ICICI Bank Education Loan for Studying Abroad

The ICICI Education Loan for studying abroad provides up to ₹3 crore for international studies, including tuition, living, and travel expenses under its iSmart framework. ICICI Bank education loan interest rates generally start at 9.25% p.a. with various repayment options.

One of India's largest private banks, ICICI Bank education loan for abroad studies is a good option for students pursuing their higher studies.

Loan Amount for Studies Abroad: Up to ₹3 crore

Interest Rates: 9.25% p.a. onwards

Moratorium Period: Course duration + 6 months

Repayment Tenure: Up to 15 years

Foreclosure Charges: Nil for floating-rate loans. 2% of the prepaid amount for fixed-rate loans

WeMakeScholars is an education finance platform assisting students in securing top education loan deals with clear steps, professional assistance, and faster processing.

To fund your higher studies, understand key ICICI Bank education loan details, including loan amount, interest rates, and applicable fees. Here is an overview of what you can expect from funding through an ICICI education loan:

*The ICICI education loan interest rates mentioned are indicative and subject to change. The final interest rate also depends on individual profiles and the bank’s discretion. 

ICICI Bank is one of the largest private banks providing banking and loan services to people in India. But does ICICI Bank provide an education loan for abroad studies? Yes, the ICICI Bank education loan for abroad studies is a popular choice due to several benefits.

ICICI abroad education loans go up to ₹3 crore, even without collateral for eligible candidates. Moreover, ICICI’s Instant Education Loans offer speedy digital processing and sanction. The table below explains the features in detail:

*The ICICI abroad education loan interest rates mentioned are indicative and subject to change. The final interest rate also depends on individual profiles and the bank’s discretion.

The approved courses for an ICICI abroad education loan are undergraduate degrees and postgraduate diplomas in recognised universities. ICICI Bank categorises these universities into two tiers: Premium and Others. Your university category determines your loan amount, interest rate, and whether you need a co-applicant. 

Getting an ICICI education loan on your own can be challenging. In this situation, WeMakeScholars can guide you through the same along with added benefits such as discounted interest rates and processing fees. Request a callback from a WeMakeScholars Financial Officer today. 

Understanding factors such as the loan amount, margin, and the expenses it covers is crucial before applying for an ICICI education loan.

Loan Amount by University Tier

The ICICI Bank education loan college list has two categories: Premium and Others. Understanding which tier your target university falls under can influence the terms of your loan:

You get better loan conditions if your university falls under the premium tier. You could unlock features such as reduced loan margins, quicker sanction, and even favourable interest rates.

WeMakeScholars lets you skip the long process by quickly checking your chosen university's category. Learn more through a Financial Officer who will guide you through all ICICI Bank education loan details that suit your profile.

Expenses Covered

An ICICI education loan offers financing for the following expenses:

• Tuition fees (Paid directly to the university)

• Travel expenses (One-way flight ticket)

• Accommodation fees (On-campus or off-campus)

• Exam fees

• Library or lab fees

• Computer (if required by the course), books, and other study equipment

• Refundable deposits and caution fee

• Study tours, thesis, or project costs

• Living expenses* 

*Note: Living expenses covered in an education loan are handled separately from tuition fees. The tuition amount is directly credited to the university's account by the bank, whereas the student's living expenses are usually loaded onto a forex card. Please consult your WeMakeScholars financial officer to get a proper addition of living expenses to your loan application.

Margin Money Requirement

The ICICI education loan margin varies by the tier of your university: 

The amount you receive from an ICICI Bank education loan without collateral depends on the route you take to get the sanction. If you take the standard route, you get an ICICI Bank education loan without collateral up to ₹1 crore. Through deviations, however, WeMakeScholars can get loan sanctions up to ₹2 crore. But an ICICI Instant education loan gets you up to ₹3 crore, subject to a few strict conditions on your financial profile. 

Collateral-Free Limits

The route you take to get an ICICI education loan sanction determines the loan amount you’re eligible to receive.

Which Students Qualify Without Collateral

The financial profile of co-applicants primarily determines the eligibility of an ICICI education loan without collateral. The following education loan eligibility criteria must be fulfilled to get high ICICI unsecured education loans:

Accepted Collateral for Secured Loans

Some ICICI education loans require borrowers to pledge collateral to get lower interest rates and higher loan amounts. ICICI Bank accepts the following types of collateral security for an education loan:

• Property (Commercial or Residential)

• Fixed Deposit (FD)

• Existing home/mortgage loan from ICICI Bank (used as a cross-collateral*)

*A cross-collateralisation occurs when you already have collateral pledged as security with the same bank. In this case, the bank can secure your education loan with the same property mortgaged with them instead of a second collateral.

The ICICI abroad education loan interest rate ranges from 9.25% to 13.25% p.a. The secured ICICI education loan interest rates start at 9.25% p.a., provided the collateral is a 100% FD. On the other hand, the unsecured rates start at 10.25% p.a. These rates are influenced by the RBI repo rate and the bank’s spread rate (an additional percentage).

