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ICICI Bank Education Loans for Abroad Studies: A Complete Guide


ICICI Bank is one of India’s leading private sector banks, offering a range of financial products and services to customers across the country. The bank has a strong presence in retail and corporate banking and is known for its innovative products and services catering to the needs of its diverse customer base. One such loan scheme is the ICICI Bank Education Loan for Abroad Studies, which is designed to help students finance their education abroad.

So, if you are a study abroad aspirant this article is for you. Let’s dive into the details that you must know about ICICI Bank. Here’s a complete guide that will help you understand the education loan processing with this bank. Keep reading to know all the essential information about this renowned education loan provider. 

Why ICICI Bank for Overseas Education Loan: Facts & Features

ICICI Bank is a popular choice for students looking to finance their education abroad, and there are several reasons for this. So, let’s talk about the facts and features of this bank.

  1. List of Institutions
    ICICI Bank has a comprehensive list of 750 universities for overseas education loans. For these universities, loan applicants can get secured or unsecured education loans for abroad studies of up to Rs 1 crore. Apart from these 750 universities, this bank provides a secured or unsecured education loan of up to Rs 50 lakhs for other universities and institutions. 

  2. Rate of Interest
    For ICICI bank overseas education loans, the rate of interest ranges between 9.85% to 13%. Moreover, based on collateral security, and good academic & income profiles, loan applicants will be offered the best rate of interest by the bank. 


  3. Loan Co-applicant
    For unsecured overseas education loans, with a primary loan co-applicant, a financial loan co-applicant is also needed.


  4. Loan Tenure
    ICICI Bank Education Loans for Abroad Studies has a loan tenure that can range from 5 years to 15 years. This tenure is decided on the loan applicant’s profile.

  5. Moratorium Period
    The moratorium period of this loan consists of the course duration plus 6 months of a grace period. Simple interest must be paid during this period.

    These are some of the facts & features that every loan applicant must know. Now let’s proceed to discuss the key benefits.

Benefits Of Taking an Overseas Education Loan from ICICI Bank

There are several benefits for taking an overseas education loan from ICICI Bank. Some of them are given below.

  1. Collateral-free loan up to Rs 1 Crore (for select institutes & courses)
  2. Collateral-based loan up to Rs 2 Crore (for select institutes & courses)
  3. Competitive interest rates
  4. Income tax benefits under Section 80E on loan interest.
  5. Wide range of courses and degrees
  6. Quick, easy, and hassle-free loan processing.
  7. Timely disbursement of loans.
  8. Flexible loan repayment and tenure options.
After knowing the top benefits, let’s check the education loan for abroad eligibility criteria.

Overseas Education Loan Eligibility

To be eligible for an ICICI Bank Education Loan for Abroad Studies, students must meet the following eligibility criteria:

  1. Age: The student should be between 18 and 35 years old.
  2. Academic record: The student should have a good and proven academic record.
  3. Admission to a recognized institution: The student should have secured admission to a recognized and accredited institution abroad.
  4. Courses: Eligible degrees for a loan are Graduation, Postgraduate Degree, or a PG diploma in Professional Education.
  5. Co-applicant: A loan co-applicant is mandatory. Father, Mother, Brother, Sister, Spouse (Husband/Wife), Grand Parents, Parents in law, Brother-in-law, and Maternal/Paternal Uncle can be the co-applicant if they have a regular source of income.

List of Required Documents

To apply for an ICICI Bank Education Loan for Abroad Studies, loan applicant will need to submit the following documents:

  1. Passport and visa: A copy of the student's passport and visa.
  2. Admission letter: The first step is to check if you meet the eligibility criteria for the loan.
  3. Academic records: Copies of the student's academic records, including transcripts and certificates.
  4. Income proof: Income proof of the co-applicant, such as salary slips, income tax returns, etc.
  5. Collateral documents: If the collateral is provided, relevant documents must be submitted.
  6. Age, Identity and Residence proof: A copy of the Aadhaar Card /Voter ID/Passport/Driving License will be sufficient for all three.

Fees and Service Charges

It is important for students to carefully review and understand the fees and charges associated with an ICICI Bank Education Loan for Abroad Studies before applying for the loan.

ICICI Bank charges a processing fee of up to 1% + GST. This is non-refundable. Administrative charges are Rs. 5,000 + GST and the document retrieval charges are 
Rs. 500/- + GST.

Loan Application Process

The loan application process for an ICICI Bank Education Loan for Abroad Studies is simple and straightforward. Here are the steps involved in the process:

  1. Check eligibility: The first step is to check if you meet the eligibility criteria for the loan.
  2. Gather documents: Next, gather all the required documents, including academic records, income proof, and collateral documents (if applicable).
  3. Apply online: Visit the ICICI Bank website and apply for the loan online. You can also visit a branch of the bank to apply for the loan in person.
  4. Submit documents: Once the application is submitted, you will need to submit the required documents to the bank..
  5. Loan approval: After reviewing your application and documents, the bank will approve or reject your loan application.
  6. Disbursement: If your loan is approved, the bank will disburse the loan amount directly to the institution abroad.

This is the loan application process, however, if you want to experience hassle-free loan processing then you can reach out to financial advisors at ELAN Overseas Education Loans.

It is important to note that the loan amount and interest rate offered by the bank will depend on various factors, including the course of study, institution, and financial history of the borrower and co-applicant. With years of expertise and training team ELAN can help you get competitive interest rates, flexible repayment options, and a streamlined loan application process.

Conclusion

An education loan for abroad studies can be a lifesaver for students who want to pursue higher education abroad but lack the necessary funds. This loan scheme from ICICI Bank is a popular option for education loan in India for abroad studies.

By following this guide, loan applicants can make an informed decision about whether an ICICI Bank Education Loan for Abroad Studies is the right choice for their needs and financial situation.

Apply for this Loan with ELAN!

FAQs:

  • Who can be the loan co-applicant?

    Father, Mother, Brother, Sister, Spouse (Husband/Wife), Grand Parents, Parents in law, Brother-in-law, and Maternal/Paternal Uncle can be the co-applicant if they have a regular source of income.

  • What is the rate of interest for this loan?

    For ICICI bank overseas education loans, the rate of interest ranges between 9.85% to 13%.

  • How much will be the loan processing fees?

    ICICI Bank charges a processing fee of up to 1% + GST. This is non-refundable.

  • What is the Quantum of Finance for this loan? 

    For select institutes & courses, you get a Collateral-free loan up to Rs 1 Crore and a Collateral-based loan up to Rs 2 Crores.

  • What is the loan tenure for ICICI Bank Education Loans for Abroad Studies?

    ICICI Bank Education Loans for Abroad Studies has a loan tenure that can range from 5 years to 15 years. This tenure is decided on the loan applicant’s profile.

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