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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 Interest Rate
| Interest Rate | Information |
|---|---|
| 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 | |
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 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, 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 & Rs 1 Crore for domestic
Special Product offering for Government employees, CXOs and professional with 3 Years Work Experience
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Bundled Products offering for Canada, UK, 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.
- Terms and Conditions applied
Education Loan FAQ
The eligibility criteria includes Indian nationality, age between 16 and 35 years, good academic record and completion of 10+2 or diploma. If your child is enrolled in a recognised institute in India or overseas, loans are sanctioned based on pre-admission requirements, entrance exam scores or confirmed admissions.
There is no fixed salary requirement for an Education Loan. However, the lender may require a co-borrower with a regular source of income to ensure loan repayment. Other factors such as credit history, collateral and academic performance may also be considered.
We charge interest on the amount borrowed. The interest rate may vary depending on the loan amount. We may offer lower interest rates for certain borrowers such as students pursuing higher education in certain fields.
