Education Loans- Achieve Your Goals with ICICI Bank

An Educational Loan assists students in funding their studies by covering expenses such as tuition fees, books and other educational costs.

Any Indian citizen of a minimum age of 16 years with confirmed admission to a recognised college or university can apply for an Education Loan. A co-applicant or guarantor, like a parent or guardian, is often required for financial backing when submitting an Education Loan application.

A parent or guardian may act as a co-applicant, sharing responsibility for repayment. Their income, credit history and documents help strengthen the student’s Education Loan application.

Interest rates vary based on the type of loan (secured / unsecured), applicant / co-applicant’s profile, institute / college category and type of course.

An Abroad Education Loan helps students fund higher studies outside India. It can cover the tuition fees, travel, examination charges, hostel fees, study materials, overseas insurance and other education-related expenses for international studies. 

You can apply online or visit a bank branch. Submit the admission proof, other required documents and co-applicant details to apply for an Education Loan for studies abroad. 

An Education Loan EMI Calculator helps students estimate their loan repayments (i.e., amount of each EMI) and effectively plan their finances.

ICICI Bank Education Loan covers tuition fees, living expenses and other study-related expenses. You can repay the loan in EMIs after completing your course, often with a grace period before repayment starts.

The Loan covers tuition fees, travel, examination charges, hostel fees, study materials and other education-related expenses for both domestic and international studies.

Yes, ICICI Bank offers Education Loans for foreign studies covering tuition fees, travel, accommodation and other expenses. You will need an admission letter and supporting documents to apply.

ICICI Bank’s Education Loan for studies abroad covers USA, UK, Canada, Australia, Germany, New Zealand, Singapore and several other popular study destinations. You can reach ICICI Bank’s representative to know the full list of countries.

ICICI Bank offers Education Loans of up to ₹ 2 crore for studies in India and up to ₹ 3 crore for international education, based on the course, institution and the applicant’s profile. 

ICICI Bank Education Loans offer competitive interest rates, easy repayment options, high loan amounts, instant approvals and more. ICICI Bank also offers doorstep document pickup and online approvals that save your time, making the process smooth and convenient.

You can apply through our website or by visiting any ICICI Bank Branch. You can also apply at the Vidya Lakshmi portal.

You can easily apply online for an ICICI Bank Education Loan. Here are the steps:

• Visit the Website: Click here or scan the QR code to visit the Education Loan page on the ICICI Bank website
  
  
  
• Fill in details: Enter your basic details and submit them
• Upload documents: Upload the required documents
• Loan assessment: ICICI Bank reviews your application
• Sanction: Get your sanction letter and loan disbursement.

Yes, you can start the loan application process early. However, the loan will be disbursed only after you get confirmed admission from a recognised college or university.

Repayment tenure is up to 15 years (including the course period), depending on the loan amount and terms.

Repayment often begins 6 to 12 months after completing your course. The tenure can extend up to 15 years, depending on the approved loan amount and other important terms. ICICI Bank provides you the flexibility of starting the repayment during your course as well.  

You can repay your Education Loan online through ICICI Bank’s Net Banking platform or the iMobile app. Just log into the platform through which you had applied for your Education Loan, select your loan and make the payment easily.

Yes, you can pre-pay or pre-close your loan any time during the tenure. There are no pre-payment or foreclosure charges.

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

Is collateral required for an ICICI Bank Education Loan and what can be provided as collateral? 

Collateral is required for some loans / applicants. Such loans are called secured loans. Acceptable collateral includes Fixed Deposits, residential / commercial property and existing Home Loan / Mortgage Loan with ICICI Bank. 

Yes, under Section 80E of the Income Tax Act (old tax regime), the interest paid on an Education Loan qualifies for tax deductions for up to 8 years from the year the repayment begins or until the interest is fully repaid, whichever comes first. 

Yes. ICICI Bank Education Loan offers the same tax benefits as all Education Loans, i.e., you can claim tax deduction on the interest paid on an ICICI Bank Education Loan under Section 80E for up to 8 years.

The NACH e-Mandate system facilitates the registration and confirmation of mandates (i.e. instructions for automated payments, e.g. EMIs) issued by customers electronically.

To create an e-Mandate, click here. 

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