ICICI Education Loan with Low Interest rate ICICI EDUCATION LOAN Apply Online

Introduction to ICICI Education Loan

Are you seeking an education loan to study abroad? An ICICI education loan is a truly unique product in the segment of Student Loans for studying abroad. The education loan provided by ICICI has elements similar to a collateral- based government bank education loan as well as an unsecured education loan from NBFCs.

Read on to understand the details of ICICI Education Loan for foreign studies.

Fund your dream to study overseas by filling up this ICICI Education Loan Online Application form!

Important Points to note regarding ICICI Education Loan Process

Here are some very important points regarding ICICI Education Loan for abroad studies:

  1. ICICI Education Loan Scheme is very flexible and allows for secured, unsecured and partially secured education loans for abroad studies.
  2. Eligibility criteria for Education Loan in ICICI is quite strict. ICICI has a very specific list of colleges, universities and courses that are eligible for a loan. If your institution does not feature in their list, an education loan from ICICI is not possible.
  3. The terms and conditions of ICICI Education Loan Policy are completely dependent on the Ranking of your university. Read more about that here!
  4. ICICI Unsecured Education Loan can be processed even for Bachelors programs. This point requires a special mention as no other financial institution will provide collateral free education loans for Bachelors courses.

ICICI Bank Education Loan Eligibility Criteria

What are the ICICI Bank Education Loan eligibility requirements?

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.
  • Have a free discussion with our Financial Team to know whether you are eligible for an education loan through ICICI Bank!

    Secured ICICI education loan
    online application form

    ICICI Bank Education Loan- Documents Required

    What are the Documents required to get an ICICI Education loan to study abroad?

    The documents required for ICICI Education Loan for abroad studies depends on whether you are going for a secured loan or an education loan without collateral security.

    Required Documents for ICICI Education Loan Additional Documents for a Collateral Loan from ICICI Bank
  • PAN, Aadhar and Passport Copy of the Applicant and Co-applicant
  • Residence Proof of the Applicant and Co-applicant
  • Academic documents of the applicant- marksheets of Class X, Class XII, Degree etc
  • Scorecards of the applicant of qualifying exams like GRE, GMAT, TOEFL, IELTS etc
  • Admission Letter from the University
  • Income Proof of the co-applicant
  • Property Documents:

  • Sale Deed
  • Title Deed
  • Registration Certificate
  • Plot and Building Layout
  • Every region of the country has some unique document specifications. Speak to our loan team to understand all the documents requirements for the ICICI Education Loan process.

    ICICI Bank Education Loan- Maximum Amount

    What is the maximum loan amount sanctioned by ICICI Bank education loan for students?

    If you have ample collateral security, you can avail the maximum secured loan amount of Rs. 1 Cr.

    Regarding the ICICI education loan without collateral, the following are the maximum amounts for ICICI Unsecured education loan:

    Category A1 Category A2 Category A3
    Maximum Unsecured- RS. 40 Lacs Maximum Unsecured- Rs. 20 Lacs Unsecured Loans- not possible

    A very unique aspect of the ICICI Bank education loan policy is that you can even take a partially secured loan. For example, let’s assume that you require an education loan provided by ICICI bank of Rs. 45 Lacs. Supposing your university falls under the A2 Category of ICICI’s Prime University List, you can apply for a maximum ICICI unsecured education loan of Rs. 20 Lacs.

    If you can submit acceptable collateral, you can take a secured loan of 25 Lacs. In this way, you will fulfill your requirement of a Rs. 45 Lac loan.

    Wondering what is the best collateral according to ICICI education loan details? Read this!

    ICICI Bank Education Loan- Collateral Security

    What are the different kinds of collateral security that can be submitted, according to ICICI education loan requirements?

    Eligible property to get ICICI education loans for students

    Immovable Property:

  • House
  • Flat
  • Plot with boundaries
  • Commercial Property
  • Liquid Security:

  • Fixed Deposits
  • Please note that Gram Panchayat property will not be acceptable. According to ICICI education loan rules, only properties in Municipal Property can be used to process a student loan to study abroad.

    Check ICICI education loan
    eligibility

    ICICI Bank Education Loan- Accepted Co-applicants

    Who can I put as my co-applicant to get an ICICI Bank education loan to study abroad?

