Many public and private banks in India provide education loans to study abroad. ICICI Bank is one of them providing financial services and assistance to aspiring students. ICICI Bank education loans can be availed up to INR 2 crores for overseas studies and up to INR 1 crore for domestic studies. The interest rates are linked to the RBI repo rate and vary on various parameters.
Applicants can avail of funds to pursue graduate/ postgraduate/ diploma courses from recognised institutes in India and abroad. Any Indian citizen who is 16-35 years of age with a good academic record can avail of the same. Read this blog to learn more about the details of ICICI education loans, eligibility criteria, how to apply and other important information.
Table of contents
Overview of ICICI Bank Education Loan to Study Abroad
ICICI Bank offers financial assistance to aspiring and deserving students to pursue their higher education abroad. For this, the bank provides education loans up to INR 2 crores. The best part is that the students can also avail of ICICI collateral-free education loans up to INR 1 crore to study in premium institutions.
The interest rates of ICICI range from 10.25% to 14.00%, based on the floating interest rate. The bank also offers special products for government employees, CXOs and professionals with 2 years of experience. No margin money is required for premium institutes. Also, the applicants can easily apply online without making any branch visits.
The loan is sanctioned based on entrance exam scores like GMAT, GRE and English proficiency exams like IELTS, TOEFL etc. Students can also avail income tax rebates on education loans under Section 80E of the Income Tax Act. ICICI Interest Certificate allows the applicants to claim the same.
| Basis | Details |
| Maximum Loan Amount | Up to INR 2 crores to study abroad Up to INR 1 crore for domestic studies |
| Interest Rates | Repo Rate + 3.75% (spread) onwards 6.50% + 3.75% = 10.25% |
| Loan Tenure | Up to 10-12 years for UG courses Up to 12-14 years for PG courses |
| Unsecured Loans | Up to INR 1 crore |
| Moratorium Period | Course duration + 12 months |
| Margin Money | No margin for premium institutes 15% margin for other category institutes |
| Processing Fee | NIL |
| Pre-payment Charges | NIL |
Eligibility Criteria
To be eligible for an ICICI Bank education loan to study abroad, the applicant-
- Should be an Indian citizen
- Should have secured admission or offer letter from the university in approved university/ college in full-time degree/ diploma course
- Should have completed 10+2 (12th Standard)
ICICI Bank Education Loan Interest Rates
Interest rates on ICICI Bank education loans are calculated based on RBI-linked repo rates + 3.75% (Spread) onwards. The current RBI-linked repo rate is 6.50% and the Spread is 3.75%. Thus, ICICI Bank interest rates start from 10.25% onwards.
- Spread is the interest rate charged by banks on loans to private sector customers minus the interest rate paid by commercial banks).
Interest Rate for Male Students (Floating)
| Upto INR 4 lakhs | 13.60% (I Base + Applicable Margin (Currently: I BASE + 4.25 %) |
| Above INR lakhs | 14.60% (I Base + Applicable Margin (Currently: I BASE + 5.25 %) |
Interest Rate for Female Students (Floating)
| Upto INR 4 lakhs | 13.10% (I Base + Applicable Margin (Currently: I BASE + 3.75 %) |
| Above INR 4 lakhs | 14.10% (I Base + Applicable Margin (Currently: I BASE + 4.75 %) |
However, the interest rates for the period Jan 2024 to March 2024 were calculated based on iSMART interest rates on education loans. The minimum interest rate was 9.85% p.a and the maximum interest rate was 14.00% p.a. The mean interest rate was 11.51% p.a. Which was calculated as the Sum of the rate of all loan accounts/number of all loan amounts.
Also Read: Compare the education loan interest rates of different lenders and avail study abroad education loans at the lowest interest rates in 2024.
How to Apply for an ICICI Bank Education Loan?
Applicants can easily apply for ICICI education loans by visiting the nearest bank branch. However, to avoid the hassles of branch visits, applicants can easily apply online through the bank’s official website or Vidya Lakshmi Portal. Let’s have a look at the steps to apply for an education loan online-
Through Official Website
- Visit the ICICI Bank official website.
