It is the dream of every student to study abroad. To get admission to the top universities of their choice, students have to go through a lengthy admission process with tough tests. And sometimes students are not able to fulfill their dream due to the high fees of top universities. For this reason, students often take education loans for their studies. Today any bank can give loans to students for studies. But which bank loan will be right for you. Today we will discuss this in this blog. ICICI Education loan given by ICICI Bank will prove to be the best for you. Let us know in detail how to take ICICI Education Loan.
read also - How to take student loan in India. in just 5 minutes | education loan
What is an ICICI Education loan?
ICICI Bank is India's largest multinational banking company and financial service company. Apart from this, ICICI Bank also provides education loans to students. Under ICICI Bank's education loan, up to 50 lakhs can be given to students studying in India and up to 1 crore to students studying abroad. Home and commercial properties can be mortgaged while applying for an education loan. Along with this, you can also deposit non-agricultural plots and your fixed deposits. Apart from this, ICICI Bank can also give you a loan of up to 40 lakhs without any mortgage. But this loan has to be repaid after 6 months from the end of the tenure.
| Details | Postgraduate | Undergraduate |
| Interest Rate | Starts at 11.5 % | Starts at 11.5 % |
| Loan Tenure Without Collateral | Up to 8 years post-course period with additional 6 months | Up to 5 years post-course period with additional 6 months |
| Loan Tenure with Collateral | Up to 10 years post-course period with additional 6 months | Up to 7 years post-course period with additional 6 months |
| Maximum Loan Amount | ₹ 50 Lakh | ₹ 50 Lakh |
| Collateral Requirement | As per the institute. Collateral-free loans for select institutes: Up to ₹ 20 lakh for UG and up to ₹ 40 lakh for PG courses. | As per the institute. Collateral-free loans for select institutes: Up to ₹ 20 lakh for UG and up to ₹ 40 lakh for PG courses. |
| Moratorium Period | As per the course and institute. | As per the course and institute. |
| Margin | 15% margin (Margin/ FD/ Scholarship) only for loans above ₹ 20 Lakh. | 15% margin (Margin/ FD/ Scholarship) only for loans above ₹ 20 Lakh. |
Why take ICICI Education loan only?
Often students prefer to take loans from other banks because of the low-interest rate. But other banks make you visit banks for the lengthy application process and a lot of documents. On the other hand, private banks give you a loan easily without any hassle in less time than other banks. ICICI Bank being the largest bank in India gives you loans with low-interest rates. ICICI Bank makes the admission process of students very easy for studying abroad. Along with this, the bank also provides the option of giving flexible payment according to your need. You can also save your income tax on the interest paid with ICICI Bank Education Loan.
| Details | Postgraduate | Undergraduate |
| Interest Rate | Starts at 11.5 % | Starts at 11.5 % |
| Loan Tenure Without Collateral | Up to 8 years post course period with additional 6 months | Up to 5 years post course period with additional 6 months |
| Loan Tenure with Collateral | Up to 10 years post course period with additional 6 months | Up to 7 years post course period with additional 6 months |
| Maximum Loan Amount | ₹ 1 Crore | ₹ 1 Crore |
| Collateral Requirement | As per the institute. Collateral-free loans for select institutes: Up to ₹ 20 lakh for UG and up to ₹ 40 lakh for PG courses. | As per the institute. Collateral-free loans for select institutes: Up to ₹ 20 lakh for UG and up to ₹ 40 lakh for PG courses. |
| Moratorium Period | As per the course and institute. | As per the course and institute. |
| Margin | 15% margin (Margin/ FD/ Scholarship) only for loans above ₹ 20 Lakh | 15% margin (Margin/ FD/ Scholarship) only for loans above ₹ 20 Lakh |
How much loan does ICICI Bank give?
If you have something to mortgage against a loan of 1 crore, then you will get the loan easily from the bank. Whereas the ICICI Bank Education Loan without collateral is given in the table below.
| Category A1 | Category A2 | Category A3 |
| Maximum Unsecured Amount: INR 40 lakhs | Maximum Unsecured Amount: INR 20 lakhs | Unsecured Loans: not possible |
Eligibility
For this, it will be necessary for the students to fulfill the eligibility given below.
- Applicant must be a resident of India.
- The applicant must have completed admission in a university.
- Age should not be more than 35 years.
- The applicant must have an Indian passport.
- The applicant should have received the admit card from the university.
- A good credit/CBIL score is essential.
Which courses are covered
Let us also talk about the courses coming in ICICI Bank education loan. On which banks provide loans. In the list given below, see which courses will get loans.
Courses in India on which loans will be available
- Graduation courses – BA, B.Com, B.Sc., etc.
- Post-Graduation courses – Masters & PhD.
- Professional courses – Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, ICWA, CA, CFA, etc. Apart from this, courses are conducted by IIMs, IITs, IISc, XLRI, NIFT, etc.
- Computer Certificate Course Affiliated to Electronics or Institutes
- Includes regular degree/diploma courses like aeronautics, pilot training, shipping, etc. recognized by The Director-General of Civil Aviation.
- Courses offered in India by reputed foreign universities.
