University of Manchester
United Kingdom
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| Interest Rate | Starts at 10.95% |
| Loan Amount (Collateral) | Upto ₹100 Lac |
| Loan Amount (Without Collateral) | Upto ₹300 Lac |
| Processing Fees | starts 0.5% |
| Processing Time | 5 working days |
| Loan Tenure | up to 12 years |
| Margin | 100% Funding |
| Prepayment Charges | Zero |
| Moratorium Period | Course + 6 months |
| Admit Letter | Required |
| Tax Benefits | Yes |
| Type | Bank |
| Life Insurance | Required |
ICICI Bank is one of India's leading private sector banks, known for offering a wide range of financial services, including education loans for students aspiring to study abroad. With competitive interest rates and tailored loan options, it supports students in achieving their academic goals.
The Abroad Cube has onboarded ICICI Bank to seamline the Education Loan for Study Abroad aspirants. Our Connector Code is 337850, and our legal name is McCarthy AI Private Limited. The same can be verified on the Official ICICI Bank website.
The ICICI Bank covers almost all expenses that are expected to be incurred during the proposed study
The Cost of necessary Insurance is covered in a Sanctioned Amount and is deducted from the First Disbursed Loan amount itself.
The ICICI Bank has come up with a special product where an applicant gets an Education Loan to Study Abroad and Study in India based on their caliber. Under this product, the applicant does not need to provide any CoSigner or Collateral to pass the eligibility criteria, and approval is solely based on the applicant and university alone.
Here is the Eligibility Criteria for this
Here is the basic Eligiblity Criteria for Study Abroad Education Loan by ICICI Bank.
Here is the list of basic charges involved in ICICI Bank Study Abroad Education Loan
| Description | Charges & Fees |
|---|---|
| Processing Fees | 0.5% - 2% |
| Life Insurance | Varies |
| Collateral Valuation (if applicable) | Free |
*Charges may vary
The ICICI Bank charges a default processing fee of up to 2% plus GST, which amounts to an effective rate of 2.36% of the sanctioned loan amount.
If you apply for a Study Abroad Education Loan through Abroad Cube, our expert can assist you in negotiating a discounted processing fee as low as 0.5% plus GST, depending on your application. This way, you can save significantly without any extra effort.
For a Master's Education Loan, the ICICI Bank provides a Full Moratorium period based on the application strength and University Ranking. In certain cases, you might be asked to start the repayment of Simple Interest immediately after the first disbursement.
For a bachelor's degree, you have to start paying the full EMI immediately after disbursement, thus leaving no room for a full moratorium period.
| Masters | Partial-EMI, Simple-Interest, Full EMI |
|---|---|
| Bachelors | Full EMI |
*The repayment method may change based on the application strength
The final disbursement of the loan amount will be initiated post collection of all required documents, signatures and formalities of the Bank, like lien marking of the Fixed Deposit (FD), submission of hard copies of the admission letter and financial documents. If you do not have one, a new bank account will be opened at ICICI Bank to disburse the loan amount.
If you have already paid the Tuition Fees or a Tuition Deposit from your savings and need a reimbursement, you must go to your Banking Representative and submit the required documents. At the lender's discretion, the amount will be released into the savings account or transferred to the Student's foreign account.
Customers can visit the nearest bank branch or get in touch with the designated relationship manager from the Bank for submission of all the documents. If you apply via Abroad Cube, we will assist you with a smoother disbursement process and handle the documentation process.
Connect with our Education Loan Expert and get your application processed within 3-4 working days*
Check Eligibility For FreeWhen applying for an education loan through Abroad Cube, you can expect higher chances of approval as our expert will verify the documents before submission and suggest better alternatives for higher approval.
Using the latest technology and years of experience, we expedite the application process by 65%, reducing overall processing time. Applying using the exact required documents with the eligible lender is the key to getting an application processed in record processing time.
Our Education Loan Expert will send you a Personalized Document Checklist, removing all unnecessary documents, easing the process and giving you peace of mind.
We will help you get Comparable, Negotiated and best-suited Education Loan deals, saving you up to Rs 3 Lakhs. The major negotiable components are Interest Rate and Processing Fees.
We are not charging any service fees for helping with the Study Abroad Education Loan. Also, there are no hidden fees involved, which is guaranteed. For each approval, we get paid a referral fee by ICICI Bank without any additional charge to students.
Here is the standard document checklist for getting an education loan from ICICI Bank or other lenders. The bank or NBFC might ask for additional documents or information based on the application to ease the process.
The Education Loan documents may vary based on individual applications. If you are missing any required documents, please contact our Loan Expert for help!
Start by checking your eligibility on Abroad Cube's website or reach out to us via WhatsApp or phone. The Eligibility criteria include Country acceptance, University and course ranking, Academics, Credit Score and history, co-applicant and Collateral requirements, etc.
Once you pass the basic Eligibility Criteria, the next step will be Documentation. Our Education Loan Expert will send you a personalized Document Checklist of ICICI Bank and help you arrange, sort and suggest alternatives, if any. Before sending documents to the ICICI Bank, we ensure that all documents are in order according to the required Checklist to expedite the application login process.
Our Education Loan Expert will choose the best lenders from the pool of 12+ options to get you the best-suited deal. They will follow up with concerned Lender Relationship Managers for Application Login and further processing. The lender process will include getting consent, address verification, and a small telephonic interview with the Credit Manager before the final decision.
The sanction letter will be released within 24 hours once you pay the processing fee to the Bank via acceptable payment methods. Afterwards, you may proceed with the Study Visa process or request Pre-Visa disbursement. You can also ask for reimbursement if you have already paid the Tuition Fees or Living Expenses via other means. Once you complete the banking formalities, the loan amount will be disbursed into the Bank Account
You may apply for ICICI Bank Education Loan by visiting their local bank branch or contacting their customer support team. But Abroad Cube will help you get a hassle-free Education Loan from your comfort at the best Interest Rate and record processing time at Zero Service Charges.
Abroad Cube is an Online Study Abroad Marketplace that has onboarded 12+ Banks and NBFCs to ease the process of getting the best deal for an Education Loan in minimal processing time. To get started, Check your Eligibility and share your Documents by Email or WhatsApp to expedite your application process.
Get your Education Loan Eligibility checked within 5 minutes
Sorting, Verifying and Submitting Documents as per Checklist
Submission of application to top lenders from a pool of 12+ options
Get Sanction Letter in record time and proceed for Disbursement
Are you worried about your Eligibility for Study Abroad Consultancy? Enter your basic details and check your eligibility within minutes in more than 10 Banks and NBFCs.
Get Education Loan EMI Repayment analysis, monthly EMI and Amortization Schedule in a single click without worrying about complex formulas and calculations.
Testimonials
University of Manchester
United Kingdom
University of British Columbia
Canada
Monash University
Australia
New York University
United States of America
University of Melbourne
Australia
King’s College London
United Kingdom
Technical University of Munich
Germany
National University of Singapore
Singapore
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