ICICI Bank -Education loan

ICICI Bank -Education loan

ICICI Bank is an Indian multinational banking and financial services company which also provide Education loan is great help for Indian students who are pursuing higher education in India or abroad. ICICI stands for Industrial Credit and Investment Corporation of India.

Eligibility Criteria for Students to Apply in ICICI Bank:

  • Should be an Indian National.
  • Secured admission to professional/ technical courses in India or Abroad through Entrance Test / Merit Based Selection process after completion of HSC(10 plus 2 or equivalent).

Loan available for following courses:

Studies in India

Courses leading to graduate/ post graduate degree and PG diplomas conducted by colleges/ universities recognized by UGC/ Govt./ AICTE/ AIBMS/ ICMR et shall be approved.

A list of such courses is provided as blow:

  • Professional Courses like ICWA, CA, CFA etc.
  • Courses conducted by IIMs, IITs, IISc, XLRI, NIFT, NID etc.
  • Regular degree/diploma courses like aeronautical, pilot training, shipping. Approved by Director General of Civil Aviation/Shipping.
  • Approved courses offered in India by reputed foreign universities.
  • Teacher Training/Nursing/B.Ed. courses (provided the training institutions are approved either by the Central Government or by State Government and such courses should be a degree or diploma course and not a certification courses).

Studies abroad –

For Undergraduate Courses: Valid for job oriented professional/ technical courses offered by reputed universities.

For Post Graduate Courses: Courses such as MCA, MBA, MS, etc. and courses conducted by CIMA- London, CPA in USA etc.

Degree/Diploma courses: Courses such as aeronautical, pilot training, shipping etc. are also valid (provided these are recognized by competent regulatory bodies in India/abroad for the purpose of employment in India/abroad).

Expenses Covered :

  • Fee payable to college/ school/ hostel
  • Examination/ Library/ Laboratory fee
  • Travel expenses/ passage money for studies abroad
  • Insurance premium for student borrower, if applicable
  • Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts.
  • Purchase of books/ equipments/ instruments/ uniforms.
  • Purchase of computers – essential for completion of the course.
  • Any other expense required to complete the course – like study tours, project work, thesis, etc.

Quantum of finance:

Need based finance subject to repaying capacity of the parents/ students with margin and the following ceilings.

Studies in India – Maximum Rs.10.00 Lacs

Studies abroad – Maximum Rs.20.00 Lacs


Upto Rs 4 Lacs: Nil.

Above Rs 4 Lacs: Studies in India 5% Studies Abroad 15%.


  • Loans Upto Rs 4 Lacs – Co obligation of parents

Further wherever parents are not there banks could consider grandparent as co obligator to the loans taking into account their net worth.

  • Above Rs 4 Lacs and upto Rs. 7.5 Lacs.

Co obligation of parents along with Collateral in the form of a suitable third party guarantee for 100% of the loan amount to be taken

  • For cases above Rs 7.5 Lacs.

Co obligation of parents along with Collateral security of 100% value of loan
Assignment of future income of the student for payment of the loan instalments for all loans

The co-obligator should be parent(s)/guardian of the student borrower. In case of married person, co-obligator can be spouse or the parent(s)/parents-in-law.

Rate of Interest:

Interest will be Base rate plus applicable margin as decided by bank.

At least 0.50% concession in interest rates on Education Loans to girl students for pursuing higher education in India and abroad

Penal interest @2%

Repayment / Holiday:

The repayment holiday shall be a year more than the period of the course or 6 months after the borrower gets a job, whichever is earlier.

The loan shall be repaid in 5 – 7 years after commencement of repayment

Prepayment permitted without any charges.

Processing Charges: Nil


Study Abroad is A good opportunity for Bright Career, To Know More Read the following:
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Find the Important Details About GRE

Ask our Counsellors


0 # Aarav Older than three months
Hii, I am from Bulandshahr let me know, What is the need of NEET Phase II?
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0 # Jagan Older than three months
If a phase I test taker of Bulandshahr oe other places is not satisfied his/her performance in the test or if a candidate has missed out to apply for NEET, he/she can apply for phase 2 exam, It is a second chance provided to aspiring candidates.
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0 # Aarav Older than three months
Hii, I am from Sheopur, please tell me the duration of B.Ed course
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0 # Pallavi Older than three months
Hello, Good to see that you are from Sheopur, the duration of B.Ed course is 2 years
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