ICICI Bank Education Loan for Abroad Studies

All you need to know about ICICI bank education loan for studying abroad

Overview of ICICI Bank

Founded in 1994, ICICI Bank is a leading private-sector bank in India. Whatever your reason for higher studies, ICICI Bank understands that higher education is often very expensive, with the rising cost of education. But that should not stop you!

Students Channel has partnered with ICICI Bank with an aim to provide financial support for aspiring students, pursuing higher education overseas. ICICI Bank, understands your career aspirations and offers the needed student loans, to successfully aid your journey to higher education. Getting an Education Loan through ICICI Bank is an easy and simple process.

Based on the target university and selected course, ICICI Bank provides both collateral and collateral-free loan of up to Rs.1.5 cr. tax saving on interest paid under section 80(E), flexible tenure and repayment options, and competitive interest rates, these loans help students realize their dream of attaining a world-class education in premier institutions abroad. The ICICI education loan without collateral is based on whether your institute is in Premier university list or not.

Overview and Features of ICICI Education Loan Scheme For Abroad

*ICICI Bank education loan interest rate as of March 2024

Note: If the overall profile of the applicant & co-applicant is good like high CIBIL, academics percentage, and more then a full moratorium can be offered in this case i.e. no repayment during the course and grace period.

ICICI Education Loan Eligibility For Abroad

There are a few eligibility criteria for ICICI Bank that you must fulfil to ensure that you can get approval for your abroad education loan. The eligibility requirements are -

• Must be an Indian citizen.
• The target university or college to which you are admitted must be from the list approved by ICICI Bank.
• The co-applicant must be one of these only - Father, Mother, Brother, Sister, Spouse (Husband/Wife), and Maternal/Paternal Uncle.
• Applicant age must be between 16 - 35 years.

Work Experience-Based Education Loan ICICI Bank

Apart from providing normal abroad education loans, there is a unique product that is only provided by ICICI Bank. This product is best for those individuals that have work experience and after working for several years want to go abroad to pursue higher education. A few of the aspects of this experience-based product by ICICI Bank are -

• This is best for those individuals that have a minimum of 3 years or more of professional experience.
• You do not need a co-applicant for this loan product.
• You should have a minimum salary of 35,000 INR but this will differ as per the loan amount required.
• This scheme is only applicable to those universities/colleges that fall in either A1 or A2 category of the approved institute list by ICICI Bank.
• You do not have to pay any amount during your moratorium period although you need to make it as FD as a security. The main benefit of this is that you will get regular interest on the same and you will get the locked amount in FD after the repayment period.

Note: Applicant needs to make a Fixed Deposit (FD) of an amount equivalent to the simple interest to be paid during the moratorium period with the ICICI Bank as security.

Expenses Covered by ICICI Bank Education Loan Scheme

ICICI education loan covers lot of expenses that are required in order to pursue your abroad education. These expenses are - 

• Tuition Fees: Costs associated with course fees at the educational institution.
• Accommodation: Expenses for on-campus or off-campus housing.
• Travel Expenses: Costs for travel, particularly for international studies.
• Examination and Library Fees: Charges for exams, library, and laboratory use.
• Purchase of Books and Equipment: Expenses for textbooks, study materials, and equipment like laptops.
• Project Work and Study Tours: Costs for project work, study tours, and related travel.
• Insurance Premium: Premium for student insurance, if applicable.
• Other Education-related Expenses: Any other costs essential for the completion of the course, such as thesis work, additional classes, or seminars.

Documents Required for ICICI Abroad Education Loan

The mandatory documents that you would need to start your process of abroad education loan with ICICI Bank.

• Copy of exam mark sheets of 10th/12th or latest education certificate
• Admission letter with the cost of education if available
• Aadhaar Card and Pan Card of the student and Parent/Guardian
• Passport
• The electricity bill for residence proof
• Relationship proof for your co-applicant
• Most recent salary slips and Form 16 of the co-applicant (if salaried)
• Updated ITR of 2 years or IT assessment order of the last 2 years of the co-applicant (if self-employed)
• Proof of margin money (wherever applicable)

Benefits of Getting your ICICI Education Loan Through Students Channel

There are some additional benefits that you can get if you pursue your ICICI education loan for abroad studies from Students Channel. These benefits include:

Students Channel ensures that you receive the most competitive education loan available. Our commitment is to provide you with the best possible deal. If you happen to discover a superior offer, we will compensate for the variance in interest rates throughout the entire duration of your education loan.

Customized document checklist:

There are many documents that are required by ICICI, thus with Students Channel, you will be getting a customized document checklist that will have all the required documents as per your profile. If there are any alternate document options available the same would also be mentioned in the checklist.

Low turnaround time:

With the help of Students Channel the loan process can be completed in 5 - 7 days while if you go directly to the ICICI Bank then it might take upto 10 days as per their standard operating procedures.

100% Free of cost assistance:

When you check your eligibility and proceed with your loan with Students Channel then you will be connected with an education loan expert that will help you throughout the process without any additional cost.

Full moratorium offered:

Students Channel may help you to get a full moratorium only if the overall profile of the applicant & co-applicant is good like it has high CIBIL, academics percentage, and more.

If you are looking to secure an abroad education loan from ICICI, you can apply online at their website. However, for a hassle-free application process, you can choose to apply for your education loan through Students Channel.

Students Channel is an online platform designed to assist Indian students in financing their education abroad. To start your process with us all you need to do is check your loan eligibility and leave the rest to us!

Frequently Asked Questions

Can I get a full moratorium from ICICI Bank?

Yes, chances are depending on your application profile being very strong that ICICI Bank can provide you with a full moratorium on your abroad education loan.

I am about to complete 3 years in my job. Can I apply for ICICI Bank experience-based product?

No, it is mandatory for you to first complete 3 years as a minimum in your professional experience, and then only you can apply for the experience-based product of ICICI Bank.

Is the loan disbursed in favour of the borrower or the college/university?

Tuition fees and on-campus housing fee is transferred to the university, whereas other living expenses are transferred to the borrower account.

Will I get any income tax benefit from taking a loan from ICICI Bank?

Yes, you will get tax benefits as per section 80(c) - deduction on investment if you decide to take a loan from ICICI Bank.

Is there a prepayment penalty on the ICICI Bank education loan?

No, there is no prepayment penalty charged from you in the case of ICICI Bank abroad education loan.

Where can I see ICICI education loan status?

You can see your ICICI education loan status on Students Channel portal All you have to do is log in with your credentials and then you can see real-time status of your education loan.

What is ICICI Bank education loan processing fee?

The processing fees that is charged by ICICI Bank can range between 0.5% to 1% + GST. In few cases where the applicant profile is extremely good the processing fees can go down to 0.3%.