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 your career aspirations and offer the needed Student Loans or Education 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.
Education Loan eligibility
| 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  |
| Loan can be sanctioned on the basis of |
|
| 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 for Education Loan
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 12th standard mark sheet or latest education certificate
- Admission letter with cost of education if available
- Pan Card of the student and Parent/ Guardian
Age proof
- Aadhaar Card /Voter ID/Passport/Driving Licence
Identity proof
- Voter ID/Aadhaar Card/Driving Licence/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
- Latest 3 months bank statement for non-ICICI Bank customer (Not required for ICICI Bank customer)
- Updated ITR (Income Tax Return with income computation) of 2 years of parent/co-borrower/guardian.
Note: ICICI Bank reserves the right to call for additional documents at its discretion.
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, https://leads.icicibank.com/NewSalesWeb/loadNpciEnachForm.htm?productCode=CF
To track the status of e-Mandate https://leads.icicibank.com/NewSalesWeb/loadenachTracker.htm
Institutes
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Why ICICI Bank for Education Loan?
Collateral free loan up to Rs 1 Crore for premium institutes
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Loans up to Rs 2 crore for International studies and Rs 1 crore for Domestic studies
Special Product offering for Government employees, CXOs and professional with 2 Years Work Experience
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Special product offering for Canada, UK and Germany
No Margin for Premium institutes
No Branch visits / Complete digital journey
Pre-admission sanction
How to Apply for Education Loan
ICICI BANK PRESENTS EDUCATION LOANS UP TO RS 1 CRORE FOR YOUR EDUCATIONAL REQUIREMENTS IN INDIA AND UP TO RS 2 CRORES FOR OVERSEAS.
Education Loan FAQ
Indian citizens must be 16 to 35 years of age with a good academic record and should have completed 10+2 or diploma. If the applicant is enrolled in a recognised institute in India or overseas, loans are sanctioned based on pre-admission, entrance exam scores, 12th/HSC results or confirmed admissions.
Graduate/Postgraduate/Diploma courses in professional education from recognised and accredited institutes in India and overseas.
Interest rates for Education Loans are linked to RBI Repo Rate and may vary depending on various parameters.
Yes, you can avail partial fee as Loan at any point of time during your studies.
Parents, brother, sister, spouse, father-in-law, mother-in-law, daughter-in-law, maternal and paternal uncle/aunt and grandparents can be your co-applicant.
For postgraduate courses, applicants with 2+ years of experience can apply for a loan with a non-financial co-applicant.
Yes. Scholarship awarded to the applicant from the institute will be considered as margin money.
Simple Interest will be calculated in moratorium period.
Yes, you can pre-pay your Loan any time. There are no charges for pre-payment.
Yes, you can pre-close your Loan any time during the tenure.
You can start repaying any time as soon as the Loan starts.
