ICICI Bank Study Abroad Education Loan

Features

Benefits

No Margin

The ICICI Bank has a Zero margin policy for loans up to Rs 20 Lakh and a 5%-15% margin on more than Rs 20 Lakh depending on Collateral documents. If your university or college is one of the premier institutions recognized by ICICI Bank, you can enjoy zero margins on any loan amount. 

High Limit on Loan Amount

ICICI Bank has a higher limit of ₹1 Cr on Collateral based loans and ₹40 Lac on Non-Collateral. The loan amount depends on the applicant's profile and choice of institution. These funds will cover your Fee payable at college, examination fees, travel expenses, insurance premiums, and other related expenses.  

Competitve Interest Rates

The ICICI Bank has a starting interest rate of 8.25%, which goes up to 13.20% based on many application factors. 

Moratorium Period

They have a grace or moratorium period allowance of 6 months after the completion of studies to allow students enough time to look for Jobs. 

Loan Repayment

The ICICI Bank has a more extended repayment period of up to 15 years. If you plan to pay the amount earlier, you can foreclose your loan at zero prepayment charges. 

Tax Benefits

The ICICI Bank has Tax benefits enabled for applicants or co-applicant who take education loans.

Benefits of applying an ICICI Bank Education Loan through Abroad Cube

1. Higher Chances of Approval - On 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.
2. Zero Charges - We help you apply for an Education Loan at Zero costs
3. Online Process - With Abroad Cube, applying for an Education Loan is entirely Online. You must submit all the required documents online, and we will send them to the concerned Bank of NBFC. Our system is designed to handle your education loan application online with timely updates.
4. Quicker Sanctions - Our education loan partners have lower processing times. Our expert will verify the documents before submission to avoid processing delays. 
5. Cashbacks and Offers - You will get up to Rs 10,000 cashback when you apply for an Education Loan through Abroad Cube

Charges of ICICI Bank Education Loan

The description of charges of ICICI Bank Education Loan

Eligibility criteria for ICICI Bank Education Loan

1. An Applicant
   • must be an Indian citizen who is 18 or older
   • must have a confirmed admission letter before the final disbursal (an applicant can apply for an Education loan before their admission based on their academic history)
   • must have a co-borrower who earns in India
   • must have completed 10+2 (12th standard)
2. A Co-Applicants
   • must be an Indian citizen and should be a parent, legal guardian, sibling, or other blood relative.
   • must have a bank account in India that allows them to sign cheques.
   • must be the primary debtor.
3. The Institution/University/College
   • It can be a Graduate course
   • It can be a Post-Graduate Course
   • It can be a job-oriented professional course
   • It can be a technical course
   • It must be approved by the regularities. 

Documents required for ICICI Bank Education Loan

Here are the documents required for Education Loan by ICICI Bank for Applicants and Co-Applicants

How to apply for ICICI Bank Education Loan

1. Apply on our website, and submit your basic profile for eligibility checks. 
2. Once eligible, get quotes from multiple banks and NBFCs for your education.
3. Choose the best offer and start with the application. 
4. Submit the documents as per Abroad Cube's curated Checklist to avoid processing delays. 
5. Our expert will verify the documents and send them to the concerned education loan provider.
6. The Education loan provider will process your file and revert. 

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