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Fund Your Education Goals with ICICI Education Loan
ICICI Bank understands the career aspirations that students have and also the financial struggle associated with it. This is why it offers many ICICI education loan schemes to help students cover extensive education expenses. The bank offers student loans at affordable interest to help students save more, with fewer eligibility criteria and the best features.
Overview of ICICI Bank Education Loan
ICICI Bank is one of India's top private-sector banks. It is known that, given the extensive expense of education, pursuing a higher degree can be highly costly. The ICICI Bank offers financial assistance to students who seek to pursue higher education both in India and abroad.
Up to ₹2 cr in student loans are available from ICICI Bank at competitive interest rates. The application process for an education loan from ICICI Bank is also quick and straightforward.
ICICI Education Loan University List
ICICI offers student loans for bank-approved universities, colleges, and institutes. This is one of the main eligibility criteria for an ICICI education loan. ICICI Bank has classified the top educational institutions into A1, A2, A3, and A4 categories based on the desired university and chosen course. Here is a thorough ICICI Bank education loan college list based on the categorisation:
- A1: These universities have a stellar reputation and are regarded as elite. ICICI offers 100% financing for these institutions and eliminates the need for margin money.
- A2: Institutions in the A2 category are highly esteemed. However, they might not be at the very top. A 5% margin is applied to universities that are rated as A2.
- A3: These institutes provide high-quality education and are well-known. In order to get admitted to A3 institutions, applicants must keep a 15% margin.
- A4: Colleges on the A4 list are reputed and offer quality education. There is still a 15% margin requirement for these institutes.
ICICI Education Loan Interest Rate and Features
Before applying for a student loan, know the ICICI education loan interest rate and features:
Key Features of ICICI Educational Loan for Abroad Studies
Here are the key ICICI Abroad education loan features that make ICICI stand out for abroad studies:
Key Features of ICICI Educational Loan for Studies in India
Consider the following features of ICICI Bank education loan when applying for a student loan:
Benefits of ICICI Education Loan
With its flexible repayment choices and affordable interest rate, ICICI student loan enables students to invest in their future without worries. Here are all the benefits that ICICI education loan offers students:
- Pre-Approved Instant Sanction: ICICI Bank understands the urgency of an education loan. This is why the bank provides pre-approved rapid sanction letters.
- Loan Amount Without Collateral: ICICI education loan without collateral allows the students to fulfil their education goals without collateral. It offers an education loan without collateral of up to ₹50 lakhs.
- Wide range of Loan Amounts: ICICI Bank meets your financial demands whether you are looking for a domestic or an ICICI overseas school loan.
Eligibility for ICICI Education Loan
You have to fulfil the following criteria to get an ICICI Education Loan:
- Nationality: Indian
- Age: Minimum 16 and maximum 35 years
- Academic record: Proven - good
- Qualification: Completed 12th Standard/Diploma
- Course: Graduation /Postgraduate/PG diploma
- Universities: Listed and Accredited Institutes in India and Overseas
- Loan Amount: Up to ₹1 crore for domestic and Up to ₹2 crore International
- Co-borrower: Father, Mother, Brother, Sister, Parents in law, Spouse (Husband/Wife), Grand Parents, Maternal/Paternal Uncle.
- Security: House, Flat, FD, Existing ICICI Bank Home Loan for cross collateral.