- Navigate to the ‘Loans’ section on the main menu bar.
- Click on ‘Education Loans’.
- Click on ‘Apply Now’ and you be redirected to a new page.
- Once again, click on ‘Apply Now’.
- Enter the details as asked and upload the required documents.
- Wait for a call back from the bank representative to get in touch with you for further details.
Through Vidya Lakshmi Portal
- The first step is to register on the Vidya Lakshmi portal for education loans.
- Log in using your credentials.
- Click on ‘Search and Apply for Loan Scheme’.
- Type ‘ICICI Bank’ in the search box.
- Click on ‘Apply’ and then ‘Fill the Application Form’.
- Fill in all the details carefully and upload the required documents.
Also Read: Check out the FAQs on the Restructuring 2.0 Scheme of RBI that provides benefits to the borrowers affected by the COVID-19 pandemic.
Documents Required
The applicant is required to submit KYC documents like an Aadhaar Card, PAN card, or Voter ID, academic documents like class X, XII and graduation mark sheets, documents related to collateral, English proficiency test results, entrance exam results, university offer letter and much more. Let’s have a look at the documents checklist-
- KYC (Aadhaar Card, PAN Card, or Voter ID)
- Mark sheets of Class 10, 12, graduation and entrance exams
- Admission letter from the University
- Fee structure
- Income Proof (Salary Slips, ITR statements, bank statements)
- Additional documents may be requested in case of collateral required.
- Entrance exam scores like GRE, GMAT etc.
Please note: The accepted security/ collateral for ICICI Bank education loans are-
- Residential/ commercial property/ plots (Non-agricultural)
- Fixed deposits
- Existing ICICI Bank Home Loan for cross-collateral
Benefits of ICICI Bank Education Loan to Study Abroad
There are various reasons to choose the ICICI bank education loan to study abroad. The one that tops the list is the higher limit of education loans with and without collateral. Besides, the bank is known for quicker loan processing time and easy disbursement process. Let’s look at why you can count on ICICI education loans to study abroad-
- Maximum loan up to INR 2 crores.
- Collateral-free education loan up to INR 1 crore.
- Competitive interest rates starting from 10.25% p.a.
- Zero processing fee on education loans.
- Applicants can carry the ICICI Forex card to easily carry foreign currency and make international transfers or regular transactions.
- ICICI Bank education loan disbursement process is quick, hassle-free and completely online.
FAQs on ICICI Education Loan to Study Abroad
ICICI Bank provides financial assistance to study-abroad students by providing them funds up to INR 2 crores and pursue higher education in graduate/ postgraduate/ diploma courses from recognised institutes abroad.
ICICI Bank education loan interest rates start from 10.25%.
The ICICI Bank education loans to study abroad students are provided up to INR 2 crores. Students can avail of collateral-free education loans from ICICI Bank up to INR 1 crore.
An Indian citizen who has completed class 12 and has secured admission or an offer letter from the university in an approved university/ college in a full-time degree/ diploma course is eligible to apply for ICICI bank education loans to study abroad.
The applicant is required to submit KYC documents like an Aadhaar Card, PAN card, or Voter ID, academic documents like class X, XII and graduation mark sheets, documents related to collateral, English proficiency test results, entrance exam results, university offer letter and much more.
Applicants are required to submit the ICICI Bank interest certificate during ITR filing to claim income tax rebates on education loans under Section 80E of the Income Tax Act.
Applicants can apply for an ICICI Bank education loan to study abroad online through the bank’s official website or Vidya Lakshmi Portal. You need to provide your personal details and upload the required documents.
Parents, brothers, sisters, spouse, father-in-law, mother-in-law, daughter-in-law, maternal and paternal uncle/aunt and grandparents can be your co-applicants when you avail of an education loan from ICICI Bank.
This was all about ICICI Bank’s education loan to study abroad. To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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