ICICI Bank Education Loan
ICICI Bank offers education loans to students who want to pursue their studies in India or abroad. The loan amount can be up to Rs. 50 lakhs for study in India and Rs. 1 crore for study abroad. The interest rate is Bank Rate + 0.50% for study in India and Bank Rate + 1.25% for study abroad. The repayment period can be up to 15 years. ICICI Education Loan offers competitive interest rates, flexible repayment terms, and an easy application process. The bank also offers collateral-free loans for loan amounts up to Rs. 40 lakhs and government-backed schemes.
Education loan Eligibility:
- Nationality: The applicant must be an Indian citizen.
- Age: The minimum age requirement is 16 years, and the maximum age allowed is 35 years.
- Academic record: The applicant should have a proven track record of good academic performance.
- Qualification: The applicant must have completed 10+2 (12th standard) or a diploma.
- Course eligibility: The loan is available for pursuing graduation, postgraduate degrees, or PG diplomas in professional education.
- University selection: The applicant must have applied to listed, recognized, and accredited institutes in India or overseas.
- Sanction basis: The loan can be sanctioned based on pre-admission approval, entrance exam scores (e.g., GRE, GMAT), 12th/HSC results, or confirmed admission.
- Loan amount: For domestic studies, loans can be sanctioned up to Rs. 1 crore, and for international studies, loans can be sanctioned up to Rs. 2 crore.
- Co-borrower: The co-borrower can be the applicant's father, mother, brother, sister, spouse (husband/wife), grandparents, parents-in-law, brother-in-law, or maternal/paternal uncle.
- Security: The loan can be secured against property (house or flat), fixed deposits (FD), or an existing ICICI Bank home loan for cross-collateralization.
Documents Required:
- Duly filled online iLENS application form
- 2 passport-sized photographs
- Copy of exam mark sheets of 10th/12th or the latest education certificate
- Admission letter (if available) indicating the cost of education
- Aadhaar Card and PAN Card of the student and parent/guardian
- Age proof: Copy of Aadhaar Card, Voter ID, Passport, or Driving License
- Identity proof: Copy of Voter ID, Aadhaar Card, Driving License, or Passport
- Residence proof: Passport, Driving License issued by the Regional Transport Authority, Voter's Identity Card issued by the Election Commission of India, Job card issued by NREGA signed by a State Government Officer, Letter from the National Population Register containing name and address, or Proof of possession of complete Aadhaar number/Aadhaar Card
- Income proof:
- Most recent salary slips and Form 16 of the parent/guardian/co-borrower
- 3 months bank statement of the borrower or updated bank passbook
- Updated Income Tax Return (ITR) or IT assessment order of the parent/co-borrower/guardian for the last 2 years
- Documents stating the assets and liabilities of the parent/co-borrower/guardian
Process to apply for education loan:
Offline Application:
- Visit the nearest ICICI Bank branch.
- Request an ICICI Education loan application form from a banker.
- Fill out the application form and submit it along with the required documents.
- The banker will review your documents and conduct a background check.
- If your loan is approved, you will be issued a loan agreement.
- After signing the loan agreement, the loan amount will be disbursed to your bank account.
Online Application:
- Go to the ICICI Bank website and navigate to the "Education Loan" section.
- Click on the "Apply Online" button.
- Create a new account or log in to your existing account.
- Provide your personal and financial information as requested.
- Upload the required documents.
- Submit the application form online.
- The bank will review your application and documents.
- If approved, you will receive a loan agreement.
- After signing the loan agreement, the loan amount will be disbursed to your bank account.
Vidyalakshmi Portal:
- Register on the Vidyalakshmi portal.
- Fill out the Common Education Loan Application Form (CELAF) and upload the necessary documents.
- Submit the application form through the Vidyalakshmi portal.
- ICICI Bank will receive your application from the Vidyalakshmi portal.
- The bank will review your documents and conduct a background check.
- If your loan is approved, you will be issued a loan agreement.
- After signing the loan agreement, the loan amount will be disbursed to your bank account.
Expenses Covered in education loan scheme:
- Tuition fees: The loan covers the expenses related to the tuition fees for the chosen course.
- Hostel fees: The loan covers the expenses for hostel fees, if applicable.
- Mess fees: The loan covers the expenses for mess fees, if applicable.
- Books and stationery: The loan covers the expenses for books and stationery.
- Travel expenses: The loan covers the expenses for travel, including airfare, train fare, and visa fees.
- Insurance premium: The loan covers the expenses for insurance premium, providing coverage for the borrower and the co-borrower.
- Other expenses: The loan covers other related expenses such as examination fees, laboratory fees, and caution deposit.
Courses covered in education loan scheme:
- Undergraduate courses: The loan covers the expenses for recognized undergraduate courses offered in India and abroad.
- Postgraduate courses: The loan covers the expenses for recognized postgraduate courses offered in India and abroad.
- Professional courses: The loan covers the expenses for recognized professional courses offered in India and abroad.
- Vocational courses: The loan covers the expenses for recognized vocational courses offered in India and abroad.
Schemes:
ICICI Bank Education Loan:
- Loan amount: Up to Rs. 50 lakhs for study in India, Rs. 1 crore for study abroad
- Interest rate: Bank Rate + 0.50% (India), Bank Rate + 1.25% (abroad)
- Repayment period: Up to 15 years
ICICI Bank Education Loan for EDP:
- Loan amount: Up to Rs. 20 lakhs
- Interest rate: Bank Rate + 0.50%
- Repayment period: Up to 10-15 years
ICICI Bank Pradhan Mantri Vidya Lakshmi Yojana (PMVLY):
- Loan amount: Up to Rs. 4 lakhs for study in India
- Interest rate: 4.5%
- Repayment period: Up to 15 years
ICICI Bank Vidyalakshmi Education Loan:
- Loan amount: Up to Rs. 2 lakhs
- Interest rate: 7.5%
- Repayment period: Up to 10 years
Note: The information provided about education loans is sourced from official guidelines. However, for complete satisfaction and up-to-date details, we recommend visiting the official website of the respective financial institution. The official website will provide comprehensive and accurate information regarding eligibility, application process, documentation requirements, terms, and conditions.
