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ICICI Bank Education Loans for Abroad Studies: A Complete Guide

ICICI Bank is a significant private sector bank in India, having been established in 1994. ICICI Bank provides a wide range of banking and financial services, as well as credit products, to meet the needs of its customers.

The bank recognises students' professional goals and has developed its ICICI abroad education loan for overseas students in such a way that each student is successfully aided in his or her path to the future.

These loans help students realise their dream of obtaining a world-class education in premier institutions abroad by providing a collateral-free loan of up to Rs.40 lakh, tax savings on interest paid u/S 80(E), with flexible tenure, repayment options, and competitive ICICI Bank education loan interest rates.

Analysing important Overseas education factors:


Maximum Loan Amount

  With collateral Rs. 1 Crore

  Without collateral Rs. 40 Lakhs

Quantum of Finance

• A1: Rs. 40 Lakhs

  A2: Rs. 20 Lakhs

  A3: Rs. 7.5 Lakhs

Rate of Interest

    • 10-13 % Per Annum

Admissible Courses

• Postgraduate


Moratorium Period

• Study Duration + 6 months

Repayment Tenure

 10 – 12 years


• Ranging from 5% - 15% margin for loans above Rs 20 lakh.

Processing Fees


• 1% of Loan Amount + Applicable Taxes

Eligibility Criteria for Foreign Education Loan
The eligibility for an overseas education loan varies depending on different banks. Here we have mentioned the education loan for abroad eligibility criteria for an education loan from ICICI Bank.
• The applicant should be a residence of India
• The minimum age of the applicant should be above 18 years and the maximum age should be 35 years
• The student for whom the loan is being applied for should have an admission in a recognised institute
• The co-applicant needs to submit the documents displaying their regular income

Documents Required for Study Abroad Loans

These are the mandatory documents that a student who is applying for an education loan are as follows:

• Duly filled and signed application along with attached photographs
• Passport size photographs
• Copy of 10th, 12th marksheets and graduate certificates (if any) 
• Statement of cost of study or expenses of the course
• Aadhaar and PAN Card of the students and the parents/guardians.
• To show proof of residence – latest Electric bill of co-applicant
• Income proof must be given along with the recent salary slip of the co-borrower, latest 6-month bank statement of the borrower, Last 2 years Income Tax Returns, and documents stating assets and liabilities of the co-applicant.
• Property related documents 

Courses Covered

For international students the courses eligible for a loan by ICICI Bank are:

• degrees through which you can get a job
• post graduate diploma
• professional courses offered by institutes renowned at global level- at undergraduate and postgraduate level.

Expenses Covered

The expenses which are covered in the education loan in India for abroad studies by ICICI Bank are:

• Education fees
• Examination, laboratories, and library fees
• Accommodation Expenses (Including rent & mess)
• Travel Expenses and passage money
• Insurance
• Caution deposit, Building Funds, and Refundable Deposit Supported by Institution Bills.
• Purchase of books, equipment, uniforms, and instruments
• Laptop for educational purposes 
• Other expenses to complete the course such as- study tour, projects, thesis, etc.

Disbursement Conditions

The loan amount is disbursed in instalments as per the university fee structure.  ICICI bank disbursed the loan amount to the university for initial deposit to block the seat and even fulfil the visa criteria. If you choose to stay on campus, then the disbursement will be done directly to the university. On the other hand, if you stay off-campus then the disbursement will be done in your forex card. 

Apply for the Loan with ELAN

ICICI abroad education loan can mount up to 1 Crore for overseas education. Here’s how, our experts will assist you through the loan application process so you can get the loan without any on-time complications.

• ICICI Bank is our financial partner thus making the application process easier for you.
• Our loan experts will check and submit your documents thoroughly for processing of your loan application.
• If there are any loopholes found in your application, our loan experts will guide you accordingly.
• We consistently follow-up with banks to ensure that you get your loan application sanctioned in minimum possible time. 
All in all, we take the entire responsibility of getting you overseas education loan sanctioned as soon as possible very seriously. So, get in touch with us today so we can assist you through the loan application process on priority basis.

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