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    Get Education Loan Up to ₹ 3 Crore

    Dreaming of studying in a top university? It is now easy to make your aspirations come true with ICICI Bank. Focus on your future without worrying about money, thanks to Education Loans of up to ₹3 crore for overseas studies and up to ₹1 crore for courses in India. Our attractive financing rates depend on the existing REPO rate and start from [REPO* + 3.75%(Spread)] onwards. With ICICI Bank by your side, apply online now and take a confident step towards your academic goals.

    Education Loan Interest Rates

    Interest Rates Information

    [REPO* + 3.75%(Spread)] onwards


    For courses in India: Up to ₹ 1 crore
    For courses abroad: Up to ₹ 3 crore

    Unsecured Loan Amount – Up to ₹ 1 Crore 

    Education Loan Eligibility

    Particulars Eligibility

    Nationality

    Indian

    Age

    Minimum - 16 years and Maximum - 35 years

    Academic record

    Proven - good

    Qualification

    Completed 10+2 (12th Standard)/Diploma

    For Pursuing

    Graduation/Postgraduate Degree or a PG Diploma in Professional Education.

    University Applied to

    Listed, Recognised and Accredited Institutes in India and Overseas

    Loan can be sanctioned based on

    • Pre-admission Sanction

    • Entrance exam score like GRE, GMAT etc.

    • 12th/HSC Results

    • Confirmed Admission

    Loan Amount

    • Domestic studies – Up to ₹1 crore

    • International studies – Up to ₹3 crore

    Co-borrower

    Father, Mother, Brother, Sister, Spouse (Husband/Wife), Grandparents, Parents-in-law, Maternal/Paternal Uncle.

    Security

    Property i.e. House or Flat, Fixed Deposit, Existing ICICI Bank Home Loan for cross-collateral.

    Required Documents for Education Loan

    Education Loan Mandatory Documents

    • Duly filled online iLENS application form
    • 2 photographs of passport size
    • Copy of 12th standard mark sheet or latest education certificate
    • Admission letter with cost of education if available
    • Pan Card of the student and Parent/ Guardian

    Residence proof (Any one of the below mentioned)

    • Passport
    • Driving License issued by Regional Transport Authority
    • Voter's Identity Card issued by the Election Commission of India
    • Job card issued by NREGA signed by State Government Officer
    • Letter from National Population Register containing details of name and address
    • Proof of possession of complete AADHAR number/AADHAR Card

     

    Age and Identity proof (Any one of the below mentioned)

    1. Aadhaar Card
    2. Voter ID
    3. Passport
    4. Driving Licence

    Income proof

    List of documents for Salaried:

    1. Most recent salary slips and Form 16 of the parent/ guardian/ co-borrower
    2. Latest 3 months bank statement for non-ICICI Bank customer (Not required for ICICI Bank customer)

    List of documents for Self-Employed:

    1. Updated ITR (Income Tax Return with income computation) of 2 years of parent/co-borrower/guardian

    Note: ICICI Bank reserves the right to call for additional documents at its discretion.

    Read More

     

    How to Apply For Education Loan

    ICICI Bank branch

    ICICI Bank branch

    Visit the nearest ICICI Bank branch, fill the form and get started with your loan approval process.

    Apply online

    Apply online

    Loans offered for: Domestic Institutes/ International Institutes. Courses covered: Under Graduate/ Post Graduate

    VidyaLakshmi portal

    VidyaLakshmi portal

    To apply for Education Loans through the VidyaLakshmi portal, please click here

    Pre-approved Education Loan

    Pre-approved Education Loan

    Existing ICICI Bank customers can check their eligibility for instant sanction of Student Loan without the hassle of any paper work.

    Why to Choose ICICI Bank for Education Loan?

    Special Product offering for Canada, UK and Germany

    Special Product offering
    for Canada, UK & Germany

    No margin for Premium Institutes

    No margin for Premium
    Institutes

    No Branch Visits/ Complete digital Journey

    No Branch Visits/ Complete
    digital Journey

    Pre- admission sanction

    Pre- admission
    sanction

    ENACH

    The NACH e-Mandate system facilitates the issuance and confirmation of mandates made by customers through alternate modes to a paper-based mandate.

    Note: The mandate will be routed by the destination bank, after due authentication, to the sponsor bank or by corporate through their sponsor bank to the destination bank with the attributes of customer authentication depending upon the variant of e-Mandate.

    To create e-mandate, click here.

    To track the status of e-Mandate, click here.

    Education Loan FAQ

    Expand All | Collapse All

    What is the eligibility criteria to apply for an Education Loan?

    For Education Loan Eligibility, Indian citizens must be 16 to 35 years of age with a good academic record and should have completed 10+2 or diploma. If the applicant is enrolled in a recognised institute in India or overseas, loans are sanctioned based on pre-admission, entrance exam scores, 12th/HSC results or confirmed admissions.

    What are the courses for which one can avail an Education Loan?

    Graduate/Postgraduate/Diploma courses in professional education from recognised and accredited institutes in India and overseas.

    Can I avail partial fee as Study Loan?

    Yes, you can avail partial fee as Loan at any point of time during your studies.

    Who can be my co-applicant?

    Parents, brother, sister, spouse, father-in-law, mother-in-law, daughter-in-law, maternal and paternal uncle/aunt and grandparents can be your co-applicant.

    Can I apply for an Education Loan if I do not have a co-applicant with income?

    For postgraduate courses, applicants with 2+ years of experience can apply for a loan with a non-financial co-applicant.

    Will my scholarship be considered as margin money?

    Yes. Scholarship awarded to the applicant from the institute will be considered as margin money.

    How is the interest calculated on my Loan in moratorium period? Simple or compounded?

    Simple Interest will be calculated in moratorium period.

    Can I pre-pay my Loan? What will be the charges for pre-payment?

    Yes, you can pre-pay your Loan any time. There are no charges for pre-payment.

    Can I pre-close my Loan?

    Yes, you can pre-close your Loan any time during the tenure.

    When can I start repaying my Student Loan?

    You can start repaying any time as soon as the Loan starts.

    What are the courses for which I can avail an Education Loan?

    Graduate/Postgraduate/Diploma courses in professional education from recognised and accredited institutes in India and overseas.

    Can I get a 100% Education Loan to study abroad?

    Indeed! You can obtain a 100% Education Loan for studies, including destinations like Canada, provided you meet the eligibility criteria. ICICI Bank provides Education Loans for Canada to cover the cost of education, allowing you to focus on studies, without worrying about financial constraints.

    What is the minimum salary requirement to apply for an Education Loan?

    The minimum salary needed for a Student Loan is dependent on the parent’s or guardian’s regular income. A stable source of income is essential to ensure repayment of the Loan, with conditions varying based on the Loan amount and other factors.

    What are the benefits of taking an Education Loan from ICICI Bank?

    ICICI Bank is one of the leading banks for Education Loans due to its competitive interest rates, generous Loan amounts and flexible repayment plans. ICICI Bank offers a moratorium to ease repayment of the Loan. With Loans available up to ₹3 crore for studies at international universities and up to ₹1 crore for domestic universities, ICICI Bank ensures that financial obstacles do not hinder your ambitions.

    Can I get an Education Loan for professional courses?

    You can apply for a Loan to fund courses such as an MBA or MBBS through ICICI Bank. Education Loans for MBBS are designed to cover your tuition fees and other educational costs, providing you with the support needed to pursue your career, without any monetary concerns.

    Can I avail partial fee as Study Loan?

    Yes, you can avail partial fee as Loan, anytime during your studies.

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