ICICI Education Loan Eligibility For Abroad

There are a few eligibility criteria for ICICI Bank that you must fulfill to ensure that you can get approval for your abroad education loan. The eligibility requirements are -

• Must be an Indian citizen.
• The target university or college to which you are admitted must be from the list approved by ICICI Bank.
• The co-applicant must be one of these only - Father, Mother, Brother, Sister, Spouse (Husband/Wife), and Maternal/Paternal Uncle.
• Applicant's age must be between 16 - 35 years.

Work Experience-Based Education Loan ICICI Bank

Apart from providing normal abroad education loans, there is a unique product that is only provided by ICICI Bank. This product is best for those individuals that have work experience and after working for several years want to go abroad to pursue higher education. A few of the aspects of this experience-based product by ICICI Bank are -

• This is best for those individuals that have a minimum of 3 years or more of professional experience.
• You do not need a co-applicant for this loan product.
• You should have a minimum salary of 35,000 INR but this will differ as per the loan amount required.
• This scheme is only applicable to those universities/colleges that fall in either A1 or A2 category of the approved institute list by ICICI Bank.
• You do not have to pay any amount during your moratorium period although you need to make it as FD as a security. The main benefit of this is that you will get regular interest on the same and you will get the locked amount in FD after the repayment period.

 

Note:Applicant needs to make a Fixed Deposit (FD) of an amount equivalent to the simple interest to be paid during the moratorium period with the ICICI Bank as security.

 

Calculate your EMI with ICICI Education Loan Calculator. 

Expenses Covered by ICICI Bank Education Loan Scheme

ICICI education loan covers lot of expenses that are required in order to pursue your abroad education. These expenses are - 

• Tuition Fees: Costs associated with course fees at the educational institution.
• Accommodation: Expenses for on-campus or off-campus housing.
• Travel Expenses: Costs for travel, particularly for international studies.
• Examination and Library Fees: Charges for exams, library, and laboratory use.
• Purchase of Books and Equipment: Expenses for textbooks, study materials, and equipment like laptops.
• Project Work and Study Tours: Costs for project work, study tours, and related travel.
• Insurance Premium: Premium for student insurance, if applicable.
• Other Education-related Expenses: Any other costs essential for the completion of the course, such as thesis work, additional classes, or seminars.

Documents Required for ICICI Abroad Education Loan

The mandatory documents that you would need to start your process of abroad education loan with ICICI Bank.

• Copy of exam mark sheets of 10th/12th or latest education certificate
• Admission letter with the cost of education if available
• Aadhaar Card and Pan Card of the student and Parent/Guardian
• Passport
• The electricity bill for residence proof
• Relationship proof for your co-applicant
• Most recent salary slips and Form 16 of the co-applicant (if salaried)
• Updated ITR of 2 years or IT assessment order of the last 2 years of the co-applicant (if self-employed)
• Proof of margin money (wherever applicable)

Benefits of Getting your ICICI Education Loan Through Shikshavahini

There are some additional benefits that you can get if you pursue your ICICI education loan for abroad studies from Shikshavahini. These benefits include:

Guaranteed best loan:

Shikshavahini ensures that you receive the most competitive education loan available. Our commitment is to provide you with the best possible deal. If you happen to discover a superior offer, we will compensate for the variance in interest rates throughout the entire duration of your education loan.

Customized document checklist:

There are many documents that are required by ICICI, thus with Shikshavahini, you will be getting a customized document checklist that will have all the required documents as per your profile. If there are any alternate document options available the same would also be mentioned in the checklist.

Low turnaround time:

With the help of Shikshavahini the loan process can be completed in 5 - 7 days while if you go directly to the ICICI Bank then it might take upto 10 days as per their standard operating procedures.

100% Free of cost assistance:

When you check your eligibility and proceed with your loan with Shikshavahini then you will be connected with an education loan expert that will help you throughout the process without any additional cost.

Full moratorium offered:

Shikshavahini may help you to get a full moratorium only if the overall profile of the applicant & co-applicant is good like it has high CIBIL, academics percentage, and more.