Know the Features and Benefits of ICICI Bank Education Loan

Know the Features and Benefits of ICICI Bank Education Loan

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Know the Features and Benefits of ICICI Bank Education Loan
Meena Tamang

Looking to pursue higher education but need financial assistance? ICICI Bank Education Loan could be the solution you're looking for. With its attractive features and benefits, ICICI Bank's Education Loan scheme aims to ease the financial burden on students and their families. Let's explore the key features and benefits of ICICI Bank Education Loan and see how it can help you achieve your academic goals.


ICICI Bank, headquartered in Mumbai, Maharashtra, is one of India's top multinational financial services companies. Its registered office is located in Vadodara, Gujarat. With a market capitalisation and assets ranking it as the second-largest bank in India since 2018, the bank offers an extensive range of financial services and banking products to retail and corporate customers through various delivery channels and specialised subsidiaries, including non-life insurance, investment banking, asset management, and venture capital.

The bank has a widespread presence, with 5,275 branches and 15,589 ATMs across India and a presence in 16 other countries. ICICI Bank has subsidiaries in Canada and the United Kingdom, with branches in the United States, Hong Kong, Singapore, Qatar, Bahrain, Oman, China, and Dubai International Finance Centre.

ICICI Bank has earned international acclaim for its unwavering commitment to providing financial assistance to millions of students who aspire to pursue higher education in India and abroad. The bank offers a wide range of education loans that cater to the diverse needs of students, including courses offered by top-ranked institutions, both in India and overseas.

The bank provides funding for tuition fees and other educational expenses and offers guidance and assistance throughout the loan application process. This includes helping students understand the eligibility criteria, interest rates, repayment options, and other relevant terms and conditions.

In addition, ICICI Bank also extends its education loan services to students who wish to pursue their studies abroad. The bank offers specialised overseas education loans that enable students to finance their studies, living expenses, and other related costs while pursuing education across international borders.

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ICICI Bank Education Loan Key Features and Benefits

ICICI Bank offers a variety of attractive education loan schemes and benefits designed to make obtaining a loan for higher education as seamless and stress-free as possible. Some key features of ICICI Bank's education loans include

  • Collateral-free loans: ICICI Bank offers education loans without the need for collateral or security, making it easier for students to obtain funding for their education.
  • Tax benefits: As per section 80 E of the Income Tax Act of India, 1961, borrowers of ICICI Bank education loans are eligible for tax deductions on the interest paid on the loan, reducing the overall financial burden.
  • Flexible repayment options: ICICI Bank offers flexible repayment options, allowing borrowers to choose the repayment tenure and instalment amount that suits their financial situation.
  • Zero processing fees: The bank does not charge any processing fees for education loans, making it more affordable for students to obtain financial assistance for their studies.
  • Quick and hassle-free loan process: ICICI Bank's loan application process is simple and easy, with a quick turnaround time for loan approvals and disbursements.
  • Preferential forex rates: ICICI Bank offers preferential forex rates for international disbursements for students seeking education loans for studies abroad, ensuring they receive the best possible exchange rates.

Compare Features of the ICICI Education Loans

ICICI Bank offers a uniform base interest rate of 11.5% to all students applying for education loans, irrespective of whether they are applying for an ICICI Bank education loan in India or an ICICI Bank overseas education loan. Here are the details of the interest rates for domestic and international students:

Domestic Students:


Post Graduate


Interest Rate

Starts at 10.9 % - 11.5%

Loan Tenure Without Collateral

Up to eight years after the completion of the course with additional six months

Up to five years post-course period with additional six months

Loan Tenure with Collateral

Up to ten years after the course period with additional six months

Up to seven years post-course period with additional six months

Maximum Loan Amount

₹ 50 Lakh

Collateral Requirement

According to the institute. Provides collateral-free loans for selected institutes: Up to ₹ 20 lakhs for UG and up to ₹ 40 lakh for PG courses.


15 per cent margin (Margin/ FD/ Scholarship) only for loans above ₹ 20 Lakh.

