How to Track ICICI Bank Education Loan Status?
Education Loan

How to Track ICICI Bank Education Loan Status?

How to Track ICICI Bank Education Loan Status?

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Learn how to effortlessly track your ICICI Education Loan status with our comprehensive guide. Stay informed about your loan application, disbursement, and repayment stages.

GyanDhan
Diwakar Kumar Singh
Updated on:  03 Dec 2024  | Reviewed By:  Aman  | 2.77K | 12  min read

The journey to acquiring an education loan can often seem daunting, filled with paperwork and waiting periods. ICICI Bank simplifies this journey by offering a transparent and user-friendly way to keep tabs on your loan application. Knowing how to check your ICICI education loan status not only offers peace of mind but also helps in planning your next steps efficiently. Whether you're embarking on undergraduate studies, postgraduate programs, or any other higher education, staying informed about your loan application status is crucial. 

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Key Features of ICICI Education Loan

Before diving into the tracking process, it's essential to understand what an ICICI education loan encompasses. ICICI Bank provides loans for various educational purposes, including tuition fees, living expenses, books, and other academic-related expenditures. These loans are designed to be flexible, catering to the diverse needs of students pursuing studies in India and abroad.

Feature Detail

Loan Amount

Up to INR 2 Cr 

Interest Rate

9.50% - 12%

Minimum Income (Co-Applicant)

50,000 INR (without obligations)

Processing Fees

0.5% - 1% of the loan amount + GST

Margin Money

Up to 15%

Loan Tenure

Upto 10 years

Processing Time

5 - 7 days after document submission

Prepayment Penalty

No Penalty 

 

Check loan eligibility for study abroad

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Eligibility Criteria for ICICI Bank Abroad Education Loan

The eligibility criteria for ICICI Bank that you must fulfill to ensure that you can get approval for your abroad education loan includes - 

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

Applying for an ICICI education loan is the first step toward financing your studies. The process involves filling out an application form, submitting necessary documents, and meeting eligibility criteria. Here's a brief overview:

  • list items Check Eligibility: Ensure you meet the eligibility criteria specified by the bank, including age, academic performance, and the course/institution you plan to enroll in.
  • list items Application Form: Complete the education loan application form available on the ICICI Bank website or at a branch.
  • list items Documentation: Submit the required documents, including academic records, admission letters, and financial statements.

 

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ICICI Bank Loan Disbursement Process

The disbursement process is the phase that starts once your loan has been sanctioned. Loan sanction signifies the lender's agreement to grant the requested loan amount to the borrower, indicating loan approval. However, it does not mean that the funds have been released by the lender. Further verifications and checks may be performed by the lender before disbursing the loan amount. Please note that loan sanction and loan disbursement are two entirely different processes. You can learn more about ICICI Bank loan disbursement process here.

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How to Check ICICI Education Loan Status?

Tracking your ICICI education loan application status is straightforward and can be done through various channels. Here's how:

 

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    Track ICICI Education Loan Status Through Their Online Portal - The most convenient way to check your loan status is via the ICICI Bank online portal. Follow these steps:
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      Visit the official ICICI Bank website.
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      Navigate to the 'Loans' section and select 'Education Loan'.
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      Click on the 'Track Application Status' link.
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      Enter your application number and registered mobile number.
    • list items
      Click 'Submit' to view your loan application status.

 

 

  • list items
    Track ICICI Bank Education Loan Status Through Mobile Application - You can download the ICICI Bank app on your phone for IOS and Android. Below are the steps you need to follow:
    • list items
      Download the ICICI Bank app 
    • list items
      Register with your email, contact number, or KYC details. Login once the registration process is done.
    • list items
      The app dashboard displays your loan status, where you can keep track of payments, disbursements, and more. 

     

  • list items
    Track Your ICICI Education Loan Application Status Through Customer Support Number- If there are issues with the website or app, you connect with their customer support. The following are the steps-
    • list items
      Dial the customer care number - 1800 1080, provide your application number and other requested details, and the representative will update you on your loan status. 

     

Also, visiting an ICICI Bank branch is another option. The bank's staff can assist you in checking the status of your loan application. Ensure you have your application number and a valid ID for verification.

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Tips To Wisely Track Your ICICI Education Loan Application

Tracking your ICICI education loan application is crucial to successfully carry out your financial planning. Here are some of the important tips that you should always keep in mind:

 

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    The tracking number is very important for tracking your application. Keep it safe and accessible 
  • list items
    Keep in touch with your loan provider for regular updates
  • list items
    Apart from ICICI, many other portals allow online tracking of your education loan application. Make good use of these portals and keep yourself updated.
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    If there is any formal request regarding your application from your lender, reply in a very prompt manner to avoid any hold-ups.
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    Loan processing time can change, so it is advisable to be patient and well-informed at all times.
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    Maintain proper records of emails, letters, and phone calls. This will help you track the progress and resolve any issues that may come up.
  • list items
    Understand the loan processing timeline well, so that you can stay informed regarding any updates in your application status.
  • list items
    Gyandhan can help you with your education loan at every step. Get in touch with us now.

 

Read also:

 

Scholarships

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Frequently Asked Questions

How long does it take for an ICICI education loan to be approved?
 

The approval time for an ICICI education loan can vary based on several factors, including the completeness of your documentation and the loan amount. Typically, it takes about 7-15 working days after all necessary documents have been submitted.

Can I apply for an ICICI education loan before securing admission?
 

Yes, you can apply for a pre-approved education loan from ICICI Bank before securing admission to a course. This pre-approval can help you understand your budget and financial planning better.

What should I do if my ICICI education loan application is rejected?
 

If your loan application is rejected, it's important to understand the reasons behind the decision. You can contact ICICI Bank's customer service for detailed feedback. Depending on the reason, you may be able to reapply with improved documentation or consider a co-applicant to enhance eligibility.

Is it easy to get education loan from ICICI Bank?
 

Getting an education loan fromICICI Bank is easy and straighforward process for students pursuing professional higher education in India and overseas.

Is it possible to track the ICICI education loan application status without an application number?
 

Tracking your loan status typically requires an application number. If you've lost it, contact ICICI Bank's customer service for assistance. They may be able to help you track your application status using other identifying information.

What happens after my ICICI education loan is approved?
 

Once your loan is approved, ICICI Bank will provide you with a loan agreement that outlines the terms and conditions, including the loan amount, interest rate, repayment period, and EMI details. After accepting and signing the agreement, the loan amount will be disbursed according to the bank's procedures and your educational institution's requirements.

Check Your Education Loan Eligibility


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