    Accepted co-applicants in ICICI Bank education loan policy Mother, Father, Brother, Sister, In-Laws

    Like with every education loan policy, even the ICICI Bank education loan department prefers only the closest blood relatives as co-applicants. Unrelated contacts will not be entertained under any cost.

    ICICI Bank Education Loan Charges

    What are the ICICI Education Loan processing charges for study abroad cases?

    Breakdown of ICICI Bank Education Loan Processing Charges:

  • Processing Fee- 1% of the loan amount
  • GST Charges- as applicable
  • Stamp Duty charges for equitable mortgage creation- 0.5% of the loan amount
  • As it can be observed, the ICICI education loan processing charges are not fixed. It is dependent on the amount sanctioned from the ICICI Bank education loan department.

    ICICI Education Loan Processing Time

    What is the ICICI Education Loan processing time?

    ICICI education loan procedure, when processed through WeMakeScholars is usually completed in about 10 days. Is your abroad education loan in ICICI Bank taking too long to be processed? Get in touch with WeMakeScholars who can accelerate your ICICI education loan process in a jiffy!

    ICICI Education Loan Moratorium Period

    Is there a moratorium period in the ICICI Education Loan Policy?

    Moratorium period in ICICI education loan scheme Course duration + 6 months

    Moratorium Period is the duration wherein you do not have to repay the principal amount. For ICICI Bank overseas education loan the Moratorium Period is course duration + 6 months. However, partial payment of the interest is paid while the student is pursuing the course.

    Apply for a hassle-free Education loan experience by filling this ICICI Bank education loan online form

    ICICI Bank Education Loan- Maximum Period

    What is the ICICI Education Loan Tenure?

    ICICI Education Loan Tenure 10 years

    Note: According to ICICI Bank Education Loan details, the ten years is inclusive of the moratorium period (course duration + 6 months).

    Application form for education loan with
    collateral in ICICI

    ICICI Bank Education Loan Margin

    What is the Loan Margin in the ICICI education loan scheme?

    Loan Margin is the percentage of money the student must contribute, which will activate his loan disbursement. According to the ICICI bank education loan scheme, Loan Margin is only applicable for loans above Rs. 20 Lacs

    Loan Margin for ICICI Bank Overseas Education Loans above Rs. 20 Lacs 15%

    Let us assume that you have an ICICI Education Loan sanction of Rs. 30 Lacs. You require a disbursal of Rs. 5 L to pay your tuition fees. As your loan margin is 15%, you will be required to pool in 15% of the required amount (Rs 5 Lacs, in this case.) Therefore, in this case, Rs. 75000 is your margin money.

    ICICI Bank Education Loan Subsidy

    Is it possible to get an ICICI Education Loan Subsidy?

    Yes. As per ICICI Bank education loan details, the applicant or co-applicant will be eligible for tax exemption under Section 80E of the Income Tax Exemption Act of 1961. You can get up to 30% reduction in the payment of your ICICI Education loan Interest amount depending on your income.

    Why WeMakeScholars?

    Why should I approach WeMakeScholars when I can apply for an ICICI Bank Education Loan on my own?

    WeMakeScholars is the authorized online partner of the ICICI Bank education loan department and processes all the ICICI Education Loan online applications.

    WeMakeScholars is the National Digital Partner of 10 banks and financial institutions and is the best organization to give you unbiased education loan guidance because of its vast database.

    WeMakeScholars is a Central Government funded organization and therefore, offers a completely free service.

    You will also be eligible for a cashback of up to Rs. 3000 because of our association with the Digital India Campaign of the Central Government of India.

    ICICI Bank Education Loan- Prime University List

    Does ICICI Bank have a Prime University List? What are the universities and courses that meet the ICICI Bank Education Loan Eligibility Criteria?

    The education loan scheme of ICICI Bank has a very specific list of universities which are eligible for an education loan from ICICI bank.

    This Prime University List is divided into three categories- A1, A2 and A3. This division is primarily based on university ranking.

    Here is a brief sample of some of the universities that meet the education loan criteria in ICICI Bank:

    A1 Category A2 Category A3 Category
    Harvard University National University of Singapore Purdue University
    Massachusetts Institute of Technology (MIT) University of Texas at Austin Grenoble Ecole de Management
    London Business School University of Amsterdam Swinburne University of Technology
    HEC Paris University of Warwick Loyola University, Chicago
    Princeton University University of Tokyo University of Colorado-- Denver

    Please note that the above is a very brief sample. It is impossible to list all the universities which are eligible for ICICI higher education loan.