- UGC / Govt. / Diploma courses approved by AICTE / AIBMS / ICMR /
Foreign courses on which loan will be available
- Graduation – will be valid for job-oriented professional/technical courses offered by reputed universities.
- Post-graduation – MCA, MBA, MS
- CIMA in USA – London, Course conducted by CPA
ICICI Education loan of Prime University
The list of prime universities selected by ICICI Bank for this is given below.
| A1 Category | A2 Category | A3 Category |
| Harvard University | National University of Singapore | Purdue University |
| Massachusetts Institute of Technology (MIT) | The University of Texas at Austin | Grenoble Ecole de Management |
| London Business School | University of Amsterdam | Swinburne University of Technology |
| HEC Paris | University of Warwick | Loyola University, Chicago |
| Princeton University | University of Tokyo | University of Colorado, Denver |
How to apply for a loan
Students will have to submit these necessary documents given by the banks before availing the education loan.
- KYC
- Marksheet of 10th, 12th, Graduation and Entrance Exam
- university or college admit card
- Applied for the fee structure of the course
- Co-applicant KYC and Income Proof (Required only for specific courses)
After preparing all these necessary documents, you can apply for ICICI Education Loan Kaise le. For this, you can fill out the education loan form by visiting any ICICI Bank branch near you and you can also submit your form online. On the other hand, if the bank officials can help you understand something related to the form.
Documents required for education loan
For education loans, given below are the documents required by the bank for the person applying for the loan.
- admission letter
- Know Your Customer (KYC) documents of both student and co-borrower.
- Marksheet of 10th, 12th class, graduation, and entrance exam.
- Fee structure
- Income proof of co-borrower
- Residential, commercial property plat (Non-agricultural).
- Fixed deposits.
ICICI Education Loan offers an EMI loan facility
You can also pay an ICICI education loan through these mediums.
Standing Instruction (SI)
The best way to repay the loan is through Standing Instruction i.e. if you have a bank account in ICICI Bank, then at the end of the month, the money will automatically be deducted from your account through EMI.
Electronic Clearing Service (ECS)
For all non-ICICI Bank accounts, this mode can be used to automatically deduct EMI from the account at the end of the monthly cycle.
Post-Dated Checks (PDCs)
Students can deposit post-dated EMI checks from a non-ICICI bank account at their nearest ICICI loan center. Then, a fresh set of PDCs will have to be submitted in time. Please note that post dated checks will be taken only at non-ECS locations.
Things to keep in mind before taking ICICI Education Loan
Below are the things to keep in mind for ICICI Education Loan Kaise le to study abroad.
- The ICICI Education Loan scheme is extremely versatile, allowing for secured, unsecured, and partially secured education loans for study abroad.
- The qualifications for ICICI Education Loan are quite strict. ICICI has a very specific list of colleges, universities, and courses that are loan-eligible.
- If your institution is not on their list then ICICI will not give an education loan.
- The terms and conditions of the ICICI Education Loan Policy are completely dependent on the ranking of your university.
Other Funding Options
You can also consider several scholarship options like HDFC Scholarship, Canara Bank Scholarship, and Inspire Scholarship. Which provides funds for studies in India and abroad. These are written in the list below.
- Inspire Scholarship
- DCE Scholarship
- Canara Bank Scholarship
- Moma Scholarship
- MHRD Scholarship
- JK Scholarship
- Santoor Scholarship
- Punjab Scholarship
- Indira Gandhi Single Girl Child Scholarship
- Ishan Uday Scholarship
- Oasis Scholarship
- Dr. Ambedkar Scholarship
- NEC Scholarship
- Aditya Birla Scholarship
- Vidyasiri Scholarship
- GP Birla Scholarship
- Abdul Kalam Scholarship
- Siksha Abhiyan Scholarship
- HDFC Scholarship
FAQs
Q. Which bank is best for an education loan?
Ans-The 5 best education loan banks in India are as follows:
SBI Education Loan
Axis Bank Education Loan
ICICI Bank Education Loan
HDFC education loan
Canara Bank Education Loan
Q. Can I get an education loan of up to 50 lakhs?
Ans- Yes, an educational loan can be obtained in India which can vary between Rs. Above 1 lakh Rs. 30-50 lakhs. For this, you will need to have a third party guarantor.
Q. Can I get a one crore education loan?
Ans- Private sector lender ICICI Bank has launched 'Insta Education Loan', which allows customers to get instant approval for education loans up to Rs 1 crore. This first of its kind facility will allow thousands of customers to take education loans against their bank's fixed deposits in a completely digital process.
Q. Can I get an education loan without security?
Ans- Collateral is security pledged against a loan. However, you can get an education loan without pledging any security. However, if you take a loan of more than Rs 7.5 lakh, the bank may require collateral to cover the loan amount. The bank may also ask you to deposit margin funds and obtain third-party guarantees.
Q. Who can get an education loan?
Ans- Any student can apply for an education loan with the help of parents or parents acting as co-applicants. The repayment of your education loan will start one year after the completion of your course or within six months of getting a job after your course, whichever is earlier.
Hope you liked our how to take ICICI Education Loan blog. If you also want to take education loan to study abroad. So you can easily take education loan.
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