ICICI bank Indian and Foreign Education Loan

ICICI bank Indian and Foreign Education Loan – ICICI bank education loan covers the course fee, other accompanying expenditures set by the institution. Student must have the letter from the Institution which has the information confirming his admission and course fee along the other important official papers. ICICI bank necessitates a validation letter from ICICI Prudential life uttering that the students will get engrossed under the payroll of the company.

As you embark on your foreign education, we at ICICI Bank would be glad to help you fulfill your ambition with our variety of banking solutions. We comprehend that studying abroad is not just every student’s dream, but every parent’s ambition, and our range of products shall assist you in revolving them into realism.

With a widespread presence within India and in 18 countries across the globe, we’re never too far to serve your needs. We’re delighted to offer a comprehensive range of solutions ranging from monetary planning and assistance, career guidance, forex solutions and a host of unions to cater to all your needs.

Eligible Student

The student must be of an Indian Nationality.

Secured admission to professional/ technical courses in India or Abroad through Entrance Examination / Merit Based Selection procedure after completion of HSC(10 plus 2 or equivalent).

Courses Eligible in ICICI Bank

  • Studies in India – Courses foremost to graduate/ post graduate degree and PG diplomas conducted by colleges/ universities documented by UGC/ Govt. / AICTE/ AIBMS/ ICMR ET shall be sanctioned. 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. Sanctioned by Director General of Civil Aviation/Shipping.
  • Sanctioned courses offered in India by reputed foreign universities.
  • Teacher Training/Nursing/B.Ed. courses (provided the training institutes are sanctioned 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 –

  • Undergraduate Courses: Valid for job oriented professional/ technical courses offered by reputed universities.
  • 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 documented by competent regulatory bodies in India/abroad for the purpose of employment in India/abroad).

Expenses Covered Under the Loan

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

Quantum of finance

  • Need based finance subject to reimbursing 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.


  • Up to Rs 4 lacs : Nil.
  • Above Rs 4 lacs : Studies in India 5% Studies Abroad 15%.


  • Loans up to 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 up to 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 upcoming income of the student for compensation of the loan installments 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 appropriate margin as decided by bank.
  • At least 0.50% concession in interest rates on Education Loans to girl students for seeking higher education in India and abroad
  • Penal interest @2%

Repayment / Holiday

  • The compensation 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 payment
  • Prepayment allowable without any charges.

 Processing Charges

There are no processing charges. It is totally Nil.

D'Souza Sneha 274 Articles
Hello this is Sneha Dsouza! I am happy to help you and to clear your questions and deliver valid info concerning edification matter you can check my other articles as well if you like this :)

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