Over the years, ICICI Bank has invested time and resources to set up appropriate systems, processes, and know-how related to the education industry and has numerous databases on the education sector. Get an ICICI Bank education loan that’s tailored to your requirements today!
Loan Margin: NIL
Processing Fees: 1.0% of Loan Amount
ICICI Bank offers education loans for students wishing to study abroad. What distinguishes ICICI Bank is its personalised education loan options that take into account the applicant’s course and country preferences. Students who want to study in the country or abroad can get an education loan from ICICI Ban that offers income tax advantages under Section 80E of the Income Tax Act. You can borrow up to 100% of your educational expenditures.
ICICI Bank acknowledges that the work we do at Wecare Capital is consistent with the company’s mission and objectives. The collaboration between ICICI Bank and Wecare Capital is a new ray of hope for students looking for low-cost education loans to study abroad as soon as possible and in the most convenient way imaginable.
Features Of ICICI Bank Abroad Education Loan
| Features | Education Loan Details |
|---|---|
| Loan amount | Upto ₹1.0 cr (Without Collateral)
Upto 2.0 Crore. (With Collateral) |
| Margin money | Nil |
| Interest rate |
Interest rates are linked with Repo rate. |
| Processing fee | 1.0% |
| Processing time | 10 Working Days |
| Loan tenure | 15 Years |
| Prepayment charges | Nil |
| Repayment holiday | Interest to be paid during the moratorium period. EMI starts after the completion of the course + 1 year* |
| Countries covered | ICICI Bank offers abroad education loans to study in all prominent countries across the world including the USA, Canada, the UK, Germany, Australia, Singapore, France, etc |
| Payment study period | Yes, simple interest.
For selected good profile, partial interest repayment available. |
Benefits of ICICI Bank Abroad Education Loan
No Margin Money
You would not have to fund any part of the entire cost of your study overseas since ICICI education loans have no margin money requirement. ICICI education loans cover all of the costs of studying abroad, including tuition and living fees, as well as a caution deposit/building fund/flight cost.
Customization Options
ICICI Bank Education Loans are distinguished by the fact that they provide students with tailored loan options based on their selected course or country. These adjustments also allow for flexible repayment choices, simple interest, partial interest, or EMI. You can get in touch with Wecare Capital to learn more about the customizing options available. We will make every effort to fulfill all your dreams of studying abroad.
Expedited Approval In Emergency Cases
Assistance During Loan Disbursements
Pre-Visa Loan Disbursement
In some countries, loan disbursement must occur prior to the issuance of a visa. Wecare Capital will make certain that students receive their funds in a timely manner. We will obtain all essential clearances ahead of time so that you do not need to be concerned about your funds or visa.
Flexibility For Co-Borrower
In comparison to other education loans, the ICICI Bank Education Loan offers personalised repayment alternatives for the co-borrower and places fewer limits on who the co-borrower might be. If your parent or a relative works overseas, for example, he or she might be a co-borrower/guarantor. He or she must have an NRI account and, most significantly, the collateral must be in India for him or her to be the co-borrower/guarantor. In both circumstances, you’ll need an extra co-borrower.
Income Tax Benefits
If you take up an ICICI Education Loan, you will be eligible for tax benefits under section 80-E of the Income Tax Act on the interest you pay for the loan.
ICICI Bank Education Loans are beneficial not only for students but also for their parents. Let us see some of the prime benefits.
Benefits for Students
- Approval Prior to Admission: Get an ICICI Education Loan approval letter from ICICI prior to admission so you don’t have to downsize your dreams!
- Funding Sources for USA I-20: ICICI Education Loan acceptance letter demonstrates reliable sources of cash for obtaining I-20s from US universities or visas for a variety of nations.
- Complete Cost Coverage: ICICI supports the complete cost of your education, including living expenses and all other charges, easing your financial problems.
- Special Product :- Unique offering for Canada, UK, and Germany.
Benefits for Parents
- Tax Benefits: ICICI Education Loans provide income tax benefits under Section 80E of the Income Tax Act of India.
- ICICI is a reliable company: ICICI Baks is well-known brand recognised even Internationally.
- Loans of up to 100% of educational expenses are available: There is no need for margin money. You do not have to sacrifice your child’s education quality because of increased payments.
- Convenience: Education Loans are delivered to your door, eliminating the need to visit bank locations many times.
- Flexibility: Flexibility in terms of collateral security. There are longer and more flexible repayment alternatives available.
