Apr 29, 2022

ICICI Bank Education Loan for Abroad Studies: Key Features, Eligibility & More

When you start planning your study abroad journey, one of the biggest questions that immediately comes to your mind is, “How will I fund my education?” With so many financial institutions offering abroad education loans, choosing the right one can feel a little challenging. But here’s the good news, you don’t need to look too far. Among all the options available, ICICI Bank stands out not just for offering a competitive loan amount but also for providing a range of additional benefits. 

As one of India’s Leading Private Sector Banks, ICICI Bank is known for its strong presence, quick processes, and student-friendly financial products. So, if you’re dreaming of studying overseas and want a trusted financial partner by your side, this article will guide you through everything you need to know about ICICI Bank. Keep reading to explore more!

Table of Content

ICICI Bank Education Loan for Abroad Studies Key Highlights

There’s a lot you will be exploring in the sections ahead. So, to give you a quick snapshot of what’s coming next, we’ve highlighted the key parameters of the ICICI Bank Education Loan for abroad in the table below.

These highlights give you a quick overview of the main features of the ICICI Bank Education Loan for abroad studies. Now, it is time to explore each feature in detail in the upcoming sections.

Why Choose ICICI Bank Education Loan for Abroad Studies?

Before we dive into the numbers and technical details, let us talk about why ICICI Bank is one of the top choices when it comes to study abroad loans. Here are some of the key benefits given below.

1. Loan Up to Rs. 3 Crore: ICICI Bank offers secured abroad education loans of up to Rs. 3 crore, giving you the financial freedom to choose your dream university and course abroad without worrying about limitations. 

2. Interest Waiver During Moratorium: If you fall under the Prime University List category, you can enjoy a complete waiver on interest during the moratorium period. 

3. 0% TCS on Remittances: Get zero percentage Tax Collected at Source on remittances made through ICICI Bank, which helps you save significantly on international transfers. 

4. Flexible Repayment Options: ICICI Bank allows you to choose repayment plans that align with your future earning potential. 

5. Tax Benefit Under Section 80E: You can claim tax deductions on the interest you pay under Section 80E of the Income Tax Act. 

ICICI abroad education loan university list is comprehensive, with nearly 750 institutions worldwide, including around 135 universities under its Prime Listing. With this understanding, let’s get into the key offerings of ICICI Bank.

Key Features of ICICI Bank Education Loan for Abroad Studies

ICICI Bank stands out because it doesn’t just provide an abroad education loan; it ensures your entire financial journey feels smooth and transparent. Whether you prefer a secured loan with higher amounts or an unsecured option for quicker processing, the bank gives you the flexibility to choose what suits you best. 

Before you make a decision, take a look at the key features summarized in the table below to understand exactly what the bank brings to the table.

To be precise, for the ICICI Bank education loan for abroad, the interest rates start at 3.25% + Repo Rate* for secured loans and 5% + Repo Rate* for unsecured loans. With this information in mind, let’s now move ahead and see whether you meet the eligibility criteria to avail a study abroad loan from ICICI Bank.

Eligibility Criteria for ICICI Bank Education Loan for Abroad Studies

Now that you know the key features and benefits of an ICICI Bank education loan, you might be thinking of applying. But before you take the next step, it’s important to ensure you meet the bank’s eligibility criteria. 

These conditions help determine whether you can avail the loan smoothly and proceed with your study abroad plans without any hurdles. Below are the eligibility requirements you need to fulfill to secure an education loan from ICICI Bank education loan for abroad studies.

• Nationality: The applicant needs to hold Indian Citizenship.

• Age: Applicants should be between 16 and 35 years of age.

• Academic Record: A strong and proven academic record is required.

• Qualification: Applicants need to have completed their 10+2 (12th standard) or a Diploma.

• Basis for Loan Sanction: The loan can be sanctioned based on pre-admission sanction, entrance exam scores such as GRE or GMAT, 12th/HSC results, or confirmed admission from a recognised University.

This is the basic eligibility criteria you need to meet. However, after that, it is important to submit the required documents. To explore the details, scroll down.

Documents Required for ICICI Bank Education Loan for Abroad Studies

When applying for an ICICI Bank Education Loan for studying abroad, submitting the right documents is crucial. These documents verify your identity, academic background, and admission status. Here’s a clear list of what’s required.

