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ICICI Education Loan


Interest Rate

Starting from 10.25%

Processing Fees

0.5% to 1% + GST

Margin Money


How it Works


Simple FIVE step digital process to get a education loan

Check Your Loan Eligibility

Use our free tool to verify your eligibility and receive conditional loan offers.


Talk To Our Loan Experts

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Upload Documents and Fill Out the Form

Submit your documents or complete the necessary forms for bank verification and evaluation.


Negotiate For Your Best Loan Offer

GyanDhan expert's negotiate to secure the most competitive interest rates and the highest possible loan amount for you.


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ICICI Bank Education Loan for Abroad Studies


All you need to know about ICICI bank education loan for studying abroad

Anam Shams
Anam Shams

Reviewed By:   Aman


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

Feature Detail

Loan Amount

Up to 1.5 Cr

Interest Rate


Interest Rate Type

Floating Interest Rates

Minimum Income (Co-Applicant)

50,000 INR (without obligations)


Need to pay S.I. only during course + 6 months grace period

Processing Fees

0.5% - 1% of the loan amount + GST

Other Charges


Margin Money

0 - 15%

Loan Tenure

Upto 10 years

Processing Time

5 - 7 days after document submission

Prepayment Penalty

No Penalty

Tax Benefit


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.

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 -

  • list items Must be an Indian citizen.
  • 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.
  • list items 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 -

  • list items This is best for those individuals that have a minimum of 3 years or more of professional experience.
  • list items You do not need a co-applicant for this loan product.
  • list items You should have a minimum salary of 35,000 INR but this will differ as per the loan amount required.
  • list items 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.
  • list items 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.

  • list items Copy of exam mark sheets of 10th/12th or latest education certificate
  • list items Admission letter with the cost of education if available
  • list items Aadhaar Card and Pan Card of the student and Parent/Guardian
  • list items Passport
  • list items The electricity bill for residence proof
  • list items Relationship proof for your co-applicant
  • list items Most recent salary slips and Form 16 of the co-applicant (if salaried)
  • list items Updated ITR of 2 years or IT assessment order of the last 2 years of the co-applicant (if self-employed)
  • list items 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

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.

Customized document checklist

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.

Low turnaround time

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.

100% Free of cost assistance

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.

Full moratorium offered

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!


GyanDhan's Impact Stories


Empowering students to overcome education loan obstacles

Conquering Bank Hurdles and Securing MS in CSE Funding

She was looking for a loan for her MS in CSE from the University of Ottawa. Also, she was looking for a loan from a bank but not from an NBFC and she tried visiting some of the banks/branches for her loan but was not properly guided from there because she was from a remote location in Katihar(Bihar). She got connected with me on 30th May 2020 and it got logged on 11th June 2020. Within 4 days on 15th June 2020, she received her approval from ICICI Bank which made her very happy because getting approval from a bank was a big moment for her after so many systematic barriers from the branch side, After approval immediately she agreed to proceed with ICICI and started her loan disbursement process from there. After her master's degree, she got placed in Deloitte and after working for about 10 months she has now switched to Société Generale, a France-based bank in Montreal.

Empowering Dreams in Remote Corners

Nestled in a remote location in Bastar, Chhattisgarh, a student aspired to pursue a Master's program in Environmental Engineering at the University of British Columbia, Canada. However, the geographical challenge posed a significant hurdle in accessing conventional education loans. Local banks were ill-equipped to guide the student through the process, leaving him in a financial quandary. Seeking a solution, the student reached out to GyanDhan, hoping to overcome the barriers imposed by his remote location and secure the necessary funding for his academic journey. With GyanDhan's expertise, the student successfully navigated the challenges, and ICICI Bank emerged as a key partner, offering tailored financial support.

Overcoming High-Value Loan Barriers with ICICI Bank's Support

In the bustling city of Pune, a determined student set his sights on pursuing an MBA at the prestigious INSEAD. However, his ambitious dreams came with a hefty price tag, and the loan amount required was significantly higher than what traditional banks were willing to approve. Faced with the challenge of securing substantial funding, the student encountered repeated rejections from various banks, casting a shadow over his academic aspirations. Undeterred, he turned to GyanDhan for assistance, seeking a solution to the financial roadblock that stood between him and his dream education. GyanDhan's team, recognizing the magnitude of the financial challenge, navigated the complex terrain and successfully partnered with ICICI Bank. This collaboration resulted in the approval of a substantial loan amount, breaking through the barriers that other banks had imposed.


