ICICI Education Loan

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ICICI Education Loan

Receive expert, personalized guidance at no cost from VITTIYA to navigate education financing, ensuring a smooth journey to securing the funding you need for your studies in India or abroad.

Interest Rate

Starting from 10.25%

Processing Fees

0.5% to 1% + GST

Margin Money

0-15%

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The Process Explained

How It Goes

Easy 5-Step Digital Journey to Secure Your Education Loan

Study Abroad

ICICI Bank Education Loan for Abroad Studies

All you need to know about ICICI bank education loan for studying abroad

Key Highlights

Experience the Journey

Founded in 1994, Industrial Credit and Investment Corporation of India (ICICI) Bank is one of India’s top private-sector banks, offering financial support to students aspiring to study abroad. In partnership with Vittiya, ICICI Bank provides education loans of up to Rs. 1.5 crore, with both collateral and collateral-free options. Loans come with tax benefits under Section 80E, flexible repayment terms, and competitive interest rates. The eligibility for a collateral-free loan depends on whether your institution is listed as a premier university. With Vittiya’s guidance, securing an education loan through ICICI Bank is a smooth and straightforward process.

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Overview and Features of ICICI Education Loan Scheme For Abroad

For students plotting their academic future abroad, understanding the nuances of the SBI education loan for abroad studies is crucial. From processing fees to margin money, each aspect of this SBI abroad education loan is crafted to ease the financial burden, making your study abroad experience seamless.

Feature
Detail
Loan Amount
Up to 1.5 Cr
ICICI Student Loan Interest Rate
10.99%-11.25%
Interest Rate Type
Floating Interest Rates
Minimum Income (Co-Applicant)
50,000 INR (without obligations)
Repayment
Need to pay S.I. only during course
+ 6 months grace period
Processing Fees
0.5% - 1% of the loan amount + GST
Other Charges
NIL
Margin Money
0 - 15%
Loan Tenure
Upto 10 years
Processing Time
5 - 7 days after document submission
Prepayment Penalty
No Penalty
Tax Benefit
Yes
ICICI Bank education loan interest rate as of March 2024

Note: If the overall profile of the applicant and co-applicant is strong—such as a high CIBIL score, excellent academic performance, and other positive factors—a full moratorium may be offered. This means no repayment will be required during the course of study and the grace period.
ICICI Education Loan Eligibility For Abroad
There are a few eligibility criteria for ICICI Bank that you must fulfill to ensure that you can get approval for your abroad education loan. The eligibility requirements are –

  • Must be an Indian citizen.
  • The target university or college must be listed as approved by ICICI Bank.
  • The co-applicant must be a parent, sibling, spouse, or maternal/paternal uncle.
  • The applicant’s age must be between 16 and 35 years.
    • Work Experience-Based Education Loan ICICI Bank
    Apart from providing normal abroad education loans, there is a unique product that is only provided by ICICI Bank. This product is best for those individuals that have work experience and after working for several years want to go abroad to pursue higher education. A few of the aspects of this experience-based product by ICICI Bank are –

  • This loan option is ideal for individuals with at least 3 years of professional experience.
  • No co-applicant is required for this loan product.
  • A minimum salary of 35,000 INR is required, though this may vary based on the loan amount.
  • The loan is applicable only for universities/colleges in the A1 or A2 category of ICICI Bank’s approved institute list.
  • During the moratorium period, no payments are required, but an FD must be provided as security. The benefit of this is earning regular interest on the FD, with the principal amount being returned after the loan repayment period.

    • Note: Applicant needs to make a Fixed Deposit (FD) of an amount equivalent to the simple interest to be paid during the moratorium period with the ICICI Bank as security.

