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 Abroad Education Loan
| Sr. No | Features | Education Loan Details |
|---|---|---|
| 1 | Loan amount | ₹1,00,00,000.00 (Collateral) ₹40,00,000.00 (Without Collateral) |
| 2 | Margin money | No margin for premier institutes No margin up to Rs 20 lakh for other category of institutes Ranging from 5% - 15% margin for loans above Rs 20 lakh |
| 3 | Processing fee | 1.0% onwards |
| 4 | Processing time | 7 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 | Repayment during the study period mandatory, partial repayment options available depending on the target course and institute. |
Benefits of ICICI Bank Abroad Education Loan
1. No fees or limitations on the part of the ICICI Bank education loan or prepayment abroad. 2. Travel for student exchange, equipment such as computers, etc., and such expenses were also included. 3. Also available is the Pre-Visa option. 4. Preferential forex rates for students who use the ICICI Bank education loan for studies abroad. 5. Speedy disbursal. 6. Loan for applicants with 3+ years of experience without a co-applicant for a PG course. 7. The tax advantage of the IT Act, 19611 on interest charged u/S 80(E).
Benefits Of Getting Your ICICI Bank Abroad Education Loan Through UniCreds
Low Time Turnaround
Doorstep Service
No Cost to You
Higher Chances of Approval
Eligibility Criteria For ICICI Bank Abroad Education Loan
| Sr. No | Type | Requirement |
|---|---|---|
| 1 | Eligibility- | 1 The aspiring student needs to be an Indian national. 2 The prospective student should have obtained admission or invitation to an accredited institution or from the university. 3 The prospective student should have cleared 12th standard, (10+2). |
Documents Required for ICICI Bank Abroad 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. 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 |
How To Apply For ICICI Bank Abroad Education Loan?
1. Apply online and upload all the needed documents. 2. Processing and approval is done. 3. Free doorstep document collection initiation. 4. Loan sanction and its disbursal