Loading...
ICICI Bank Education Loan
- 100% Collateral-free Funding
- Competitive & Fixed Interest Rates
- Minimal Documentation
- Hassle-free Process
Free Education Loan Assistance from Top Education Loan Lenders in India.
Interest Rate
Starting From 10.25%
Loan Amount
Upto 3 Crore
Process Fees
Up To 2% + Gst
How ICICI Bank Education Loan Abroad Works
Simple 4 Step Process to obtain an Education Loan
1
2
3
4
You must be an Indian citizen with confirmed admission to a recognised foreign university.
Loans up to ₹3 crore are available for international education, including unsecured loans of up to ₹ 1 crore for students attending premium Institutes, covering educational expenses comprehensively.
A co-applicant is needed. This can be a parent, sibling, or spouse.
A moratorium period extending the course duration, plus an additional grace period of up to 12 months, can be granted.
ICICI Bank Education Loan for Abroad Studies
ICICI Bank is one of India’s most trusted private banks. Their Education Loan for studying abroad covers everything, from tuition fees to laptop costs, even travel and hostel charges. With high loan limits (up to ₹3 crore), simple repayment terms, and the option for collateral-free loans, it’s a great fit for students planning international studies. Spoctree helps you compare these offers with other lenders and apply online without hassle.
Features of Getting an Unsecured ICICI Bank Education Loan Abroad
- Collateral-Free Loan: You can get up to ₹1 Crore without pledging any property or FD, for certain top-ranked universities.
- Covers All Major Costs: Tuition, travel, exam fees, laptops, living expenses, everything is included.
- Pre-Admission sanction: ICICI offers loan approval even before your admission, helping you meet early financial requirements.
Benefits of Getting ICICI Bank Education Loan Abroad from Spoctree
- One Platform, Multiple Options: Compare ICICI Bank loans with others instantly on Spoctree.
- Expert Guidance: Chat with Spocbot or connect with a real loan advisor who understands your profile.
- 100% Free Process: You won’t pay anything extra. SpocTree support is completely free.
- Faster Approvals: Applications via Spoctree are often processed in 5–7 days, quicker than usual.
- Customised Checklist: Get a personalised document list to make the process smooth and error-free.
Eligibility for ICICI Bank Education Loan Abroad
- Nationality: Indian
- Age: Minimum - 16 years and Maximum - 35 years
- Academic record: Proven - good
- Qualification: Completed 10+2 (12th Standard)/Diploma
- For Pursuing: Graduation/Postgraduate Degree or a PG Diploma in Professional Education
Interest Rate of ICICI Bank Education Loan for Studies Abroad
Interest rates for ICICI Bank Education Loan for studies abroad start from
| Type of credit | Minimum | Maximum | Mean |
|---|---|---|---|
| Education Loan -iSMART interest rates | 10.25% per annum | 13.75% per annum | 11.25% per annum |
Note: Mean rate = Sum of the rate of interest for all loans/ Total number of loans.
EMI Payment Methods for ICICI Bank Education Loan Abroad
- Standing Instructions (SI): Ideal for ICICI Bank account holders. EMI auto-debited from your account every month.
- Electronic Clearing Service (ECS): For students with non-ICICI accounts. EMI gets deducted automatically each month.
- Post-Dated Cheques (PDCs): Submit cheques in advance for non-ECS areas. Needs timely renewal.
Tip: SI or ECS is more reliable and hassle-free than PDCs.
How to Apply for an ICICI Bank Abroad Education Loan?
- Step 1: Visit a nearby ICICI Bank branch or apply through the Spoctree or ICICI’s official website.
- Step 2: Submit required documents like admission proof, KYC, income proof, and academic records.
- Step 3: Choose between secured or unsecured loan based on eligibility and course.
- Step 4: Wait for verification and approval. Loan sanction is typically done within 5–7 working days.
Frequently Asked Question
What Is The ICICI Education Loan Interest Rate?
The ICICI Education Loan interest rate starts from onwards. It may vary based on the course, institution category, loan amount, and borrower profile.
Who Is Eligible For an ICICI Education Loan?
Indian students aged between 16–35 years, who have secured admission in a recognised university in India or abroad, are eligible. A co-applicant (parent, sibling, or spouse) is also required, unless applying under a work-experience-based scheme.
Which Bank Education Loan Is Best?
It depends on your needs. ICICI Bank is known for quick approvals, high loan limits, and flexible repayment options. However, Spoctree helps you compare ICICI with other lenders to choose the best Education Loan for your profile.
Will I Get Any Income Tax Benefit From Taking A Loan From ICICI Bank?
Yes. However, Education Loan tax benefits vary from country to country. Use a Student Loan Tax Benefit Calculator or an Education Loan Tax Benefit Calculator to estimate your potential tax savings based on the applicable laws and provisions.
Is There A Prepayment Penalty On The ICICI Bank Education Loan?
- The prepayment charges are as follows:
- Nil prepayment charges under floating interest rate
- Prepayment charges under fixed interest rate:
- Fixed interest rate within 37 months from the loan origination date - 2.00% of the principal prepaid (outstanding)
- Fixed interest rate post 37 months from the loan origination date - Nil
Where Can I See ICICI Education Loan Status?
You can check the loan application status online through the ICICI Bank website, iMobile app, or by visiting your nearest ICICI Bank branch. You’ll need your application ID or registered mobile number.
What Is ICICI Bank Education Loan Processing Fee?
The processing fee is up to 2% of the loan amount and is non-refundable. In some cases, promotional offers may waive the fee or reduce it, especially for loans taken through Spoctree.