLoan tenure details
International Loan for Under-Graduate studies (with collateral)₹ 10000000 (1 Crore)Loan tenure: 5 years + 6 months
International Loan for Under-Graduate studies (without collateral)₹ 2000000 (20 Lakhs)Loan tenure: 7 years + 6 months
International Loan for Post-Graduate studies (with collateral)₹ 10000000 (1 Crore)Loan tenure: 8 years + 6 months
International Loan for Post-Graduate studies (without collateral)₹ 4000000 (40 Lakhs)Loan tenure: 10 years + 6 months

ICICI Education Loan for Study Abroad: Documents Required

Documents for ICICI Student Loan Schemes for Study Abroad are very limited in number. The ease in compilation of required certificates and proofs has made applying for ICICI Education Loan for Study Abroad almost a one day affair. The details of documents required for various loan services based on the kind of collaterals is mentioned as follows.

ICICI Student Loan Type: Foreign EducationDocuments Required
Loan Against Securities

Loan against Shares, bonds, insurance policies, fixed maturity plans

  • Residence Proofs, PAN Card, Identity Proof
  • De-Mat Account Report (Statement)
  • Processing fees Cheque
  • Application Form
Loan Against Property (Commercial or Residential Property)
  • Application Form
  • Bank Statements
  • Form 16/ Income Tax Returns
  • Education Qualification Certificate
  • Copy of Title Documents for the Property to be Mortgaged
  • Salary Slips
  • CA Audited Balance Sheet
  • Identity Proof
Loan/Overdraft Against Fixed Deposits and Recurring Deposits
  • Application Form
  • Original FD receipts of FD/RD holder
Education Loan for Study Abroad UG/PG
  • KYC Documents
  • Marksheet of 10th, 12th, Graduation/Post Graduation (if applicable)
  • Approved Fee Structure
  • Co-applicant KYC Documents
  • Income Proof of the Co-applicant and applicant (if applicable)
  • Collateral Documents (As requested by bank)

Find how can you apply for Study Abroad Education Loans online with Government of India’s Vidyalakshmi Portal here.

ICICI Student Loan for Study Abroad: Interest Rates

ICICI Bank Interest rates already are low enough for Indian applicants for domestic education. Now with their ICICI Education Loan for Study Abroad and low Foreign Education Loan Interest Rates; ICICI Bank is helping Indian students get the international exposure and global education.

ICICI Foreign Education Loan and Financial Planning assistance offer Education Loan interest rates at such comparable rates that it almost seems more viable than getting a domestic study loan. We’ve compiled the list of interest rate options that various ICICI Student Loan Schemes provide to applicants.

ICICI Education Loan for Study Abroad Scheme NameLoan Interest RatesAdditional Benefits
Education Loan for Study Abroad UG/PG11.5% onwardsCollateral Free Loans upto ₹ 4000000 for PG and ₹ 2000000 for UG (selected institutions)
Education Loan Against Securities11% (fixed)Interest payment- only against used Overdraft

No Pre-Payment charges

Education Loan against PropertyBetween 10.5% to 12%Loan upto ₹ 3 Crore

Repayment Tenure upto 15 years

Loan/Overdraft against Fixed and Recurring Deposits
  • Interest rate on FD/RD + 2% (if applicant is parent)
  • Interest rate of FD/RD + 1% (if applicant is grandparent)
  • ICICI Bank FD Interest Rate/RD Rate + 2.50% (other bank family, friend, relative loan applicant)
One day Loan Sanction

Upto 90% of FD/RD amount available as Loan

Least documentation hassle

More detailed information about ‘ICICI Education Loan Interest Rates, Tax Benefits and Interest Subsidies‘ are available here.

ICICI Education Loan for Study Abroad: Calculating Education Loan EMIs

Taking admission at a foreign institution for higher studies sometimes takes years of financial planning. Passionate students start preparing for examinations at a very early stage in their academics, while parents start planning for the financial expenditure for the same.

ICICI Student Loan Calculator helps you to identify the investment required to make the foreign education of your child a smooth ride. It is also adjusted to provide you with the EMI details considering the inflation estimations for the coming years to help you plan your loan accordingly.

