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ICICI Bank Education Loan

Pursue your academic dreams in India or abroad with ICICI Bank’s flexible and hassle-free education loans.

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Overview

ICICI Bank, a leading private-sector bank in India, offers education loans up to ₹3 crore for international studies and ₹1 crore for domestic studies. With a fully digital application process, instant sanction for pre-approved customers, and no-collateral options, ICICI Bank supports students pursuing higher education at recognized institutions worldwide.

Key Features & Benefits

  • ✔Loan Amount: Up to ₹1 crore (India), ₹3 crore (abroad).
  • ✔Moratorium: Course duration + 12 months or 6 months post-employment.
  • ✔Repayment Tenure: Up to 15 years, including course period.
  • ✔Collateral: None up to ₹1 crore for premier institutes; required above ₹1 crore.
  • ✔Rates: 11.25%–13% p.a., 0.5% concession for girl students.
  • ✔Tax Benefits: Full interest deductible under Section 80E.
  • ✔Instant Sanction: Pre-approved loans for existing customers in minutes.

Eligibility Criteria

Student:

  • •Indian citizen, aged 16–35 years.
  • •Confirmed admission to recognized institutions in India/abroad (NAAC, NBA, or internationally accredited).
  • •Minimum 50% marks in 10+2 or graduation, with relevant entrance exam scores (e.g., GRE, TOEFL).

Co-applicant:

  • •Parent, sibling, spouse, in-laws, grandparents, or maternal/paternal uncle/aunt.
  • •Stable income and good credit history.

Documents Required

Student:

  • •Admission letter or application proof.
  • •Academic records (10+2, graduation, entrance exam scores).
  • •KYC (Aadhaar, PAN, Passport, Voter ID).
  • •Passport-size photographs.

Co-applicant:

  • •KYC (Aadhaar, PAN, Passport).
  • •Income proof (ITR, salary slips, 6 months’ bank statements).
  • •Address proof (utility bill, Aadhaar).

Other:

  • •Loan application form.
  • •Course expense breakdown.
  • •Collateral documents (property, FD, if applicable).

Interest Rates & Charges

ICICI Bank offers competitive floating interest rates linked to the Repo Rate, with concessions for girl students and premier institutes.

Loan Type Interest Rate (p.a.)* Processing Fee Collateral
Unsecured (up to ₹1 crore) ~11.25% - 13% 2% + GST Not required
Secured (above ₹1 crore) ~10.75% - 12.5% 2% + GST Required

*Rates are indicative and vary based on profile. Contact ICICI Bank for exact rates. 0.5% concession for girl students.

Application Process

  1. Submit Inquiry: Fill out our quick online form.
  2. Expert Guidance: Connect with our loan advisor for ICICI Bank options.
  3. Document Prep: We’ll help collect required documents.
  4. Application: Submit online or in-branch with our assistance.
  5. Disbursal: Funds released post-approval per course schedule.

Frequently Asked Questions