ICICI Bank - Education Loan
PRIVATE BANKS
Collateral free loans available
Loan Margin : NIL
7 days avg loan processing time
Margin
NIL
Collateral
Collateral free loans available
Loan Tenure
Upto 14 Years
Processing fee
0.5% to 1.0%
Early Repayment
Yes(without any charges)
Living Cost
Yes
Secured Loan
Amount
Up To 2Cr
Un-Secured Loan
Amount
Up To 1Cr
UniCreds Guarantee
100% transparent process
Fast loan processing
Free of cost service
No hidden fees
Features of ICICI Bank Education Loan For Study Abroad
Let’s get to the most important part- loan features. Understanding the loan upper limits with and without collateral, interest rates, and repayment tenure can help you plan your finances better. Go through the table given below to get an overview of the ICICI Bank study loans:
| Features | Education Loan Details |
|---|---|
| Loan amount | Upto ₹2Cr (Collateral) Upto ₹1Cr (Without Collateral) |
| Margin money | No margin for premier institutes. No margin up to Rs 20 lakh for other category of institutes. |
| Interest rate | Students taking an ICICI bank study 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 10% per annum, linked to the repo rates. It is worth noting that the interest rates start at 10% and are subject to change based on the co-applicant profile & university category. |
| Processing fee | 0.5% to 1.0% of the loan amount + GST |
| Processing time | 7 Days 1 - 5 Working Days |
| Loan tenure | 14 Years Up to 10/12 years for Under Graduate Up to 12/14 years for Post Graduate |
| Prepayment charges | Nil |
| Repayment holiday | Course + 1 Year |
| Countries covered | USA, Canada, UK, Ireland, New Zealand, Australia, Germany and others |
| Payment study period | Options available simple interest,Direct EMI and SI-FD. Free monitarium period available. |
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Our education loan counsellors will stay by your side every step of the way and recommend the best partner and guide you through the loan applying and sanctioning process.
Eligibility Criteria to Apply for ICICI Student Loan
In order to qualify for an abroad education loan from ICICI Bank, you must meet certain eligibility criteria. Here are the ICICI education loan requirements:
| Type | Requirement |
|---|---|
| Applicant’s Eligibility Requirement: | 1. Age & Citizenship Requirement: Must be an Indian citizen over 18 years of age. 2. Confirmed Admission: The applicant should have secured admission in an accredited college or university. 3. Good Academic Records: A good high school academic record is required wherein the applicant has scored up to 60%. |
| Co-applicant’s Eligibility Requirement: | 1. Co-applicant Relation: Candidate's co-applicant must be either a parent, parent-in-law, brother, sister, spouse, or maternal or paternal uncle. 2. Co-applicant income: The eco-applicant should have a stable income source and should be financially sound. |
Benefits of ICICI Bank Education Loan For Abroad Studies
ICICI Bank study loans have attractive benefits like pre-admission sanctions, collateral free loans up to INR 1 Crores for premium institutes and special product offering for Germany, UK, and Canada. This gives quick access to funds and faster loan processing. Here are a few benefits that might interest you:
Benefits Of Getting Your Education Loan Through UniCreds
Get Guidance at every step of your loan application
We ensure 100% transparency throughout the education loan process.Our education loan counsellors will stay by your side every step of the way.
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How to Apply for an ICICI Bank Abroad Education Loan?
UniCreds makes applying for ICICI Bank abroad education loans simple with its complete digital process. Right from selecting the right lender to ensuring prompt approvals, we are at your hand every step of the way. Here’s how you can proceed:
1. Initial Consultation:
Obtain a complimentary consultation with UniCreds' loan specialists. During this discussion, we'll go over your education goals, financial situation, and preferred loan options.
2. Document Gathering:
Upon receiving your ICICI education loan application, our team will provide you with a concise checklist of the documents you will need to submit. By collecting these documents efficiently, we'll make the process hassle-free for you.
3. Application Assistance:
With UniCreds, your application for an ICICI education loan will be processed accurately and promptly. We'll ensure all requisite information and documents are included to prevent any delays.
4. Comparison & Negotiation:
Although we will focus primarily on ICICI student loans, we'll explore other lenders and programmes to secure the most competitive terms. To off you the best deal possible, we may negotiate lower interest rates with lenders on your behalf.
5. Submission & Application Tracking:
You will be updated on the progress of your ICICI application once it has been submitted to the bank. With us, you can save time and effort by handling all communication with the bank.
6. Loan Approval & Disbursement:
Upon approval, Avanse will outline the loan terms. You'll get guided through the disbursement process, making sure your money gets to you right away.
Looking forFaster and
streamlined Process?
100% Transparency
100% Free
Our education loan counsellors will stay by your side every step of the way and recommend the best partner and guide you through the loan applying and sanctioning process.
Documents Required for ICICI Bank Student Loan
Your ICICI education loan documentation is simplified with UniCreds. The following are typical documents you'll need:
| Type | Documents Required |
|---|---|
| Personal Documents | 1. Completed ICICI study loan application form 2. Passport (first and last page) 3. Proof of Identity (Aadhaar Card, PAN Card, Voter ID, etc.) 4. Proof of Address (utility bills, rental agreement, etc.) 5. Valid student visa for the country of study 6. Comprehensive travel insurance covering medical emergencies and travel disruptions 7. Proof of relationship with the co-applicant (birth certificate, school leaving certificate, etc.) |
| Academic Documents | 1. Acceptance letter from your chosen university abroad 2. Copy of 12th standard mark sheet or latest education certificate 3. Admission letter with cost of education if available 4. Pan Card of the student and Parent/ Guardian 5. Most recent academic transcripts (including mark sheets and degrees) 6. Standardised test scores (if required by the university, like GRE, GMAT, TOEFL, IELTS) |
| Financial Documents | 1. Most recent salary slips and Form 16 of the parent/ guardian/ co-borrower 2. Latest 3 months bank statement for non-ICICI Bank customer (Not required for ICICI Bank customer) 3. Updated ITR (Income Tax Return with income computation) of 2 years of parent/co-borrower/guardian. |
| Additional Documents | 1. Scholarship letters (if applicable) 2. Proof of any educational loans already availed (if applicable) 3. Co-applicant's employment verification letter (if applicable) 4. Collateral documents (if required for the specific loan program you choose) |
ICICI Bank Abroad Education Loan Repayment Options
As mentioned previously, ICICI Bank offers flexible repayment terms for student loans. As with other financial institutions, ICICI allows students to begin repaying their loans after the moratorium period has expired. During this period, students, however, can make partial or simple interest payments to reduce the financial strain following the moratorium period. In addition to these repayment terms, here are some others worth mentioning:
1. Moratorium Period Availability: Once you finish your studies, you get a whole year without worrying about repaying your education loan. This gives you time to find a job and sort out your finances before you start paying back your student loan.
2. Flexible Repayment Plans: ICICI offers different ways for you to pay back your loan, depending on how much you earn and your financial situation. You can talk to the UniCreds loan experts to find a plan that works best for you.
3. Prepayment Facility: If you're financially stable, you can pay off your loan early without any extra charges from ICICI Bank.
UniCreds is here to help you understand how education loan repayments work and come up with a plan that's right for you. We'll walk you through all the options so that repaying your loan is as easy as possible.
The displayed EMI amount is approximate & is subject to change based on various factors.
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