ICICI Bank Education Loan

Type of Scheme	Interest Rate
Credit Guarantee Fund Scheme for Education Loan (CGFSEL)	11.20% p.a.
Pradhan Mantri Vidyalakshmi Scheme	9.70% p.a.

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Benefits of ICICI Bank Education Loan

1. Get loans up to Rs.1 crore
2. For loans up to Rs.20 lakh, there is no margin money required
3. Student exchange travel cost, laptop charges covered
4. Students who have applied for overseas education will get pre-visa disbursal
5. Preferential forex rates for international disbursements
6. Save income tax u/s 80E on the interest paid

1. Seamless remittance
2. Get collateral free loan up to Rs.40 lakh for institutions/courses
3. Quick and no-fuss process that ensures timely disbursement of loans
4. Tenure and repayment options customised to your needs
5. Get competitive simple interest on loans

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Features of the ICICI Bank Education Loan

Category	Details
Loan tenure	Post-course period of undergraduate course plus 6 months: Up to 8 to 10 years Post-course period of postgraduate course plus 6 months: Up to 10 to 12 years
Maximum loan amount	Domestic course: Up to Rs.50 lakh International course: Up to Rs.1 crore
Collateral requirement	Acceptable examples of exceptional collateral include cross-collateralization with already-existing mortgage loans, fresh real estate, and fixed deposits
Unsecured Loan requirement	Unsecured loan for selected institutes of up to Rs.20 lakh for undergraduate Up to Rs.40 lakh for postgraduate courses
Moratorium period	Based on the institution and course
Margin	Premium institutes: no margin Other institutes: no margin up to Rs.20 lakh For loans more than Rs.20 lakh, 5%-15% margin

Eligibility Criteria for ICICI Bank Education Loan

1. You can apply for this loan if you are Indian national
2. You should have completed 12th standard
3. You should have acquired an admission or invite from an approved university/diploma course/college in degree

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Documents for ICICI Bank Education Loan

1. Graduation certificate
2. Your 10th and 12th standard mark sheets
3. Your admission letter
4. Entrance exams certificates
5. Fee structure certificate
6. The KYC documents of Co-applicant and proof of income

1. Two photographs of passport size

*A few additional documents could be requested in case collateral is required

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Fees and Charges of ICICI Bank Education Loan

Parameter	Fees
Processing fees	Up to 2% + GST
CIBIL charges	Rs.100 + GST
Swap charges	Rs.500 for every transaction
Document retrieval charges	Rs.500 + GST
Cheques bounce charges	Rs.500 + GST

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Expenses Covered by ICICI Bank Education Loan Schemes

1. Fee that must be paid to the institution, i.e., school/college fees and hostel fees
2. Examination/laboratory/library fees
3. Passage money and travel expenses for international studies
4. Insurance premium for student borrowers
5. Charges for uniforms/instruments/equipment/books
6. Building fund, caution deposit/refundable deposit supported by receipts/bills from the institution
7. Cost of computers

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FAQs on ICICI Bank Education Loan

• Who is eligible to apply for an education loan from ICICI Bank?

  Indian Residents between the age of 16 to 35 years who have completed secondary education and are pursuing undergraduate, postgraduate, or professional courses from recognized institutions in India or abroad are eligible to apply for an education loan from ICICI Bank. 

• What is the maximum loan amount offered by ICICI Bank for education?

  ICICI Bank provides education loans up to Rs.1 crore for studies in India and up to Rs.3 crore for studies in abroad. Moreover, collateral-free loans are available up to Rs.1 crore for the selected institutes. 

• Does ICICI Bank require a co-applicant for an education loan?

  Yes, a co-applicant is required to apply for an ICICI Bank education loan. 

• What documents are needed to apply for an ICICI Bank education loan?

  In order to apply for an ICICI Bank education loan, you need to submit your Identity proof, address proof, passport-sized photographs, academic records, loan application form, recent bank statements and co-applicant’s income proof. Also, collateral documents are needed if the loan requires security.

• How is the interest rate determined on an ICICI Bank education loan?

  ICICI Bank’s education loan interest rate is based on the RBI repo rate plus a variable spread.

• Can I apply online for an ICICI Bank education loan?

  Yes, you can apply online for an ICICI Bank education loan through ICICI bank’s official website, iMobile app, or the VidyaLakshmi portal.  

• Does ICICI Bank provide loans before admission is confirmed?

  Yes, ICICI Bank provides pre-admission sanction to the students. 

• Can the ICICI Bank education loan be used for living expenses?

  Yes, ICICI Bank education loans can be used to cover living expenses like hostel rent, food, travel, and tuition fees. 

• How can I check the status of my ICICI Bank education loan application?

  You can check the status of an education loan by using your application reference number or registered mobile number on the ICICI Bank website or iMobile app. You can also visit your nearest branch to check the application status.