With no prepayment fees and no pre-closure fees, ICICI bank offers one of the best education loans for studying abroad. ICICI bank provides a variety of credit products tailored to meet its customers' many different needs. ICICI Bank understands students' needs and offers highly competitive loans for education at better interest rates.
Loan Margin: NIL
Processing Fees: 1.0% onwards
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 on 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 | Interest rate | Students taking an ICICI bank education loan not only enjoy its flexible tenure and relaxed repayment options but also benefit from its competitive interest rates. Students can expect their ICICI education loan interest rate to start at 9.5% per annum, linked to their benchmark rates. It is worth noting that the interest rates start at 9.5% and are subject to increase under different circumstances based on a variety of factors. |
| 4 | Processing fee | 1.0% onwards +GST |
| 5 | Processing time | 7 Working Days |
| 6 | Loan tenure | 12 Years |
| 7 | Prepayment charges | Nil |
| 8 | Repayment holiday | Course + 6 Months |
| 9 | Countries covered | USA, Canada, UK, Ireland, New Zealand, Australia, Germany and others |
| 10 | Payment study period | Option available simple interest and EMI. |
Benefits of ICICI Bank Abroad Education Loan
No Margin Money
Obtaining an ICICI Bank Education Loan for your foreign studies has a huge advantage over education loans from other banks in that there is no margin money for loans up to INR 20 lakhs. To sum up, the margin is the amount of money that borrowers must pay themselves, with the lender covering the rest. This means that the ICICI Bank Student Loan will cover all expenditures except tuition fees, housing, travel expenses, and the Caution Deposit/Building Fund/Refundable Deposit. As a consequence, you will not have to spend anything out of pocket to support your education and related expenses.
Expenses Covered
With the aid of student loans, a substantial number of Indian students travel abroad to study. To attract more students, ICICI offers the option of integrating a large portion of the day-to-day costs that consume money. Travel for student exchange, equipment such as computers, and other such expenditures are also covered.
Disbursement Perks
When it comes to taking out an ICICI bank education loan, there are several disbursement perks. They are as follows:
1. Pre-Visa disbursement for students applying for international study
2. Students who take up an ICICI Bank education loan to study abroad are eligible for preferential exchange rates
3. Quick disbursal of loans
No Co-Applicant
For those students who are undertaking a PG course and have 3+ years of experience, a co-applicant is not required.
Benefits Of Getting Your ICICI Bank Abroad Education Loan Through UniCreds
Low Time Turnaround
In just a week, UniCreds will get the ICICI education loan approved.
Online Document Submission
Someone will visit your home to pick up documents for ICICI Education Loans. To get your loan approved, you need not go to any branch.
No Cost to You
Our services are completely free for applicants. We do not charge the applicants any processing fees or commissions at all.
Higher Chances of Approval
We approach ICICI officials immediately to find solutions in the event of any lost records or any roadblocks. This guarantees the quick resolution of problems and dramatically improves your approval chances.
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
The final right to determine if anyone is eligible for an education loan is held by ICICI Bank. There are however, certain basic eligibility requirements that should be fulfilled by a student if he/she applies for an education loan. The requirements are:
| Sr. No | Type | Requirement |
|---|---|---|
| 1 | For borrowers | 1. The student should be an Indian national who has been admitted to professional/technical studies at reputable universities. 2. 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. |
| 2 | For the co-borrower | Since the co-borrower plays an equally important role in education loans, there are set criteria that must be met. 1. The co-borrower must be a citizen of India 2. He/She must be earning in India 3. It is important that he/she has an Indian bank account that facilitates cheque writing 4. They could be a parent, legal guardian, a relative, or even your sibling 5. Lastly, the co-borrower will be considered as the primary debtor |
| 3 | Eligible Courses | All graduation and postgraduate programmes and courses in India and abroad are funded by ICICI Bank. |
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:
- 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.
- 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.
- 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?
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 them 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.
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.
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.
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.
Frequently Asked Questions
Simple interest will be calculated on your loan.
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