ICICI Bank
Going abroad for higher studies? Or there’s a course that is domestic and expensive? Whatever be your reason for higher studies, it’s understood that higher education is often very expensive, with the rising cost of education. But that shouldn’t stop you!
We, at ICICI Bank, understand about your career aspirations and offer the needed Student Loans, for successfully aiding your journey to higher education. Getting an Education Loan through ICICI Bank is an easy and simple process. We aim at providing financial support for aspiring students, for pursuing professional higher education in India and overseas.
| Particulars |
Eligibility |
| Nationality |
Indian |
| Age |
Minimum- 16 years Maximum- 35 years |
| Academic record |
Proven - good |
| Qualification |
Completed 10+2 (12th Standard)/Diploma |
| For Pursuing |
Graduation /Postgraduate Degree or a PG diploma in professional Education. |
| University Applied to |
Listed, Recognized and Accredited Institutes in India and Overseas |
Education Loan Interest Rate
- Interest Rate 9.85% onwards
- For courses in India: Up to Rs 1 Crore
- For courses abroad: Up to Rs 2 Crore
- Unsecured Loan Amount – Up to Rs 1 Crore
Loan can be sanctioned on the basis of :
- Pre- admission sanction
- Entrance exam score like GRE,GMAT etc.
- 12th/HSC Results
- Confirmed Admission
Loan Amount
- Domestic – Upto Rs 1 crore
- International – Upto Rs 2 crore
Co-borrower Father, Mother, Brother, Sister, Spouse (Husband/Wife), Grand Parents, Parents in law, Brother in law, Maternal/Paternal Uncle.
Security Property i.e. House or Flat, FD –Fixed Deposit, Existing ICICI Bank Home Loan for cross collateral.
Required Documents
Here are the mandatory documents that a student need to provide to the banks while applying for a student loan:
- Duly filled online iLENS application form
- 2 photographs of passport size
- Copy of exam mark sheets of 10th/12th or latest education certificate
- Admission letter with cost of education if available
- Aadhaar Card and Pan Card of the student and Parent/ Guardian
Age proof : Copy of Aadhaar Card /Voter ID/Passport/Driving License
Identity proof : Copy of Voter ID/Aadhaar Card/Driving License/Passport
Residence proof
- Passport
- Driving License issued by Regional Transport Authority
- Voter's Identity Card issued by the Election Commission of India
- Job card issued by NREGA signed by State Government Officer
- Letter from National Population Register containing details of name and address
- Proof of possession of complete AADHAR number/AADHAR Card
Income proof
- Most recent salary slips and Form 16 of the parent/ guardian/co-borrower
- 3 months bank statement of the borrower or updated passbook of bank
- Updated ITR (Income Tax Return with income computation) of 2 years or IT assessment order of last 2 years of parent/co-borrower/guardian
- Documents stating the assets and liabilities of the parent/co-borrower/guardian
The NACH e-Mandate system facilitates the issuance and confirmation of mandates made by customers through alternate modes to a paper-based mandate.
Note: The mandate will be routed by the destination bank, after due authentication, to the sponsor bank or by corporate through their sponsor bank to the destination bank with the attributes of customer authentication depending upon the variant of e-Mandate.
To create e-mandate,
To track the status of e-Mandate
HOW TO APPLY
ICICI BANK PRESENTS EDUCATION LOANS UP TO RS 1 CRORE FOR YOUR EDUCATIONAL REQUIREMENTS IN INDIA AND UP TO RS 2 CRORES FOR OVERSEAS.
Visit the nearest ICICI Bank branch, fill the form and get started with your loan approval process.
Loans offered for: Domestic institutes/ international institutes. Courses covered: Under Graduate/ Post Graduate
To apply for Education Loans through the VidyaLakshmi portal, please click here
Why ICICI Bank for Education Loan?
- Interest rate Starting at 9.85%* per annum
- Loan tenure Up to 8/10 years for Under Graduate post course period + 6 months
- Up to 10/12 years for Post Graduate post course period + 6 months
- Maximum loan amount Up to Rs 1 crore for domestic courses
- Up to Rs 2 crore for international courses
Collateral requirement Exceptional collateral can be accepted in the form of Fixed Deposit, Fresh Property, Cross collateralization with existing Mortgage loans
Unsecured Loan requirement
Unsecured loan for premium institutes : Up to Rs 1 Crore for UG & PG courses*
Moratorium period : Course period + 6 months grace period.
15% margin for Other category institutes (Margin can be FD/scholarship/initial fee paid to the institute) *Conditions Applied
Interest rate range for Education Loans for the Jan 2023 to Mar 2023:
| Type of credit facility |
Minimum |
Maximum |
Mean |
| Education Loan –iSMART interest rates |
9.85% per annum |
12.50% per annum |
10.85% per annum |
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.
Courses and expenses covered
- For domestic
- For international
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.
Expenses considered
- Fee payable at college/ school/ hostel
- 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 reasonable cost if required for completion of the course
- Any other expense required to complete the course like study tour, project work, thesis.