Higher education can be expensive, but that should not stop you from following your dreams. ICICI Bank offers education loans with the financial backing you need, especially if you're targeting premier institutes. One of the most critical aspects when applying for an ICICI Bank education loan is understanding the ICICI Bank education loan college list, as this determines whether you qualify for certain loan benefits.
Let’s walk through the entire process, including the interest rates, repayment options, and college list.
ICICI Bank Education Loan College List
The ICICI Bank education loan college list plays a crucial role in the loan approval process. Admission to a recognized institution from this list may make students eligible for special loan terms, including lower interest rates or collateral-free loans.
Colleges in India
Here’s a look at the premier institutions in India covered under the ICICI Bank Education Loan College List that also require collateral:
- Indian Institutes of Technology (IITs)
- Indian Institutes of Management (IIMs)
- National Institutes of Technology (NITs)
- All India Institute of Medical Sciences (AIIMS)
- Symbiosis International University
- University of Delhi (DU)
Colleges Abroad
For students planning to study internationally, here are some of the top universities in the ICICI Bank Education Loan College List that are eligible for collateral-free loans.
Being admitted to one of these premier institutes allows you to enjoy collateral-free loans and lower interest rates.
How to Check if Your College is Eligible?
If you are unsure if your college is on the ICICI Bank education loan college list, Here’s how you can check.
Online
Visit ICICI Bank’s website and navigate to the education loan section.
Contact the Bank
Reach out to your nearest ICICI Bank branch or customer service for assistance.
Loan Eligibility Tools
Use online calculators or third-party websites to check your eligibility.
If you're applying to international institutions, the Education Loan for Canada blog explains how to verify if your college is eligible under ICICI Bank’s approved list.
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Why Choose ICICI Bank for Education Loans?
ICICI Bank offers education loans with multiple benefits to colleges in its ICICI Bank education loan college list. Here’s why it’s a top choice for students:
One reason many students prefer ICICI is its borrower-friendly Education Loan Moratorium Period, which allows time to start repayment after completing your course.
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ICICI Bank Education Loan Interest Rates
Understanding interest rates is crucial when applying for an education loan for colleges in the ICICI Bank education loan college list. Here’s a breakdown of the ICICI Bank education loan interest rates.
Interest Rates for Education Loans
ICICI Bank offers competitive interest rates, which can vary based on several factors, such as the course of study, the institution(whether it's on the ICICI Bank Education Loan College List or other factors), and the loan amount.
*Note: Collateral is required for loans above Rs. 7.5 Lakhs.
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Factors Affecting Interest Rates
Several factors can influence the interest rates for an ICICI Bank education loan:
1. Type of Institution
Admission to colleges on the ICICI Bank premier institute list often results in more favourable interest rates.
2. Loan Amount
Higher loan amounts, especially for studies abroad, may have slightly higher interest rates.
3. Collateral
If you’re applying for a collateral-free loan for a premier institute, you might receive a lower interest rate compared to loans requiring collateral.
4. Co-applicant's Financial Standing
A co-applicant’s income and credit score can influence the interest rate you receive.
Also Read: Central Bank of India Education Loans Interest Rates in 2025
Interest Rate Comparison Table
Here’s a summary of the typical interest rates for ICICI Bank education loans,
*Note: Collateral is required for loans above Rs. 7.5 Lakhs.
Also read: SBI Education Loan for Abroad 2024: Interest Rates and How to Apply
What Students Are Discussing About Taking an Education Loan from ICICI Bank
Social media platforms like Quora provide first-hand insights into student experiences with education loans from ICICI Bank in India.
A Quora user, Harsha Kasam ·
Studied at Birla Institute of Technology and Science, Pilani – Pilani Campus (Graduated 2019)
Question:
“Is it good to take an education loan from ICICI Bank in India?”
Answer:
“They are the worst. I was promised my loan letter in one week, so I scheduled my VISA appointment accordingly. Even after 20 days, I did not receive the loan letter, and the staff used unparliamentary language when I followed up. Three days before my VISA date, the manager shouted at me and even told me to go to another bank, despite my urgent situation.
