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ICICI Education Loan is designed to help students pursue their academic dreams without financial stress. With competitive interest rates, flexible repayment options, and minimal eligibility requirements, ICICI Bank offers education loan schemes that cover all major academic expenses Compare features, understand true APR costs, and see how Propelld’s 100% digital process stacks up against traditional lenders.
ICICI Bank Education Loan Interest Rate
Before applying for a student loan, know the ICICI education loan interest rate and features:
Always check whether the quoted rate is on a reducing balance or flat basis, as this affects your total interest payout.
ICICI Bank Education Loan Fees and Charges
You must consider these charges and fees of ICICI Education Loan before applying for a student loan:
These fees increase your total annual cost of credit (APR). Compare full transparency across lenders before applying.
Fund College Fees + Living Expenses
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
The Expenses Covered by ICICI Bank Education Loan Schemes typically include tuition, exam fees, accommodation, and other academic costs—similar to standard engineering loan coverage.
Unlike banks that require up to 15% margin money, some NBFCs like Propelld offer 0% margin with full fee coverage.
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 classifies institutions from A1–A4. A1 offers full coverage; A3–A4 may require up to 15% contribution.
Dream College? We’ll Fund It
Work Experience-Based Education Loan ICICI Bank
ICICI Bank offers a specialized education loan for professionals planning to study abroad after gaining work experience. This scheme is ideal for applicants with at least two years of professional experience and a minimum salary of ₹35,000 (subject to loan amount and profile).
Key highlights:
- No financial co-applicant required.
- Applicable only for institutes under ICICI Bank’s A1 or A2 category list.
- Applicants must create a Fixed Deposit (FD) equal to the simple interest for the moratorium period, which serves as security.
- No payments are required during the moratorium; the FD continues to earn interest and is released after loan repayment.
ICICI Abroad Education Loan Key Features
Here are the key ICICI Abroad education loan features that make ICICI stand out for abroad studies:
ICICI Education Loan for India Key Features
Consider the following features of ICICI Bank education loan when applying for a student loan:
The Key Features of ICICI Educational Loan for Abroad Studies include quick disbursal, higher loan limits, and competitive interest rates tailored for students heading to destinations like Canada.
ICICI Bank Education Loan Eligibility
You have to fulfil the following criteria to get an ICICI Education Loan:
- Indian citizen, aged 16–35 years.
- Completed 10+2 or recognized diploma.
- Confirmed admission to a recognized undergraduate, postgraduate, or diploma course in India or abroad.
- Acceptable entrance exam scores, if required for the institution.
- A co-borrower, such as a parent, sibling, or spouse, is required.
- For larger loan amounts, collateral may be necessary.
- Good academic record and stable co-borrower income improve approval chances
For students without traditional income proofs (e.g., self-employed or informal sector families), NBFCs like Propelld assess creditworthiness using alternate data and academic performance.
ICICI Bank Education Loan Application Process
Students can apply for an ICICI Bank education loan by following the steps outlined below.
Documents Required for ICICI Education Loan
Here are the main documents required for an ICICI Bank education loan application:
- Completed loan application form.
- Recent passport-size photographs of the applicant and co-applicant.
- Proof of identity: Aadhaar Card, Passport, PAN Card, Voter ID, or Driving License for both applicant and co-applicant.
- Proof of residence: Utility bill, rental agreement, or address on Aadhaar/driving license.
- Academic records: 10th, 12th, and latest mark sheets, degree certificates, and entrance exam scorecards if applicable.
- Admission letter or offer letter with cost structure from the educational institution.
- Income proof of co-applicant/guarantor: Salary slips, bank statements, Form 16, or IT Returns.
- Collateral documents: Property deed, fixed deposit receipt, or other security papers (if the loan is secured).
- Other supporting documents as requested by the bank, such as gap certificate or scholarship letter.
Managing Rising Interest Rates on Education Loans
On Reddit’s r/personalfinanceindia, a borrower shared their struggle with rising loan costs: “I took an education loan of ₹15 lakh from ICICI Bank at 10.99%. Over time, the rate climbed to 13.49%. Even though I started paying ₹15,000 during my studies and later increased it to ₹25,000, the rising interest is eating into my repayment plan.” Now, with a better-paying job, the borrower was unsure whether to:
- Increase the EMI to ₹60,000 to reduce overall interest, or
- Continue ₹25,000 payments for a few months and then make a lump-sum prepayment.
This highlights two key realities of education loans in India:
- Floating Interest Rates: They can rise unexpectedly, making repayments harder to plan.
- Repayment Strategy Matters: Choosing between higher EMIs and lump-sum prepayments can impact total interest paid.
Expert Insight:
Borrowers should review prepayment terms, compare EMI and lump-sum outcomes using an EMI calculator, balance cash flow, and consider refinancing if lower rates are available. Aligning repayments with income growth helps manage rate hikes and reduce long-term financial stress.
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.
People Also Ask
Q. Why and How to Transfer Your Education Loan to ICICI Bank
A. Transferring your education loan to ICICI Bank can help you save on interest and enjoy flexible repayment options. Apply for a balance transfer by submitting your existing loan details and documents; once approved, ICICI Bank settles your old loan and starts the new one under better terms.
ICICI 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.
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.
Choosing the right student loan can shape your academic path. ICICI Education Loan offers competitive rates, flexible repayment, and coverage for studies in India or abroad. For faster, hassle-free funding, Propelld Education Loans provide 100% digital, collateral-free approvals—helping you focus on your studies, not the paperwork. Compare both and choose the partner that best supports your academic goals.
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