ICICI Bank Education Loan

The ICICI bank offers up to 2 cr of loans at attractive interest rates. The bank has over the years added different products to attract consumers, one of which is an education loan.

ICICI bank education loan to study abroad
ICICI bank education loan to study in India

ICICI Bank Education Loan Schemes for Abroad studies

The ICICI bank offers up to 2 cr of education loans and also offers ICICI bank student loan without collateral of up to 50 lacs.

Here’s everything about ICICI bank student loan to study abroad:

Parameter	Details
Loan Limit	Up to 50 lacs for a non-collateral loan or an unsecured loan Upto 2 cr for a collateralized loan A good applicant or co-applicant profile can get you a higher amount than the promised amount
Expenses covered	Cost of Education Tuition fee Admission fee Examination fee purchase of books Lab/library fee Computer or laptop purchase Living expenses Fee for hostel Food Caution fee Other Travel expenses Health insurance miscellaneous expenses
Accepted co-applicant	Father, Mother, Brother, Sister, Spouse (Husband/Wife), Grand Parents, Parents in law, Brother in law, Maternal/Paternal Uncle.
Interest rate	The usual interest rates for ICICI bank abroad studies education loan are For collateral loans- 9 to11% For Non-collateral loans- 12-14%
Moratorium Period	Course period plus 6 months
Repayment Duration	Up to 8/10 years for Under Graduate post moratorium period Up to 10/12 years for Post moratorium period
Repayment policies	Full simple interest will be charged during the moratorium period.
Eligibility Criteria	Indian citizen Should have passed 12th Minimum 16 years old and maximum 35 years
Value of Collateral (only if it is collateralized education loan)	Up to 15% loan margin depending on the category of the university * applicable only if the loan is above 20 lacs
Accepted Collateral	House, flat, Fixed Deposits(FDs) and land

Tip: While going for higher studies loan, keep in mind to choose a top-rated university. The better the university, the better offer will be given to you by ICICI bank. To have the best chance is the loan from ICICI bank, talk to a financial officer from WeMakeScholars.

Countries Eligible for an Education Loan from ICICI Bank

ICICI bank prefers the following list of countries for the loan abroad.

ICICI Bank Education Loan Schemes for Studies in India

The ICICI bank can offer a loan of up to 1 cr to study in India. Below are some of the specifications of ICICI bank study loan to study in India.

Parameter	Details
Loan Limit	Up to 50 lacs for a non-collateral loan or an unsecured loan Upto 1 cr for a collateral loan Strong profile of applicant and co-applicant can get you a higher loan amount
Expenses covered	Cost of Education University fee Expenses for books Examination fee Library fee Computer or laptop purchase Living expenses Hostel fee Cost of accommodation Caution fee Other Insurance Expenses for travel Other miscellaneous expenses
Accepted co-applicant	Father, Mother, Brother, Sister, Spouse (Husband/Wife), Grand Parents, Parents in law, Brother in law, Maternal/Paternal Uncle.
Interest rate/rate of interest	The range of interest rates for ICICI bank higher studies loan to study in India are For collateral loans- 9 to11% For Non-collateral loans- 12-14%
Moratorium Period	Course duration plus 6 months
Repayment Duration	Up to 8/10 years for Under Graduate post course period + 6 months Up to 10/12 years for Post Graduate post course period + 6 months
Repayment policies	Loan can be repaid up to 10 years after moratorium
Eligibility Criteria	Citizen of India Should have passed class 12th Minimum 16 years old and maximum 35 years Should have obtained admission into a recognized university
Value of Collateral (only if it is collateralized education loan)	5 to 15% depending on the category of university( only applicable in loans above 20 lacs)
Accepted collateral	Fixed Diposits (FDs), land, flat, and house

Tip: In some cases, a student might have already paid the fees or bought books or laptop for their study, but have bought them by taking money from friends or relatives. In this case, he can ask his financial officer from WeMakeScholars to request the lender for reimbursement of the expenses.

Also before heading for the student loan analyze different types of education loans and choose the best according to your requirements.

ICICI Bank Education Loan Eligibility Criteria

According to the ICICI Education Loan requirements, the student:

Should be an Indian National
Should have completed his 10+2 or graduation- depending on the course he has applied for
Should have received admission into ICICI Bank's List of Select Universities.

Government Subsidy Schemes

The government has introduced certain subsidy schemes where they waive off the loan interest for a period of time. These schemes are for students belonging to either backward castes or economically backward classes.

Dr. Ambedkar Cenral Sector Scheme :

The scheme is for OBC and EBC students. It provides interest subsidies for overseas studies.

The scheme is for	Annual Family income
EBC(Economically backward classes)	Less than 5 lacs per annum
OBC	Family income less than 8 lacs per annum

Padho Pardesh Scheme :

The scheme aims to benefit students belonging to minority communities (Muslims, Christians, Sikhs, Buddhists, Jains, and Zoroastrians) whose family income is below 6 lacs per annum. The scheme provides loan interest subsidies for overseas educational institutes studies.

