ICICI Bank Education Loan

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.
  • Prepayment permitted without any charges.

Processing Charges: Nil