Overview : ICICI Education Loan Online
Founded in 1994, ICICI Bank is a leading private sector bank of India. ICICI offers an array of banking and financial services and credit products, formatted to suit differing customer needs.
The bank understands students' career aspirations and has designed its ICICI education loan for abroad in such a manner that every student is aided successfully in his/her journey towards his future. With a collateral free loan of up to Rs.40 lakh, tax saving on interest paid u/S 80(E), flexible tenure and repayment options, and competitive ICICI Bank education loan interest rates, these loans help students realize their dream of attaining a world-class education in premier institutions abroad.
- Features of Education Loan ICICI Bank
- No charges or restriction on part or prepayment of ICICI Bank education loan abroad.
- Student exchange travel, equipment like laptops, etc. and such expenses also included.
- Pre-Visa option is also available.
- Preferential forex rates offered to students availing ICICI Bank education loan for abroad studies.
- Quick disbursal.
- Loan without co-applicant for PG course for applicants having 3+ year of experience.
- Tax benefit on interest paid u/S 80(E) of the IT Act, 1961
|S.No.||Features||ICICI Education Loan Requirements|
|1.||Maximum Loan Amount||Rs.1 crore (With Collateral)
Rs. 40 Lakhs (Without Collateral)
|2.||ICICI Bank Education Loan Interest Rate||Starting @ 11.5% p.a. (linked to their benchmark rate)|
|3.||Loan Tenure||Loan Without Collateral:
For UG - Moratorium period + 5 years
For PG - Moratorium period + 8 years
Loan With Collateral:
For UG - Moratorium period + 7 years
For PG - Moratorium period + 10 years
|4.||Repayment Holiday||Course + 6 Months|
|5.||Margin Money||Up to Rs.20 lakh: NIL
Above Rs.20 lakh: 15%
|6.||Processing Fee||1 % of Loan Amount + GST|
|7.||Processing Time||7 days|
|8.||Payments during Study Period||Repayment during study period mandatory, partial repayment options available depending on target course and institute.|
|9.||Courses covered||Job oriented degree or postgraduate diploma/professional courses offered by reputed institutes at UG and PG level|
Low Turnaround Time
GyanDhan gets the ICICI education loan approved in just 7 days.
For ICICI Education Loans, someone will visit your home to pick-up documents. You will not need to go to any branch to get your loan approved.
No Cost to You
GyanDhan’s services for applicants are absolutely free. We do not charge any kind of processing fees or commissions from the applicants at all.
Higher Chances of Approval
In case of any missing documents or any roadblocks, we approach ICICI officials promptly to find solutions. This ensures speedy resolution of issues and significantly increases your odds of approval.
Apply Online & Upload Documents
Processing & Approval
Free Doorstep Document Collection
Loan Sanction & Disbursal
GyanDhan provides a customized documents list for ICICI Education loans, which depends on your profile, your co-applicant’s profile and any property/asset, which you may offer as collateral. At a high level, the following documents are needed.
Applicant’s Documents Pertaining to:
- Identity Proof
- Past Academic Record
Co-Applicant’s Documents Pertaining to:
- Identity Proof
After evaluating your profile, GyanDhan will present you with a customized documents’ list and then initiate the loan process with ICICI. If some documents are missing, then we will suggest alternatives to get your loan sanctioned on time.
Q. What is the maximum loan amount one can get for overseas studies?
The max. education loan amount offered by ICICI Bank is INR 40 Lakhs without collateral and INR 1 Cr. with collateral.
Q. What is the interest rate on ICICI education loan?
Interest starts @ 11.5% p.a.
Q. What is the tenure of an ICICI education loan?
The tenure of an ICICI education loan ranges between 5 to 10 years.
Q. Is the loan disbursed in favour of the borrower or the institute/college/university?
Tuition fees and on-campus housing fee is transferred to the university, whereas other living expenses are transferred to the borrower’s account.
Q. Is there a margin on ICICI education loans?
For loans up to INR 20 Lakhs, margin is NIL. Above INR 20 Lakhs, margin is 15% for ICICI.
Q. Do education loans have any Income Tax benefits?
Yes, education loans from ICICI Bank have tax benefits.
Q. Is there a prepayment penalty on ICICI Bank education loan?
No, there is no prepayment penalty on ICICI Bank education loans.