ICICI Bank Education Loan

ICICI Bank Indian Education Loan Scheme

Benefits and features

  • Loans up to Rs 1 crore
  • No margin money required for loans up to Rs 20 lakh
  • No restrictions on pre-payment or part payment
  • Other expenses like student exchange travel expense, laptop also covered
  • Pre-Visa disbursal for students applying for overseas education
  • Preferential forex rates for international disbursements.

Eligibility

  • Should be an Indian national
  • Secured admission/ invite from university in approved university/ college in degree/ diploma course
  • Education: Should have completed 10+2 (12th standard).

Documents

  • KYC
  • Mark sheets of 10th, 12th, graduation and entrance exams
  • Admission letter
  • Fee structure
  • Co-applicant KYC and income proof*
  • Additional documents may be requested in case of collateral required
    • *Co-applicant income proof required only for specific courses.

Accepted Security/ Collateral:

  • Residential/ commercial property/ plots (Non-agricultural)
  • Fixed deposits.
For Domestic
  PG UG
Interest rate Starting at 11.5% per annum
Loan tenure without collateral Up to 8 years post course period + 6 months Up to 5 years post course period + 6 months
Loan tenure with collateral Up to 10 years post course period + 6 months Up to 7 years post course period + 6 months
Maximum loan amount Rs 50 lakh
Collateral requirement As per the institute. Collateral-free loans for select institutes: Up to Rs 20 lakh for UG and up to Rs 40 lakh for PG courses.
Moratorium period As per the course and institute.
Margin
  • No margin up to Rs 20 lakh.
  • 15% margin (Margin/ FD/ Scholarship) for loans above Rs 20 lakh.
For International
  PG UG
Interest rate Starting at 11.5% per annum
Loan tenure without collateral Up to 8 years post course period + 6 months Up to 5 years post course period + 6 months
Loan tenure with collateral Up to 10 years post course period + 6 months Up to 7 years post course period + 6 months
Maximum loan amount Rs 1 crore
Collateral requirement As per the institute. Collateral-free loans for select institutes: Up to Rs 20 lakh for UG and up to Rs 40 lakh for PG courses.
Moratorium period As per the course and institute.
Margin
  • No margin up to Rs 20 lakh.
  • 15% margin (Margin/ FD/ Scholarship) for loans above Rs 20 lakh.

FAQs

Yes, you can pre-close your loan any time during the tenure.

For post graduate courses, applicants with 3+ years of experience can apply for a loan with a non-financial co-applicant.

Post submission of complete documents, the loan will be disbursed within 15 working days.

Simple interest will be calculated on your loan.

Parents, brother, sister, spouse, parents-in-law and grandparents can be your co-applicant.

Your repayment amount will be based on the actual disbursement and repayment scheme as applicable for the institute.

Yes. You can get the tenure increased, if the course is extended by the university.

Yes, you can avail a partial fee as loan at any point of time during your studies.

Yes. Scholarship awarded to the applicant from the institute will be considered as a margin money.

Yes, you can pre-pay your loan any time. There are no charges for pre-payment.

Visit the nearest ICICI Bank branch, fill the form and get started with your loan approval process.

To apply for Education Loans through VidyaLakshmi portal, please click here.

Walk in to any ICICI Bank branch