ICICI Education Loan: Eligibility, Interest Rates & Application Process

ICICI Bank's Education Loan offers financial support to eligible students pursuing higher education in India or abroad. It provides financial assistance of up to Rs 3 crore for international studies and Rs 1 crore for domestic courses. The competitive interest rates, starting from [REPO* + 3.75%(Spread)], are designed to make the educational journey accessible. However, this assistance is subject to specific terms and conditions. Read the complete article to know more about the ICICI education loan.

ICICI Education Loan Interest Rates

ICICI Bank offers education loans with interest rates starting from [REPO + 3.75%(Spread)] onwards. They can avail of loans of up to ₹1 crore for domestic courses and up to ₹3 crore for international studies. Additionally, unsecured loans of up to ₹1 crore are available.

ICICI Education Loan Eligibility

To be eligible for an ICICI Bank Education Loan, they must be an Indian citizen aged between 16 and 35 with a strong academic record. They should have completed their 10+2 (12th Standard) or Diploma and secured admission to a recognized institute in India or abroad for a graduation, postgraduate degree, or PG Diploma in professional education.

The education loan in India can be sanctioned based on the pre-admission sanction or after securing admission. The maximum loan amount is Rs 1 crore for domestic studies and Rs 3 crore for international studies. A co-borrower, such as a parent, sibling, or spouse, is required. Security may be required in the form of property, fixed deposits, or cross-collateralization with an existing ICICI Bank Home Loan.

Required Documents for ICICI Education Loan

These documents are required for an ICICI education loan. Students can collect these documents and apply for the ICICI education loan:

ICICI Education Loan Mandatory Documents

1. Duly filled online iLENS application form

2. 2 photographs of passport size

3. Copy of 12th standard mark sheet or latest education certificate

4. Admission letter with cost of education if available

5. Pan Card of the student and Parent/ Guardian

Residence proof (Any one of the below-mentioned)

1. Passport

2. Driving License issued by Regional Transport Authority

3. Voter's Identity Card issued by the Election Commission of India

4. Job card issued by NREGA signed by State Government Officer

5. Letter from National Population Register containing details of name and address

6. Proof of possession of complete AADHAR number/AADHAR Card

Age and Identity proof (Any one of the below-mentioned)

1. Aadhaar Card

2. Voter ID

3. Passport

4. Driving Licence

Income Proof

List of documents for Salaried:

1. Most recent salary slips and Form 16 of the parent/ guardian/ co-borrower

2. Latest 3 months' bank statement for non-ICICI Bank customers (Not required for ICICI Bank customers)

List of documents for Self-Employed:

1. Updated ITR (Income Tax Return with income computation) of 2 years of parent/co-borrower/guardian

How to Apply For ICICI Education Loan

Students can apply for the ICICI education loan through three different methods. They can check these methods given below

• Visit the nearest ICICI Bank branch: Directly visit a branch to fill out the application form and initiate the loan approval process.

• Apply Online: Apply online for domestic or international courses at the undergraduate or postgraduate level.

• Apply Through the VidyaLakshmi Portal: Visit the Vidya Lakshmi portal to apply for an education loan.

• Check Pre-Approved Offers: If they are an existing ICICI Bank customer, they may be eligible for instant sanction of an education loan without additional paperwork.

Fees of ICICI Bank Education Loan

Why Choose ICICI Bank Education Loan?

• Tailored solutions for top destinations: They offer specialized products for students planning to study in Canada, the UK, and Germany.

• Simplified process for premium institutes: Enjoy hassle-free financing with no margin requirements for top-tier institutions.

• Digital convenience: Experience a seamless digital journey, eliminating the need for branch visits.

• Early financial planning: Secure your financial future with pre-admission loan sanctions.