ICICI Bank Education Loans

Perhaps you have excelled in your exam and are now moving towards gaining more accolades in your career. However, the only thing standing between you and your success is the severe lack of funds. Unfortunately, it is a problem that plagues many students.

ICICI Bank understands this well, and thus, offers education loans. These loans can be availed by students who are eager and willing to fulfill their career aspirations. The loan are meant to fund education in India as well as overseas.

Features of ICICI Bank Education Loan

1. You can save income tax on the interest paid.

2. Seamless and fast fund transfer to the requisite international institute.

3. No collateral is needed if the loan is up to Rs. 40 lakh for particular courses and institutes.

4. The loan disbursement process is fast and hassle-free.

5. You can benefit from a flexible tenure and repayment options, as well as from the competitive interest rates on the loan.

Benefits of ICICI Bank Education Loan

1. You can get education loans of as much as Rs. 1 crore.

2. No margin is required for loans of upto Rs. 20 lakhs.

3. There are no restrictions on part payment or prepayment.

4. Expenses covered include travel, tuition fees, purchase of laptops, etc.

5. Students who apply for courses overseas get pre-visa disbursal

6. You get preferential Forex rates in the case of international disbursements

Interest Rates for Domestic and International UG and PG courses

	Domestic courses	International courses
Interest Rate	Starting from 11.5% per annum for both UG and PG courses	Starting from 11.5% per annum for both UG and PG courses
Loan Term (Without Collateral)	Till 8 years after course completion (plus 6 months) in case of a PG course, and 5 years after course completion (plus 6 months) in case of a UG course	Till 8 years after course completion (plus 6 months) in case of a PG course, and 5 years after course completion (plus 6 months) in case of a UG course
Loan Tenure (With Collateral)	Up to 10 years after the course (plus 6 months) in case of a PG course, and up to 7 years after the course (plus 6 months) in case of a UG course	Up to 10 years after the course (plus 6 months) in case of a PG course, and up to 7 years after the course (plus 6 months) in case of a UG course
Maximum Amount of Loan	Rs. 50 lakh for both UG and PG courses	Rs. 1 crore for both UG and PG courses
The Requirement of Collateral	Depends on individual institutes. One can get collateral-free loans for some institutes. Collateral-free loans are of upto Rs. 20 lakhs for UG courses and Rs. 40 lakhs for PG courses.	Depends on individual institutes. One can get collateral-free loans for some institutes. Collateral-free loans are of upto Rs. 20 lakhs for UG courses and Rs. 40 lakhs for PG courses.
Moratorium Period	Depends on the course and the institute	Depends on the course and the institute
Margin	There is no margin till Rs. 20 lakhs. For loans above Rs. 20 lakhs, there is a 15% margin.	There is no margin till Rs. 20 lakhs. For loans above Rs. 20 lakhs, there is a 15% margin.

Eligibility

To get this loan, one should:

• be an Indian citizen

• have already gained admission in a university, or an approved college or diploma course

• have already completed the 12th standard exam

Documents Needed

• KYC documents

• Mark sheets of the exams cleared, such as the class 10th and 12th exam, graduation, and the entrance exam to the concerned institution

• The admission letter from the university

• The fee structure from the university

• KYC of the co-applicant and his/her income proof

• Additional documents as requested (if the collateral is required)

Collateral or Security

• Non-agricultural properties and plots like commercial and residential properties and plots

• Fixed Deposits

Courses and Expenses Covered

For domestic courses	Pre-approved courses, especially UG and PG degrees or a PG Diploma, which are conducted by recognized universities and colleges, and which are recognized by the UGC, the Indian Government, the AICTE, ICMR, the AIBMS, etc.
For international courses	Any job-oriented degree course, PG Diploma and professional courses which are offered by reputed institutes at both UG and PG level

Expenses Covered

• Fees for college tuition and hostel rent

• Library, exam and lab fees

• Passage money and traveling expenses

• The student borrower's insurance premium

• Building funds, caution deposit, refundable deposits (duly supported by receipts and bills)

• Buying uniforms, books, equipment, and instruments

• Buying a computer available at a reasonable price (if needed for the course)

• Other expenses required for course completion, such as study tour, and project work.

FAQs

How can one apply for the loan?

You can get education loans of up to Rs. 50 lakhs for studies in India, and Rs. 1 crore for studies abroad from ICICI Bank. There are several ways to apply for the loan.

1. You can visit your nearest ICICI branch, fill in the required form and get the loan approval process started.

2. You can apply online for domestic and international UG/PG courses

3. You can also choose to apply for education loans through the Vidyalakshmi website here.

Within how many days will the loan amount be disbursed?
After all the documents have been submitted, disbursal can take up to 15 days.

Can the loan be pre-closed?

Yes, the loan can be pre-closed at any time of its tenure.