Central Scheme for Interest Subsidy for Economically Weaker Sections :

The Scheme is aimed at helping the students of Economically weaker sections of society with family income less than 4.5 lacs per annum. Under the scheme, an interest subsidy is provided for the moratorium period(course duration plus 12 months or 6 months after getting a job, whichever is earlier).

ICICI bank Education Loan Processing Fee

The ICICI bank charges a non-refundable processing fee of 2% of the loan amount plus GST. You need to pay the processing fee directly to the bank, even when you are going through WeMakeScholars.

We at WeMakeScholars do not charge any fee for providing consultation for your higher studies loan as we are funded by the Ministry of IT, the government of India. Talk to a financial officer from WeMakeScholars, who will provide all the accurate details regarding your loan including the details of processing fee.

Documents Required for ICICI Bank Education Loan

Here’s a list of documents that you will need to process your education loan from ICICI bank.

Section 1: Application form

The financial officer from WeMakeScholars will provide you with an ICICI bank educational loan online application form which you will have to fill out along with your signature and two photographs.

Section 2: Basic documents for Applicant (student), co-applicant, and/or Guarantor

1. Proof of Identity

Aadhar card
PAN Card
Passport if you are going for abroad studies

2. Proof of residence (if your permanent and current address is different then provide two residence proofs)

Aadhaar card
Voter ID Card
Telephone Bill
Electricity Bill
Ration card
Bank account statement

3. Co-applicant documents

If Salaried : Last 6 months' bank account statement

If Self-employed : 1-year business transactions

4. Personal Asset & Liability Statement- Self attest all the documents

Section 3 : Applicant academic documents

10th, 12th, Degree Marksheets, and certificates
Proof of admission for the course(details of total duration)
Structure of the fees(i-20 for US if available)
IELTS/GMAT/GRE Scorecard
University Ranking

Section 4 : Document for financial co-applicant to prove their income

If Salaried

Last 3 months' salary slips
Last 2 yrs form 16
Employers ID card
Income tax return filed for 2 years

If Self-employed

Income Tax Return of last 3 yrs
The balance sheet of the last 3 yrs and account of profit & loss(for self-employed businessman)
Address proof of the business

Section 5 : Other Documents

A financial officer from WeMakeScholars will provide a letter format where you will have to declare that the extra expenses will be borne by your co-applicant
Notarised joint affidavit with the student and co-applicant in Bank’s standard format (Format to be provided by WeMakeScholars Financial officer)

Section 6: Additional docs (if applicable)

Receipts of any payment made to the university
Loan account statements of any pending loans within the last 1 year.
Explain the gap if you have had any between your studies or job on an Rs.100 stamp paper.

Section 7: Collateral documents(not mandatory)

They are required only if you go for an ICICI bank collateralized loan. Also, they vary from state to state.

Also, they vary from state to state. Check below among different states, documents required according to your current location.

ICICI Bank Education Loan Insurance

The loan insurance for ICICI bank is 1 to 1.5% of the loan amount. Loan insurance is a protection provided for your student loan. It ensures that your loan is repaid even in unforeseen cases such as disability or death by the insurance company.

You do not need to make an upfront payment for loan insurance as it is usually adjusted with the loan amount. Ask your financial officer from WeMakeScholars to calculate the loan insurance amount for you.

ICICI Bank Loan Margin Calculation

The banks usually ask you to arrange a percentage of the amount that is required for your education. This percentage is called the Loan margin or margin money.

The margin money for ICICI bank varies with the category of the university that the student is going to. Also, the margin money in ICICI bank is only for loans that are above 20 lacs.

Category of the University	Loan margin
A1	95%
A2	90%
A3	85%

If you are finding it tough to arrange the loan margin amount from your end, you can share the same with your financial officer at WeMakeScholars, who will provide you with an alternative.

How to Apply for an Education Loan from ICICI Bank?

Apply to the ICICI education loan, by following the below-given steps

Offline

Visit the bank with the list of documents provided above
Follow the bank employees' instructions to get your study loan
You will get your loan sanctioned when you cooperate with the bank employee, though it may take more time than the online method.

Online method

Request a callback from WeMakeScholars
A financial officer from WeMakeScholars will get in touch with you and will ask a few basic questions to check your eligibility for the loan.
Once done with taking the details, he/she will provide you a list of lenders, where you can get your study loan
He/she will also send you a document uploading link, where you can upload all your documents
You will be connected to different lenders, who will then take the process further
During the process, your financial officer from WeMakeScholars will be in touch with you, so you can share any issues related to your student loan with you
Your loan will be sanctioned in the timeline provided by your financial officer

Why should you not go directly to banks(offline)?

Going directly to the banks has certain disadvantages which are listed below

Improper information regarding the ICICI education loan
Paying multiple visits to the bank during the process
The loan process will be longer
A lot of information like the kind of interest rate charges will be hidden from you
Your chances for the loan sanction will be minimal

Why go through WeMakeScholars?'

