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 shouldn’t 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 has divided the premiere educational institutions into different categories which are A1, A2, A3, and A4. ICICI Bank provides a collateral-free loan of up to Rs.50 lakh, 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.
| Features | Detail |
|---|---|
| Loan amount | A1 - 50 Lakhs INR A2 - 40 Lakhs INR A3 - 15 Lakhs INR A4 - On an immediate EMI basis |
| Interest rate | A1 - 10.95% A2 - 11.70% A3 - 12.25% A4 - 12.50% |
| Interest rate type | Floating Interest rate |
| Minimum Income (Co-Applicant) | 50,000 INR (without obligations) |
| Repayment | Need to pay S.I. only during course + 6 months grace period |
| Processing fees | 0.5% - 1% of the loan amount + GST |
| Other charges | Nil |
| Margin Money | A1 - 0 A2 - 5% A3 - 15% A4 - 15% |
| Loan Tenure | Upto 10 years |
| Processing time | 5 - 7 days after document submission |
| Prepayment penalty | No Penalty |
| Tax Benefit | Yes |
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.
There are a few eligibility criteria for ICICI Bank that you must fulfill 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's age must be between 16 - 35 years.
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.
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)
There are some additional benefits that you can get if you pursue your abroad education loan from ICICI Bank from Students Channel. These benefits include:
Guaranteed best loan
Students Channelensures 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 Channelthe 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 Channelthen 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 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!
We want to create a platform where every student can find information about Abroad Education easily and thereby steer clear of any career fraud or fake promises by temporary education agencies that look to make profit in short time.
Home