Do not let your dream of studying abroad die because you could not secure a scholarship, try applying for a study abroad loan instead. ICICI Bank is offering a loan for study abroad, which extends financial assistance of up to ₹3 crores! This ICICI Education Loan for Study Abroad is offered to students who have secured admission to one of the recognised institutes or universities outside India. The interest rates for ICICI Education Loan for Study Abroad start from Repo + 3.75% (Spread), which you can pay back in 10-14 years, depending on your course.
With 100% financing of your educational needs, you can fund your college fees, hostel fees, travel costs, etc, using the amount you get from the ICICI Bank education loan for study abroad. If you are interested in learning more about this student loan, keep on reading below, as we have discussed it in great detail.
ICICI Education Loan for Study Abroad Highlights
| Particulars | Details |
| Loan name | ICICI Education Loan for Study Abroad |
| Eligibility Criteria |
|
| Loan amount |
|
| Loan tenure |
|
| Moratorium period | Course duration + one year |
| Loan Margin |
|
| Loan Processing Fee (Non-refundable) | About 2% of the total loan amount |
ICICI Education Loan for Study Abroad Courses and Expenses Covered
For international study using an ICICI Bank education loan, the applicant must have a valid admission letter for a course which is job oriented. Also, the UG/PG/Diploma course opted by the candidate must be offered by a reputed and recognised university.
It is important to know which expenses related to your educational journey will be covered by the ICICI Education Loan for Study Abroad. Therefore, we have added a detailed list below for your reference.
- Fees for your college and hostel
- Exam, library, and lab fees
- Travel expenses for your flight or cruise
- Insurance premium for your health or life insurance
- Caution deposit, building fund, or any kind of refundable deposit
- Purchase of books, a laptop, equipment, uniform, etc for your studies.
- Any other additional expenses for your education like field trips, project work, etc.
ICICI Education Loan for Study Abroad: Loan Amount
As you may know, the ICICI Bank education loan is capped at ₹1 crore for study in India, but the bank understands that for study abroad, you need a bigger amount. That is why they are offering education loans up to three times what they offer to students studying in India. The ICICI Education Loan for Study Abroad loan amount is capped at ₹3 crores! Keep in mind that this amount will be offered to you only if you can show relevant educational expenses and provide valuable assets as collateral. If you want a collateral-free ICICI Education Loan for Study Abroad, then you can get as high as ₹1 crore. More details on the education loan amount are provided below.
| Particulars | Details |
| Secured Loan Amount for Study Abroad | ₹3 crores |
| Unsecured Loan Amount for Study Abroad | ₹1 crore |
Also Read: ICICI Education Loan – Eligibility, Benefits and Documents Required
ICICI Student Loan for Study Abroad: Interest Rates
All study loans offered by banks in India require students to pay the interest on the loan amount.
This is also applicable to ICICI student loans for study abroad, which have a variable interest rate. The interest rate applicable to you may be different from the interest rate charged by another student from your class. This is because the interest rate is calculated as per the risk factor and the repo rate. The Repo rate is decided by the Reserve Bank of India (RBI), and the bank has no say in it but the other factor where the bank has control over is the spread value. The spread is decided by risk factors such as collateral value, eagerness to repay the loan, co-signer’s income, academic performance, choice of course, and more. Therefore, the ICICI student loan for study abroad interest rate is Repo rate + spread. The minimum value of spread charged from students is 3.75%, and it can go up. Eager students can check the table below for further clarification about the interest rate.
ICICI Education Loan Interest Rates for Study Abroad
| Particulars | Details |
| Floating interest rate | Starts from Repo + 3.75% (Spread) |
| Current interest rate (this changes regularly) |
|
Also Read: ICICI Bank Education Loan Interest Rates – Fees, Service Charges and Tax Benefit Calculator
ICICI Education Loan for Study Abroad Application Process
There are two ways using which you can fill out the application form for the ICICI education loan for study abroad. The first option is the offline form fill up at your local ICICI Bank branch; on the other hand, you have the Indian government’s Vidyalakshmi portal for online application. Below, you will find the detailed steps required to fill out the ICICI education loan for the study abroad application process.