WeMakeScholars is an organization supported by the Ministry of IT, govt of India under the Digital India campaign. We at WeMakeScholars provide consultation regarding loans and also connect students to multiple lenders. All the services provided by us are FREE of charge. We are partnered with 14+ banks(public/Pvt). Students interested in an education loan can request a callback from the team.

Better interest rates : When you go through us, banks offer 0.5% to 2% to lower interest rates as compared to the bank’s average interest rate, as they are partnered with us.

Multiple options : We are partnered with 14+ banks(public/Pvt and hence connect students to multiple lenders so that they can choose the best ones for their education loans.

End-to-end support : We at WeMakeScholars not only help students during the loan sanction but also provide assistance post-sanction of the loan and loan disbursement process even in 12 hrs different timezone.

Tax benefits : Students or their parents are unaware of the tax benefits that they can obtain in an education loan like the 80E of the Income Tax Act of 1961, which we make sure to explain to them.

Cashback : After your loan disbursement process is done, We provide a cashback of ₹3000.

Make the process of your higher studies loan simpler by availing free services from WeMakeScholars. Request a callback today!

Why and How to Transfer your Education Loan to ICICI Bank?

The quality services of the ICICI bank may tempt you in transferring your education loan to the ICICI bank. Here are the steps to do that.

Collect all the information from your current bank about the pending loan amount and then request a callback from WeMakeScholars.
A financial officer from WeMakeScholars will contact you and ask you for certain details about the loan. Then, he will provide you a list of documents that you will need to submit to ICICI bank.
Once you have submitted the asked documents, the ICICI bank will clear off your dues in your previous bank and start off your loan.

The transfer to ICICI bank through WeMakeScholars will get you the benefits that ICICI bank is offering and also the benefits of going through WeMakeScholars.

ICICI bank Education Loan EMI Calculation as per Interest Rate

Have a good idea of the EMIs that you will have to pay after taking education from the ICICI bank. The ICICI bank loan calculator will detail the EMIs for your whole tenure of repayment.

Let us assume that you have an education loan of 25 lacs for a course of 2 years at an interest rate of 10% with 10 years as your repayment duration after the moratorium period of 30 months.

Here’s how much you will pay yearly!

Timeline	EMI	Interest portion	Principal portion	Loan Outstanding
End of year 1	39026	23231	15794	2771975
End of year 2	39026	21578	17448	2571856
End of year 3	39026	19750	19275	2350782
End of year 4	39026	17732	21294	2106559
End of year 5	39026	15502	23523	1836762
End of year 6	39026	13039	25987	1538714
End of year 7	39026	10318	28708	1209457
End of year 8	39026	7312	31714	845722
End of year 9	39026	3991	35035	443899
End of year 10	39026	323	38703	0

The EMI calculator considers the following factors

Moratorium period
Compound and Simple interest
Semester-wise breakdown
Grace period

There are many more such ins and outs in the process of getting an education loan sanctioned and we are experts in dealing with all of them. Therefore, we advise you to process your education loan through WeMakeScholars. Your financial officer will be available to you throughout the sanctioning, loan disbursement process, and repayment processes of your student loan.

ICICI Bank Education Loan Repayment process

Full simple interest is charged during the moratorium period. The students taking an education loan from ICICI bank have 8 to 12 years post-moratorium to pay off the loan. However, they can also choose to close the loan before the tenure ends through the following ways.

Prepayment
Choosing a shorter duration to repay the amount
Loan transfer to another bank

The students in the repayment may face certain issues like a sudden increase in ROI, which can impact them heavily. We at WeMakeScholars understand that and so provide students support even after the loan sanction. We talk to the lenders and resolve the issues that the students are facing.

Get started with your hassle-free education loan today, by requesting a callback from WeMakeScholars.

Education Loan FAQs

What is the interest rate on an ICICI education loan?

The interest rates in an ICICI bank higher studies loan vary. However, it currently starts from 9.50%
What is the tenure of an ICICI education loan?

The tenure of an ICICI bank study loan varies between 8 to 12 years post-moratorium period.
What is ismart Education Loan?

The ICICI bank ismart education loan provides you with the ease of generating the sanction letter by yourself at home with a few clicks.
Who can avail ismart Education Loan without collateral?

The customers of ICICI bank who have a pre-approved loan offer and are wishing to study abroad.
Why Insta Education Loan?

For Visa applications, students need to show a sanction letter for proof of funds and so the Insta education loan plays a vital role in providing students with that.
Can I get an education loan without any collateral from ICICI bank?

ICICI bank also provides a non-collateral education loan of up to 50 lacs provided you meet the loan eligibility criteria.
Who can apply for an Education Loan from ICICI bank?

Students wanting to pursue higher education and meet the loan eligibility criteria can apply for a loan
How does Education Loan work?

An education loan provides funds to students who fund to pursue higher education.
Can I port my education loan to another bank with lower interest rates?

Yes, you can port or transfer an education loan from one bank to another bank. Read the above article to know the process.
Are NRIs eligible for education loans from banks in India?

Yes, NRIs are eligible to apply for an education loan from India, provided they meet all the eligibility criteria requirements.

Speak with a Financial officer