ICICI Bank's Education Loan is unlocking the door to world-class education anywhere across the globe with remarkable rates and incredible tax benefits.

Education is no longer a privilege but a necessity and should be availed by all. Pursuing higher studies often comes with a hefty price tag, which plays a major role in deciding an individual's career goals and educational dreams.

In such a scenario, an educational loan comes as a rescue. It helps students to achieve their dreams of studying for their desired degree, without worrying about finances.

However, the documentation needed for an Education Loan at ICICI Bank may differ from course to course, depending on the loan requirements of each individual. Below, we will review the documents needed to pass the loan without any hurdles.

For more details, visit ICICI Bank website

Mode Of Program

Full Time

Key Benefits

• Loan up to Rs.3 crore
• Flexible repayment options
• 0% TCS on remittance through Education Loans
• Income Tax benefit u/s 80E
• Pre-admission Sanction letter
• No foreclosure charges

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Eligibility

Education Loan EligibilityNationality: Indian
Age: Minimum - 16 years and Maximum - 35 years
Academic record: Proven - good
Qualification: Completed 10+2 (12th Standard)/Diploma
For Pursuing, Graduation/Postgraduate Degree or a PG Diploma in Professional Education

Selection Criteria

Documents Required

For a smooth and easy Education Loan application process, students and their guardians need to provide a list of documents. The following are the necessary documents required for an Education Loan from ICICI Bank:

Student / Applicant:
Proof of Identity / Proof of Current Address (Any 1)
(Aadhaar Card, Voter ID, Driving Licence, etc)

Education Related Documents
Academic Documents (Marksheets, Degree Certificates, Entrance Scores, etc)
Admission Proof (Acceptance letter, Confirmation of Acceptance, I20 [For USE], etc)

Admission letter with the cost of education (if available)

(The admission letter from the educational institution confirms the student's enrolment and provides details regarding the programme's duration and associated expenses).

Co-applicant
Proof of Identity/ Proof of Current Address (Any 1)
(Aadhaar Card, Voter ID, Driving Licence, etc)

Financial Documents
For Salaried (Salary slip, Bank statement, etc)
For Self-employed (ITR, GST, Bank Statement, etc)

Security/ Collateral (if applicable)
Fixed Deposit certificate with ICICI Bank
Loan Number of existing Home Loan/ Mortgage Loan with ICICI Bank
For Residential / Commercial Property: Registration Certificate, Builder/ Buyer Agreement, Layout plan, Possession letter, etc.

Note
In addition to the documents specified above, the Bank may request additional documents on a case-by-case basis, as deemed necessary

Fee Structure

Education Loan Interest Rates

To manage the cost of higher education, students need to understand about the interest rates, fees and repayment plans. ICICI Bank Education Loan allows students to begin their academic careers confidently with Education Loan interest rates as low as onwards.

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How To Apply

Apply for an Education Loan online in 5 quick steps

01. Scan the QR code and fill the basic details
02. Application submission
03. Document submission
04. Loan assessment
05.Sanction Letter , Disbursement.

or Call Mr. Mohd. Imran, Regional Manager, Education Loan, ICICI Bank Limited. Contact Number 9321914706

Important Dates To Remember

FAQs

What are the different types of Education Loans provided?
ICICI Bank offers a comprehensive range of Education Loans tailored to meet diverse needs. These include loans for domestic and international studies, with amounts up to ? 3 crore for international studies and up to ? 1 crore for domestic studies.

There's also a collateral-free loan option for premium institutes, with special provisions for government employees, CXOs and professionals with 2 years of work experience. Moreover, there are specialised offerings for specific countries like Canada, UK and Germany.

Can I get an Education Loan without proof of income?
Yes, obtaining an Education Loan without proof of income is possible, particularly for loans below a certain threshold. However, proof of income may be necessary for higher loan amounts, either from the applicant or a co-applicant.

Additionally, collateral or a guarantor may be required for larger loan amounts. ICICI Bank offers flexible options, making educational financing accessible even without proof of income for smaller loan amounts. It's advisable to check any specific eligibility criteria and terms before applying.

Who is eligible for an Education Loan?
Eligibility criteria for an Education Loan typically includes a person of Indian nationality, aged between 16 and 35 years and a good academic record with completion of 10+2 or an equivalent degree. The loan is applicable for pursuing graduation, postgraduate degrees or professional education diplomas in recognised and accredited institutes in India or overseas. Loan approval is based on pre-admission sanction, entrance exam scores and confirmed admission.

Co-borrowers can include family members like parents, siblings or spouses, while security may involve property, Fixed Deposits or existing ICICI Bank Home Loans for collateral. Specific documentation and proof of income may also be required.

Are property documents required for an Education Loan?
Property documents may be required for an Education Loan if collateral is provided to secure the loan. In cases where the loan amount exceeds a certain threshold, collateral such as property documents may be necessary.

However, it's important to check for specific requirements based on the loan amount and type of collateral, ensuring compliance with documentation needs, leading to a smooth application process.

Is ITR required for an Education Loan?
Yes, Income Tax Returns (ITRs) may be required for an Education Loan, especially as part of the income-proof documentation.

Lenders often request ITRs to assess the financial stability and repayment capacity of the borrower or co-borrower/guarantor. It helps verify the declared income and ensures compliance with the lender's eligibility criteria. While specific requirements may vary depending on the loan amount, having ITRs ready as part of the application process can facilitate a smoother and quicker loan approval process.

When & Where

Address : ICICI Bank Ltd, Shal Tower, Plot 23, New Rohtak Road, Karol Bagh, Delhi 110005
City : Delhi
State : Delhi
Country : India