Documents Required for ICICI Education Loan
To guarantee an easy and quick application procedure, getting an ICICI Education Loan requires presenting a thorough collection of documentation. The following required documents must be provided in order to begin your path towards achieving your academic goals:
Academic Records
- 10th Mark sheet
- 12th Mark sheet
- Graduation results (semester-wise)
Admission Proof
- Acceptance/admission letter
- Breakdown of your education costs
Identity Documents
- PAN card
- Aadhaar card
- Voter ID
Residence Proof
- Electricity bill
- Water Bill
- Aadhaar
- Voter ID
Co-applicant Relationship Proof
- Proof of your relation with co-applicant (marriage or birth certificate, for example)
Income Proof
- Form 16
- Paychecks for co-applicants who are salaried
- Income Tax Returns (ITRs)
- IT assessment orders for the last two years
Margin Proof
- Proof of the margin money
ICICI Bank Education Loan Fees and Charges
You must consider these charges and fees of ICICI Education Loan before applying for a student loan:
Expenses Covered by ICICI Bank Education Loan Schemes
The education loan schemes offered by ICICI Bank are intended to provide students going to college with all-inclusive financial assistance. These loans are offered to help with various academic-related costs so that financial concerns don't get in the way of your academic aspirations. Here's a breakdown of the expenses covered under ICICI Bank's education loan schemes:
- Tuition fees and living expenses
- Hostel fees and travel expenses
- Examination, laboratory, and library fees
- Books, uniforms, equipment, and instruments
- Laptop or computer if vital to completing the course
- Passage money for overseas studies
- Insurance premium for student borrowers
- Refundable deposits supported by institution bills
- Receipts along with building funds
- Study tour, thesis, and project work
Courses Covered by ICICI Education Loan
The Education Loan programme offered by ICICI Bank is intended to assist a broad range of academic pursuits, serving students with various educational objectives in India and overseas. The thorough coverage guarantees that students may take the courses they choose without worrying about money. Here's an overview of the courses covered:
Studies in India
An extensive range of Indian courses are covered by ICICI Bank's education loans, including:
- Graduation courses: Popular undergraduate degrees that provide a strong basis for further study and professional opportunities include the BA, B.Com, B.Sc., and other programs of a similar kind.
- Post-Graduation courses: The loan supports students' search for specialised knowledge and research possibilities by covering advanced courses, such as Master's and PhD programs.
- Professional courses: Understanding the value of professional learning, ICICI Bank offers courses in engineering, medicine, agriculture, veterinary, law, dental, management, computer science, ICWA, CA, CFA, and more. This also includes courses offered by prestigious institutions like IIM, IIT, IISc, XLRI, and NIFT.
Studies Abroad
Students hoping to study abroad are covered by ICICI Bank for education loans in the following areas:
- Graduation courses: The loan facilitates career-oriented professional and technical courses provided by reputable institutions all around the globe, enabling students to acquire knowledge and experience abroad.
- Post-graduation courses: Covered are advanced degrees like MCA, MBA, MS, and other comparable programs that let students improve their credentials internationally.
- Professional courses: The loan also covers globally renowned professional courses offered by organisations like CIMA (London) and CPA (USA).
What is the Application Process for an ICICI Education Loan?
ICICI Bank allows students to apply for the education both online and offline.
Offline Student Loan Application Process
- Step 1: Visit the ICICI Bank branch nearest to you.
- Step 2: Talk to the student loan officer and confirm your eligibility.
- Step 3: Bring the mentioned list of documents when you visit the bank.
- Step 4: To obtain your student loan, follow the directions provided by the ICICI Bank loan officer.
- Step 5: Once you submit all the documents for a student loan, wait for the approval.
Online Student Loan Application Process
- Step 1: Go to the ICICI Education Loan page and choose 'Apply Now'.
- Step 2: Declare whether you are transferring an existing education loan or applying for a new one.
- Step 3: Provide your residency address as precisely as possible. This will help to establish your eligibility and loan conditions.
- Step 4: Enter your personal information, PAN, name, phone number, and address.
- Step 5: Go over the ICICI Education Loan Terms & Conditions very carefully and indicate your approval to go on.
- Step 7: To send in your application, click "Proceed" after entering all required information and agreeing to the Terms & Conditions.
- Step 8: Representatives from ICICI Bank will get in touch with you once your application is approved.
Why and How to Transfer Your Education Loan to ICICI Bank?
You can move your education loan to ICICI Bank due to their excellent service quality. This is an instruction manual for making this change:
- Gather Information and Request a Callback: Start by collecting all the necessary information about your pending loan amount from your current bank. This covers the remaining tenure, the outstanding balance, and any other pertinent information.
- Visit the ICICI Bank Website: Once you have this information, go to the ICICI Bank website or call their customer care.
- Consultation with a Financial Officer: Your callback request will be sent to a financial officer of ICICI Bank. They will want to know the particulars of your current loan during this session. Provide information like the interest rate, remaining term, and amount of the loan as it is now.