Benefits Of Getting Your ICICI Bank Abroad Education Loan Through Wecare Capital
Higher Chance Of Approval
By applying for your education loan through Wecare Capital, you are increasing your chances of approval. Generally, banks dismiss applications if they find any missing documents, property issues, or any other problem. With Wecare Capital, we will immediately reach out to ICICI Bank officials and find the best solution.
Online Submission Of Documents
With Wecare Capital, you can submit all the required documents from home! There won’t be any need to visit the branch. Simply head over to our website and submit all the documents there. There won’t be a possibility of not submitting an essential document, as our system is designed to ensure all essential documents are submitted.
No Cost To You
Quicker Sanctions
Eligibility Criteria For ICICI Bank Abroad Education Loan
You are eligible to apply for the ICICI Bank student loan only if you’ve met the following requirements:
| Type | Requirement |
|---|---|
| Eligibility Criteria For ICICI Bank Education Loan | You are eligible to apply for the ICICI student loan only if you’ve met the following requirements:
For the borrower - 1. The student applying for the Education Loan should be an Indian citizen, 18 years old or above. 2.The student should be enrolled in a recognised institution as a full-time student. 3. An earning co-borrower in India should co-sign the Education Loan. For the co-borrower - 1. Co-borrowers are required to have a bank account in India. Co-applicant(s) must be Indian citizens. 2. Co-applicant need to show proof of earning based in India. A co-applicant can be any of the following relatives - Father / Mother / Brother / Sister (married) /Spouse/ Father-in-law/ Mother-in-law/ Sister-in-law/ Brother-in-law/ Maternal or Paternal Uncle or Aunt/ Grandparents. |
| Eligible Courses | All full-time courses from recognized colleges and universities in all major countries like the USA, the UK, Canada, Singapore, Australia, Germany, France, etc. |
| Eligible Countries | ICICI Bank offers abroad education loans to study in over 35+ different countries across the world including the USA, Canada, the UK, Germany, Australia, Singapore, France, etc. |
Documents Required for ICICI Bank Abroad Education Loan
Below are the documents required for ICICI Education Loan
| Type | Documents Required |
|---|---|
| Identity Details | 1. Permanent Account Number (PAN) Card 2. Voter’s ID Card 3. Passport 4. Driving License 5. Aadhaar Card |
| Academic Documents | 1. Marksheet of 10th and 12th Exam 2. Marksheet/Certificate of Subsequent Years of Education e.g. BE, BCom, BSc, BTech, etc. 3. Marksheet of Any Entrance Exam Taken e.g. SAT, CAT, GRE, GMAT, IELTS, TOEFL, etc. (If applicable) 4. Scholarship Documents (if applicable) |
| Financial Documents | Most recent salary slips and Form 16 of the parent/ guardian/ co-borrower
) Latest 3 months bank statement for non-ICICI Bank customer (Not required for ICICI Bank customer) Updated ITR (Income Tax Return with income computation) of 2 years of parent/co-borrower/guardian. |
Loan Repayment For ICICI Bank
- Loan interest repayment will begin immediately upon the disbursement of the ICICI Education Loans’ first instalment.
- The duration of an education loan is made up of the duration of the study + the grace period after the study + the repayment period.
- The highest tenure offered by ICICI Bank is 15 years.
- The loan tenure, however, is subject to considerations such as the customer’s repayment capacity, the course’s future prospects, the age of the co-applicant, and so on, as well as ICICI Bank credit and underwriting norms as they apply from time to time. However, ICICI Bank would make every effort to tailor the payback time to your needs.
- The monthly repayment amount will be debited from the borrower’s/co-bank borrower’s account via the Electronic Clearing System (ECS)
How To Apply For ICICI Bank Abroad Education Loan?
- You can submit an online application or get in touch with one of our expert education loan counsellors to schedule a callback. Our counsellors can assist you in obtaining an ICICI student loan with or without collateral, depending on your needs.
- After you’ve submitted your profile information, our specialists will carefully review it and, based on your eligibility, recommend the following course of action to you.
- Wecare Capital enables students to upload documents digitally, sparing you the trouble of having to present your documents at the bank and allowing you to do it from the convenience of your home.
Frequently Asked Questions
Yes, the ICICI Banks education loan covers the entire cost of your international education.
Interest rates are linked with Repo rate.
The duration of the payback periods is often determined by the bank’s assessment of the student’s projected earning capacity and the risks associated with extending a certain loan. ICICI Bank Education loan repayment starts as soon as they land a job. At the beginning of their professions, however, they can find higher EMIs (caused by shorter repayment periods), particularly difficult. In order to assist with a seamless transfer for students from the campus to the workplace, ICICI Banks provides extended tenure. By doing this, individuals can begin their working careers with good credit histories that will enable them to obtain additional loans in the future.
