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Interest Rate
Starting from 10.25%Processing Fees
0.5% to 1% + GSTMargin Money
0-15%Simple FIVE step digital process to get a education loan
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All you need to know about ICICI bank education loan for studying abroad
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!
GyanDhan 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.
Feature | Detail |
---|---|
Loan Amount |
Up to 1.5 Cr |
ICICI Student Loan Interest Rate* |
10.99%-11.25% |
Interest Rate Type |
Floating Interest Rates |
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 |
0 - 15% |
Loan Tenure |
Upto 10 years |
Processing Time |
5 - 7 days after document submission |
Prepayment Penalty |
No Penalty |
Tax Benefit |
Yes |
*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.
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 -
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 -
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.
Calculate your EMI with ICICI Education Loan Calculator.
ICICI education loan covers lot of expenses that are required in order to pursue your abroad education. These expenses are -
The mandatory documents that you would need to start your process of abroad education loan with ICICI Bank.
There are some additional benefits that you can get if you pursue your ICICI education loan for abroad studies from GyanDhan. These benefits include:
GyanDhan 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.
There are many documents that are required by ICICI, thus with GyanDhan, 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.
With the help of GyanDhan 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.
When you check your eligibility and proceed with your loan with GyanDhan then you will be connected with an education loan expert that will help you throughout the process without any additional cost.
GyanDhan 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 GyanDhan.
GyanDhan 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!
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