ICICI Bank Abroad Education Loan

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A lot of education loan applicants seek an ICICI Bank abroad education loan to fund their higher studies abroad, but very few are aware of all the terms and conditions of the same. This is because there are very few sources on the internet that give an in-depth understanding of the various ICICI Bank abroad education loan schemes which help to fund higher studies abroad. This article will give you a broader understanding of the various aspects of the ICICI Bank education loan scheme such as the interest rates, total education loan amount provided, the various categories of the ICICI Bank abroad education loan, etc.

ICICI Bank Abroad Education Loan Details

The reputation and reliability of the college/university into which a candidate has been accepted play a major role in the decision-making process of almost all education loan lenders. Most banks/private finance companies maintain a list/lists of universities/colleges which are divided into different types on the basis of their overall global rank, the nature of courses offered by them, and the possible chances of employment offered to their students.

Coming to the nature of the education loans offered by ICICI Bank, there are three main categories of universities to which the bank provides funding. These categories are named A1, A2 and A3, respectively. The universities listed under these categories are bifurcated on the basis of their worldwide rankings and the range of courses offered by them. The nature of the ICICI Bank abroad education loans provided to students attending each of the universities listed under these categories also differ.

One of the biggest plus points of the ICICI bank abroad education loan scheme is that it is granted for both undergraduate as well as postgraduate level courses in universities abroad, a feature that very few banks and private finance companies offer.

The following types of ICICI bank education loan for abroad studies are provided to the three different categories of universities abroad.

University Category

Type of university Type of ICICI bank abroad education loan provided

A1

All well-ranked universities offering professional courses belonging to the STEM category and management courses.

Unsecured/partially secured loans of up to Rs.40 Lakhs only*.

A2

Universities whose ranks are slightly lesser than those listed in the A1 list

Unsecured/ partially secured loans of up to Rs. 20 Lakhs only*

A3  Universities with above-average ranking

Secured loans only

If you wish to borrow an ICICI higher education loan but are confused about the category in which your university falls, do register with us to know further details about the same. Also, If you are finding it difficult to get an ICICI bank abroad education loan to fund your studies abroad, drop in a callback request and our team will call you at the earliest possible instant.

*The top limit of ICICI higher education loan amounts are subject to change from time to time, depending on various factors. The figures given in the table are the current ongoing values.

abroad education loan

 

ICICI Bank Education Loan Margin

The loan margin applicable to the different kinds of ICICI Bank abroad education loan are as follows:

  1. No loan margin applied on ICICI bank education loans of up to Rs.20 Lakhs.
  2. Loan margin for ICICI bank education loan for abroad studies of above Rs.20 Lakhs is 15%.

Margin money for the ICICI Bank abroad education loan is not fixed. It varies depending on the nature of expenses to be incurred by students and the value of the property being pledged as collateral.

ICICI Bank Education Loan Without Collateral

Although NBFCs are known to be the major lenders of unsecured education loans, ICICI bank also offers them. The terms and conditions of an ICICI Bank higher education loan without collateral are as follows.

  1. ICICI Bank higher education loan without collateral is granted to students who are accepted into any of the universities mentioned in the A1 and A2 categories only. This loan can be taken as fully unsecured or partially unsecured.
  2. An ICICI Bank education loan without collateral is provided to loan applicants who have been accepted for either postgraduate or undergraduate-level courses in universities mentioned on their A1 and A2 university lists, respectively. An education loan without collateral of Rs.40 Lakhs is granted to candidates who have been enrolled into 
  3. If you are looking to fund your undergraduate course abroad, then loan amounts of up to Rs. 20 Lakhs are granted as non-collateral education loan from ICICI Bank. This is applicable to students who have been admitted to universities mentioned in all the three lists.
  4. One of the biggest highlights of the ICICI bank education loan for higher studies is that candidates having 3 plus years of work experience are also eligible to apply for an ICICI bank abroad education loan.

If you are on the lookout for an ICICI bank education loan for abroad that can fulfil all the financial requirements for your higher studies abroad, do get in touch with our team to get the better end of their education loan schemes. Our financial officers can analyse your profile and suggest the right scheme that helps aid your course.

