ICICI Bank Education Loan
ICICI Bank Education Loan
For Studying Abroad
Free Education Loan Assistance From Collegepond!
Interest Rate
Starting from 9.5%
Loan Amount
Upto 3 Crore
Processing Fees
INR 30,000 + GST
Education Loan Process at Collegepond
Simple 4 Step Process to Obtain an Education Loan via Collegepond!
Verify Your Education
Loan Eligibility
Use our free tool to check your eligibility and access conditional loan options instantly.
Connect with our
Education Loan Advisors
Consult our dedicated loan advisors for personalized guidance and process insights.
Share Documents and
Complete the Application
Submit your documents and fill out the required forms for bank verification and review.
Secure the Best
Education Loan Offer
Our experts negotiate for you to secure the lowest interest rates and maximum loan amount.
Education Loan Approval
and Fund Disbursement
Receive the sanction letter and enjoy hassle-free disbursement of funds from the lender.
Connect with Our Education Loan Advisors
Consult our dedicated loan advisors for personalized guidance and process insights.
Share Documents and Complete the Application
Submit your documents and fill out the required forms for bank verification and review.
Secure the Best
Education Loan Offer
Our experts negotiate for you to secure the lowest interest rates and maximum loan amount.
Education Loan Approval and Fund Disbursement
Receive the sanction letter and enjoy hassle-free disbursement of funds from the lender.
Why Choose ICICI Bank Education Loan?
All You Need to Know about ICICI Education Loan
Table of Contents
About ICICI
ICICI Bank Limited, is one of India’s largest and most recognisable banks offering a range of prod ICICI Bank Limited is one of India’s largest and most reputable financial institutions, renowned for its extensive range of banking products and services. With a vast network of over 6,000 branches across India and an international presence in 17 countries, ICICI Bank has established itself as a trusted partner in financial solutions.
For students aspiring to pursue higher education abroad, ICICI Bank offers education loans of up to INR 3 crore, ensuring seamless financial assistance for their academic journey. The bank provides numerous benefits, including hassle-free remittances to international institutions, international savings accounts in countries like Canada and the UK, and unlimited income tax benefits under Section 80E on full interest paid.
Key USPs
ICICI Bank’s education loan stands out due to its unique advantages:
- Insurance Not Mandatory: Unlike many lenders, ICICI Bank does not impose mandatory insurance requirements on borrowers.
- High-Value Loan Assistance: Loans up to INR 3 crore for education abroad.
- No Repayment During Course Period: Moratorium period available for select institutes, including up to 12 months after course completion.
- Unsecured Loan Option: Avail unsecured loans of up to INR 1 crore for select institutes.
- Zero Margin Money: No requirement for margin money for select institutes.
- Comprehensive Financial Solutions: Bundled services include Canada GIC, UK Personal Bank Account, and remittance solutions.
Required Documents
To ensure a smooth loan application process, applicants must submit the following documents:
- Application Form: Completed and signed by the applicant.
- KYC Documents: PAN Card, Aadhaar, Driving License, or Passport for both applicant and co-applicant(s).
- Income Proof: Salary slips, Income Tax Returns (ITR), or Form 16 of the applicant/co-applicant(s).
- Academic Records: 10th, 12th, and undergraduate/postgraduate mark sheets and degree/provisional certificates.
- Entrance Exam Scores: GRE, GMAT, TOEFL, IELTS, or any other applicable test scores.
Note: ICICI Bank reserves the right to call for additional documents at its discretion.
Application Process via Collegepond
- Connect with Our Education Loan Advisors: Consult our dedicated loan advisors for personalized guidance and process insights.
- Share Documents and Complete the Application: Submit your documents and fill out the required forms for bank verification
Secure the Best Education Loan Offer: Our experts negotiate for you to secure the lowest interest rates and maximum loan amount.
- Education Loan Approval and Fund Disbursement: Receive the sanction letter and enjoy hassle-free disbursement of funds from the lender.
Eligibility Criteria
Loan eligibility depends on various factors and is subject to case-by-case assessment. Some general criteria include:
- The applicant should have secured admission to a recognized university abroad.
- Co-applicant(s) with a stable income source are required.
Note: Eligibility conditions will be subjective on cases to case basis
Interest Rate
ICICI Bank offers competitive interest rates based on the loan type:
- Secured Loans: Starting at 9.5%
- Unsecured Loans: Starting at 11%
Note: Interest rates may vary based on applicant profile, institute ranking, and other financial assessments.
Loan Disbursement Process
- Sanction Letter Issuance: Once the loan is approved, the applicant receives a sanction letter specifying loan details.
- Document Submission: The applicant submits all required documents, as mentioned in the sanction letter.
- Verification & Processing: ICICI Bank reviews and verifies the submitted paperwork.
- Fund Disbursement: Upon successful verification, the loan amount is disbursed to the educational institution. The process typically takes 4 to 5 working days, ensuring timely financial support for students.
Loan Processing Charges
Processing Fees: Starts at INR 30,000 + GST or 0.75% + GST of the sanctioned loan amount (Whichever is lower). This fee covers the administrative and processing costs associated with evaluating the loan application, document verification, and sanctioning the loan.
Income Tax Benefits under Section 80E
Borrowers can avail significant tax benefits under Section 80E of the Income Tax Act, which allows a deduction on the full interest paid on the education loan during the loan tenure. This benefit is applicable for a period of 8 years or until the interest is fully repaid, whichever is earlier.