    Calculate your EMI with ICICI Education Loan Calculator.
    Expenses Covered by ICICI Bank Education Loan Scheme
    ICICI education loan covers lot of expenses that are required in order to pursue your abroad education. These expenses are –
  • Tuition Fees: The course fees charged by the educational institution.
  • Accommodation: Expenses for on-campus or off-campus housing.
  • Travel Expenses: Costs related to international or domestic travel for your education.
  • Examination and Library Fees: Charges for exams, library access, and laboratory usage.
  • Purchase of Books and Equipment: Expenses for textbooks, study materials, and essential equipment like laptops.
  • Project Work and Study Tours: Costs associated with project work, study tours, and related travel.
  • Insurance Premium: Premium for student health insurance, if applicable.
  • Other Education-related Expenses: Additional costs for completing your course, such as thesis work, seminars, or extra classes.
    • Documents Required for ICICI Abroad Education Loan
    The mandatory documents that you would need to start your process of abroad education loan with ICICI Bank.
  • Copy of Exam Mark Sheets: 10th/12th mark sheets or the latest education certificate.
  • Admission Letter: Include the admission letter along with the cost of education, if available.
  • Aadhaar Card and PAN Card: Of both the student and parent/guardian.
  • Passport: A copy of the student’s passport.
  • Electricity Bill: To serve as residence proof.
  • Relationship Proof for Co-applicant: Documents confirming the relationship between the student and co-applicant.
  • Salary Slips and Form 16: Most recent salary slips and Form 16 of the co-applicant (if salaried).
  • Updated ITR or IT Assessment Order: Of the co-applicant for the last 2 years (if self-employed).
  • Proof of Margin Money: Where applicable, proof of margin money to be contributed by the student.
    • Benefits of Getting your ICICI Education Loan Through Vittiya
    There are some additional benefits that you can get if you pursue your ICICI education loan for abroad studies from Vittiya. These benefits include:

    Guaranteed Best Loan:
    Vittiya ensures that you receive the most competitive education loan available. We are committed to securing the best deal for you. If you come across a better offer, we will make up for the difference in interest rates for the entire duration of your loan.

    Customized Document Checklist:
    Vittiya provides a personalized document checklist based on your profile, ensuring you have all the necessary documents. We also mention alternative document options when available.

    Low Turnaround Time:
    With Vittiya’s assistance, the loan process can be completed in just 5-7 days. If you go directly to the bank, it may take up to 10 days due to their standard procedures.

    100% Free Assistance:
    When you check your eligibility and proceed with your loan through Vittiya, you will be connected with an education loan expert who will guide you through the entire process at no additional cost.

    Full Moratorium Offered:
    Vittiya may help you secure a full moratorium if your profile (including CIBIL score, academic performance, etc.) meets the required standards for this benefit.

    If you’re looking to secure an abroad education loan from ICICI, you can apply directly on their website. However, for a smoother and more efficient application process, you can apply for your loan through Vittiya.

    Vittiya is an online platform dedicated to helping Indian students finance their education abroad. To get started, simply check your loan eligibility, and leave the rest to us! We’ll guide you through the entire process, ensuring a hassle-free experience.
    yOUR ANSWER

    Frequently Asked Questions

    Candidates can get a ICICI education loan without an account, even if parents are deceased, with simple EMI calculations and no prepayment fees.

    Can I get a full moratorium from ICICI Bank?

    If your application profile is exceptionally strong, ICICI Bank may offer you a full moratorium on your abroad education loan.

    You must have a minimum of three full years of professional experience to qualify for ICICI Bank’s experience-based loan product. Applications are only accepted once this requirement is met.

    Tuition and on-campus housing fees are directly transferred to the university, while other living expenses are deposited into the borrower’s account.

    Yes, by taking a loan from ICICI Bank, you are eligible for tax benefits under Section 80(c) for deductions on investment.

    Yes, by taking a loan from ICICI Bank, you are eligible for tax benefits under Section 80(c) for deductions on investment.

    You can check the status of your ICICI education loan directly on the portal by logging in with your credentials. This allows you to view the real-time progress of your education loan application.

    ICICI Bank’s processing fees for education loans typically range from 0.5% to 1% plus GST. In some cases, where the applicant’s profile is exceptionally strong, the processing fee may be reduced to as low as 0.3%.