Frequently Asked Questions

Can I get a full moratorium from ICICI Bank?

Yes, chances are depending on your application profile being very strong that ICICI Bank can provide you with a full moratorium on your abroad education loan.

I am about to complete 3 years in my job. Can I apply for ICICI Bank’s experience-based product?

No, it is mandatory for you to first complete 3 years as a minimum in your professional experience, and then only you can apply for the experience-based product of ICICI Bank.

Is the loan disbursed in favor of the borrower or the 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.

Will I get any income tax benefit from taking a loan from ICICI Bank?

Yes, you will get tax benefits as per section 80(c) - deduction on investment if you decide to take a loan from ICICI Bank.

Is there a prepayment penalty on the ICICI Bank education loan?

No, there is no prepayment penalty charged from you in the case of ICICI Bank abroad education loan.

Where can I see ICICI education loan status?

You can see your ICICI education loan status on GyanDhan’s portal All you have to do is log in with your credentials and then you can see real-time status of your education loan.

What is ICICI Bank education loan processing fee?

The processing fees that is charged by ICICI Bank can range between 0.5% to 1% + GST. In few cases where the applicatn profile is extremely good the processing fees can go down to 0.3%.


Our Customers. Our Asset


Vaibhav Desai

Stevens Institute of Technology, USA

An alumnus of Stevens Institute of Technology, Vaibhav Desai was working as Data Engineer- SQL at Datavail Infotech. He later decided to pursue MS in US to open up many career opportunities. While articulating how he planned his MS in U...

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Ashish Acharya

National College of Ireland, Ireland

Ashish's life story includes working for multiple companies when he decided to pursue masters from abroad after realizing the boom in the analytics sector. He did his masters from National College of Ireland. In his story, Ashish also s...

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Yugali Gullapalli

University of Wisconsin-Madison , USA

Yugali shares the excerpts from her journey's story of pursuing MS in Computer Systems and Networking, Wisconsin-Madison US. She wanted global exposure and thus chose to study abroad. She describes how she was facing issues with the spe...

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Ganga Barani

SUNY Buffalo, USA

Read how Ganga Barani planned his MS from the SUNY Buffalo US. While working as a software developer at a product-based MNC, he yearned for seeing the world and made his mind to study abroad. In his story, he also tells GyanDhan came as...

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Abhishek Kumar

Purdue University, USA

Graduation from NIT Nagpur and then 4 years in TCS Mumbai, Abhishek's study abroad journey is an interesting tale of planning, preparing, and finally pursuing MS from the Arizona State University. His recollects how he successfully plan...

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Pradeep Shekhar

University of California, USA

A graduate of IIT Madras, Pradeep Shekhar went on pursue Masters in Communications and Signal Processing from University of California, Santa Barabara. Pradeep revisits his journey to UCSB from IIT Madras and also shares how GyanDhan he...

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Hemalatha Jayakrishnan

Rochester Institute of Technology, USA

To steer up the career opportunities while working at Hindustan Aeronautics Limited (HAL), Hemalatha Jayakrishnan decided to pursue abroad education. She went on to do MBA from Rochester Institute of Technology, United States. Hemalatha...

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Ashutosh Sharma

The University of Utah, USA

Discontented by his career growth, Ashutosh Sharma decided to give his career a major boost and went on to pursue MS in Business Analytics from The University of Utah. Ashustosh describes his study abroad journey and also recollects how...

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Deepa Krishnakumar

University of Auckland, New Zealand

Deepa was in the academic world working as an assistant professor when het peer group and seniors suggested her about the quality education and career opportunities of abroad education. In her story to the University of Auckland, New Ze...

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Akash Kashyap

Arizona State University, USA

Akash has a deep interest in analytics and was working in Deloitte as a consultant when he decided to study abroad to beef up the career opportunities. He did MS in Business Analytics & Information Management from Purdue University. In h...

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