ICICI Bank Education Loan: Application, Eligibility, Interest Rate, Documents & Much More.

ICICI bank Education loan
ICICI bank Education loan

The Industrial Credit and Investment Corporation Bank is India’s largest private sector bank. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its group companies. If you want Education Loan to pursue higher studies from Abroad or India, You are at the right place to collect every aspect of information related to Education Loan in India.

ICICI Bank logo

Read this full post on ICICI Bank Education Loan for information Like Eligibility, How to apply, Interest Rates, Documents Needed, Different aspects of Education Loan, Interest Rates, Return Policy, General Instructions etc. Throughout the article, we will share information regarding ICICI Bank Educational Loan it’s Process to Apply and full detailed Information.


Industrial Credit and Investment Corporation Bank Education Loan


The major aim of the bank is to ensure anywhere and any time banking for the customer with the latest state-of-the-art technology. The Bank is very serious about its Education Loan Facility and by developing an effective customer-centric relationship it promises to emerge as a world-class education Loan provider. Before we share further, let us first have a brief review of the Bank.

Brief Review

Profile Description
Name of Bank  ICICI Bank
Founded on 1955
Headquarter Mumbai, Maharashtra, India
Type of Bank  Private Bank
Number of Employees 81,548 (2018)
CEO Name Sandeep Bakhshi
Maximum Loan Amount  Rs. 1 crore
Timeline for Loan Disposal Maximum 15 Working days
Annual Revenue 118,969 crore (US$17 billion) (2018)
Processing Fees No Processing Fee will be charged
Other Subsidiaries
  • ICICI Prudential
  • ICICI Lombard
  • ICICI Securities
  • ICICI Bank Canada
  • ICICI Home Finance Company Limited
Category  Education Loan in India

Types of ICICI Bank Student Loan

S.no. Scheme Description
1. Education Loan This loan is for pursuing higher education in India and abroad. One can avail a loan amount up to Rs.50.00 lakh for studies in India and abroad.
for Vocational courses – Maximum up to Rs.1 crore

How to Apply

Online

  • Visit official Web Site of ICICI Bank (Click Here)
  • Find the Educational Loan Section Apply Now Button
  • Fill online Application Form

Offline

  • Visit the nearest branch of Allahabad Bank to get offline Education Loan form.
  • You may also download the form from official web handle.
  • Submit the Application Form to Nearest Branch along with document needed.

Eligibility

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

Documents Needed

  • KYC
  • Mark sheet of last qualifying examination for school and graduate studies in India
  • Academic Records: 10th Result, 12th Result, Graduation result-semester Wise (if Possible) Entrance Exam Result through which admission is being taken
  • Proof of admission: Offer Letter or Admission Letter from the Institution.
  • Co-applicant KYC and income proof*
  • Additional documents may be requested in case of collateral required

Note:- Co-applicant income proof required only for specific courses.

Expenses Considered

  • Tuition and course fee
  • Examination/ library/ laboratory fee
  • Travel expenses
  • Passage money for studies overseas
  • Insurance premium for student borrower
  • Caution deposit, building fund/ refundable deposit supported by Institution bills/ receipts
  • Purchase of books/ equipments/ uniforms/ instruments
  • Purchase of computer at a reasonable cost if required for completion of the course
  • Any other expense required to complete the course like study tour, project work, thesis.

Return Policy

  • Loan tenure without collateral
    • India and Abroad:- PG Up to 8 years post-course period + 6 months,
    UG Up to 5 years post-course period + 6 months
  • Loan tenure with collateral
    • India and Abroad:- PG Up to 10 years post-course period + 6 months,
    UG Up to 7 years post-course period + 6 months

EMI Calculator

EMI Calculator is used for calculating the periodic payment amount due on a loan. For calculating EMI one must input data like Amount, Interest Rate, tenure, Processing Fee etc.

  • If you want to calculate EMI for ICICI Bank Educational LoanClick Here

Security

  •  Up to Rs. 4 Lacs
    • Co-obligation of parents
    • No security
  •  Above Rs. 4 lacs and up to Rs 7.50 Lacs
    • Co-obligation of parents together with collateral security
    in the form of suitable third party guarantee. The bank
    may, at its discretion, in exceptional cases, waive third
    party guarantee if satisfied with the net-worth/means of
    parent/s who would be executing the documents as
    “joint borrower”.
  • For cases above Rs 7.5 Lacs
    • Co-obligation of parents along with Collateral security of 100% value of a loan.
  • Residential/ commercial property/ plots (Non-agricultural)
  • Fixed deposits.

Contact Details

Head office  ICICI Bank Towers,
Bandra-Kurla Complex, Mumbai 400 051.
Official website www.icicibank.com
Apply for Loan  Click Here
Contact Number +91-22-33667777

ICICI Bank Student Loan FAQs

We hope that the information furnished above will guide you to get the best educational loan for your studies. In case of any doubt regarding the loan procedure and other related terms, read our FAQ’s session.

Q1. Who can be my co-borrowers?

Ans. Your parents/guardian can be a co-borrower as well as the spouse in case of a married applicant. The co-borrower should have a steady source of income and a good credit history in order to improve the applicant’s chances of a successful loan application.

Q2. How long does it take to process Educational Loan?

Generally, the time taken for the education loan to process is somewhat between 7-10 working days. Often, the whole process can be easily completed within 3 to 5  Working days, once the student fulfils all documentation.

Q3. What all expenses will be covered by education loans?

Ans. Apart from the tuition fees, other aspects of expenses such as hostel charges, equipment purchases and other course-related expenses may also be covered by the education loan.

Q4. What are the courses for which an education loan can be availed?

Ans. An education loan can be availed for all courses recognized by the UGC in case of India and all regular courses abroad. Each lender has its own list of educational institutions and courses that they would provide a loan for whether overseas or within India.

Q5. Can a student avail another loan for further studies?

Ans. Yes, this is possible. You can borrow a loan for a bachelor’s degree followed by one for master’s without repaying the first loan. This loan can be taken as a top-up loan against the already existing loan; however, it is subject to the lending bank’s discretion and the internal rules and regulations of the lender.

Q6. Do education loans have any Income Tax benefits?

Ans. Loan borrowers can avail tax benefits on interest paid on education loan under Sec 80E of the Income Tax Act. This benefit is available over and above the Rs. 150,000 deduction allowed under Section 80C. Tax benefits can be availed once the borrower starts paying the interest on the education loan. Further, the deduction is available until the borrower pays off the full interest amount on the loan or for a maximum period of 8 years, whichever is earlier.

Q7. Why do banks require an insurance policy?

Ans. Banks usually prefer that students avail a life insurance policy equivalent to, or more than, the loan amount. The policy acts as a security feature and forms a part of the collateral. In case of the untimely demise of the borrower, the bank recovers the outstanding loan amount from the student’s life insurance policy and the remaining amount, if any, is paid out to the beneficiary of the policy.

Q8. Is any incentive available for a girl student applying for education loan?

Ans. Banks generally provide a 0.5% concession on the applicable education loan interest rate to girl students pursuing higher education in India and abroad.

Q9. Are there any special privileges for students of SC/ST category who avail education loans?

Ans. Yes, eligibility criteria and loan margins on education loan are relaxed for Scheduled Caste/Scheduled Tribe students availing education loans in India. The eligibility criteria are lowered from first/second class to pass class for SC/ST category students seeking education loan for graduate and postgraduate studies, while, margin money is sometimes lowered than the regular percentage or nil.

Q10. Where can I avail on an ICICI Bank education loan?
Ans. The loan is available from all branches in metro/urban areas as well as those having personal banking divisions.

Best of Luck..!!

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