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2 mins Read | 2 Weeks Ago

Documents required for an Education Loan in 2024 | ICICI Bank Blogs

Documents required for an Education Loan in 2024 | ICICI Bank Blogs


Education is no longer a privilege but a necessity and should be availed by all. Pursuing higher studies often comes with a hefty price tag, which plays a major role in deciding an individual's career goals and educational dreams. In such a scenario, an educational loan comes as a rescue. It helps students to achieve their dreams of studying for their desired degree, without worrying about finances. However, the documentation needed for an Education Loan at ICICI Bank may differ from course to course, depending on the loan requirements of each individual. Below, we will review the documents needed to pass the loan without any hurdles.

Documents required for a Student Loan

For a smooth and easy Education Loan application process, students and their guardians need to provide a list of documents. The following are the necessary documents required for an Education Loan from ICICI Bank:

Student Applicant:

  • Duly filled online application form: This form is the primary document for initiating the loan application process. It has necessary details about the student's personal information, educational background and loan requirements.
  • Two passport-size photographs: It is necessary to identify and ensure your identity is attached to your loan application.
  • Copy of 12th standard mark sheet or latest education certificate: Proof of the student's educational qualifications is required to assess eligibility for the loan.
  • Admission letter with the cost of education (if available): The admission letter from the educational institution confirms the student's enrolment and provides details regarding the programme's duration and associated expenses.
  • PAN Card of the student and Parent/Guardian: Permanent Account Number (PAN) cards of both the student and the parent/guardian are essential for verification of identity and financial tracking.
  • Residence proof: Documents such as Passports, Driving Licenses, Voter IDs, Job Cards issued by NREGA or other government-issued identity cards serve as proof of residence.
  • Age and identity proof: Documents such as an Aadhaar Card, Voter ID, Passport or Driving Licence are required to verify the age and identity.
  • Income proof:
  1. For salaried individuals: Most recent salary slips and Form 16
  2. For non-ICICI Bank customers: Latest 3 months’ bank statements
  3. For self-employed individuals: Updated Income Tax Returns (ITR) with an income totalling 2 years.


Identification documents: The co-applicant/guarantor is required to present similar identification documents (PAN Card, residence proof, age proof and identity proof) as the student-applicant.

Income proof for a salaried co-applicant/guarantor

  • Most recent salary slips and Form 16
  • Latest 3 months' bank statements.

Income proof for a self-employed co-applicant/guarantor

  • Updated Income Tax Returns (ITR) with an income totalling 2 years
  • Audited financial statements for the last 2 years.

Security documents:

  • Property documents: Ownership documents of the property (house or flat) pledged as a collateral for the loan
  • Fixed Deposit (FD): Proof of Fixed Deposit with the Bank, which may serve as a collateral or security for the loan
  • Existing ICICI Bank Home Loan for cross-collateral (if applicable): Documentation related to any existing Home Loan with ICICI Bank that may be used for cross-collateralisation.


What are the different types of Education Loans provided?

ICICI Bank offers a comprehensive range of Education Loans tailored to meet diverse needs. These include loans for domestic and international studies, with amounts up to ₹ 2 crore for international studies and up to ₹ 1 crore for domestic studies. There's also a collateral-free loan option for premium institutes, with special provisions for government employees, CXOs and professionals with 2 years of work experience. Moreover, there are specialised offerings for specific countries like Canada, UK and Germany. 

Can I get an Education Loan without proof of income?

Yes, obtaining an Education Loan without proof of income is possible, particularly for loans below a certain threshold. However, proof of income may be necessary for higher loan amounts, either from the applicant or a co-applicant. Additionally, collateral or a guarantor may be required for larger loan amounts. ICICI Bank offers flexible options, making educational financing accessible even without proof of income for smaller loan amounts. It's advisable to check any specific eligibility criteria and terms before applying.

Who is eligible for an Education Loan?

Eligibility criteria for an Education Loan typically includes a person of Indian nationality, aged between 16 and 35 years and a good academic record with completion of 10+2 or an equivalent degree. The loan is applicable for pursuing graduation, postgraduate degrees or professional education diplomas in recognised and accredited institutes in India or overseas. Loan approval is based on pre-admission sanction, entrance exam scores and confirmed admission. Co-borrowers can include family members like parents, siblings or spouses, while security may involve property, Fixed Deposits or existing ICICI Bank Home Loans for collateral. Specific documentation and proof of income may also be required.

Are property documents required for an Education Loan?

Property documents may be required for an Education Loan if collateral is provided to secure the loan. In cases where the loan amount exceeds a certain threshold, collateral such as property documents may be necessary. However, it's important to check for specific requirements based on the loan amount and type of collateral, ensuring compliance with documentation needs, leading to a smooth application process.

Is ITR required for an Education Loan?

Yes, Income Tax Returns (ITRs) may be required for an Education Loan, especially as part of the income-proof documentation. Lenders often request ITRs to assess the financial stability and repayment capacity of the borrower or co-borrower/guarantor. It helps verify the declared income and ensures compliance with the lender's eligibility criteria. While specific requirements may vary depending on the loan amount, having ITRs ready as part of the application process can facilitate a smoother and quicker loan approval process.

Can I get a ₹ 20 lakh Education Loan without collateral?

Yes, you can avail an Education Loan of up to ₹ 20 lakh without collateral, subject to certain conditions. Additionally, maintaining a good academic record and selecting accredited institutes could positively impact loan approvals in future.


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