However, several academic and financial factors determine your education loan interest rate in ICICI Bank:

• Pledging collateral

• University tier

• Co-applicant’s income profile

• Concessions from government schemes

Check out the ICICI abroad education loan interest rate page to learn more about how ICICI Bank calculates and assigns your interest rate.

An ICICI education loan comes with certain charges to manage administrative and operational costs. The following table lists the ICICI Bank education loan processing fee along with other important fees: 

To qualify for an ICICI Bank education loan, students and co-applicants must meet certain ICICI Bank education loan eligibility criteria. 

Student Eligibility Criteria

Students generally need to have a good academic record and meet certain age and course-related education loan criteria in ICICI Bank. 

Co-Applicant Requirements

ICICI Bank checks the co-applicants’ financial profile, particularly when offering high loan amounts or unsecured education loans.

The documents required by ICICI Bank for both students and co-applicants in an education loan include KYC, academic, and financial information.

ICICI Bank education loan documents required by Students:

• KYC Documents: Passport, Aadhaar card, Driving license, Voter ID, etc. 

• Academic Certificates: Most recent marksheets, degree certificate

• Entrance Exam Scores: IELTS, GMAT, TOEFL, GRE, etc.

• Course-Related Documents: Proof of admission, immigration letter (I-20/Confirmation Letter/Confirmation of Enrolment/Certificate of Acceptance for Studies)

ICICI Bank education loan documents required by Co-applicants:

• KYC Documents: Passport, Aadhaar card, driving license, voter ID, etc. 

• Salaried Co-applicant: Form 16, salary slips, Income Tax Return (ITR) documents

• Self-Employed Co-applicant: Address proof of business, balance sheets, ITR, profit and loss statement, GST documents

ICICI Bank education loan documents required for Collateral Security:

• Land Documents: Title deeds, registered sale agreement, previous chain of sale deeds for the last 30 years, encumbrance certificate, etc.

• Fixed Deposit: Proof of FD with ICICI Bank

• Existing Home Loan: Home loan documents with ICICI Bank

This was an overview of the documents required by ICICI Bank. To avoid missing on any more important documents, here is a full education loan document checklist for your reference.

You can apply for an ICICI education loan online or by visiting the branch directly. The following sections will explain how to get education loans from ICICI Bank. 

Applying Online and at a Branch

To get an ICICI Bank education loan apply online through the following steps:

Step 1: Visit the official ICICI education loan page to access the education loan application form. Alternatively, you can apply directly on the WeMakeScholars portal, which assesses your eligibility for ICICI Bank.

Step 2: Enter required personal information and university-related details and submit the ICICI education loan application. 

Step 3: Upload all necessary student, co-applicant, and collateral document copies (if required).

Step 4: ICICI Bank conducts document verification through academic and financial checks and assesses the collateral (for secured loans).

Step 5: The bank then issues a sanction letter containing information on the loan amount, interest rate, and repayment.

Step 6: After signing the agreement, funds are disbursed straight to the university.

For an offline application for an ICICI education loan, follow these steps:

Step 1: Visit the nearest ICICI Bank branch with all necessary ICICI Bank education loan documents required.

Step 2: The bank executive will guide you through the ICICI Bank education loan process and ask you to fill in an application form.

Step 3: Submit the form, and the bank will evaluate your profile.

Step 4: Upon approval, you will be required to sign the ICICI education loan agreement.

Step 5: The bank disburses the funds to your institution and loan account.

Application Form and Where to Get It

Through the online portal, you can access your ICICI education loan application form through the bank’s official education loan page. However, you can also receive an application form through a bank executive if you visit your nearest branch. 

The easiest way to apply for an ICICI education loan is through the WeMakeScholars portal, which simultaneously checks your eligibility for the education loan. With the help of your Financial Officer from WeMakeScholars, you can skip the long process of assessing all details or visiting the branch. All document submissions and eligibility checks could be carried out by your Financial Officer on your behalf. Request a callback today!

Processing Time and Sanction 

The ICICI Bank education loan processing time can range up to 15 working days for studies abroad. Education loans without collateral could take a shorter amount of time. However, with WeMakeScholars, you can benefit from processing in 7-10 days, due to our expertise in negotiating with banks on your behalf.

The education loan processing time and sanction ultimately depend on the timely submission and verification of all documents. Make sure to keep all ICICI education loan documents required handy before approaching the bank.

Pre-Admission Sanction and Visa Support

A pre-admission sanction for an ICICI education loan is a formal acknowledgement of details of the loan issued to you. Banks issue the pre-admission sanction letter that serves as proof of funds to help you obtain your admission letter and other visa documents. ICICI Bank issues the final sanction letter after you receive the admission letter. 

