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: 100%
Interest Rate: Starts from 8.5%
Processing Fees: 1 % of Loan Amount + GST

ICICI Bank was established in 1994 and is a leading Indian private sector bank. ICICI provides various credit products and banking and financial services, formatted to meet various consumer needs.

The bank understands the career ambitions of students. It has structured its ICICI overseas education loan so that each student is successfully supported in his/her path to the future. These loans encourage students to realize their dream of achieving a world-class education in premier institutions abroad with a collateral-free loan of up to Rs.40 lakh, tax savings on interest paid u/S 80(E), adjustable tenure and repayment options, and competitive ICICI Bank education loan interest rates.

Features Of ICICI Bank Education Loan

Sr No.FeaturesIcici Bank Education Loan Details
1Maximum Loan Amount
  • Rs.1 crore (With Collateral)
  • Rs. 40 Lakhs (Without Collateral)
  • 2ICICI Bank Education Loan Interest Rate
  • Starting @ 8.5% p.a. (linked to their benchmark rate)
  • 3Loan Tenure
  • Loan Without Collateral:
  • For UG - Moratorium period + 5 years
  • For PG - Moratorium period + 8 years
  • Loan With Collateral:
  • For UG - Moratorium period + 7 years
  • For PG - Moratorium period + 10 years
  • 4Repayment Holiday
  • Course + 6 Months
  • 5Margin Money
  • Up to Rs.N/A lakh: 100
  • Above Rs.N/A lakh: N/A%
  • 6Processing Fee
  • 1 % of Loan Amount + GST
  • 7Processing Time
  • 15 DAYS
  • 8Payments during the Study Period
  • Repayment during the study period mandatory, partial repayment options available depending on the target course and institute.
  • 9Courses covered
  • Job oriented degree or postgraduate diploma/professional courses offered by reputed institutes at Undergraduate and Postgraduate level.
  • Benefits Of ICICI Bank Education Loan For Studying Abroad

      No fees or limitations on the part of the ICICI Bank education loan or prepayment abroad.
      Travel for student exchange, equipment such as computers, etc., and such expenses were also included.
      Also available is the Pre-Visa option.
      Preferential forex rates for students who use the ICICI Bank education loan for studies abroad.
      Speedy disbursal.
      Loan for applicants with 3+ years of experience without a co-applicant for a PG course.
      The tax advantage of the IT Act, 19611 on interest charged u/S 80(E).

    Benefits Of Getting Your ICICI Bank Education Loan Through UniCreds

    Low Time Turnaround
    In just a week, UniCreds will get the ICICI education loan approved.
    Doorstep Service
    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.

    Eligibility For An ICICI Bank 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. NoConditions
    1The aspiring student needs to be an Indian national.
    2The prospective student should have obtained admission or invitation to an accredited institution or from the university.
    3The prospective student should have cleared 12th standard, (10+2).

    How To Apply?

      Apply online and upload all the needed documents.
      Processing and approval is done.
      Free doorstep document collection initiation.
      Loan sanction and its disbursal

    What Documents Are Required To Apply For An ICICI Bank Education Loan?

    For ICICI Education loans, we provide a customized document list that depends on your profile, your co-applicant profile, and any property/asset that you may offer as collateral. The following documents are required at a high level:

    Sr. NoTypeDocuments Required
    1Documents of the applicant
  • Proof of Identity
  • Address
  • Academic Record History
  • 2Documents of the Co-Applicant
  • Proof of Identity
  • Address
  • Financial Record History
  • UniCreds will present you with a personalized document list after reviewing your profile, and then start the loan process with ICICI. If there are any missing papers, we will recommend alternatives to get your loan approved on time.

    Frequently Asked Questions

    What is the maximum amount of loans for overseas studies that one can get?
    The maximum education loan amount offered by ICICI Bank is INR 40 Lakhs without collateral and INR 1 Crores with collateral.