ICICI Bank Education Loan

ICICI Bank is an Indian financial institution initially promoted in 1994 by ICICI Limited. At present, it is India's largest private sector bank with total consolidated assets of INR 11,242.81 billion by 31st March 2018. After-tax, the bank's profit is INR 67.77 billion for the year ended 31st March 2018. Now, it has a network of 4,867 Branches and 14,367 ATMs across India. ICICI student loans are very important to take note of. The loan process, margin, and other related terms are briefed in the table of content listed below.

ICICI Bank Education Loan Details

ICICI bank understands the students' career aspirations and offers the best student loan to help students and their family successfully support the journey as a student. The bank understands the needs of the people and their interests vested in academics. It helps the students tap their potential and not let the lack of financial funding get in the way of their dreams and ideal career orientation. It allows students to avail loans and repay them at ease.

ICICI understands the passion for education and academics; that is why they introduced ICICI bank education loans. The loan lent is to be used judiciously, and the student needs to make sure that it meets their academic requirements, inclusive of the tuition fees and other structures covering for their resources. It offers loans up to INR 1 crore.

ICICI Bank Education Loan Interest Rate

ICICI became the first bank, an Indian company, or a financial institution from non-Japan Asia listed on the NYSE in 1991. In October 2001, the Board of Directors authorised the agreement of ICICI and two of its wholly-owned finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank, which the shareholders also supported in January 2002.

Tabulated below is the ICICI education loan interest rate.

	Secured	Unsecured
Interest rate	Starting at 10.50 %* per annum	Starting at 10.75 %* per annum
Loan tenure	Up to 8/10 years for Under Graduate post course period + 6 months Up to 10/12 years for Post Graduate post course period + 6 months
Maximum loan amount	Up to Rs 50 lakhs for domestic courses Up to Rs 1 crore for international courses
Collateral requirement	Exceptional collateral can be accepted in the form of Fixed Deposit, Fresh Property, Cross collateralization with existing Mortgage loans
Unsecured Loan requirement	Unsecured loan for selected institutes : Up to 20 lakhs for UG & up to Rs 40 lakhs for PG courses **

How to Apply for an ICICI Bank Education Loan?

The bank doesn't exert any restriction on pre-payment or part payment. ICICI bank education loan application form will be available on the official website, where the applicants can apply for the education loan. Students need to know about the ICICI education loan interest rate as well.

Students interested in applying for an ICICI education loan for domestic or international students can follow any of the two ways mentioned below.

ICICI Online Process

Students can apply for ICICI Bank Education Loan online through an ICICI Bank education loan application.

Below are the steps,

• Fill in all the mandatory information and click submit.
• An ICICI customer representative will get in touch as soon as possible between 10 am and 7 pm (Monday to Saturday).

ICICI Offline Process: To apply offline, students can visit the nearest ICICI bank branch.

Features of ICICI Bank Education Loan

ICICI bank offers education loans upto INR 1 Crore, and there is no margin money needed for loans up to INR 20 lakh.

Other key features of ICICI Bank Education loan are,

• No restrictions on pre-payment or a part payment
• Other expenses like student exchange travel expense, the laptop also covered
• Pre-visa disbursal for students applying for education overseas
• Preferential forex rates for international disbursements
• Minimal documentation along with an added percentage of no collaterals or securities for loan up to 7.5 lacs
• No Processing Charges; No Foreclosure Penalty
• Faster Processing and Easy Documentation

ICICI Bank Education Loan Eligibility

To apply for an ICICI education loan, the student should be an Indian national. And the student should have already secured admission or an invite from an approved college or university, and the student must have completed their 12th standard.

ICICI Education Loan for India

To get an ICICI education loan for studies in India are as follows.

• Graduation courses: BA, B.Com, etc.
• Post Graduation courses: Masters and PhD.
• Professional courses: Engineering, Veterinary, Law, Medical, Agriculture, Dental, Management, ICWA, CA, CFA, Computer, etc., and also the courses conducted by IIT, IIM, IISc, XLRI, NIFT, etc.
• Computer certifications of prestigious institutes accredited to the Department of Electronics and Institutes affiliated to the university.
• Degree/Diploma courses like Aeronautics, Aviation, Pilot Training, and Shipping approved by the Director-General of Civil Aviation if the course is pursued in India. If the course is pursued abroad, the Institute should recognize the competent local aviation/shipping authority.
• Courses offered by reputed foreign universities in India.
• Evening courses of approved boards
• Other courses leading to diploma/degree etc. conducted by colleges/universities approved by UGC / Govt. / AICTE / AIBMS / ICMR / etc.
• Courses offered by national institutes and reputed private institutions based on recognition by the user institutions.
• Courses leading to certification are not valid.

ICICI Education Loan for Abroad

To get an ICICI education loan for studies internationally are as follows.

• Graduation (Undergraduates)
• Post-graduation (Masters, M.Phil)
• Courses sponsored and conducted by CIMA- London and more.

Documents Required for Education Loan in ICICI Bank

ICICI requires students to submit the documents proofs to apply for the education loan.

The following are the necessary documents that you need to carry for availing education loan in ICICI bank:

• KYC
• Mark sheets of 10th, 12th, graduation, and entrance exams, if any.
• Admission letter
• Fee structure
• Co-applicant KYC and income proof (applicable only for a specific course)
• Additional documents may be required in case of requirement of collateral

Accepted Security/ Collateral

• Residential, commercial property, or plots (Non-agricultural)
• Fixed deposits

Expenses Considered in ICICI Education Loan

• Fee payable at college, school, or hostel
• Examination, library, or laboratory fee
• Travel expenses
• Insurance premium for the student borrower
• Refundable deposit approved by Institution bills or receipts
• Purchase books, equipment, uniforms, or instruments and purchase the computer at a reasonable cost only if required to complete the course.
• Any other expense required to complete the course like study tour, project work, and so on.

Margin for ICICI Bank Education Loan

When the candidate applies for a loan that amounts to INR 4 Lakhs, the margin is considered nil. So students must be alert when applying for the ICICI bank student loan.

On the other hand, when the candidate applying for the loan exceeds the amount above the stipulated INR 4 Lakhs, they have a margin of about 5% to consider in India and a 15% margin outside India or Abroad.

Repayment Process for ICICI Bank Education Loan

The student applying for ICICI Bank Education Loan has to follow up on the repayment scheme that says that they are entitled to initiate the repayments either after 6 months of the course commencement or when their first full-time job is Kickstarter.

Moreover, one has to pay no fee for the loan application because the processing fee is nil/zero.

ICICI Bank Customer Care Number

You may dial 1800 200 3344 between 9 am to 6 pm from Monday to Friday for any query. This is all that you need to know about the Education loan and its benefits that the ICICI bank provides for students throughout the country. Beneficial and reasonable, this loan will allow you to reach your potential.