ICICI Bank Education Loan Interest Rate 2019

The ICICI Bank education loan interest rates are never stable. They keep changing throughout the year. Currently, the ICICI interest rates for education loan are set at the following figures:

University Category

ICICI bank abroad education loan ROI
Nature of Course Undergraduate courses 

Postgraduate courses

A1

11.75% 11.25%

A2

11.75%

11.25%

A3 12.50%

12.25%

Apart from the monthly changes, the ICICI bank education loan interest rate also varies depending on the quality of a candidate’s profile. ICICI Bank takes into account, a lot of factors before finalizing the interest rate for a candidate. Some of the factors that play a crucial role in deciding your ICICI Bank education loan terms are as follows:

  1. The academic record of candidates: Having a decent academic record is always an added plus in any education loan process. Students whose records reflect very little or no gap years in their studies are mostly preferred by ICICI bank. If the gap is due to some genuine reason, the candidate’s case can still be considered by the bank for an abroad education loan.
  2. The financial profile of the co-applicant: A co-applicant’s financial profile plays a crucial role in the education loan process. ICICI bank encourages candidates to name individuals having a stable income source and those who pay their taxes regularly, as co-applicants.
  3. Nature of the course and ranking of the college: Students who have been accepted into any of the postgraduate or undergraduate courses in colleges/universities listed in any of the three lists mentioned in the previous paragraphs are granted an ICICI bank abroad education loan.

When you directly approach any of the ICICI bank branches near you, chances are that you may not get a clear picture of the nature of the education loans that may be suitable to your profile. Also, if you are not satisfied with any of the education loan terms being communicated to you, it becomes difficult to negotiate with the bank officials directly. When you apply for an ICICI higher education loan through WeMakeScholars, our financial officers try their level best to bring the final terms and conditions in a way that favours your profile. So, request a callback today to access the best of an ICICI bank abroad education loan.

ICICI Bank Secured Education Loan

Secured loans are granted to students who have been enrolled in any of the A1 universities for postgraduate or undergraduate courses. The maximum loan amount granted to any candidate depends on the value of the asset being pledged as collateral. The following list of assets only is accepted as collateral for any ICICI bank education loan for abroad studies.

Assets that can be pledged for an ICICI bank education loan with collateral:

  • House, flat, open plot and commercial properties belonging to a municipality.
  • Liquid security in the form of an FD.

The top limit for an ICICI bank secured education loan is Rs.1 Cr*. This amount greatly varies on factors such as the loan margin, value of the collateral being pledged and certain other parameters of a candidate’s profile.

abroad education loan

ICICI Bank Education Loan Repayment Terms

The repayment terms of any abroad education loan scheme mainly consist of the following important points:

Loan tenure: The maximum loan tenure granted for ICICI bank abroad education loans is 10 years. This includes the course duration as well.

Moratorium period: A moratorium period refers to a particular period of time in the loan tenure, during which candidates are exempted from making any contribution towards their education loan repayment. This period consists of the course duration, plus six months after. In case of an ICICI higher education loan for abroad studies, this is not applicable. The candidates are required to make their interest payment in the duration of their course abroad. The EMI payment begins once the course is over. The complete education loan repayment process of government and private banks, as well as NBFCs,  are covered in depth in the 28th episode of Loanflix.

Read More: Education Loan Disbursement Process- How it works?

 

ICICI Bank Abroad Education Loan Processing Fees

The processing fee charged by ICICI Bank for abroad education loans is 1% of the total education loan amount. Additional GST charges are also applicable. For those who plan to borrow an ICICI education loan with collateral, mortgage creation charges are 0.5% of the sanctioned loan amount.

How To Apply For An ICICI Bank Abroad Education Loan?

There are various ways of applying for an ICICI Bank abroad education loan. Candidates can fill the ICICI bank education loan online application form through their official website. In order to enjoy the complete benefits of any of the schemes of an ICICI higher education loan, it is better to apply through WeMakeScholars. Many a time, students are only able to get partial information about the various terms of an ICICI bank education loan for higher studies. At WeMakeScholars, our financial team strives very hard to help you get the better end of these schemes. Our team can negotiate certain terms on your behalf, depending on the nature of your profile and many other such factors. So stop looking for more options and request a callback with us today to get access to the best education loan service. What makes the entire process even better is the fact that our services are absolutely free of cost.

