ICICI Bank Education Loan – Eligibility, How to Apply, Courses covered

About ICICI Bank Education Loan

ICICI Bank is one of the leading private sector banks in India. ICICI Bank was founded in 1994 and provides a wide range of banking products and financial services. It offers an array of credit products designed to suit the many differing needs of its customers. ICICI bank provides ICICI Bank Education Loan to help students in India.

An Education loan is money borrowed to finance education or school related expenses.

Features of ICICI Bank Education Loan

1. Objective: To provide term loan to Indian students for pursuing higher education in India and foreign universities
2. Quantum of Loan: Up to 10 Lakhs for studies in India and up to 20 Lakhs for studies overseas
3. Margin: No margin required for loans up to INR 4 Lakhs, 5% of margin for loans above INR 4 Lakhs for studies in India and 15% of margin for above 4 Lakhs for studies overseas
4. Repayment Period: The moratorium period is 1 year after completing the course. Repayment starts in 6 months after getting a job.
5. Security: The parents or the guardian will be the co-applicant or the loan and the primary debtor. Tangible collateral will be accepted as security by the bank with the third-party guarantee. No security required for loans up to 4 Lakhs.
6. Processing Fees: There are no processing fees for availing ICICI Bank education loan.

Benefits of ICICI Bank Education Loan

Following are some of the advantages of applying for an educational loan with ICICI Bank.

• Low interest rate
• Less paperwork
• No processing fees
• Faster Disbursal
• No prepayment charges
• No pre-closure charges

Eligibility Criteria 

• Should be an Indian National Resident.
• Secured admission/ invite from university in approved university/ college in degree/ diploma course.
• Education should have completed 10+2 (12th standard).

Courses covered under ICICI Bank Education Loan are given below

Studies in India

• • Graduation courses – BA, B. Com, B.Sc. etc.
  • Post-Graduation courses – Masters & Phd.
  • Professional courses – Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, ICWA, CA, CFA etc. Courses conducted by IIM, IIT, IISc, XLRI, NIFT etc.
  • Computer certificate courses of reputed institutes accredited to Dept. of Electronics or Institutes affiliated to University.
  • Regular Degree/Diploma courses like Aeronautical, Pilot Training, shipping etc. approved by Director General of Civil Aviation/Shipping, if the course is pursued in India.
  • Courses offered in India by reputed foreign universities.
  • Evening courses of approved institutes.
  • Other courses leading to diploma / degree etc. conducted by colleges / universities approved by UGC / Govt. / AICTE / AIBMS / ICMR / etc.
  • Courses offered by National Institutes and other reputed private Institutions – depending on future prospects / recognition by the user Institutions.
  • Courses leading to certification are not to be considered.

Abroad Studies

• • Graduation – for job oriented professional / technical courses offered by reputed universities.
  • Post-graduation – MCA, MBA, MS etc.
  • Courses conducted by CIMA – London, CPA in USA etc.

Interest Rates of ICICI Bank Education Loan

Documents required for ICICI Bank Education Loan

• Letter of admission.
• 2 passport size photographs
• Statement of cost of study
• PAN Card of the student and Parent/ Guardian
• AADHAR Card of the student and Parent/ Guardian
• Proof of identity (Driving Licence/Passport/Aadhar/ any photo identity)
• Proof of residence (Driving Licence/Passport/Electricity bill/Telephone bill)
• Student/Co-borrower/ guarantor’s bank account statement for last 6 months
• IT return/ IT assessment order, of previous 2 years of Parent/ Guardian/ other co-borrower (if IT Payee)
• Proof of income (i.e. salary slips/ Form 16) Parent/ Guardian/ other co-borrower
• Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrower

How to Apply for ICICI Bank Education Loan?

Step 1: Click here to apply online or visit a nearby ICICI Bank branch for the application.
Step 2: Fill in the form and submit it.

FAQs

1. What is the interest charged during moratorium period?
Only simple interest will be charged during the moratorium period. After the moratorium period the actual interest mentioned will be charged.

2. Can I take an education loan without a co-borrower?
No, a co-borrower is needed to take an education loan. The loan will be taken as a joint loan in collaboration with your parent/ guardian or spouse.

3. I am planning to study abroad. Am I eligible to apply for an Education Loan?
Yes, ICICI Bank offers up to INR 20 Lakhs for courses pursued abroad which also includes travel expenses and study tours. Higher amount can be obtained based on eligibility and creditworthiness.

4. Is there a processing fee for an education loan with ICICI Bank?
No, there are no processing fees on ICICI Bank education loan.

5. Is there a way I can reduce the interest paid?
There is special subsidy provided according to Central Government subsidy for education loans. ICICI Bank also provides special interest rates for some premier institutions. The other option is your parent/ guardian or spouse can pay the loan amount during the moratorium period due to which the loan amount you need to repay is less.