What Are the Eligibility Criteria for Education Loan?

April 02, 2022

Make your child’s academic dream come true, with an Education Loan. As a student, you can avail of an ICICI Bank Education Loan, up to Rs 50 lakh, for education in India and up to Rs 1 crore for overseas. Know about the Student Loan eligibility criteria for Education Loan applications.

The rapidly rising cost of education is the biggest concern for students who want to pursue studies, whether in India or overseas. As a parent, your first priority is to choose an educational institute that not only provides quality education, but also fits within your budget. The education system has altered in recent times and there is also a rise in the number of students pursuing higher education, despite the COVID-19 crisis. If your child aspires to study overseas and financing is a big issue, you can still fulfil their dreams, with the help of an Education Loan.

These days, any student can avail an Education Loan. One can readily apply for a loan with ICICI Bank. Whether your child is planning a professional higher education in India or overseas, the Bank offers loans ranging from Rs 50 lakh to Rs 1 crore, depending on your requirements. Before applying for the loan, it is important to understand the eligibility guidelines. The eligibility for an Education Loan varies for different Banks. Below are the Student Loan eligibility criteria, to apply for an Education Loan from ICICI Bank:

  • Any Resident Indian can apply for the loan

  • The loan applicant’s minimum age should be 18 years and the maximum should be 35 years

  • Students should have secured admission to a higher education course in recognised institutions, Indian or abroad, through entrance tests

  • Documents displaying regular income are mandatory for the co-applicant (parents/sibling/guarantor).

Why should you opt for an education loan?

Every student aspires to join a certain university or apply for a course. However, many of them drop the idea of pursuing the course or going overseas, due to a lack of funds. Today, several banks offer Education Loans. Here are some of the advantages of getting a loan from ICICI Bank.

  • Seamless remittance to international institutes

  • Hassle-free process for timely disbursement of loan

  • Students who want to take their own financial responsibilities, without depending on their parent’s savings

  • Interest deduction applicable on the Education Loan under Section 80E of the Income Tax Act of 1961

  • Get a collateral-free loan of up to Rs 40 lakh, for select institutes

  • Pre-Visa disbursal, for students applying for education in a foreign country

  • Other student expenses, such as laptop or exchange travel are also covered

  • Attractive interest rate starting at 10.50% per annum.

If money is the only constraint that is stopping your child from professional goals, consider availing a Student Education Loan. At ICICI Bank, you can avail the loan for both domestic and international institutes. As a parent, if you are looking to apply for an Education Loan for your child, the Bank offers a loan starting at an interest rate of 10.50% p.a.

GET AN EDUCATION LOAN NOW CHECK ELIGIBILITY

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