Overview:
You may have studied hard and excelled in your exams or just planned the next move in your career. Whatever be your reason to study, your research should end at finding the right institute. Let finance be the last thing to worry about. We at ICICI Bank, understand your career aspirations and offer the best student loan to successfully aid your journey as a student.
Our education loans aim at providing financial support to aspiring students for pursuing higher professional education in India and overseas.
Why ICICI Bank for Education Loan?
1. Save income tax u/s 80E on interest paid
2. Seamless remittance to international institutes
3. Collateral free loan up to Rs 40 lakh for select institutes/ courses
4. Quick and hassle-free process for timely disbursement of loans
5. Flexible repayment and tenure options to suit your requirement
6. Competitive simple interest on your loan.
Benefits and features
1. Loans up to Rs 1 crore
2. No margin money required for loans up to Rs 20 lakh
3. No restrictions on pre-payment or part payment
4. Other expenses like student exchange travel expense, laptop also covered
5. Pre-Visa disbursal for students applying for overseas education
6. Preferential forex rates for international disbursements.
|
Domestic |
International |
|
UG |
PG |
UG |
PG |
Interest rate |
Starting at 11.5% per annum |
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 |
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 |
Up to 10 years post course period + 6 months |
Up to 7 years post course period + 6 months |
Maximum loan amount |
Rs 50 lakh |
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 |
1. No margin up to Rs 20 lakh. |
2. 15% margin (Margin/ FD/ Scholarship) for loans above Rs 20 lakh. |
Eligibility
ICICI Bank sanctions education loans up to Rs. 10 lakhs for studies in India.
1. Should be an Indian national
2. Secured admission/ invite from university in approved university/ college in degree/ diploma course
3. Education: Should have completed 10+2 (12th standard).
Documents
1. KYC
2. Mark sheets of 10th, 12th, graduation and entrance exams
3. Admission letter
4. Fee structure
5. Co-applicant KYC and income proof*
6. Additional documents may be requested in case of collateral required
Note: *Co-applicant income proof required only for specific courses.
Accepted Security/ Collateral:
1. Residential/ commercial property/ plots (Non-agricultural)
2. Fixed deposits
Courses and expenses covered
For domestic:
Approved courses leading to Graduate/ Post Graduate degree or Post Graduate Diploma conducted by recognised colleges/ universities recognised by UGC/ AICTE/ Government/ AIBMS/ ICMR etc.
For international:
Job oriented degree or post graduate diploma/ professional courses offered by reputed institutes at Under Graduate (UG) and Post Graduate (PG) level.
Expenses considered
1. Fee payable at college/ school/ hostel
2. Examination/ library/ laboratory fee
3. Travel expenses/ passage money for studies overseas
4. Insurance premium for student borrower
5. Caution deposit, building fund/ refundable deposit supported by institution bills/ receipts
6. Purchase of books/ equipments/ uniforms/ instruments
7. Purchase of computer at reasonable cost if required for completion of the course
8. Any other expense required to complete the course like study tour, project work, thesis.
ICICI Education Loans FAQs:
1. What type of interest is applicable on my loan? Simple or compounded?
Simple interest will be calculated on your loan.
2. Can I pre-close my loan?
Yes, you can pre-close your loan any time during the tenure.
3. Can I apply for an education loan if I do not have a co-applicant with income?
For post graduate courses, applicants with 3+ years of experience can apply for a loan with a non-financial co-applicant.
4. In how many days can I expect my loan to be disbursed?
Post submission of complete documents, the loan will be disbursed within 15 working days.
5. Who can be my co-applicant?
Parents, brother, sister, spouse, parents-in-law and grandparents can be your co-applicant.
6. Will my scholarship be considered as a margin money?
Yes. Scholarship awarded to the applicant from the institute will be considered as a margin money.
7. Is my repayment amount calculated on the sanctioned or as per the disbursed amount?
Your repayment amount will be based on the actual disbursement and repayment scheme as applicable for the institute.
8. Can I get my tenure of loan increased?
Yes. You can get the tenure increased, if the course is extended by the university.
9. Can I avail partial fee as loan?
Yes, you can avail a partial fee as loan at any point of time during your studies.
5. Can I pre pay my loan? What will be the charges for pre-payment?
Yes, you can pre-pay your loan any time. There are no charges for pre-payment.