ICICI Bank Education Loan

The collateral-based loans up to ₹2 crores and unsecured loans up to ₹50 lakhs, ICICI Bank has the solutions to meet different requirements. This makes the loan easily available as the immediate family members and close relatives are eligible co-applicants of this loan. The interest rates vary from 9-11% for collateral loans and 12-14% for non-collateral loans with repayment periods of up to 12 years. Also, loans cater for all expenses such as tuition fees, living expenses, transport, and health coverage.

Tip: While going for a higher studies loan, keep in mind to choose a top-rated university. The better the university, the better the offer will be given to you by ICICI Bank. To have the best chance is a loan from ICICI Bank, talk to a financial officer from WeMakeScholars.

Countries Eligible for an Education Loan from ICICI Bank

ICICI Bank prefers the following list of countries for the loan abroad.

• The USA
• Australia
• The UK
• Switzerland
• Ireland
• Canada
• Italy
• New Zealand
• The Netherlands
• France
• Singapore
• Sweden
• Germany
• Dubai

Education loan facilities include the following specific schemes offered by ICICI Bank for students’ education in India. These loans are available for meeting all the expenses related to the course fees, books, living expenses, and other such requirements of higher education. In this table, the following specifications of the education loans offered by ICICI Bank are provided: the loan limits, covered expenses, interest rates, repayment terms, and eligibility criteria.

Tip: In some cases, a student might have already paid the fees or bought books or a laptop for their study, but have bought them by taking money from friends or relatives. In this case, he can ask his financial officer from WeMakeScholars to request the lender for reimbursement of the expenses.

Also before heading for the student loan analyze different types of education loans and choose the best according to your requirements.

The government has introduced certain subsidy schemes where they waive off the loan interest for a period of time. These schemes are for students belonging to either backward castes or economically backward classes.

Dr. Ambedkar Cenral Sector Scheme :

The scheme is for OBC and EBC students. It provides interest subsidies for overseas studies.

Padho Pardesh Scheme :

The scheme aims to benefit students belonging to minority communities (Muslims, Christians, Sikhs, Buddhists, Jains, and Zoroastrians) whose family income is below 6 lacs per annum. The scheme provides loan interest subsidies for overseas educational institutes studies.

Central Scheme for Interest Subsidy for Economically Weaker Sections :

The Scheme is aimed at helping the students of Economically weaker sections of society with family income less than 4.5 lacs per annum. Under the scheme, an interest subsidy is provided for the moratorium period(course duration plus 12 months or 6 months after getting a job, whichever is earlier).

Here’s a list of documents that you will need to process your education loan from ICICI bank.

Section 1: Application form

• The financial officer from WeMakeScholars will provide you with an ICICI bank educational loan online application form which you will have to fill out along with your signature and two photographs.

Section 2: Basic documents for Applicant (student), co-applicant, and/or Guarantor

• Proof of Identity
  • Aadhar card 
  • PAN Card
  • Passport if you are going abroad studies
• Proof of residence (if your permanent and current address are different then provide two residence proofs)
  • Aadhaar card
  • Voter ID Card
  • Telephone Bill
  • Electricity Bill
  • Ration card
  • Bank account statement
• Co-applicant documents
  • If Salaried: Last 6 months' bank account statement
  • If Self-employed: 1-year business transactions
  • Personal Asset & Liability Statement- Self-attest all the documents

Section 3: Applicant's academic documents

• 10th, 12th, Degree Marksheets, and certificates   
• Proof of admission for the course(details of total duration)
• Structure of the fees(i-20 for US if available)
• IELTS/GMAT/GRE Scorecard
• University Ranking 

Section 4: Document for financial co-applicants to prove their income

• If Salaried
  • Last 3 months' salary slips
  • Last 2 yrs form 16
  • Employers ID card
  • Income tax return filed for 2 years 
• If Self-employed
  • Income Tax Return of last 3 years
  • The balance sheet of the last 3 years and account of profit & loss(for self-employed businessman)
  • Address proof of the business

Section 5: Other Documents

• A financial officer from WeMakeScholars will provide a letter format where you will have to declare that the extra expenses will be borne by your co-applicant
  Notarised joint affidavit with the student and co-applicant in the Bank’s standard format (Format to be provided by WeMakeScholars Financial officer)

Section 6: Additional docs (if applicable)

• Receipts of any payment made to the university
• Loan account statements of any pending loans within the last 1 year.
• Explain the gap if you have had any between your studies or job on a Rs.100 stamp paper.

