ICICI Bank Abroad Education Loan

✓ Up to 2 Cr of Study Abroad Education Loan

✓ Without Collateral and Co-applicant

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Looking for ICICI bank abroad education loan? ICICI bank is perfect for you as it provides a great range of abroad education loan products and is also flexible compared to other private lenders.

ICICI bank products for Abroad Education Loan

ICICI bank's abroad education loan scheme is very flexible. Even students who do not have a strong financial co-applicant, but are themselves earning well can take an education loan by waiving off the financial co-applicant.

Here are the other details of the ICICI bank abroad education loan:



Loan Limit

Up to 50 lacs for a non-collateral loan or an unsecured loan

Up to 2 cr for a collateral loan

Can try for a higher amount if the profile of the applicant and co-applicant is good

Expenses covered

Study costs

Admission fee

Tuition fee


Examination fee

Lab/library fee


Living expenses

Hostel fee


Caution fee


Travel expenses 

Health insurance

Miscellaneous expenses

Accepted co-applicant

Parents, Brother, Sister, Spouse, Grand Parents, Parents in law, Brother in law, Maternal/Paternal Uncle.

ICICI Bank Abroad Education loan interest rate

Interest range of ICICI bank abroad education loan ranges

For collateral loans- 9 to11%

For Non-collateral loans- 12-14%

Moratorium Period

CD 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

During the moratorium period, full simple interest is charged

Eligibility Criteria

Should be a citizen of India

Should have passed class 12th

The age of the applicant should be in between 16 years and 35 years

Value of Collateral (only if it is collateralized education loan)

5 to 15% which will depend on the category of the university.

Applicable for loans above 20 lacs

Accepted collateral

House, Land, Flat, and FD


  • If you have already paid the fees for a semester or the admission fee, but you need to include that amount also in the loan account, talk to your financial officer at WeMakeScholars to do the negotiation on the same with the lender.
  • There are different types of education loans and hence browse through all of them and select the most suitable one for you according to your requirements.
  • ICICI bank mostly prefers students going to top countries like USA, Australia, UK, Germany, Canada, New Zealand, etc. It provides flexible terms to students flying to the above mentioned countries.
Get an education loan even if you do not have collateral or a good co-applicant!

Documents required to get an Abroad Education Loan from ICICI bank

Check your education loan eligibility and then arrange the following documents for an Abroad education loan from ICICI bank

Section 1: Application form

WeMakeScholars will provide you with an application form. Fill that out along with 2 photographs and your signature.

Section 2: Documents required for applicant and co-applicant

1. Prove your identity by providing the following documents

  • Passport
  • PAN Card
  • Aadhar card 

2. Proof of your Residence(you will need two address proofs if your current and permanent address is different).

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

3.  For co-applicant

  • Last 6 months' account statement of the bank if the co-applicant is salaried
  • Business transactions of 1 year if self-employed

4. Also attach the Personal Asset & Liability Statement

Section 3: Academic documents of the applicant

  • Education certificates and mark sheets - 10th, 12th, Degree
  • Admit proof that reflects the course duration
  • Fee structure (i-20 for US if available)
  • IELTS/GRE/GMAT Scorecard
  • Ranking of the preferred university

Section 4: Financial co-applicants income documents


  • 3 months' salary slips
  • 2 yrs form 16
  • ID card of the organization
  • ITR of the last 2 yrs


  • ITR of last 3 yrs
  • Profit and Loss account or balance sheet of last 3 yrs
  • Business address proof

Section 5: Other Documents

  • A letter that says that the extra expenses will be taken care of by your co-applicant(ask your financial officer for the format)
  • Notarised joint affidavit with the co-applicant and student in Bank’s standard format

Section 6: Additional docs (if applicable)

  • Receipt of the payment made to the university
  • Pending loans statement through the loan account.
  • Explain through a letter if you had any gap on Rs. 100 stamp paper.

Section 7: Optional documents (for collateralized loan)

Collateral documents are only needed if you are going for a collateral loan. They are also different from state to state. Check the requirements of documents and other factors according to the state you are applying from.

Do you have all the documents that you will need to process an abroad education loan from ICICI bank?

ICICI Bank Abroad Education Loan Repayment Policies

The ICICI bank like every other bank provides a moratorium where they don’t need to pay the EMIs. This period is for the course duration of the student plus 6 months. However, in the moratorium, the students may require to pay the interest amount to the bank.

