ICICI Bank Education Loan

Overview

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 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.

Overview of ICICI abroad education loan scheme

Eligibility for ICICI Bank abroad education loan

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.

Work experience based ICICI Bank abroad education loan

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.

Documents required for ICICI Bank abroad education loan

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)

Benefits of getting your ICICI education loan through GyanDhan

There are some additional benefits that you can get if you pursue your abroad education loan from ICICI Bank from GyanDhan. These benefits include:

Guaranteed best loan

Customized document checklist

Low turnaround time

100% Free of cost assistance

Full moratorium offered