Section 7: Collateral documents(not mandatory)

• They are required only if you go for an ICICI bank collateralized loan. Also, they vary from state to state. 

Also, they vary from state to state. Check below among different states, and documents required according to your current location.

• Hyderabad
• Mumbai
• Gujarat
• Karnataka
• Andhra Pradesh
• MP and Chattisgarh
• Jaipur
• Tamil Nadu
• West Bengal
• Amritsar
• Kerala
• Jharkhand
• Delhi
• Pune
• Goa

Apply to the ICICI education loan, by following the below-given steps

Offline

• Visit the bank with the list of documents provided above
• Follow the bank employees' instructions to get your study loan
• You will get your loan sanctioned when you cooperate with the bank employee, though it may take more time than the online method.

Online method

• Request a callback from WeMakeScholars
• A financial officer from WeMakeScholars will get in touch with you and will ask a few basic questions to check your eligibility for the loan.
• Once done with taking the details, he/she will provide you a list of lenders, where you can get your study loan
• He/she will also send you a document uploading link, where you can upload all your documents
• You will be connected to different lenders, who will then take the process further
• During the process, your financial officer from WeMakeScholars will be in touch with you, so you can share any issues related to your student loan with you
• Your loan will be sanctioned in the timeline provided by your financial officer

Why should you not go directly to banks(offline)?

Going directly to the banks has certain disadvantages which are listed below

• Improper information regarding the ICICI education loan
• Paying multiple visits to the bank during the process
• The loan process will be longer
• A lot of information like the kind of interest rate charges will be hidden from you
• Your chances for the loan sanction will be minimal

Why go through WeMakeScholars?'

WeMakeScholars is an organization supported by the Ministry of IT, govt of India under the Digital India campaign. We at WeMakeScholars provide consultation regarding loans and also connect students to multiple lenders. All the services provided by us are FREE of charge. We are partnered with 14+ banks(public/Pvt). Students interested in an education loan can request a callback from the team.

• Better interest rates: When you go through us, banks offer 0.5% to 2% to lower interest rates as compared to the bank’s average interest rate, as they are partnered with us.
• Multiple options: We are partnered with 14+ banks(public/Pvt and hence connect students to multiple lenders so that they can choose the best ones for their education loans.
• End-to-end support: We at WeMakeScholars not only help students during the loan sanction but also provide assistance post-sanction of the loan and loan disbursement process even in 12 hrs different timezone. 
• Tax benefits: Students or their parents are unaware of the tax benefits that they can obtain in an education loan like the 80E of the Income Tax Act of 1961, which we make sure to explain to them.
• Cashback: After your loan disbursement process is done, We provide a cashback of ₹3000.

Make the process of your higher studies loan simpler by availing of free services from WeMakeScholars. Request a callback today!

Have a good idea of the EMIs that you will have to pay after taking education from the ICICI bank. The  ICICI bank loan calculator will detail the EMIs for your whole tenure of repayment. 

Let us assume that you have an education loan of 25 lacs for a course of 2 years at an interest rate of 10% with 10 years as your repayment duration after the moratorium period of 30 months.

Here’s how much you will pay yearly!

The EMI calculator considers the following factors 

• Moratorium period
• Compound and Simple interest
• Semester-wise breakdown
• Grace period

There are many more such ins and outs in the process of getting an education loan sanctioned and we are experts in dealing with all of them. Therefore, we advise you to process your education loan through WeMakeScholars. Your financial officer will be available to you throughout the sanctioning, loan disbursement process, and repayment processes of your student loan.