ICICI Bank Education Loan

ICICI Bank Education Loan

ICICI Bank is one of the leading multinational and financial services companies in India headquartered in Mumbai, Maharashtra. Its registered office is in Vadodara, Gujarat. Since 2018, this bank is categorized as the second-largest bank in India in terms of market capitalization and assets, offering an array of financial services and banking products for retail and corporate customers through numerous delivery channels and specialized subsidiaries in the platforms of non-life insurance, investment banking, asset management, and venture capital.

The bank hosts a network of 5,275 branches along with 15,589 ATMs across India and a presence across sixteen other countries. ICICI Bank has subsidiaries in Canada and the United Kingdom with branches in the United States, Hong Kong, Singapore, Qatar, Bahrain, Oman, China, and Dubai International Finance Centre. It has representative offices in Bangladesh, United Arab Emirates, Indonesia, and Malaysia.

Overview

ICICI Bank has international goodwill due to its aim to provide financial assistance to millions of students who aim to pursue higher studies in India and abroad. The bank also guides these students through the process of applying for an ICICI Bank education loan. The bank also provides the availability of ICICI Bank overseas education loans for students who wish to fly high across international borders.

ICICI Bank Education Loan Key Features and Benefits

ICICI Bank is a premier bank in India providing attractive ICICI Bank education loan schemes and benefits to ensure the students are not burdened with daunting details or fine prints. Some of the salient features of ICICI Bank Education Loan are:

  1. Collateral Free Loan
  2. Tax benefit under section 80 E of Income Tax Act of India, 1961.
  3. Flexible repayment options
  4. Zero processing fees
  5. Quick and hassle free ICICI Bank overseas education loans process.
  6. Preferential forex rates for international disbursements.

Compare Features of the ICICI Education Loans

ICICI Bank charges the same base interest rate of 11.5 % to students whether they plan for ICICI BAnk education loan in India or ICICI BAnk overseas education loans. The details for Domestic and International students are shared below:

Domestic Students :

DetailsPost GraduateUndergraduate
Interest RateStarts at 10.9 % – 11.5%
Loan Tenure Without CollateralUp to eight years after the completion of the course with additional six monthsUp to five years post course period with additional six months
Loan Tenure with CollateralUp to ten years after the course period with additional six monthsUp to seven years post course period with additional six months
Maximum Loan Amount₹ 50 Lakh
Collateral RequirementAccording to the institute. Provides collateral-free loans for selected institutes: Up to ₹ 20 lakh for UG and up to ₹ 40 lakh for PG courses.
Margin15 percent margin (Margin/ FD/ Scholarship) only for loans above ₹ 20 Lakh.

International Students :

DetailsPost GraduateUndergraduate
Interest RateStarts at 10.9 – 11.5 %
Loan Tenure Without CollateralUp to eight years after the course period with additional six monthsUp to five years post course period with additional 6 months
Loan Tenure with CollateralUp to 10 years post course period with additional 6 monthsUp to seven years after the course period with additional 6 months
Maximum Loan AmountFor Unsecured its INR 40 Lakhs, for secured its 1 Cr
Collateral RequirementAs per the college or institute. Collateral-free loans for select institutes: Up to ₹ 20 lakh for UG and up to ₹ 40 lakh for PG courses. They have a rating system for Universities and the interest rate and loan amount depends on the rating system
Moratorium PeriodAs per the course and institute.
Margin15% margin (Margin/ FD/ Scholarship) only for loans above ₹ 20 Lakh

ICICI Bank also gives funds for some of the non tuition related expenses like

  • Examination, laboratory, and library fees
  • Hostel fees and travel expenses
  • Passage money for overseas studies
  • Insurance premium for student borrowers
  • Caution or refundable deposits supported by institution bills and receipts along with building funds
  • Books, uniform, equipment, and instruments
  • Reasonably priced laptop or computer if vital to complete the course
  • Any other expenses required to complete the course like study tour, thesis, and project work

Documentation Required for ICICI Bank Education Loan

The following documents are required by the bank for students to be considered for an ICICI Bank education loan

  • Know your Customer (KYC) documents of both the co-borrower and student
  • Mark sheets of 10th, 12th, undergraduate courses, and entrance exams
  • Admission Letter
  • Fee structure
  • Income Proof of the co-borrower
  • Residential and commercial property plots which should be non-agricultural
  • Fixed deposits
  • Income proof required only for specific courses

The following documents are sought against the varied categories:

