Higher education is a crucial stepping stone to a successful career, but the rising cost of tuition and other expenses can be a significant financial burden. To bridge this gap, ICICI Bank offers education loans designed to help students pursue their academic dreams in India and abroad. With flexible repayment options, competitive interest rates and hassle-free application processes, ICICI education loan provides much-needed financial support to students and parents alike.
This guide covers everything about ICICI education loans, including eligibility criteria, loan features, interest rates, repayment options and the application process. Whether for higher studies at a prestigious institution or financial support for a vocational course, this comprehensive resource provides the necessary information to make an informed decision and secure the required funding for education.
ICICI Bank education loan key features
ICICI Bank education loans come with a range of features designed to make financing higher education easier and more accessible. Understanding these key features helps in making an informed financial decision for academic aspirations.
1. Loan Amount
- Loans up to ₹1 crore for studies abroad
- Loans up to ₹50 lakh for studies in India.
2. Competitive Interest Rates
- Attractive interest rates based on the applicant’s profile and chosen course.
- Special rates for premier institutions.
3. Flexible Repayment Options
- Repayment tenure of up to 12 years.
- Moratorium period covering the course duration plus an additional buffer period.
4. Collateral Options
- Education Loan below ₹4 lakh, no collateral is required.
- For a loan above ₹4 lakh to ₹7.5 lakh, a third-party guarantor is required.
- For loans above ₹7.5 lakh, collateral is mandatory.
5. Tax Benefits
- Interest payments eligible for tax deduction under Section 80E of the Income Tax Act.
6. Loan for a Wide Range of Courses
- Financing available for undergraduate, postgraduate, diploma, and vocational courses in India and abroad.
ICICI Education Loan – Eligibility Criteria
ICICI Bank offers education loans to help students finance their higher education in India and abroad. To avail of this loan, applicants must meet specific eligibility criteria set by the bank.
| Particulars | Eligibility |
| Nationality | Indian |
| Age | Minimum – 16 years, maximum – 35 years |
| Academic record | Proven – good |
| Qualification | Completed 10th and 12th Standard /Diploma |
| For Pursuing | Graduation /Postgraduate Degree or a PG diploma in professional Education. |
| University Applied to | Listed, Recognized and Accredited Institutes in India and Overseas |
ICICI Education Loan – Documents Required
Following are the mandatory documents required for an ICICI Bank Education Loan:
- Proof of Identity: Passport, Aadhaar Card, PAN Card or Voter ID.
- Proof of Residence: Utility bills or rental agreement.
- Academic Records: Admission Letter, marksheets and certificates.
- Income Proof: Co-borrower or guarantor’s income proof such as salary slips or Income Tax Returns.
- Bank Statements: Recent statements for evaluation.
- Loan Application Form: Duly filled.
- Photographs: Recent passport-sized photographs.
- Collateral Documents: If applicable, documents related to the collateral.
ICICI Education Loan – Application Process
ICICI Bank offers both online and offline application methods for education loans, ensuring convenience for students and their families. Below is a step-by-step guide for both processes:
Online Application Process
- Go to the official ICICI Bank website and navigate to the “Education Loans” section.
- Click on the “Apply Online” button to begin the loan application process.
- Enter the required details, including personal information, academic background, loan requirements, and co-applicant details.
- Scan and upload necessary documents such as admission letters, KYC documents, academic records, and income proofs.
- Review all details carefully and submit the online application form.
- The bank will process your application, verify your documents, and assess loan eligibility. If approved, you will receive a sanction letter.
Offline Application Process
- Locate and visit an ICICI Bank branch that offers education loans.
- Request an Education Loan Application Form from the bank representative.
- Provide accurate personal, academic, and financial details in the form.
- Submit photocopies of essential documents such as KYC proofs, academic records, admission letters, and financial statements.
- Hand over the completed application form along with the required documents to the bank representative.
- The bank will review your application, verify details, and communicate the loan approval status. If approved, a sanction letter will be issued.
Click here to apply: ICICI Bank Education Loan
FAQs
Does ICICI Bank provide 100% financing for education loans?
ICICI Bank can finance up to 100% of the total education cost, depending on the applicant’s profile, course, and collateral offered. However, some cases may require a margin contribution.
Can I get an education loan for part-time or online courses?
Education loans are primarily for full-time courses, but certain recognized part-time and online programs may be eligible based on ICICI Bank’s discretion.
How soon can I get the loan disbursed after approval?
Once the loan is sanctioned and documentation is complete, the loan amount is typically disbursed directly to the educational institution within a few working days.
Can I avail of a top-up loan if my education expenses increase?
Yes, ICICI Bank allows students to apply for an additional loan amount if tuition fees or living expenses increase, subject to eligibility and approval.
What if I fail to secure a job after completing my course?
ICICI Bank provides flexible repayment options and grace periods. If you face difficulty in repayment, you can request an extension or restructuring of the loan.