ICICI
Education Loan
ICICI Bank provides education loan to meritorious students in need of financial support to pursue their studies
ICICI Education Loan Scheme
Education Loan For studies who pursue UG or PG in either in India.
ICICI Education Rate of Interest
ICICI Bank charges rate of interest as per the RBI guidelines
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The base rate fixed by ICICI Bank is 8.85%.
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The bank charges 13.6% interest for loan amount up to INR 4 Lacs
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For loan amount above INR 4 Lacs, the RoI charged is 14.6%.
ICICI Bank provides education loan to students through a hassle-free process with affordable interest rates.
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ICICI Bank offers collateral-free loans for selected institutes
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The maximum loan limit is 50 Lacs for India and 1 crore for Abroad
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The bank charges interest only on the amount used
ICICI Education Loan Eligibility
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Indian National. The applicant should be an Indian citizen or must hold an Indian passport.
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Co-Borrower. Student/parent/guardian are co-jointly borrowers.
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Eligible Courses. The loan should be pursued for graduation or post-graduation professional/technical courses.
How to apply for ICICI Education Loan ?
ICICI Education loan application form can be available online or offline at Bank branches.
Online :-
Visit the official website and Click on ICICI Bank Education Loan
Click on Apply Now
Fill out the form with all essential details
Upload the mandatory documents (if required.)
Submit the form and take out a print out of the application.
Visit the ICICI bank branch for further formalities.
Offline:-
For offline procedure, student can visit the bank and ask for application form for education loan. The bank representative will then be able to guide you with all necessary details and information about margin money, interest rates, and eligibility criteria about the suitable loan for you
ICICI Education Loan Details
Processing Fee
Nil
Loan Security
No collateral or security depending upon the Institute for loans up to 20 Lacs for UG courses and 40 Lacs for PG courses.
Margin
Up to 20 Lacs: No margin
Above 20 Lacs: 15%
Loan Limit
For India: INR 50 Lacs
Loan Repayment
commences 6 months of completion of the course or one month after the student starts earning (whichever is earlier).
Expenses covered under ICICI Student Loan Scheme
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College Fee
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Examination Fee
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Hostel Fee
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Library/Laboratory Fee
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Cost of Books, Uniforms or Stationery
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Cost of Laptop or computer (if required)
Courses Covered Under ICICI Student Loan Scheme In India
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The bank offers loan for graduate, postgraduate, doctorate and diploma courses and the courses approved by UGC/AICTE/ICMR etc. The bank also considers some reputed foreign universities and courses of Teacher Training, Nursing, and B.Ed.
Education Loan Documents Required ?
Admission letter with all essential details
Attested copies of Identity proof and residence proof
Two recent passport size photographs of applicant, co-applicant, and guarantor.
Mark sheet of recently qualified public exam for school, college in India.
Salary Proof including latest Salary slip, Form 16 and recent salary certificate
Admission proof including transfer certificate.
Schedule of expenses and Passage expense.