Choose from the Best Loan Partners
Testimonials
I’m extremely grateful to Collegepond for securing the right education loan for my study abroad journey. The entire process was seamless, with no documentation hassles. Their dedicated support and expert guidance ensured everything went smoothly. I highly recommend Collegepond for stress-free financial assistance. Thank you once again!
Collegepond provided exceptional support in my study abroad journey, making my MS application process seamless. Their professionalism and prompt responses addressed all my concerns. Special thanks to Sai Teja from the finance team for his invaluable guidance in securing my education loan. I highly recommend Collegepond for reliable education loan and higher education assistance!
I highly recommend Collegepond to anyone pursuing study abroad opportunities. Their expertise and dedication were evident throughout my journey. Kavita’s assistance made my education loan process seamless, while Harshali’s mock interviews boosted my confidence. Their personalized guidance eased the process, making my dream a reality. Truly grateful for their exceptional support!
I had an amazing experience with Collegepond in Mumbai during my study abroad journey, especially with Ms. Zainab Qureshi. Her dedication and professionalism made my loan process seamless. She provided constant support, detailed guidance, and proactive follow-ups. I highly recommend Collegepond and Ms. Zainab for reliable and efficient loan consultancy services!
I had a wonderful experience with Collegepond during my study abroad journey, especially with Mukesh, who provided exceptional education loan support. He explained everything clearly and resolved issues promptly. His dedication ensured a smooth process. I highly recommend Mukesh and Collegepond for reliable and professional financial guidance!
Thanks to Collegepond, my son can now pursue his study abroad dream—his Master's in IT and Analytics at Rutgers Newark. After months of PSU bank delays, Collegepond secured his education loan within a month. Their seamless process, expert guidance, and quick approvals made all the difference. Truly grateful for their exceptional support! Testimonial by Aditya’s Father
I highly recommend Collegepond for study abroad and education loan support. Their expertise made my journey seamless. Kavita ensured a hassle-free loan process, while Harshali’s mock interviews boosted my confidence. Their personalized guidance eased every step, making my dream a reality. Truly grateful for collegepond education loan teams exceptional support!
Collegepond Loan Services are ideal for study abroad aspirants seeking an education loan. Their network offers great rates and seamless processing. The team’s guidance made my loan journey smooth, and their quick FOREX services impressed me. Highly recommend Collegepond for hassle-free financial support. Truly grateful for their support!
FAQ's
What is the maximum loan amount I can get with an ICICI Bank Education Loan?
ICICI Bank offers education loans of up to ₹3 crore for studies abroad and up to ₹1 crore for studies in India, covering tuition fees, living expenses, and other educational costs.
What are the eligibility criteria for an ICICI Bank Education Loan?
To apply for an ICICI education loan, the applicant must be:
- Admitted to a recognized institute in India or abroad
- Aged 18 years or above
- Have a co-applicant (parent/spouse/sibling) with a stable income
What are the interest rates for ICICI Bank Education Loans?
ICICI Bank offers competitive interest rates based on the loan type:
- Secured Loans: Starting at 9.5%
- Unsecured Loans: Starting at 11%
Note: Interest rates may vary based on applicant profile, institute ranking, and other financial assessments.
Does ICICI Bank provide unsecured education loans without collateral?
Yes, ICICI Bank offers unsecured loans up to ₹1 crore for students admitted to select premium institutes in India and abroad.
How can I apply for an ICICI Bank Education Loan online?
You can apply for an ICICI education loan through:
- Connect with Collegepond’s loan assistance team via the link on above page.
What is the processing time for ICICI Bank Education Loans?
ICICI Bank typically sanctions:
- Unsecured loans in 3-5 working days
- Secured loans in 7-10 working days after document verification
What documents are required to apply for an ICICI Bank Education Loan?
Applicants need to submit:
- KYC documents (Aadhaar, PAN, Passport, etc.)
- Admission proof (Offer Letter, I-20, CAS, etc.)
- Academic records (10th, 12th, UG/PG mark sheets)
- Co-applicant’s income proof (ITR, Salary Slips, Form 16, etc.)
Does ICICI Bank charge a processing fee for education loans?
Yes, it starts at INR 30,000 + GST or 0.75% + GST of the sanctioned loan amount (Whichever is lower).
Is there a moratorium period on ICICI Bank Education Loans?
Yes, ICICI Bank provides a moratorium period covering the entire course duration + up to 6 months after course completion before EMI repayment begins.
Can I get tax benefits on ICICI Bank Education Loan under Section 80E?
Yes, borrowers can claim 100% tax deduction on the interest paid under Section 80E of the Income Tax Act for up to 8 years.
How does ICICI Bank disburse the education loan amount?
ICICI Bank directly transfers the tuition fee to the university, while other expenses like living costs may be disbursed to the student’s account.
Can I prepay or foreclose my ICICI Bank Education Loan without extra charges?
Yes, ICICI Bank allows loan prepayment and foreclosure with zero charges, helping students save on interest.
Does ICICI Bank provide education loans for studying in the USA, Canada, UK, or Australia?
Yes, ICICI Bank education loans are available for top international destinations, including the USA, Canada, UK, Australia, Germany, and more, covering tuition fees and living expenses.
How does ICICI Bank determine the loan eligibility and sanction amount?
The loan amount is determined based on:
- Institute ranking
- Applicant’s academic performance
- Co-applicant’s financial profile
- Collateral provided (if any)
