ICICI Bank Education Loan
Pursue your academic dreams with ICICI Bank’s education loans, offering up to ₹3 crore for international studies and flexible terms.
Overview
ICICI Bank, a leading private-sector bank, offers education loans up to ₹3 crore for international studies and ₹1 crore for domestic studies. With a fully digital application process and no-collateral options, ICICI supports students globally.
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.
- ✔ Collateral: None up to ₹1 crore for premier institutes.
- ✔ 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 in minutes.
Eligibility Criteria
Student:
- Indian citizen, aged 16–35 years.
- Confirmed admission to recognized institutions.
- Minimum 50% marks in 10+2 or graduation.
Co-applicant:
- Parent, sibling, spouse, or relative with stable income.
- Good credit history.
Documents Required
Student:
- Admission letter or proof of application.
- Academic records (10+2, graduation, entrance scores).
- KYC (Aadhaar, PAN, Passport).
- Passport-size photographs.
Co-applicant:
- KYC (Aadhaar, PAN, Passport).
- Income proof (ITR, salary slips, bank statements).
- Address proof.
Other:
- Loan application form.
- Course expense breakdown.
- Collateral documents (if applicable).
Interest Rates & Charges
ICICI Bank offers competitive rates with concessions for girl students.
| Loan Type | Interest Rate (p.a.)* | Processing Fee | Collateral |
|---|---|---|---|
| Unsecured (up to ₹1 crore) | 11.25%–13% (11.75% for females) | 2% + GST | Not required |
| Secured (above ₹1 crore) | 10.75%–12.5% | 2% + GST | Required |
*Rates vary based on profile. Contact ICICI Bank for exact rates.
Application Process
- Submit Inquiry: Fill out our quick online form.
- Expert Guidance: Connect with our loan advisor for ICICI options.
- Document Prep: Gather documents with our assistance.
- Application: Apply online or in-branch.
- Disbursal: Funds released post-approval.