The details that you need before visiting this calculator are:-

  • Complete Academic Expenditure Estimate for Foreign Institute (including tuition, exams, field trips, research and projects)
  • Estimates of Living Expenses (including food, accommodation, occasional travel back home)
  • Details of Course Duration
  • Number of years after which your child is planning to start a foreign education or,
  • Estimated time that you plan to take in repaying the study abroad loan

Entering these details in the respective fields of the ICICI Student Loan Calculator will provide you with monthly EMI which you would need to roll out for affording the education loan. This figure also represents the monthly investment that you might need to do in order to afford this education without any ICICI Student Loan when your child starts her/his education.

Refinancing of Education Loan‘ is very common for Study Abroad requirements. Read more about it at Buddy4Study.

ICICI Foreign Education Loan- Additional Services for Students

It would have been rather easy for students if only tuition fees for foreign education was an issue. But, exam fees, post-admission and pre-admission concerns are issues which no other bank considers. ICICI Bank provides additional services to loan applicants so that parents can stay rested while their children gain good education outside the country.

Pre-Admission, Admission Stage and Post-Admission ICICI Bank Forex Services for Students

SAT exams, GMAT, GRE and TOEFL aren’t the only exams that one has to pass in order to get into foreign institutions. Applicants have known this always that giving these exams, is an equal financial concern as tuition expenses itself.

Apart from pre-admission, there are admission stage expenses as well which incorporate not only tuition but research and academic travel expenses as well. Post-admission stay in any country also involves expenses which students often overlook.

These expenses have always deterred the students from even applying to the institutions of their liking.

ICICI Education Loan for Study Abroad account for travel expenses for interviews and form filling expenses as well. The complete details of ICICI Student Loan Expenses covered for Foreign Education pre-admission are mentioned as follows:

ICICI Foreign Education Loan StageICICI Foreign Education Service/Benefit NameExpenses Type CoveredLimits and Details
Pre AdmissionICICI Student Travel Card- Online Form Filling ExpensesCompetition and Exam FeesAs Applicable
ICICI Student Travel Card- University Application FeesTuition Fees (1st Instalment) Registration FeesAs Applicable
ICICI Student Travel Card- Pre Travel SolutionsCab Rental, In-Flight Expenses, International Mobile ConnectionRespective to margin payment (generally between 10% to 15%)
ICICI Outward RemittancesTravel Cash in Forex (available in 16 currency denominations, USD, EURO, GBP, CHF, SGD, JPY, AED, AUD, CAD, KWD, HKD, QAR and SAR)Upto USD 3000 or equivalent in cash for one trip (Subjective to FEMA regulations)
Admission StageICICI Student Travel Card- Tuition Fees to UniversityAvailable in 5 currency denominations- USD, EURO, GBP, AUD and CADValidity 3 years, option for International Student Identification Card upgrade and remote reloading of funds from home (India)
Foreign Demand DraftResearch and Travel ExpensesAvailable in 6 currency USD, GBP, Euro, AUD, CAD and SGD, FEMA limitations applicable
Post Admission StageTravel and Remittance ExpensesGlobetrotter Overseas Individual Student Insurance Policy

ICICI Bank Student Travel Card- Loan

Medical Insurance expenses for emergency expenses

One time travel expense for relatives in case of emergency

ICICI Education Forex Services relieve parents for remote addition of funds and currency exchange concerns as well.

Learn how to use your Study Abroad Education Loan for education abroad.

ICICI Education Loan for Study Abroad: From Travel to Post-Admission Finances

Global Education is becoming a generic need of every other Indian household. Indian Educational Institutions are rapidly becoming as expensive as their foreign counterparts. This has made many concerned parents to find options abroad for the glorious future of their meritorious children.

ICICI Education Loan for Study Abroad: Scholarship Adjustment and other options

Getting admission into the foreign institutions is one thing and arranging the financials for the same is another. Most of the students and parents consider that scholarships are enough to cover their expenses for the whole ride throughout their stay abroad. Buddy4Study has been enabling the aspirations of many students and parents by providing them with scholarship information and application assistance. Scholarships and Fellowships are also adjustable with education loans that students secure from various banks.

While the faith of parents and students in the educational institutions is appreciable, the reality of academic finances states otherwise. Considering this, the ICICI Education Loan for Study Abroad schemes cater to all-inclusive needs of students, right from travel to emergency expenses. For more details on other education loans from banks for domestic and foreign studies, you can visit Buddy4Study Edu Loan Services as well.

Find more details about customized Education Loan services for Foreign Education.