    Please speak to your financial officer from WeMakeScholars to know whether your university is eligible for an abroad education loan in ICICI Bank.

    Also, make sure to ask your WeMakeScholars financial officer which category your university falls under- because all your loan details depend on the category!!

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    faster approval

    ICICI Bank Education Loan Types

    What are the types of loans provided by ICICI Bank Education Loan Department for studying abroad?

    The Education Loan Scheme of ICICI Bank provides collateral loans, collateral-free loans, as well as a combination of both secured and unsecured education loans. Speak to our team to know which Category your university falls under!

    A1 Category A2 Category A3 Category

    Types of loans sanctioned:

  • Secured Education Loan
  • Unsecured Education Loan
  • Partially Secured Education Loan
  • Types of loans sanctioned:

  • Secured Education Loan
  • Unsecured Education Loan
  • Partially Secured Education Loan
  • Types of loans sanctioned:

  • Secured Education Loan only
  • Get your loan super quick by filling this ICICI Bank education loan form now!

    ICICI Bank Education Loan Rate of Interest

    What are the ICICI interest rates for education loan?

    The ICICI education loan interest rate depends on your course and the category your university falls under.

    Category A1 Category A2 Category A3
    UG Course- not funded in this list
    PG Course- 11.75%
    UG Course- 12.75%
    PG Course- 12.5%
    UG Course- 13.5%
    PG Course- 12.99%

    On an average, the ICICI abroad education loan interest rate for a Masters course ranges from 11.7%- 12.9%. For a UG course, the ICICI Bank education loan rates range from 12.7- 13. 5%.

    Note: Through WeMakeScholars, it is possible to get a reduction in your ICICI bank education loan ROI. Get in touch with us today!

    ICICI Education Loan Repayment Rules

    What is the ICICI Education Loan Repayment Policy?

    EMI Payment of ICICI Education Loan will commence six months after the student completes his graduation. However, while the student is still studying, he can make partial payments of just the interest on the amount he had withdrawn from the loan.

    The average range of the partial payment of ICICI Bank education loan for abroad studies is mentioned according to the university category as follows:

    Category A1 Category A2 Category A3
    Partial payment of interest- Rs. 5000 monthly Partial Payment of Rs. 5000 to Rs. 15000 Must pay simple interest on the amount disbursed

    Are you confused about which Category your university falls under? Speak to the ICICI Education Loan experts here!

    Apply online for low
    interest rates

    ICICI Education Loan Prepayment

    What are the ICICI Bank Education Loan Prepayment Charges?

    According to ICICI education loan details, there are no additional charges for repaying the loan before the loan tenure expires. So, you do not have to worry about ICICI Education Loan Prepayment Charges because they do not exist!

    To fund your education through ICICI Bank education loan apply online here!

    ICICI Education Loan Policy- Special Cases

    Will ICICI Bank grant pre visa disbursal and preapproval sanction letter?

    If you plan to study in USA, you might already be familiar with the i20 document. The i20 document is of prime importance while applying for the F1 student visa. To get this document, you must show a loan statement from the bank. While most banks are unwilling to provide an early sanction letter, ICICI Bank Education Loan Scheme will provide a presanction letter for the student to issue the i20 document.

    Some universities in USA, Australia, Germany and other nations require the student to pay the first-semester fee and/ or set up a separate account for living expenses. This is a very recent change and many banks are yet to accommodate these changes in their latest policies. However, through the ICICI Education Loan procedure, pre-visa disbursement will be executed as per embassy requirements.

    Start your loan process by filling the ICICI Bank Education Loan Application Form here!

    ICICI Bank Education Loan Contact Number

    Is there any way to reach the ICICI Education Loan Customer Care?

    Here is the official route to the ICICI Education Loan Customer Care. This will lead you to the ICICI Bank’s website. However, if you want more personalized assistance with the focus being on your loan file, then WeMakeScholars will resolve all your ICICI Education loan complaints and issues. Get in touch with WeMakeScholars today to avail our free service.

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