What is the Eligibility Criteria For An ICICI Bank Abroad Education Loan?

When it comes to the eligibility criteria to avail of an education loan from ICICI bank, there are not many that are applicable to candidates. Some of the basic eligibility criteria for candidates are:

  • 1. The candidate has to be a citizen of India.
  • 2. The candidate must have secured admission for any of the courses approved for an education loan by ICICI bank, into any of the colleges mentioned in the A1, A2, or A3 university lists.

Co-applicants, on the other hand, need to meet certain ICICI education loan requirements in order to be eligible for an ICICI education loan scheme. Some of the ICICI bank education loan eligibility criteria for co-applicants are as stated below:

Co-applicants eligibility criteria for education loan in ICICI Bank:

  1. Co-applicants can be individuals who are the immediate family of the candidate. For e.g, mother, father, siblings and parents-in-law only can be named as co-applicants. Any individual who is not related to the candidate in the above way cannot be named as a co-applicant for ICICI Bank education loan schemes.
  2. Financial co-applicants are required to present their ITR documents of the previous 3 years. A co-applicant’s ITR is a compulsory requirement stated by the bank.
  3. Co-applicants having a steady source of income are preferred. If this is not the case then candidates may fill the ICICI Bank education loan application form here to avail help regarding the same.
  4. If the candidate has had a work experience of 3 years and is applying for an ICICI Bank education loan for abroad studies to study in an A3 institute, they need not name a financial co-applicant to avail a secured education loan through ICICI Bank. This provision is only available for secured education loans for A3 universities.
  5. The remaining ICICI Bank education loan eligibility criteria are applicable to students availing an ICICI Bank education loan for A1 and A2 universities.

Once named, all co-applicants will be required to adhere to the education loan criteria in ICICI Bank. In order to know more about the education loan criteria in ICICI Bank, you may fill the ICICI Bank education loan online application form here.

Read More: Education Loan Eligibility in India (The complete guide)

 

 Expenses & Courses abroad Eligible To Be Funded By An ICICI Bank Education Loan

Eligible Expenses under the ICICI Bank education loan scheme.

Every ICICI Bank education loan scheme caters to cover almost all the expenses incurred by students during their study period. Below is a specific list of expenses covered under an ICICI Bank education loan:

  • Fee payable at college/ school/ hostel
  • Examination/ Library/ Laboratory fee
  • Travel expenses/ passage money for studies overseas
  • Insurance premium for the student borrower
  • Caution deposit, building fund/ refundable deposit supported by institution bills/ receipts
  • Purchase of books/ equipments/ uniforms/ instruments
  • Purchase of computer at a reasonable cost if required for completion of the course
  • Any other expense required to complete the course like study tour, project work, thesis.

An education loan provided by ICICI Bank will cover additional expenses apart from the ones mentioned above. It also depends on the expense requirements of the course and the university chosen by the candidate from an ICICI Bank education loan.

To have a deeper understanding of the expenses eligible to be covered by an ICICI Bank education loan, candidates may fill the ICICI Bank education loan form here.

Courses eligible for an ICICI Bank education loan

The ICICI Bank provides education loan for any job-oriented degree or postgraduate diploma/professional courses offered by reputed institutions at the undergraduate (UG) or postgraduate (PG) level.

In order to inquire or get our team’s assistance regarding any of the ICICI Bank education loan schemes, candidates will be required to fill the ICICI Bank education loan online application form here.

Nowadays, thanks to the wide range of opinions available on the internet, it is easy for anyone to be misinformed, especially in the case of education loan schemes. The content of all our articles are thoroughly researched and are completely genuine. The next article will give you complete information on how you can obtain an education loan without collateral in India, in a hassle-free manner.

Note: WeMakeScholars is an organization funded and supported by the Government of India that focuses on International Education finance. We are associated with 10+ public/Pvt banks/ NBFCs in India and help you get the best abroad education loan matching your profile. As this initiative is under the Digital India campaign, it’s at free of cost. The organization has vast experience dealing with students going to various abroad education destinations like the US, Canada, UK, Australia, Germany, Sweden, Italy, China, France among others

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Bibliophile, wanderer, major foodie. I write too :)

 

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