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Categories: Education Loan

ICICI Education Loan Interest Rate and Subsidies

Education Loan Interest Rates have confused many loan applicants for ages and has stopped them from applying for education loans. ICICI Bank Education Loan Services have stable interest rates to help Indian students in their studies. The simple ICICI Education Loan interest rate options and availability of ICICI Bank Education Loan Interest Rate Subsidy for specific cases is a treat for applicants.

They also have easier Education Loan Application Process compared to other banks who provide education loans. With ICICI Bank Student Loans if an applicant has ready documents, the process can be done within 24 hours as well for specific schemes. We have laid down the details of all the interest rates for various ICICI education loan schemes for your convenience.

ICICI Education Loan Interest Rate for Domestic Education

ICICI Study Loans: Who can apply?

Education Loan at ICICI for Domestic Institutions covers the educational expenses of tuition, exams, lab, research, laptop, insurance fees, etc. Any Indian student studying from a UGC / Govt. / AICTE / AIBMS / ICMR or any other recognized educational institution can apply for these loans.

Loans can be applied for courses ranging from undergraduate to post-doctoral studies. Students pursuing professional courses like CA, CS, ICWA, CFA, etc., also pass the eligibility of ICICI Bank Student Loan.

ICICI Education Loan Interest Rate for Indian institutions

The interest rates for application of the domestic loan depend on the kind of options you’ve chosen. Also, you may either choose to apply online for an ICICI Education Loan facility or visit the nearest branch.

ICICI Student Loan Scheme Details Respective ICICI Education Loan Interest Rate and Concession details
Undergraduate Courses 11.50% (+upto 2.25% based on collateral availability)
Post-Graduation and Above 11.50% (+upto 2.25% based on collateral availability)
Girl Children for Higher Education Subsidy -0.50%
Provisional Interest Rate Subsidy (subjective to regular payment of EMI) -1.00%

More information on the ICICI Education Loan Interest Rate Subsidy is mentioned at the end of the article.

Also, click here to read about how to apply for Education Loan through Vidyalakshmi Portal run by MHRD, Government of India.

ICICI Education Loan Interest Rate for International Education

ICICI Education Loan for Study Abroad: Benefits and Eligibility

Education Loan for Foreign Education with ICICI covers examination expenses (SAT exams, GRE, TOEFEL, LSATS, etc.), travel expenses, forex transactions, foreign medical insurance and obviously tuition fees of education. They have a list of Universities for which they provide additional services like Student International ATM Card as well. The documents required for application of ICICI Foreign Education Loan is an easy list to compile.

ICICI Education Loan Interest Rate for Study Abroad

The ICICI Education Loan interest rate for international education depends on the kind of loan that you’re applying for. They can go as low as 9% if the loan is taken against fixed deposits. We’ve found all the interest rate provisions for ICICI Overseas Education Loan so that you can avail the least expensive option.

ICICI Education Loan for Foreign Education Interest Rates and Concessions
Loan Against Properties 11.00% (lower in case of 100% tangible collateral)
Loan Against Securities 11% (fixed)
Loan Against Fixed Deposit and RD FD/RD Rate of Interest + 2% (parent co-applicant)
FD/RD Rate of Interest + 1% (senior citizen or grandparent co-applicant)
FD/RD Rate of Interest + 2.50% (third-party co-applicant)

Find more about using your education loan to fund studies abroad here.

ICICI Education Loan Interest Rate Subsidy: How much and how to avail?

Government of India, by its CSIS Scheme passed in 2009 (revised in April 2014) allows for Education Loan subsidy facilities to all loan applicants. Students should be well aware about the best banks offering education loans and the regular RBI updates of interest rates to know better about education loan interest rate subsidies. ICICI follows this order and transfers the benefit of this scheme to all its loan applicants. There are additional concessions as well that ICICI bank Student Loan Schemes provide which have been detailed below.

ICICI Education Loan Interest Rate Subsidy as per CSIS, Govt. of India
  • Collateral Free Loans up to the loan value of ₹ 7.5 Lakh (₹ 750000) for all loan applicants
  • Subsidy on Interest paid during course duration (moratorium period)
    • Refund of Interest on EMI paid while loan applicant is enrolled in respective institution
    • Refund of Interest on EMI paid during moratorium period
ICICI Education Loan Interest Subsidy as per ICICI Promotional Schemes
  • Girl child pursuing graduation or higher education: concession of 0.50% in interest rate on ICICI Education Loan
  • Provisional Concession of Interest for Regular Repayment
    • Available at selected branches only
    • Allows concession of 1.00% in ICICI Education Loan Interest Rate
    • Based on regular payment of EMIs as set by mutual consent of Applicant/Co-Applicant and ICICI Bank
    • Needs to applied with the Bank Manager of respective ICICI Bank Branch

Also read about ‘Tax benefits and Government Subsidies on Tax and Interest for Education Loans’ here.

ICICI Education Loan: Document Checklist for Domestic and Studies Abroad

We thought about providing you with additional information about documents required for ICICI Bank Student Loan so that you don’t have to waste time at the branch. Here you’ll get the list of all the documents required for any loan application including study abroad and domestic education loan schemes.

ICICI Bank education loan type List of Documents Required
Domestic Education Loan (UG/PG) (with or w/o collateral)
  • KYC documents (Adhaar Card, PAN card, Bank Pass Book)
  • Marksheet 10th, 12th, Graduation/Post-Graduation (if applicable)
  • Institution Fee Structure
  • Collateral Documents (FD/RD Copies, Property Documents, etc. if required)
  • Admission Letter
Loan Against Securities
  • Residence Proof, PAN Card, Adhaar card
  • De-Mat Statement
  • Processing Fees Cheque
  • Application forms
Loan Against Fixed Deposits/Recurring Deposits
  • FD/RD Original Copies
  • Application Form
Loan Against Property
  • Education Qualification Certificate
  • ID Proof (Adhaar Card, PAN card)
  • Income proof (Salary slips, form 16, IT returns statement, audit account books)
  • Documents of Mortgage for property (collateral documents)
  • Application Form

Get updated and regular information about International Education Loans and International Scholarships here.

Comparing Education Loans based on Interest rates and other factors

Education Loan Interest rates are subject to change as per RBI and internal ICICI Bank policies. But according to the trend, ICICI Education Loan interest rate has been consistent for a long time and it is going to remain in the same convenient range for a very long time. We have consolidated the services of all these Education Loan services, under one umbrella of B4S Edu Loans. With B4S Edu Loans you can compare your education loan needs based on different factors like Extra Expenses covered, Ease of Loan Sanction, Extension of Loan Duration, highest availability of funds to cover complete expenses and scholarship adjustable loans.

Also read:

Education Loans terms and Terminologies‘ to find more information about getting a well-serving education loan.

Ankur Gupta

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