Thankfully, I managed to secure a loan from APGVB within three days. ICICI Bank wasted my time and almost jeopardized my future. Interestingly, until the very last day, they assured me that my loan would be approved. But just a day before my VISA interview, they called and rejected it due to ‘huge EMIs,’ even though I had none. WORST MANAGEMENT EVER.”
Insights
- ICICI Bank has been criticized for poor customer service and delayed loan processing.
- False assurances from bank staff can cause students to miss critical deadlines like VISA appointments.
- Some students have found better experiences with smaller banks or regional banks compared to ICICI.
Pro Tip
Always start your education loan process early and keep backup options with other banks. For overseas studies, ensure you have at least two banks processing your application in parallel to avoid last-minute rejections.
Repayment of ICICI Bank Education Loans
Repayment is another key aspect of the loan process. ICICI Bank offers flexible repayment options to help you manage your finances after completing your studies.
Flexible Repayment Options
Moratorium Period
You don’t have to start repaying the loan immediately. ICICI Bank provides a moratorium period, which is typically 6 months to 1 year after course completion or when you secure a job.
EMI Payment
The equated monthly instalment (EMI) starts after the moratorium period, giving you time to adjust post-graduation. You can choose tenures that range from 5 to 10 years for repayment.
Interest During the Study Period
Simple Interest Payment
You have the option to pay only the simple interest on the loan during the study period. This helps reduce the overall cost of the loan.
Compound Interest Option
If you prefer, the interest can be compounded and added to the principal, which is then repaid after the moratorium period.
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Eligibility Criteria for ICICI Bank Education Loans
Before applying for an ICICI Bank education loan for colleges in icici bank education loan college list or any other college, it’s essential to understand the eligibility criteria. Here’s a quick overview:
To know if you qualify, start with the Education Loan Eligibility and Application Process, which outlines the academic and financial standards followed by lenders like ICICI Ban
Documents Required for ICICI Bank Education Loans
Here’s a checklist of documents you’ll need to apply for an ICICI Bank education loan.
ICICI Bank Education Loan Process
Understanding the application process can help streamline your experience for your plans to join any college on the ICICI Bank Education Loan College List. Here’s a step-by-step guide.
1. Research and Plan
- Review the ICICI Bank education loan offerings and determine the loan amount you need based on your college’s cost.
2. Prepare Documents
- Gather all the required documents mentioned above.
3. Apply Online or Visit a Branch
- Submit your application online through ICICI Bank’s website or visit the nearest branch.
4. Loan Processing
- ICICI Bank will review your application and documents and may conduct an interview or request additional information.
5. Approval and Disbursement
- Once approved, the loan amount will be disbursed directly to your college or per the bank’s guidelines.
5. Repayment Schedule
- Review and agree on the repayment terms, including the moratorium period and EMI schedules.
Want to learn more about the student loan application process for the UG program in India? Read our blog on Apply for a Student Loan for a UG Program in India.
Top 5 ICICI Bank Premier Institute List
The QS World University Rankings assess universities based on reputation, student-teacher ratio, research impact, and international outlook. These rankings are a popular resource for students choosing institutions.
The top 5 universities in ICICI Bank's premier institute list globally include.
- MIT (USA)
- University of Oxford (UK)
- Stanford University (USA)
- University of Cambridge (UK)
- Harvard University (USA)
ICICI Bank’s education loan college list covers these and other ICICI Bank premier institute lists, helping students finance their education without undue stress. The bank also offers government-backed subsidy schemes and competitive interest rates.
Tips for a Successful Loan Application
To enhance your chances of loan approval for your college in the icici Bank education loan college list or any other college, consider these tips.
1. Maintain a Good Credit Score
A higher credit score can improve your loan terms.
2. Choose a Recognised College
Enrolment in a college from the ICICI Bank education loan college list can increase your chances of obtaining favourable loan terms.
3. Provide Accurate Information
Ensure all details and documents are accurate and complete to avoid delays.
4. Prepare a Strong Co-Applicant Profile
A stable financial profile of the co-applicant can positively impact your loan application.
Pursuing higher education is a considerable investment, and ICICI Bank’s education loans provide a robust solution to support your academic goals. With competitive interest rates, flexible repayment options, and coverage for a wide range of expenses, ICICI Bank is a strong choice for students. Understanding the ICICI Bank education loan college list is essential for securing the best loan terms, including potential benefits such as collateral-free loans.
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