International Students:


Post Graduate


Interest Rate

Starts at 10.9 - 11.5 %

Loan Tenure Without Collateral

Up to eight years after the course period with additional six months

Up to five years post-course period with additional 6 months

Loan Tenure with Collateral

Up to 10 years post-course period with additional 6 months

Up to seven years after the course period with additional 6 months

Maximum Loan Amount

For Unsecured its INR 40 Lakhs, for secured its 1 Cr

Collateral Requirement

As per the college or institute. Collateral-free loans for select institutes: Up to ₹ 20 lakh for UG and up to ₹ 40 lakh for PG courses. They have a rating system for Universities, and the interest rate and loan amount depend on the rating system

Moratorium Period

As per the course and institute.


15% margin (Margin/ FD/ Scholarship) only for loans above ₹ 20 Lakh

In addition to covering tuition fees, ICICI Bank's education loans extend to a wide range of non-tuition related expenses that students may incur while pursuing their education. These expenses include

  • Examination, laboratory, and library fees: ICICI Bank provides funding for various fees related to academic and research activities, including examination fees, laboratory fees, and library fees.
  • Hostel fees and travel expenses: The bank's education loans also cover expenses related to accommodation and transportation, such as hostel fees and travel expenses.
  • Passage money for overseas studies: For students studying abroad, ICICI Bank provides passage money to cover expenses related to travel, such as airfare and visa fees.
  • Insurance premium for student borrowers: The bank also covers the cost of insurance premiums for student borrowers, ensuring they are protected in case of unforeseen circumstances.
  • Caution or refundable deposits: ICICI Bank's education loans also cover caution or refundable deposits supported by institution bills and receipts and building funds.
  • Books, uniforms, equipment, and instruments: The bank provides funding for various educational materials and equipment, such as books, uniforms, and instruments required to complete the course.
  • Reasonably priced laptop or computer: In today's digital age, a laptop or computer is often essential to complete coursework. ICICI Bank offers funding for reasonably priced laptops or computers if they are vital to the course of study.
  • Any other expenses required to complete the course: The bank also covers any other expenses necessary to complete the course, such as study tours, thesis, and project work.

Documentation Required for ICICI Bank Education Loan

Here are the documents required by ICICI Bank to be considered for an education loan:

  • KYC documents of co-borrower and student
  • Mark sheets of 10th, 12th, undergraduate courses, and entrance exams
  • Admission Letter
  • Fee structure
  • Co-borrowers Income Proof
  • Non-agricultural Residential and commercial property plots
  • Fixed deposits
  • Income proof (required only for specific courses)

The following documents are sought against the varied categories:

Identity Proof

Passport, Aadhaar Card, PAN Card, Driving Licence, Voter’s ID Card, Photo Credit Card, Central and State Govt. issued Photo ID Proof, and Central and ID Card

Residence Proof

Aadhaar Card, Passport, Ration Card, Voter’s ID Card, Bank Account Statement, Letter from any recognised public authority, Electricity Bill, Water Bill, and Telephone Bill.

Income Proof

Salary Slips (not more than 3 months old), Bank Statements (not more than 3 months old), and ITR, Form-16.

Here are the features of ICICI Bank's student education loan:

  1. Loan amount: Up to INR 1 crore, with deviations up to INR 2 crore as per A1 to A4 list. For unsecured loans, up to INR 40 lakhs per the A1 list, INR 20 lakhs per A2 list, and INR 7.5 lakhs per A3 and A4 lists.
  2. Percentage of loan against collateral: Up to 100% of the property's realisable and fixed deposit values.
  3. Collateral property: Required documents include registered documents, an occupational certificate, and completion certification. Property should be non-agriculture land within the city premises.
  4. Student's profile: Academic background is not considered, but the course and institution details are evaluated.
  5. Interest during moratorium: Option to pay interest during the moratorium period or along with EMIs.
  6. Processing fees: 1% of the loan amount.

ICICI Bank Education Loan Eligibility:

  1. Applicant must be an Indian national.
  2. Applicant must have secured admission or invitation from a recognised university or college.
  3. ICICI Bank Education Loan is provided only for specific courses.
  4. The University Grants Commission, Government, All India Council for Technical Education, All India Board of Management Studies, and Indian Council of Medical Research must approve domestic courses.
  5. International courses must be job-oriented. ICICI Bank provides ICICI Bank overseas education loans for students heading abroad.

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