Online Application Process:
- First, visit the Vidyalakshmi portal.
- Register for a new account and then log into your account.
- Start filling out the common application form for all bank loans in India.
- Submit the required documents and information.
- Now, choose the ICICI education loan for study abroad in the loan selection window.
- Submit your application and wait for the bank to connect with you.
Offline Application Process:
- Visit your nearest ICICI Bank branch and ask for a loan officer or any official employee who can help you with the loan application.
- Ask him for the ICICI education loan for the study abroad application form.
- Fill out the education loan application form with his help, and make sure you attach all the documents.
- Submit the application form and wait for the bank to release the loan sanction letter.
Also Read: Study Loan Process: Eligibility, Application, & More
ICICI Education Loan for Study Abroad: Documents Required
The ICICI education loan for study abroad application process requires candidates to submit a long list of documents. It is common for students to miss a few documents which in turn leads to loan decline. Therefore, it is important to know the list of documents you need for the application process. We have added the complete list of documents below.
- Educational documents from class 10 to now.
- Entrance exam result
- Admission letter from your college
- The fee structure of the college
- Your ID card, like Aadhar or PAN
- Co-signers salary or income proof
- Collateral asset’s papers
- Address proof
Also Read: Documents Required for Education Loan for Abroad Studies
ICICI Education Loan for Study Abroad: Calculating Education Loan EMIs
Taking admission to a foreign institution for higher studies sometimes takes years of financial planning. Passionate students start preparing for examinations very early in their academics, while parents start planning for the financial expenditure for the same.
Student loan calculator helps you identify the investment required to make your child’s foreign education a smooth ride. It has also been adjusted to provide you with the EMI details, considering the inflation estimations for the coming years, to help you plan your loan accordingly.
The details that you need before visiting this calculator are:
- Complete academic expenditure estimate for foreign institutes (including tuition, exams, field trips, research and projects)
- Estimates of living expenses (including food, accommodation, occasional travel back home)
- Details of course duration
- Number of years after which your child is planning to start a foreign education or,
- Estimated time that you plan to take to repay the study abroad loan
Entering these details in the respective fields of the student loan calculator will provide
you with monthly EMI, which you would need to roll out to afford the ICICI Bank education loan for study abroad.
ICICI Bank Forex Services for Study Abroad Students
Apart from getting the ICICI education loan for study abroad, students need extra support to afford miscellaneous expenses. Be it taxi charges from the airport to your college or paying the mobile phone bill; these miscellaneous charges are not usually covered in the education loan. For such needs, the ICICI bank offers forex services for students who choose to study abroad. These services include ICICI bank student travel cards, ICICI Outward Remittances, Foreign Demand Draft, Foreign Currency (Notes), and Globetrotter Overseas Individual Student Insurance Policy. Each of these forex services covers the different educational needs of a student. For example, it is mandatory for an Indian student to have international health insurance to get admission to any foreign university. However, simply opting for ICICI Education Loan for Study Abroad will not help you in getting health insurance, so you can opt for the Globetrotter Overseas Individual Student Insurance Policy by ICICI bank. You can learn more about the ICICI bank forex services by checking the table below.
| ICICI Foreign Education Service/Benefit Name | Expenses Type Covered | Limits and Details |
| ICICI Student Travel Card | Travel costs, competition exam fees, mobile phone charges, etc. | As needed |
| ICICI Outward Remittances | Pay university fees abroad | The money can be wired to your university account in 16 currencies – USD, EURO, GBP, CHF, SGD, JPY, etc
(Money limit is subjective to FEMA regulations) |
| Foreign Demand Draft | Any educational expenses | Available in 6 currencies – USD, GBP, Euro, AUD, CAD and SGD.
