Education Loan in India for Study Abroad | ICICI Bank

Students can realise their aspirations of studying abroad with Education Loans provided by ICICI Bank. ICICI Bank offers a smooth loan experience, including pre-admission sanctions, an easy online application process and substantial loan limits. Whether you are pursuing a graduate or undergraduate degree, you can avail an Education Loan from ICICI Bank with ease.

Education Loan for Studies Abroad: Features and Benefits

• Generous loan limits: ICICI Bank gives loans of up to ₹ 3 crore for international studies, ensuring substantial financial support for education abroad.

• Flexible loan tenure: The loan tenure for undergraduate courses extends up to 10 - 12 years, while postgraduate courses can be repaid over 12 - 14 years.

• Special products for professionals: ICICI Bank provides tailored loans for government employees, CXOs and professionals with 2 or more years of work experience.

• Special loans for select countries: ICICI Bank has dedicated loan offerings for students aspiring to study in Canada, UK and Germany, that cater to their specific needs and requirements.

• Collateral requirement: ICICI Bank accepts collateral such as Fixed Deposits, fresh property or cross-collateralisation with existing Mortgage Loans to approve an Education Loan for studies abroad.

• Collateral-free loans for premier institutes: Students enrolled in premier institutes can avail collateral-free loans of up to ₹ 1 crore, eliminating the need for additional security.

• No margin requirement for premier institutes: ICICI Bank offers Education Loans without any margin requirement to students who have secured admission to premier institutes.

• Complete digital process: ICICI Bank has an easy end-to-end online process, from application to disbursement, with no need of Branch visits.

• Pre-admission sanction: ICICI Bank provides pre-admission sanction, enabling students to secure financial assistance before finalising their admission.

• Moratorium period: ICICI Bank offers a moratorium period extending for the duration of the course + an additional grace period of up to 12 months.

Education Loan for Studies Abroad: Eligibility Criteria

Given below are the eligibility conditions to avail an Education Loan for studies abroad from ICICI Bank.

• Nationality: Applicants must be Indian nationals.

• Admission confirmation: Applicants must provide proof of admission or an invitation from an approved university or college for a degree or diploma course abroad.

• Educational qualification: Applicants must have completed their 10+2 (12th standard) education.

Education Loan for Studies Abroad: Documents Required

• A duly filled online application form

• Passport-size photographs (2)

• Copy of 12th standard marksheet or the latest education certificate as proof of academic qualification

• Admission letter from the overseas university or college, including the cost of education, if available

• PAN Card of the student and parent / guardian

• Residence Proof: Any of the following documents- Valid Passport, Valid Driving Licence, Voter's Identity Card, Job Card issued by NREGA, Letter from National Population Register (NPR) or Aadhaar Card

• Age and Identity Proof: Any of the following documents- Aadhaar Card, Voter ID, Valid Passport or Valid Driving Licence

• Income Proof:

  • Most recent salary slip and Form 16 of the parent / guardian / co-borrower

  • The latest 3 months’ bank statements for non-ICICI Bank customers (not required for ICICI Bank customers)

  • Income Tax Returns (ITR) with income computation of the parent / co-borrower / guardian for the last 2 years.

Note: The above information is for illustrative purposes only. ICICI Bank reserves the right to call upon additional information at its discretion.

How to Apply for an Education Loan to Study Abroad

There are multiple convenient options to apply for an Education Loan from ICICI Bank.

Visit an ICICI Bank Branch:

• Simply visit any ICICI Bank Branch

• Fill out the required application form

• Start the loan approval process right away with assistance from the Bank personnel.

Apply online:

• You can apply for an Education Loan online through ICICI Bank's official website

• Loans are offered for both domestic and international institutes

• Various courses are covered, including undergraduate and postgraduate programmes.

VidyaLakshmi Portal:

• Use the VidyaLakshmi portal to apply for Education Loans

• Access the portal through ICICI Bank's website

• Follow the provided link to navigate directly to the application process.

Instant Education Loan:

• Existing ICICI Bank customers can check their eligibility for instant sanction of an Education Loan

• Enjoy the convenience of quick approval without the hassle of paperwork.

FAQs

1. Can I get 100% of the expenses of studying abroad as an Education Loan?

Yes, ICICI Bank offers loans of up to ₹ 3 crore for international studies, including unsecured loans of up to ₹ 1 crore for students attending premier institutes, covering educational expenses comprehensively.

2. What are the eligibility criteria for an Education Loan to study abroad?

To be eligible for an ICICI Bank Education Loan to study abroad, applicants must be Indian nationals, should have secured admission to or have an invitation from an approved university or college and must have completed their 10+2 (12^th standard) education.

3. Is availing an Education Loan a good idea?

An Education Loan can be a beneficial option for financing higher studies abroad. It provides access to substantial funds and flexible repayment options and can help students pursue their academic aspirations without financial constraints.

4. Is it risky to take a loan and study abroad?

While availing a loan to study abroad does involve financial responsibility, it can be a worthwhile investment in one's future. Proper planning, understanding the loan’s terms and evaluating your repayment capability can ease the risks associated with borrowing for educational purposes.

5. Can tax benefits be availed on an Education Loan taken to study abroad?

Yes, under Section 80E of the Income Tax Act, under the old tax regime, you can claim tax benefits on the interest paid for an Education Loan for studies abroad.

6. What are the documents required to apply for an Education Loan to study abroad?

ICICI Bank needs you to submit only a few documents when applying for an Education Loan to study abroad. These are:

Proof of Identity and Proof of Current Address (any one):

Aadhaar Card, Voter ID, Valid Driving Licence, etc.

Education-related Documents:

• Academic Documents: Marksheets, Degree Certificates, Entrance Scores, etc.

• Admission Proof: Acceptance Letter, Confirmation of Acceptance, I20 (for USA), etc.

The co-applicant also needs to submit KYC documents and income proof, like a salary slip, bank statements, ITR, GST documents, etc.

7. What is the repayment period of an Education Loan for studies abroad?

The repayment tenure of an ICICI Bank Education Loan for studies abroad is up to 15 years. The exact tenure depends on the loan amount and other terms.

8. What types of courses are funded by ICICI Bank Education Loans?

ICICI Bank funds undergraduate, postgraduate and professional courses through Education Loans. These include courses in management, engineering, medicine, science and arts as well as other globally recognised programmes at approved international universities and institutions.

9. Can I get an unsecured Education Loan to study abroad?

Generally, you can get a secured loan (i.e., loan with collateral) from ICICI Bank to study abroad. You can apply for an unsecured Instant Loan of up to ₹ 1 crore with the Bank, but these are generally offered to existing customers of ICICI Bank who meet certain eligibility criteria.

10. What expenses can be covered by an Education Loan while studying abroad?

An Education Loan availed for studies abroad covers tuition fees, travel, accommodation, exam charges, books, study materials and sometimes, living expenses. 

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