Details on Interest Rates, Documents, Eligibility Criteria of ICICI Bank for Education Loans Online Application.
Eligibility Criteria for Students to Apply in ICICI Bank:
Should be an Indian National.
Secured admission to professional/ technical courses in India or Abroad through Entrance Test / Merit Based Selection process after completion of HSC(10 plus 2 or equivalent).
Courses Eligible in ICICI Bank:
Studies in India
Courses leading to graduate/ post graduate degree and PG diplomas conducted by colleges/ universities recognized by UGC/ Govt./ AICTE/ AIBMS/ ICMR et shall be approved. A list of such courses is provided as blow:
Secured admission to professional/ technical courses in India or Abroad through Entrance Test / Merit Based Selection process after completion of HSC(10 plus 2 or equivalent).
Professional Courses like ICWA, CA, CFA etc.
Courses conducted by IIMs, IITs, IISc, XLRI, NIFT, NID etc.
Regular degree/diploma courses like aeronautical, pilot training, shipping.approved by Director General of Civil Aviation/Shipping.
Approved courses offered in India by reputed foreign universities.
Teacher Training/Nursing/B.Ed. courses (provided the training institutions are approved either by the Central Government or by State Government and such courses should be a degree or diploma course and not a certification courses).
Studies abroad
Undergraduate Courses: Valid for job oriented professional/ technical courses offered by reputed universities.
Post Graduate Courses: Courses such as MCA, MBA, MS, etc and courses conducted by CIMA- London, CPA in USA etc.
Degree/Diploma courses: Courses such as aeronautical, pilot training, shipping etc are also valid (provided these are recognized by competent regulatory bodies in India/abroad for the purpose of employment in India/abroad).
Expenses Covered Under the Loan:
Fee payable to college/ school/ hostel.
Examination/ Library/ Laboratory fee.
Travel expenses/ passage money for studies abroad.
Insurance premium for student borrower, if applicable.
Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts.
Purchase of books/ equipments/ instruments/ uniforms.
Purchase of computers – essential for completion of the course.
Any other expense required to complete the course – like study tours, project work, thesis, etc.
Quantum of finance:
Need based finance subject to repaying capacity of the parents/ students with margin and the following ceilings.
Studies in India – Maximum ₹ 10.00 lacs.
Studies abroad – Maximum ₹ 20.00 lacs.
Margin:
Upto ₹ 4 lacs : Nil.
Above ₹ 4 lacs : Studies in India 5% Studies Abroad 15%.
Security:
Loans Upto ₹ 4 lacs – Co obligation of parents. Further wherever parents are not there banks could consider grandparent as co obligator to the loans taking into account their net worth.
Above ₹ 4 lacs and upto ₹ 7.5 lacs. Co obligation of parents along with Collateral in the form of a suitable third party guarantee for 100% of the loan amount to be taken.
For cases above ₹ 7.5 lacs. Co obligation of parents along with Collateral security of 100% value of loan.
Assignment of future income of the student for payment of the loan instalments for all loans.
The co-obligator should be parent(s)/guardian of the student borrower. In case of married person, co-obligator can be either spouse or the parent(s)/parents-in-law.
Rate of Interest:
Interest will be Base rate plus applicable margin as decided by bank. At least 0.50% concession in interest rates on Education Loans to girl students for pursuing higher education in India and abroad. Penal interest @ 2%
Repayment/Holiday:
The repayment holiday shall be a year more than the period of the course or 6 months after the borrower gets a job, whichever is earlier.
The loan shall be repaid in 5 – 7 years after commencement of repayment.