If the student wants to close off the loan before the tenure ends, he can do by the following methods,

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

Most banks do not recognize the post-sanction issues that a student faces, like a sudden increase in the ROI. However, we at WeMakeScholars wholeheartedly sympathize with students in this regard and so offer post-sanction services along with sanction and disbursement. We talk to the lenders about the issues that the student is facing and get them resolved.

Benefits of ICICI Bank Abroad education Loan

Here are the benefits of going with ICICI bank

  • Competitive interest rates
  • Apply for loan amount of up to Rs. 2 crores
  • Get a non-collateral loan of up to 50 lacs 
  • Pre-visa disbursal
  • Customised loan tenure and repayment options.

However, there are certain disadvantages too if you go directly to the bank. 

  • Inaccurate loan process details
  • Hidden charges
  • Multiple visits to the branch to complete the education loan process
  • No-post sanction support

To avoid the hassle of going directly to banks prefer WeMakeScholars. We at WeMakeScholars provide you with an education loan that is fast-paced, digital and has no hidden charges. We also provide you with post-sanction support.

For ICICI bank education loan benefits plus the ease of application process, apply through us!

How to apply for an ICICI bank abroad education loan?

Apply for an ICICI bank abroad education loan process by following the below steps,

  • Request a callback from WeMakeScholars
  • WeMakeScholars financial officer will get in touch with you and will ask you basic questions to check your eligibility for an education loan
  • He will then connect you to eligible lenders and will provide you a document uploading a link to upload your documents
  • Upload the documents in the link provided.
  • The process will be taken forward by your assigned lender. However, you can talk to your financial officer about any type of issue or confusion in your process
  • You will get your sanction letter in the timeline promised by your financial officer

Prefer the above process for an education loan over going directly to the bank. The above process at WeMakeScholars will get you a loan amount sanction in the least time possible with attractive interest rates.

Get an education loan sanction within 7 working days from private banks!

Why go through WeMakeScholars?

WeMakeScholars is an organization supported by the Ministry of IT, govt of India under the Digital India campaign. Our aim is to offer unbiased education loans to students wishing to pursue higher education. All the services offered by us are free of charge. We are also partnered with 14+ banks(public/Pvt). Students interested in an education loan can request a callback from our team.

The advantages of going through us are:

Better Interest rates: A loan application from WeMakeScholars will get you lower interest rates from the banks. The interest rates through WeMakeScholars are 0.5% to 2% lower than the bank’s average. 

Fastest processing time: We process an education loan in 21 working days for Govt. banks and 7 working days for Private banks and NBFCs, once you have submitted all the documents from your end. We process a loan in 50% less time than the time the bank takes directly.

Tax benefit: You get all the information regarding the tax benefit on education loans for abroad from WeMakeScholars financial officer.

End-to-end support: WeMakeScholars also helps you with repayment and disbursement, even when you are in a 12 hrs different timezone.

The cashback offered: You win a cashback of up to ₹3000 in your loan amount disbursement.

Be eligible for a cashback of up to Rs 3,000 by taking an education loan through WeMakeScholars!

Education Loan FAQs

  • Which is the best bank to receive an education loan for studying abroad?

    ICICI bank can be said to be the best bank to avail education for studying abroad as it offers flexible options.

  • Can I get an abroad education loan without any collateral from ICICI bank?

    You can get an abroad education loan amount of up to 50 lacs without collateral from ICICI bank, provided you are eligible for it.

  • What are the types of education loans available for Indian students to study abroad?

    There are basically two types of loans to study abroad, a collateral or secured education loan and a non-collateral or unsecured education loan.

  • What is the interest rate on an ICICI bank abroad education loan?

    The interest rates on an ICICI bank abroad education loan vary with the category of the institute and the type of loan.

  • What is an Insta Education Loan?

    Insta education loan provides you with the sanction letter with a few clicks at your home. You do not have to visit the branch for a sanction letter.

  • Why ICICI bank Insta Education Loan?

    For a visa application to certain countries, you need a sanction letter, which you can easily get through ICICI bank Insta education loan, without even visiting the branch.

  • How does an abroad Education Loan work?

    An abroad education loan provides you with funds to study in abroad universities. They also cover other expenses like travel and living expenses.

  • Can I port my abroad education loan to another bank with lower interest rates?

    You can definitely transfer or port your education loan to another bank. WeMakeScholars provides an easy process to do that.

  • Who can apply for an abroad Education Loan?

    Students wishing to study abroad can apply for an abroad education loan, provided they meet all the eligibility criteria.