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.
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.
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. |
Calculate EMI for Education Loan
Loan Amount
Interest (p.a)
Loan Duration
Course Duration
Grace Period
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 (₹) |
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. |
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 |
You can repay your ICICI bank education loan in the following ways:
Apply Online & Upload Your Documents
Free Door-To-Door Collection Of Documents
Processing and Approval
Loan Sanction And Disbursal