Interest Rate
Starting from 10.25%
Processing Fees
0.5% to 1% + GST
Margin Money
0-15%
How It Goes
Easy 5-Step Digital Journey to Secure Your Education Loan
Ensure Your Loan Eligibility
Check your eligibility & get conditional loan offers
instantly.
Speak with Loan Experts
Connect with our loan counselor to better understand the process.
Share Documents & Fill the Form
Complete required forms & submit documents for bank verification.
Settle Your Best Loan Offer
VITTIYA secures the best rates & maximum loan amount for you.
Get Loan Approval & Disbursement
Get fast loan approval & quick fund
disbursement.
Ensure Your Loan Eligibility
Check your eligibility & get conditional loan offers
instantly.
Speak with Loan Experts
Connect with our loan counselor to better understand the process.
Share Documents & Fill the Form
Complete required forms & submit documents for bank verification.
Settle Your Best Loan Offer
VITTIYA secures the best rates & maximum loan amount for you.
Get Loan Approval & Disbursement
Get fast loan approval & quick fund
disbursement.
ICICI Bank Education Loan for Abroad Studies
All you need to know about ICICI bank education loan for studying abroad
Introduction of ICICI Bank
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.
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 –
- No co-applicant required
- Only for A1/A2 category institutes as per ICICI’s list
- Minimum salary: ₹35,000/month (may vary)
- Earn interest on the FD, and the principal is returned after repayment
- No payments during moratorium; instead, you provide an FD equal to interest for the moratorium period
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.
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.
- Academic records: 10th/12th mark sheets or latest certificate.
- Admission letter with fee details
- Aadhaar & PAN cards of student and co-applicant
- Passport of the student, Residence proof (e.g., electricity bill) & Relationship proof with co-applicant
- Income proof: Salary slips, Form 16 (if salaried) or ITR for 2 years (if self-employed)
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:
- Best Loan Guarantee: If you find a better offer, Vittiya will cover the interest rate difference.
- Personalized Document Checklist: Tailored list with alternative options to avoid delays.
- Faster Processing: Loans approved in just 5–7 days with Vittiya, compared to up to 10 days through direct bank application.
- 100% Free Support: Expert guidance throughout the loan process at no cost.
- Full Moratorium Help: Assistance in securing a full moratorium based on your profile.
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.
Overview of ICICI Bank
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.
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 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 –
- No co-applicant required
- Only for A1/A2 category institutes as per ICICI’s list
- Minimum salary: ₹35,000/month (may vary)
- Earn interest on the FD, and the principal is returned after repayment
- No payments during moratorium; instead, you provide an FD equal to interest for the moratorium period
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.
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.
- Academic records: 10th/12th mark sheets or latest certificate.
- Admission letter with fee details
- Aadhaar & PAN cards of student and co-applicant
- Passport of the student, Residence proof (e.g., electricity bill) & Relationship proof with co-applicant
- Income proof: Salary slips, Form 16 (if salaried) or ITR for 2 years (if self-employed)
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:
- Best Loan Guarantee: If you find a better offer, Vittiya will cover the interest rate difference.
- Personalized Document Checklist: Tailored list with alternative options to avoid delays.
- Faster Processing: Loans approved in just 5–7 days with Vittiya, compared to up to 10 days through direct bank application.
- 100% Free Support: Expert guidance throughout the loan process at no cost.
- Full Moratorium Help: Assistance in securing a full moratorium based on your profile.
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.
Frequently Asked Questions
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%.