• Duly Filled Online Application Form: Complete the form accurately to kickstart your loan process.

• Admission Letter: Official admission letter from the Overseas University or College, including tuition fee details, if available.

• Academic Proof: A copy of your 12th standard marksheet or the latest educational certificate.

• Identity Proof: PAN Card of the student as well as the Parent or Guardian/Co-Borrower.

• Age & Identity Proof: Aadhaar Card, Voter ID, Passport, or Driving License.

• Residence Proof: Valid Passport/Driving License/Voter ID/Job Card issued by NREGA, Aadhaar Card, or a letter from the National Population Register (NPR).

• Income Proof: Documents to show your parent/guardian’s income, including:

  • Latest salary slip & Form 16

  • Last 3 Months’ Bank Statements if not an ICICI Bank customer.

  • Income Tax Returns (ITR) along with income computation for the last 2 years.

• Recent Passport-Sized Photographs

These documents help ensure a smooth verification process and enable ICICI Bank to process your loan efficiently. Now that you are ready to apply, let us move to the next section and explore the application process.

How to Apply for ICICI Bank Education Loan for Abroad Studies

Applying for an ICICI Bank Education Loan is simple and flexible, giving you the freedom to choose the method that suits you best. So, for your better understanding, we have mentioned the application process below.

1. Review Your Eligibility

Start by checking whether you meet the basic eligibility criteria for the loan. This helps you understand the requirements before moving ahead with the application.

2. Gather the Required Documents

Collect all the necessary documents, such as Academic Records, Admission Details, Identity Proof, Income Documents, and Collateral Papers (if needed). Keeping everything ready will save time later.

3. Choose Your Preferred Application Method

ICICI Bank gives you multiple ways to apply.

• You can visit a branch for in-person assistance

• Apply online through the official website

• Use the VidyaLakshmi Portal

If you are an existing customer, check your eligibility for an instant education loan. Choose the option that is most suitable for you.

4. Submit Your Application

Once you select the method, fill out the application form and submit it along with the required details. Online applicants can upload documents digitally, while branch applicants can hand them over physically.

5. Complete Document Submission

After the initial submission, provide all supporting documents to the bank for verification. Ensure that everything is accurate and updated to avoid delays.

6. Loan Assessment & Approval

The bank will review your application, verify the documents, and assess your financial profile. Based on this evaluation, your loan will be approved or sent back for clarification if needed.

7. Loan Disbursement

Upon approval, the loan amount will be disbursed as per the university’s and country’s guidelines, usually directly to the educational institution for tuition fees, and in some cases, to your account for living expenses.

We hope you now have a clear understanding of the ICICI Bank abroad education loan process. But if you want to avoid the hassle of multiple bank visits or back-and-forth coordination, there’s an easier way to get things done. You can reach out to Élan Overseas Education Loans for a smooth and stress-free experience.

With years of expertise, our team helps you secure the lowest interest rate on education loan, flexible repayment options, and a streamlined application process. Our experts take the time to understand your profile and offer complete end-to-end support. All you need to do is hand over the required documents; everything else, from verification to submission, is handled for you. 

With the right assistance, your loan gets processed and sanctioned quickly. So, reach out to us soon!

ICICI Bank Education Loan for Abroad Studies FAQs

1. Does ICICI Bank Finance Living Expenses along with Tuition Fees?

Yes, the loan can cover living costs, accommodation, food, travel expenses, and other personal expenses required during your study abroad journey.

2. Are Part-Time Jobs during studies allowed under the ICICI Bank Abroad Education Loan Terms?

Yes, ICICI Bank has no restrictions on part-time work abroad. You can take up on-campus or off-campus part-time jobs as permitted by your study destination.

3. Can I apply for the Abroad Education Loan if my Co-Applicant has a Low Credit Score?

A low credit score may affect approval chances, but ICICI Bank may still consider the application if you provide additional documents or choose a secured loan option.

4. How long does ICICI Bank take to process an Abroad Education Loan?

Processing time varies, but ICICI Bank may process and approve the loan within 5 – 7 working days if all required documents are submitted correctly.

5. Can the Abroad Education Loan Amount be increased later if my course duration extends?

Yes, in many cases, ICICI Bank allows a top-up loan if your course extends or if additional funds are required, subject to eligibility and documentation.