To approve your visa, the embassy may ask you to confirm you have enough funds to cover your living and academic expenses. Countries such as Germany and Canada require you to showcase funds before granting the visa. This condition makes it important for the applicant to get a pre-visa disbursement of the education loan. ICICI Bank can help you in this scenario and disburse a portion of the loan to meet the embassy’s requirement.

Thus, through an ICICI education loan, you can experience a seamless loan sanction and visa approval process. 

You can track the status of your ICICI education loan using your registered details and application ID. The following methods can be used to check your ICICI education loan status online:

1. ICICI NetBanking

2. ICICI’s iMobile application

You can also track your application through the ICICI Bank education loan customer care number. The customer care department will connect you to an ICICI Bank executive who will update you on your application status.

Your repayment options in an ICICI education loan can vary based on your course and the university’s tier. The following sections explain everything you need to know about ICICI education loan repayment policies. 

Moratorium Period

The moratorium period in an education loan at ICICI Bank consists of the course duration plus 6 months. You do not need to repay the principal portion of your ICICI education loan. However, payments towards the interest portion of your loan are required, as simple interest accrues during the moratorium.

Based on your course and university tier, ICICI Bank may ask you to repay your education loan through the following options:

• Partial Simple Interest: If your university falls under the ‘Premium’ category and the course comes under PG STEM (Science, Technology, Engineering, and Mathematics) or management

• Full Simple Interest: If your university falls under either of the categories (Premium and Others), and any course other than PG STEM and management

• Direct EMIs: If your university falls under the ‘Others’ category

Repayment Tenure

ICICI education loan consists of a maximum repayment tenure of up to 15 years. Ensure you make timely payments towards interest or EMI during the moratorium. This can reduce the burden on the repayment of the principal loan amount at the beginning of your repayment tenure. 

EMI Calculator

To understand your repayment process through these three options, the ICICI Bank education loan calculator can give you estimated figures of your payable interest and EMI. However, the WeMakeScholars education loan EMI calculator considers more factors, such as the kind of payment you make during the moratorium. This gives you a more precise estimate of your payable interest and EMI.

Let us take an example:

Say you take a ₹1 crore loan for a 2-year course at an interest rate of 9.25% p.a. while availing the standard moratorium and repayment periods (15 years). You get the following figures through the WeMakeScholars education loan EMI calculator:

*Note: Your actual payment can differ subject to the bank’s discretion.

Prepayment and Foreclosure Charges

If you wish to pay part of your loan balance ahead of schedule or close your entire loan earlier, banks can impose a certain fee. For an ICICI education loan, the prepayment or foreclosure fee can apply to you based on the type of interest. They are discussed as follows:

• Floating Rate: 0%

• Fixed Rate: 2% of the paid principal amount if you wish to pay within 37 months. Beyond 37 months, there is no prepayment fee. 

ICICI Bank is one of the most trusted private banks in India for education loans for studies in India as well as abroad. To give a fair ICICI Bank education loan review, the table below lists its pros and cons:

 Choose ICICI Bank if you are looking for high loan amounts without collateral and if your university falls under the premium category. Consider other lenders such as public banks if you have strong collateral and want lower interest rates.

The table below gives a side-by-side comparison of ICICI education loan details with other private banks to help you understand your loan options better:

*The interest rates mentioned are indicative and subject to change. The final interest rate also depends on individual profiles and the bank’s discretion. 

Through WeMakeScholars’ partnership with ICICI Bank, you get the benefits of better negotiations on loan amounts and interest rates, and several other discounts. Opting to sanction your loan through WeMakeScholars ensures a smooth loan process through the following benefits:

• Free End-to-End Support: Students receive free assistance throughout the entire loan process, from consultation to disbursement

• Direct Access to ICICI Head Office: The applications are supervised at the highest level, with a financial officer ensuring priority processing and prompt solutions

• Interest Rate Negotiation: Financial Officers use their expertise to discuss the most favourable interest rates available depending on your profile

• Handles Complex Cases: Multi-city profiles (different residence and collateral locations) are managed efficiently without any delays

• Deviation Approvals: If your profile does not entirely conform to the criteria, WeMakeScholars can still obtain special approvals from the bank.

• Customised Document Checklist: You get a tailored document list including alternatives, thereby avoiding confusion and delays.

• Post-Sanction Support: Ongoing assistance is made available for disbursement, visa processing, forex, and repayment queries.

• Cashback: You can earn up to ₹3,000 cashback on multiple disbursements if you sanction your loan through WeMakeScholars 

ICICI Bank is a good lender when it comes to offering large loan amounts, competitive interest rates, and repayment terms that suit your convenience. However, as it is with all education loans, whether you receive a good deal or the best deal typically depends on the person guiding you through the loan process.

As a platform supported by the Ministry of IT offering free services, WeMakeScholars offers negotiation power, expertise in documentation, and end-to-end support.

Check your eligibility with WeMakeScholars and let a Financial Officer handle your education loan so you can focus on what matters: preparing yourself for your life overseas.