ICICI Bank vs Avanse: Which is Best for Abroad Education Loan?

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Loan Feature of ICICI Bank vs Avanse
Interest Rates of ICICI Bank vs Avanse
Processing Fee of ICICI Bank vs Avanse
Loan Eligibility of ICICI Bank vs Avanse
Pre-Approved College/ University List of ICICI Bank vs Avanse
ICICI Bank or Avanse Which is Better?
Frequently Asked Questions

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Compare ICICI Bank vs Avanse abroad education loan for interest rates, eligibility, processing fees, and course coverage. Pick the right loan option to fund your studies abroad.

Education loan Avanse Bank Comparison

Pinky Kharata

Pinky is a content writer with 3.6 years of experience. Currently pursuing a PhD in Journalism and Mass Communication, she blends research depth with engaging storytelling to produce content that...

Updated on: 20 Sep 2025 | 381 | 12 min read

In India’s booming education loan market, comparing ICICI Bank vs Avanse abroad education loan shows how private banks and NBFCs each stand out. Private banks like ICICI have doubled their education loan books in just five years, gaining over 5% in lending market share (Economic Times, 2024). On the NBFC side, education loan portfolios are expected to grow by 40–45% this fiscal, projected to cross ₹60,000 crore (ET BFSI, 2024). Private banks ensure competitive interest rates and stable repayment structures, while NBFCs stand out for quick approvals, flexible terms, and customized loan options.

Keep reading the blog and decide whether ICICI Bank or Avanse which is better?

Loan Feature of ICICI Bank vs Avanse

Students tend to compare the ICICI Bank or Avanse loan to study abroad to determine which is better in their case. Knowing the ICICI Bank vs Avanse loan eligibility and their distinctive features will assist in making a better decision before applying.

Characteristics	ICICI Bank	Avanse
Type	Private	Non-Banking Financial Company (NBFC)
Regulation	Regulated by RBI	Regulated by RBI
Maximum loan amount offered (unsecured)	Categories: Premium Select: 1.5 Cr Premium: 1 Cr Other: 20 L	75 L
Interest rate	Premium Select: 10.75 %- 11.25% (varies with CIBIL score) Premium: 11.25% Other: 11.75 % - 12.5 %	10% - 13.75%
Processing fee	0.5% - 1% on loan amount + applicable GST	1% - 1.5% on loan amount + applicable GST
Margin money	Premium: 0 % Other: 15 %	Nil
Moratorium period	Course duration + grace period	Course duration + 1 year
Repayment during moratorium period	Partial Simple Interest, Simple Interest (SI) or Equated Monthly Installment (EMI)	Partial Simple Interest (PSI) or Simple Interest (SI)
Approval time	Post document submission 7 - 10 working days	5 - 7 working days
Loan tenure	Up to 12 years	Up to 12 - 15 years
Work experience based education loan	Yes	No
Loan approval on the basis of GMAT/ GRE?	Yes	Yes

Interest Rates of ICICI Bank vs Avanse

ICICI Bank and Avanse take different approaches when it comes to offering abroad education loans. ICICI Bank provides loans based on specific courses such as Engineering, Technology, Science, Business Analytics, and Management. On the other hand, Avanse supports both STEM and non-STEM courses, giving students more flexibility in course selection.

When comparing ICICI Bank vs Avanse interest rate, ICICI Bank follows a category and profile-based structure. The ICICI Bank Premium Select scheme starts from 10.75% depending on the applicant’s CIBIL score, while other categories usually range between 11.25% and 12.5%.

For Avanse abroad education loan, interest rates vary between 10% and 13.75%. The exact rate depends on the student’s profile, academic background, and repayment capacity. Compared to ICICI Bank, Avanse provides a wider range, which can be beneficial for students with wide course preferences.

Processing Fee of ICICI Bank vs Avanse

The processing fee of ICICI Bank vs Avanse education loan differs slightly but serves the same purpose. It is a one-time charge to manage the loan application. ICICI Bank or Avanse for abroad education loan levy this fee to cover costs like credit evaluation, paperwork, and sanctioning, ensuring smooth loan disbursal.

Lender	Processing Fee
ICICI Bank	0.5% - 1% on loan amount + applicable GST
Avanse	1% - 1.5% on loan amount + applicable GST

Loan Eligibility of ICICI Bank vs Avanse

When it comes to ICICI Bank vs Avanse loan eligibility, ICICI Bank focuses on the overall profile of both applicant and co-applicant. If the CIBIL score, academics, and co-applicant’s income are strong, students may receive the benefit of a full moratorium, meaning no repayment during the study and grace period.

