ICICI Bank Study Loan for India & Abroad Studies

Humans have some extra features than other species of the earth which is the Brain or mind. So, we can think and act according to mind. This specification makes us different from other living species. Because, humans can use their brain to develop civilization and their own development. Education is play a significant role in this development.

Studying abroad for higher education? Or is there a costly domestic course available? Whatever your motivation for pursuing higher education, it is well known that, given the escalating expense of education, higher education is frequently highly expensive. However, that shouldn’t stop you!

We at ICICI Bank are aware of your professional goals and provide the necessary student loans to support you in your pursuit of higher education. Through ICICI Bank, obtaining an education loan is quick and straightforward. Our goal is to offer aspirant students financial aid so they can pursue higher-level professional education both domestically and abroad.

Loan Sensation By ICICI Bank

The student can get loan up to 2 Crore for education from Icici Bank with the help of collateral securities.
Without collateral ICICI Banks offers up to 50 Lac.

Also Read this:- SBI Education Loan Scheme for Indian and Abroad Studies

Eligibility of ICICI Bank Education Loan

  • Applicant must have Indian Citizenship
  • The age of applicant between 16 years to 35 years.
  • Applicant must have good academic record.
  • it is necessary for the applicant to qualified 12th standard
  • ICICI bank offers student loan for a Graduate / Postgraduate Degree or a PG diploma in professional Education.
  • Bank offers loan for Listed and Recognized and Accredited Institutes in India and Overseas
  • Student can avail loan for Domestic education – Upto Rs 1 crore, & International education – Upto Rs 2 crore.
  • Co-borrower for ICICI education loan can be Father, Mother, Brother, Sister, Spouse (Husband/Wife), Grand Parents, Parents in law, Brother in law, Maternal/Paternal Uncle.
  • As a collateral securities following Property is valid i.e. House or Flat, FD –Fixed Deposit, Existing ICICI Bank Home Loan for cross collateral.

List of Documents required for ICICI Education Loan

Required Documents

Here are the mandatory documents that a student need to provide to the banks while applying for a student loan:

  • Duly filled online iLESN application form with affixed photographs
  • 2 photographs of passport size
  • Copy of exam mark sheets of 10th/12th or latest education certificate
  • Admission letter with cost of education
  • Aadhaar Card and Pan Card of the student and Parent/ Guardian

Age proof

Aadhaar Card /Voter ID/Passport/Driving License

Identity proof

Voter ID/Aadhaar Card/Driving License/Passport

Residence proof

Bank statement of 6 months of the student or co-borrower/guarantor/Copy of Ration card/Gas Book/Electricity Bill/Tel Bill

Income proof

  • Most recent salary slips or Form 16 of the parent/ guardian/co-borrower
  • 6 months bank statement of the borrower or updated passbook of bank
  • Updated ITR (Income Tax Return with income computation) of 2 years or IT assessment order of last 2 years of parent/co-borrower/guardian
  • Documents stating the assets and liabilities of the parent/co-borrower/guardian

How to Apply for ICICI Education Loan

Students Can apply education loan by three methods

  1. Through online portal of ICICI Bank. Student can visit official website of ICICI bank and fill necessary information on website
  2. Applicant can visit nearest branch of axis Bank for ICICI loan application
  3. Lastly, Students also apply on Vidya Lakshmi Portal.

Also Read This:- Personal Loan from Bank of Baroda

Interst Rate and Processing Fees of ICICI Education Loan

Type of credit facilityMin.Max.Average
Education Loan –iSMART interest rates8.25 % per annum15.50 % per annum10.81 % per annum

The interest rate also depend on students and co-borrower’s profile, university or institute, collateral securities valve and repayment chances.

Processing Fees of ICICI Education Loan:-

Description of ChargesCharges applicable
CERSAI Fee₹ 50 for LA < 5 lacs, Rs 100 for LA > 5 lacs + GST
Administrative charges₹ 5000 +GST (The Administrative charges are a one-time nonrefundable charges collected by the Lender for the purpose of appraising the valuation and legal verification of property to ascertain suitability of accepting the property for mortgage and the same is independent of the outcome /result of such appraisal )
CIBIL charges₹ 100+GST
Repayment mode swap Charges₹ 500/- per transaction+GST
Amortization Schedule chargesNIL
Statement of Account chargesNIL
Duplicate No Objection Certificate/ No Due Certificate₹ 500/- per NOC plus GST/₹ 200/- per NDC + GST
Document Retrieval Charges₹ 500/- plus GST
Late Payment Penalty on pre EMI and EMI24% PA of overdue (2% per month of overdue)+GST
Cheque/AD/ ECS bounce charges₹ 500+GST

Loan tenure or Repayment of ICICI Education Loan

The repayment start after Moratorium period given by bank. The Moratorium period is total course duration and 6 month of grace period after course completion. The repayment of loan within 15 years in Easy Montly Instalments (EMI).

Customer Care Number of ICICI Bank Loan department:

For your more queries and questions, you can connect to the customer care executives on mobile no. 1860 120 7777

This is the ICICI Bank education loan Scheme. It may help you to pursue your dream education. Apart from this, Leave a comment if any information is missing or necessary.

Click Here to apply ICICI Bank education Loan

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