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ICICI Bank Education Loan Disbursement Process

Written by Aaliya Shaikh

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February 1, 2022

Education loans are a godsend for students whose personal money are frequently insufficient. They are the greatest option for supporting international education because they offer various advantages. You should look into and compare different education loan possibilities so that you may get the best loan deal for your foreign adventure. In this article, we’ll look at the ICICI Bank education loan’s disbursement method, features, and perks.

Steps To Consider Before ICICI Bank Education Loan Disbursement Process

The ICICI Bank education loan application process is straightforward. All you have to do is complete the following steps:

Apply for the loan – After learning about the characteristics and benefits of the ICICI Bank education loan, you can apply for it online using the UniCreds portal. The full loan application, including the submission of essential papers, can be performed online.

Submit all required papers – The loan application form asks for a variety of documents, including the admission letter, KYC documents, fee structure, collateral documents (if applicable), course-specific paperwork, and so on. UniCreds will email a case-based document checklist to the student’s registered email address, which may then be simply uploaded to the portal.

ICICI Sanction Letter – The ICICI Bank education loan sanction letter will be delivered to the applicant’s registered email address once the documents have been submitted and confirmed. This letter should be read carefully by students.

Final Loan Agreement – Applicants must submit additional documents after accepting the terms and conditions stated in the sanction letter. After that, the bank sends the applicant and co-applicant the completed loan agreement to sign (s). The loan is disbursed according to the student’s desire.

What Is The ICICI Bank Education Loan Disbursement Process

There are no additional procedures in the ICICI Bank education loan disbursement process. The applicant must submit all of the described documents, as well as any others stated in the letter, once the bank has presented the sanction letter. After the bank has reviewed and verified the paperwork, the applicant can request disbursement of the loan funds. The disbursement process takes 15 working days. The procedure is simple and rapid, ensuring that loans are disbursed on schedule.

Tuition fees – Tuition fees are paid directly to the university or to the student’s account.

Living Cost – Accommodation, lodging, transit, and other living expenditures are transferred to the student’s account for the convenience of processing.

Other expenses – The ICICI Bank education loan covers all expenses incurred while studying overseas. The amount of the loan is deposited into the student’s account.

Students should request disbursement at least 2 to 3 weeks before the fee submission date to provide the bank enough time to process the request and avoid any delays in sending the fee.

Important Documents Required For ICICI Bank Education Loan

Here are the documents required for ICICI Bank Education Loan

  1. Candidates KYC Documents
  • PAN Card
  • Aadhar Card
  • Valid Passport
  • Driver’s License
  1. Candidates Proof of Address
  • Telephone Bill/Water Bill/Electricity Bill of not more than 3 months old
  • Tax Paid Receipt
  • Ration Card
  1. Academic Transcripts
  • 10th, 12th, and undergraduate mark sheets
  1. Test Scorecards
  • GRE/GMAT/TOEFL/IELTS/PTE, if needed. 
  1. Fee Structure
  2. Applicant’s Signature Proof
  • Passport Copy
  • PAN Card
  • Banker’s Signature Verification

Document’s Required from Co-Applicant(s)

  • 3 months’ salary slips, as well as verification of any other sources of income
  • 6 months’ worth of pay account bank statements
  • Relationship proof using the most recent Form 16 and ITR (with the applicant)
  • In the event that the co-applicant is unable to make an interest payment in a given month, he or she must additionally provide 9-12 post-dated checks.
  • NACH Form

To complete the application process and begin the disbursement procedure, the applicant may be required to provide additional case-specific papers. On stamp paper, the documents must be notarized.

Features & Benefits Of ICICI Bank Education Loan

The ICICI Bank education loans are designed with students in mind, featuring a number of features that make it easier for students to pursue international education without breaking a sweat. The following are a few of them:

Loan Amount: Education loans up to INR 1 crore (with security) are available from ICICI Bank for abroad education. The bank provides education loans with no collateral up to INR 40 lakhs for postgraduate programmes and INR 20 lakhs for undergraduate courses.

Interest rate – For overseas studies, the ICICI Bank education loan interest rate starts at 11.25 per cent for postgraduate degrees. The interest rate for undergraduate courses begins at 11.75 per cent. The interest rate, on the other hand, can vary depending on the course and the institute. The interest rate can be negotiated if the student has been accepted to a top-ranked college. On college loans, simple interest is calculated.

Margin Money – On loans up to INR 20 lakhs, the bank does not charge any margin money. For loans of more than INR 20 lakhs, the margin money goes from 5% to 15%. Any income contributed to the university as a scholarship or as an initial fee might be included in the margin money.

Eligibility – The ICICI Bank education loan eligibility criteria are rather straightforward: the student must be an Indian citizen.

  • The student must have been accepted into a degree or diploma programme at a recognised university.
  • The student must have completed her or his 10+2 education.

Processing Fee: The processing fee charged by ICICI Bank is 1% of the loan amount plus applicable taxes.

Repayment Tenure: After the moratorium period expires, the bank offers up to 8 years to repay the loan amount. After the holiday period, if the student has pledged collateral, the loan term is extended to ten years.

Moratorium period: The loan repayment period begins when the course has been completed + 6 months.


We’ve partnered with ICICI Bank and a number of other important financial institutions. While engaging a lender may be the students’ first choice, they should examine the advantages of channels such as UniCreds. The loan application process is simple and without hitches. Any potential obstacles are slim, and if they arise, your allocated ELC will quickly resolve them by contacting the appropriate bank official. 

The application process for an education loan with UniCreds is a breeze. 

If you liked reading this blog on “ICICI Bank Education Loan Disbursement Process” then make sure you check out our other informative blogs linked below!

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