ICICI Bank Education Loan for Higher Studies (India & Abroad)
ICICI Bank Education Loan for Higher Studies (India & Abroad)
Empower your ambitions with an education loan of up to 3cr from ICICI Bank.
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Overview
ICICI Bank offers education loans to help students finance higher education in India and abroad. These loans can cover the major expenses associated with academic programs including tuition fees, accommodation costs, books, equipment, travel expenses and insurance.
ICICI provides both secured and unsecured education loans, allowing students admitted to recognised universities worldwide to access funding based on their eligibility and financial profile. The loan application process can be completed digitally with document verification and approval processes managed through the bank's loan team.
- Loan amount up to ₹3 crore for overseas education
- Unsecured education loans available up to ₹1 crore
- Repayment tenure up to 15 years
- Moratorium period during course duration
- Loans available for undergraduate, postgraduate and professional courses.
- Quick digital application and processing
- Coverage of tuition fees, accommodation and other academic costs
- Option to start partial interest payments during the study period
- Tax benefit available on interest payments under Section 80E
Applicants typically need to meet the following conditions:
- Applicant must be an Indian citizen
- Must have secured confirmed admission to a recognised university
- Completion of 10+2 or equivalent qualification
- A co-applicant (usually parent or guardian) is required
- Co-applicant must demonstrate repayment capacity
- Applicant should have satisfactory academic background
- Loan amount eligibility depends on university ranking, course type, borrower and co-applicant financial profile, collateral availability and other factors each bank may apply during the eligibility check.
Interest Rate
Interest rates depend on multiple factors including:
- Loan amount
- University ranking
- Course type
- Collateral availability
- borrower and co-borrower financial profile
Interest rates are typically linked to the Repo Rate plus a margin determined by the bank.
Processing Fee
- Around 0.5% – 1% of the loan amount
- GST applicable
- Minimum processing fee may apply.
Other Charges
- Property valuation charges (if collateral provided)
- Legal verification charges
- Insurance premium (if applicable)
Maximum Amount for Overseas Study
- Secured education loan: Up to ₹3 crore
- Unsecured education loan: Up to ₹1 crore
- Actual loan eligibility depends on:
- University ranking
- Course type
- Borrower and co-applicant financial profile
- Collateral availability
Interest Rate Starts for Overseas Education
- Interest rates are typically Repo Linked Lending Rate (RLLR) + spread
- Indicative starting interest rates:
- ~9% p.a. for secured loans
- ~10.25% p.a. onwards for unsecured loans
Interest rates vary depending on:
- Loan amount
- University category
- Course
- Applicant credit profile
- Collateral provided
Maximum Amount for Domestic Education Loan
- Loans up to ₹1 crore
- Higher loan limits may be considered for premier institutions.
Interest Rate Starts for Domestic Education Loan
- Approximately 8.5% – 9.75% per annum
- Rate depends on:
- Institution category
- Course
- Co-applicant income
- Credit history
Student Documents
- Admission letter from university
- Academic transcripts and certificates
- Entrance exam scores (IELTS / TOEFL / GRE / GMAT etc.)
- Passport copy
- Cost of education statement issued by the institution
Co-Applicant Documents
- Identity proof (Aadhaar / PAN / Passport)
- Address proof
- Income proof (salary slips or income tax returns)
- Bank statements
Collateral Documents (if applicable)
- Property ownership documents
- Legal verification reports
- Valuation documents
- MITC Most Important Terms and Conditions
- Loan approval is subject to credit evaluation and bank policies
- Collateral may be required for higher loan amounts
- Interest may accrue during the moratorium period
- Repayment tenure can extend up to 15 years
- Margin requirements may apply depending on the loan amount
- Processing fees and applicable charges must be paid before loan disbursement
- Prepayment may be allowed according to bank guidelines
- Loan disbursement is made directly to the educational institution
Education loans from ICICI Bank may cover the following expenses:
- Tuition fees
- Accommodation or hostel charges
- Examination and library fees
- Books and study materials
- Laptop purchase if required by the course
- Travel expenses for overseas education
- Health insurance required by the university
Students may also benefit from tax deductions under Section 80E on interest paid on education loans.
Get Your Education Loan in 3 Easy Steps
Mysto has simplified the education loan application process with a quick and secure process. You can apply to multiple banks in three easy steps and get the best benefits.
Create Dashboard & Submit Applications
Get Approvals Within 2 to 7 days
Sign Agreements & Get Funds
Create Dashboard & Submit Applications
Get Approvals Within 2 to 7 days
Sign Agreements & Get Funds
MyStudyOffers Financial Product Disclaimer
Loan terms, interest rates, and eligibility criteria are determined by the respective financial institutions and may change without notice; MyStudyOffers provides information for guidance only and does not guarantee loan approval.
Education Loan Transparency Notice:
MyStudyOffers provides information and connects students with financial institutions offering education loans. Loan approval, interest rates, and terms are determined solely by the respective lender and may change without notice.
Information Source
Source: Official website of the respective financial institution and publicly available lender documentation.
Frequently Asked Questions
Discover answers to commonly asked questions by students on education loans and its processes.
Yes, you can apply for a Pre-admission Sanction Letter, which helps in securing admission and visa approvals.
You can get a collateral-free loan of up to ₹1 crore, depending on eligibility and university ranking.
ICICI Bank offers multiple repayment options , including Full Moratorium, PSI, SI, and Direct EMI. You can choose based on your financial situation.
Yes, a co-applicant (parent/guardian/spouse/sibling) is generally required to strengthen your loan application and repayment assurance.
The loan processing time varies but is usually quick and hassle-free with minimal documentation, subject to eligibility verification.