Note – Limitations are as per FEMA rules. |
| Foreign Currency (Notes) | For everyday expenses of the student | You can carry a maximum of USD 3,000 or equivalent in one trip. Cash is available in 13 currencies – USD, EURO, GBP, CHF, SGD, JPY, etc.
Note – Cash limitations are as per FEMA rules. |
| Globetrotter Overseas Individual Student Insurance Policy |
|
Expenses covered as per the insurance policy |
ICICI Education Loan for Study Abroad Fees & Charges
Applying for the ICICI Education Loan for Study Abroad is quite easy, but you also need to have a clear understanding of the service charges levied by the bank after your loan is processed. Keep in mind that these charges will be applicable to you only if you use that particular service. However, it is important to know about these charges.
Service Fees
- Loan Processing Fee: Up to 2% of the loan amount (non-refundable).
- CERSAI Charges: ₹100 (Non-refundable, as per the Central Registry of Securitisation Asset Reconstruction and Security Interest of India regulations).
- Administrative Fees: ₹5,000 or 0.25% of the loan amount, whichever is lower.
- This one-time, non-refundable charge covers property valuation and legal verification for mortgage suitability.
Repayment & Documentation Fees
- Repayment Mode Change Fee: ₹500
- Statement of Account (Printout at Branch): ₹200
- Amortization Schedule: ₹200 for branch printout (free online).
- Prepayment/Foreclosure Statement: ₹200 for a branch printout.
- Duplicate No Objection Certificate (NOC): ₹250
- Revalidation of NOC: ₹250
- Cash Transaction Fee (EMI Payment at Branch): ₹100
- Loan or Property Document Retrieval: ₹500
Loan Cancellation Charges
- Digital Loans: No cancellation fee if done within the free-look/cooling-off period. And ₹2,500 if cancelled after this period but before the first EMI (from the 16th day until the first EMI date).
- Non-Digital Loans: ₹2,500
Interest Rate Conversion Charges
- Floating to Fixed Rate: ₹3,000
- Fixed to Floating Rate: If tenure is up to 37 months, 0.50% of the outstanding principal. If tenure exceeds 37 months: 2% of the outstanding principal.
Prepayment Charges
- Floating Interest Rate Loans: No prepayment fee.
- Fixed Interest Rate Loans: Within 37 months from loan origination: 2% of the prepaid amount. After 37 months: No prepayment charges.
Penal Charges
- Late Payment Penalty: 5% per annum on the overdue amount (calculated from the due date until payment).
- Bounced Cheque/Failed Auto Debit (ECS/NACH): ₹500 per transaction.
- Non-Maintenance of Payment Mode Charges (NMMP): ₹800
Recovery & Legal Charges (If Applicable)
- SARFAESI Proceedings Fees: As per actual costs.
- Notices, Enforcement, Repossession, Security Guard Fees: Charged at actuals.
- Advertisement Costs (if required for legal procedures): At actuals.
FAQs
Can I get a 100% loan to study abroad through ICICI Bank?
The ICICI Bank has a study abroad loan programme that finances 100% of your educational needs, such as course fees, hostel fees, exam fees, laptop costs, travel ticket costs, etc. The name of this scheme is ICICI Education Loan for Study Abroad.
What is the interest rate for ICICI Education Loan for Study Abroad?
The ICICI Education Loan for Study Abroad interest rate is different for every applicant, starting from Repo + 3.75%.
Can I get a ₹20 lakh education loan without collateral through ICICI Education Loan for Study Abroad?
Yes, under the ICICI Education Loan for Study Abroad, you can get up to ₹1 crore education loan without any collateral. Therefore, it would be easy for you to get a ₹20 lakh loan if you are eligible.
Who is eligible for an ICICI Education Loan to study abroad?
An Indian student who is between the ages of 16 and 35 and has completed his class 12 or diploma can apply for the ICICI Education Loan for Study Abroad.
When should I repay the ICICI Education Loan for Study Abroad?
You can start repaying the ICICI Education Loan for Study Abroad after the moratorium period ends which is after one year of your course completion.