ICICI Bank, a significant Indian private sector bank, was founded in 1994. ICICI offers a wide range of credit products as well as banking and financial services to satisfy the demands of its customers. The bank understands students' career goals. It has constructed its ICICI bank education loan in such a way that each student is successful in his or her road to the future. These loans motivate students to discover their dream of acquiring world-class learning in prestigious colleges abroad by offering a collateral-free loan of up to Rs.40 lakh, tax savings on interest paid u/S 80(E), adjustable tenure, and repayment plans, and competitive ICICI education loan interest rates.
Features Of ICICI Bank Abroad Education Loan
| Sr. No | Features | Education Loan Details |
|---|---|---|
| 1 | Loan amount | Upto ₹1Cr (Collateral) Upto ₹40Lac (Without Collateral) |
| 2 | Margin money | No margin for premier institutes No margin up to Rs 20 lakh for other category of institutes |
| 3 | Processing fee | 1.0% onwards +GST |
| 4 | Processing time | 7 Working Days |
| 5 | Loan tenure | 12 Years |
| 6 | Prepayment charges | Nil |
| 7 | Repayment holiday | Course + 6 Months |
| 8 | Countries covered | USA, Canada, UK, Ireland, New Zealand, Australia, Germany and others |
| 9 | Payment study period | Option available simple interest and EMI. |
Benefits of ICICI Bank Abroad Education Loan
No Margin Money
Expenses Covered
Disbursement Perks
No Co-Applicant
Benefits Of Getting Your ICICI Bank Abroad Education Loan Through UniCreds
Low Time Turnaround
Doorstep Service
No Cost to You
Higher Chances of Approval
Calculate EMI for Education Loan
Loan Amount
Interest (p.a)
Loan Duration
Course Duration
Grace Period
Monthly EMI
Principal Amount
Total Interest
Total Amount
Loan Amortization Schedule
Following table show the year wise payment schedule.
| Month | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
|---|---|---|---|---|
Month 1 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Month 2 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Month 3 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Month 4 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Month 5 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Eligibility Criteria For ICICI Bank Abroad Education Loan
| Sr. No | Type | Requirement |
|---|---|---|
| 1 | Eligibility- | For borrowers - - The student should be an Indian national who has been admitted to professional/technical studies at reputable universities. - Permanent employees who have been with an organisation for at least three years and wish to pursue further studies and have been accepted into a reputable institute. For the co-borrower - Since the co-borrower plays an equally important role in education loans, there are set criteria that must be met. - The co-borrower must be a citizen of India - He/She must be earning in India - It is important that he/she has an Indian bank account that facilitates cheque writing - They could be a parent, legal guardian, a relative, or even your sibling - Lastly, the co-borrower will be considered as the primary debtor |
Documents Required for ICICI Bank Abroad Education Loan
UniCreds analyses the student's profile, the co-applicant's profile, and any property/asset you may present as collateral to provide students with a customised list of documents. These are the documents that are required:
| Sr. No | Type | Documents Required |
|---|---|---|
| 1 | Documents of the applicant- | 1. Proof of Identity 2. Address 3. Academic Record History |
| 2 | Documents of the Co-Applicant | 1. Proof of Identity 2. Address 3. Financial Record History |
Loan Repayment For ICICI Bank
You can repay your ICICI bank education loan in the following ways: 1. Standing Instruction (SI): If you already have an account with ICICI Bank, Standing Instruction is the easiest way to repay. Your EMI will be deducted automatically from the ICICI Bank account you designate at the conclusion of the monthly cycle. 2. Electronic Clearing Service (ECS): If you have a non-ICICI Bank account and want your EMIs to be deducted automatically at the conclusion of the monthly cycle, you can utilise this method. 3. Post-Dated Checks (PDCs): If you have a non-ICICI Bank, you can send Post-dated EMI cheques from your account to your local ICICI Bank Loan Centre. A new set of PDCs must be submitted in a timely way. Please keep in mind that Post Dated Cheques will only be accepted at non-ECS locations.
How To Apply For ICICI Bank Abroad Education Loan?
1. Apply Online & Upload Your Documents After you've verified your eligibility, you can apply online or request a callback from one of our qualified student loan consultants. Depending on your needs, our skilled counsellors can help you secure an ICICI bank education loan without collateral or with one. After you've provided your personal details, our staff will thoroughly examine it and, based on your eligibility, propose the following steps to you. UniCreds allows students to upload certificates online, helping them avoid the trouble of presenting documentation at the bank and instead do it from the comfort of their own homes. UniCreds also provides you with a customised list of documents that you may submit depending on your profile and the loan that you've applied for to help speed up the process. 2. Free Door-To-Door Collection Of Documents ICICI offers students in Tier 1 and Tier 2 cities the convenience of collecting documents directly at their doorstep. If you're unsure whether this service is available in your region, you can always contact UniCreds to double-check before proceeding. 3. Processing and Approval You can send your loan application and accompanying documents to ICICI for evaluation and real-time approval once you've uploaded/submitted the necessary documents. UniCreds will get in touch with ICICI on a regular basis to check on the status of your application and ensure that it is handled as promptly as possible. Our website will keep you up to date with the latest information. 4. Loan Sanction And Disbursal After your loan is approved, you must pay the processing fees in order to acquire the sanction letter. Following receipt of the sanction letter, the student and co-applicant must complete the loan agreement within the validity period of the sanction letter, which is six months. The student is eligible for loan disbursement after signing the agreement. The lender will deposit the required sum of money into your bank account or university/account. If the student requires disbursement prior to the visa as per the visa office's guidelines, we communicate with the ICICI bank and arrange for it. UniCreds will also guarantee that disbursements are completed on time, and students can contact UniCreds at any time during the loan's term.