Identity ProofPassport, Aadhaar Card, PAN Card, Driving Licence, Voter’s ID Card, Photo Credit Card, Central and State Govt.issued Photo ID Proof, and Central and ID Card
Residence ProofAadhaar Card, Passport, Ration Card, Voter’s ID Card, Bank Account Statement, Letter from any recognized public authority, Electricity Bill, Water Bill, and Telephone Bill.
Income ProofSalary Slips (not more than 3 months old), Bank Statements (not more than 3 months old), and ITR, Form-16

ICICI Bank Student Education Loan Features

1. Loan Amount

The ICICI Bank provides ICICI Bank overseas education loans upto one crore and with deviation up to two crores as per A1 to A4 list. For unsecured ICICI Bank education loan, the students get the assistance of up to 40 lakhs as per A1 list, 20 lakhs as per A2 list, and 7.5 lakhs as per A3 and A4 list.

2. Percentage of Loan Against Collateral Provided

The bank provides a loan amount upto 100 percent of Property’s Realizable Value and FD value.

3. Collateral Property

If the students are keeping their property as security, they will have to submit all the required registered documents of the property along with occupational certificate and completion certification registered by the Municipal corporation of India. Also the property should be a non-agriculture land and should be inside the premises of the city.

4. Student’s Profile

To provide ICICI Bank overseas education loan to any applicant, the bank will not check the academic background of the student (no. of KTs throughout his last education) but will consider the details of the course and institution he is applying for.

5. Interest Paying During Moratorium Period

The bank also provides an option of paying the interest on ICICI BAnk overseas education loan during moratorium period or along with EMIs.

6. Processing Fees

The bank takes 1% processing fees for the loan amount

ICICI Bank Education Loan Eligibility

Some basic ICICI Bank education loan eligibility criteria that a customer should meet are:

  • Applicants should be an Indian National.
  • Applicants should have secured admission or an invite from a recognized university or college.

Eligible Courses

ICICI Bank Education Loan is only provided for the following specific courses

Domestic

Domestic courses that are approved for ICICI Bank education loan are the courses that comes under Graduate, Post Graduate degree/diploma and are conducted by any college or university recognized by the University Grants Commission, Government, All India Council for Technical Education, All India Board of Management Studies, and Indian Council of Medical Research.

International

ICICI Bank does provide ICICI Bank overseas education loans for students headed abroad with a criterion that the course that should be job oriented

ICICI Bank Education Loan EMI Calculator

Students who have applied for ICICI Bank education loan can also check on the amount of Equated Monthly Installments (EMI) that is required to pay easily through Eduloan’s simple and effective tool. Follow the steps laid out below to use Eduloan’s student loan EMI calculator.

  1. Go to Eduloan’s student loan EMI calculator.
  2. In loan amount, enter the amount borrowed from the bank
  3. In Rate of Interest, enter the interest that the bank is charging
  4. In loan tenure, enter the time period under which the loan has to be paid off

The screen will showcase the EMI that are liable to pay with the given combination of loan amount, tenure, and rate of interest. The EMI can also vary with the change the contributing factors of the education loan EMI calculator.

ICICI Bank Overseas Education Loan FAQs:

  1. Can the student apply for subsidy on ICICI Bank education loan?

     Yes, the applicant can apply for a subsidy on ICICI Bank education loan if the co-borrower has an income of less than ₹ 4.5 lakh per annum from all sources.

  2. Does ICICI Bank charge processing fees for the ICICI Bank education loan?

     ICICI Bank may charge some processing fees depending on the college and course applied for.

  3. Can the applicant get a loan exemption on the ICICI Bank education loan?

     Yes the applicant can get exemption under section 80 E of Income Tax Act of India, 1961 where they can claim the interest paid on the education loan as a deduction.

  4. Does the EMI’s start right after college?

     No ICICI Bank gives six additional months to secure a job before you have start paying the EMIs

  5. How much of the education cost will be funded by ICICI Bank Education Loan?

     ICICI Bank covers 100% of the ICICI Bank education loan up to ₹ 20 lakh. After that there will be a margin of 15%.

  6. Does ICICI Bank student loan only cover tuition fee?

     ICICI Bank education loans cover hostel fee, lab fee, and even a study tour or laptop if it is required to finish a course.

  7. Does ICICI Bank student loan cover travel expenses?

     Yes.

  8. Does ICICI Bank allow prepayment or part payment?

     ICICI Bank has not placed any restrictions on pre-payment or part payment of ICICI Bank overseas education loan.

  9. How soon will the loan be disbursed for ICICI Bank overseas education loan?

     The applicants can expect a pre-visa disbursal of ICICI Bank overseas education loan amount.

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