- Check Your Qualification: Using this information, the officer will determine whether you qualify for a loan transfer and provide a thorough list of the needed paperwork.
- Document Submission and Loan Transfer: ICICI Bank will examine your application and handle the loan transfer after you have sent them all the necessary documentation. If approved, ICICI Bank will clear off your outstanding dues with your previous bank.
ICICI Bank Loan Margin Calculation
Like other lenders, ICICI Bank demands borrowers to set aside a portion of the whole sum required for their education. This percentage is referred to as the loan margin or margin money.
ICICI Bank's margin money requirement applies only to loans exceeding ₹20 lakhs. The category of the university you want to attend determines the precise percentage. Your financial advisor can provide more specific details based on your individual circumstances.
Government Subsidy Schemes
The Indian government has put in place a number of subsidy programs to help students from other backward classes (OBCs) and economically weaker sections (EWSs) pursue higher education. By covering the interest during the moratorium period, which usually lasts the length of the course plus one year or six months after finding work, whichever comes first, these programs seek to lessen the financial burden of school loans. Let's explore the key features of these beneficial schemes:
Central Sector Interest Subsidy Scheme (CSIS)
This program is meant to help students from less fortunate backgrounds have access to high-quality education. Key features include:
- Only EWS students with yearly family incomes up to ₹4.5 lakhs are eligible.
- It addresses technical and professional courses offered in India in disciplines like engineering, medicine, law, and other accredited programs.
- The loan amount can be up to ₹7.5 lakhs.
- The government pays the loan interest while it is under moratorium.
Ambedkar Central Sector Scheme of Interest Subsidy on Educational Loan for Overseas Studies (OBCS & EBCS)
This scheme focuses on supporting students from OBCs and EBCs pursuing education abroad. The main features of this subsidy scheme are as follows:
- It is accessible to OBC and EBC students whose parents earn up to ₹2.5 lakhs a year.
- Technical and professional studies abroad are covered under the program.
- The government covers the interest on the loan during the moratorium period.
Credit Guarantee Fund Scheme for Educational Loans (CGFSEL) and Credit Guarantee Fund Scheme for Skill Development (CGFSSD)
These programmes provide students from OBCs and EWS extra help:
- The programmes include professional and technical courses taken both domestically and internationally.
- Loan sums that qualify might be as high as ₹7.5 lakhs.
ICICI Bank Education Loan Repayment Process
Students who take up an ICICI bank education loan have an 8 to 12-year post-moratorium to repay the amount. During the moratorium, the full amount of simple interest is levied.
- Select the Bank: Visit the website to start the repayment procedure, then choose ICICI Bank from the list of banks that provide education loans.
- Provide Your Loan Details: You have to provide your loan details after choosing ICICI Bank. Next, enter the amount you wish to pay in the "Amount Payable" field. Once this information is verified, click "Pay Now."
- Confirm Payment: You'll now need to use your Internet Banking credentials to verify your payment. You'll have the chance to check and verify the payment amount after logging in.
- Receive Online Confirmation: After successful completion of the payment, you'll receive an instant confirmation of the transaction. Your communication settings with ICICI Bank will determine whether you get this confirmation via email or SMS. Your receipt and documentation of payment for your records are provided via this instant communication.
Empowering Your Education: Propelld's Innovative Financing Solutions
A renowned university accepting your admission is evidence of your commitment and intellectual ability. However, Propelld understands that along with this remarkable achievement comes significant financial responsibilities.
Our dedication is to ease these difficulties by providing customised financial solutions made especially to pay for your education. With Propelld, you have a partner committed to your academic achievement in addition to a loan. Here's what we offer:
- Private Student Loans: Numerous private student loans from Propelld pay for all of your program-related educational costs. Our loans cover everything from living expenses to tuition so you can concentrate on your education worry-free.
- Seamless Digital Loan Process: We recognize the pressures of your demanding academic schedule. That's the reason our lending procedure is fully digital, doing away with laborious paperwork and time-consuming documents.
- Flexible Repayment with Moratorium Period: Propelld believes in supporting your journey from education to employment. You only begin repaying our loans after you get a job since they have a moratorium period.