Eligibility with Avanse for an abroad education loan allows flexibility for applicants with strong academic profile. A GRE score of 310+ can make the process easier, as loans may be approved based only on co-applicant bank statements, without requiring ITR, salary slips, or extra documents.

Lender	Loan Eligibility Criteria
ICICI Bank	College should be from ICICI Bank’s pre-approved list Co-applicant must be an immediate family member Minimum ₹50,000 monthly income without obligations Eligible courses: Engineering, Technology, Science, Business Analytics, Management For Premium Category: Covers post graduate courses only CIBIL score should be 750+ or can be 0 / -1 for applicants with no prior credit history. For Experience Based Category: Minimum 2 years of work experience required Minimum income of ₹35,000 (depends on loan amount) FD to be made equal to simple interest payable during moratorium
Avanse	Applicant should be at least 18 years old CIBIL score of 700 required, with flexibility in valid cases Co-applicant’s minimum monthly income (without obligations) should be ₹20,000 or above Co-applicant may be either salaried or self-employed / Pensioner / agriculturist

Lender

Loan Eligibility Criteria

ICICI Bank

College should be from ICICI Bank’s pre-approved list
Co-applicant must be an immediate family member
Minimum ₹50,000 monthly income without obligations
Eligible courses: Engineering, Technology, Science, Business Analytics, Management

For Premium Category:

Covers post graduate courses only
CIBIL score should be 750+ or can be 0 / -1 for applicants with no prior credit history.

For Experience Based Category:

Minimum 2 years of work experience required
Minimum income of ₹35,000 (depends on loan amount)
FD to be made equal to simple interest payable during moratorium

Avanse

Applicant should be at least 18 years old
CIBIL score of 700 required, with flexibility in valid cases
Co-applicant’s minimum monthly income (without obligations) should be ₹20,000 or above
Co-applicant may be either salaried or self-employed / Pensioner / agriculturist

Pre-Approved College/ University List of ICICI Bank vs Avanse

For an ICICI Bank abroad education loan, the student’s college should fall under the preapproved list of institutions. The universities and colleges listed below are part of the bank’s premium category.

University/ College List	Country
Cardiff University	United Kingdom
RMIT University	Australia
Stockholm School of Economics	Sweden
Queen's University	United Kingdom
Seoul National University	South Korea
University of Edinburgh	United Kingdom
University of Bath	England
University of Barcelona	Spain
Technical University of Denmark	Denmark

For an Avanse abroad education loan, the college or university should be within the top 100 QS World University Rankings to avail the best interest rate. Some of these institutions are listed below.

University/ College List	QS Ranking
Harvard University	4
University of Toronto	24
Imperial College London	2
University of Edinburgh	27
National University of Singapore	8
University of Cambridge	5
University of Manchester	34
University of British Columbia	38
University of Amsterdam	55

ICICI Bank or Avanse Which is Better?

Many of you often ask, ICICI Bank or Avanse which is better? The answer depends on what you plan to study. ICICI Bank or Avanse for abroad education loan differ in various aspects like ICICI Bank focuses on courses like Engineering, Technology, Science, Business Analytics, and Management, while Avanse funds both STEM and non-STEM programs. This difference gives students wider flexibility with Avanse, whereas ICICI Bank focuses on categories. To know which lender fits your profile best, you can easily check your loan eligibility with GyanDhan for free.

Frequently Asked Questions

Does ICICI Bank require the university to be on a pre-approved list?

Yes, ICICI Bank abroad education loans, the student’s college or university should fall under their pre-approved list of institutions.

What is the minimum CIBIL score required by ICICI Bank?

ICICI Bank prefers your CIBIL score to be 750, though you can have 0 or -1 (no credit history) are also eligible.

Do ICICI Bank and Avanse offer a full moratorium period?

No ,ICICI Bank do not allow a full moratorium .Avanse too provides flexible repayment, depending on the student’s academic and financial background.

How can I find out which lender suits me better?

The easiest way is to check your education loan eligibility with GyanDhan for free, and get lender options personalized to your profile.

What is the processing fee for ICICI Bank vs Avanse education loans?

ICICI Bank charges a processing fee of 0.5%–1% plus GST, while Avanse charges between 1% - 1.5% plus GST, covering administrative costs, credit checks, and documentation.

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