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Rate of Interest

Starting from 10.85% (unsecured)

Processing Fees

0.5% to 1% + GST

Margin Money

Upto 15%

ICICI Education Loan Online

Founded in 1994, ICICI Bank is a leading private-sector bank in India. Whatever your reason for higher studies, ICICI Bank understands that higher education is often very expensive, with the rising cost of education. But that shouldn’t stop you!

24x7 Loan Services has partnered with ICICI Bank with an aim to provide financial support for aspiring students, pursuing higher education overseas. ICICI Bank, understand your career aspirations and offer the needed student loans, to successfully aid your journey to higher education. Getting an Education Loan through ICICI Bank is an easy and simple process.

Based on the target university and selected course, ICICI Bank has divided the premiere educational institutions into different categories which are A1, A2, A3, and A4. ICICI Bank provides a collateral-free loan of up to Rs.50 lakh, tax saving on interest paid under section 80(E), flexible tenure and repayment options, and competitive interest rates, these loans help students realize their dream of attaining a world-class education in premier institutions abroad.

Overview of ICICI Bank abroad education loans

Feature Detail
Loan Amount A1 - 50 Lakhs INR
A2 - 40 Lakhs INR
A3 - 15 Lakhs INR
A4 - On an immediate EMI basis
Interest Rate A1 - 10.85%
A2 - 11.70%
A3 - 12.25%
A4 - 12.50% basis
Interest Rate Type Floating Interest Rates
Minimum Income (Co-Applicant) 50,000 INR (without obligations)
Repayment Need to pay S.I. only during course + 6 months grace period
Processing fees 0.5% - 1% of the loan amount + GST
Other Charges Nil
Margin money* A1 - 0
A2 - 5%
A3 - 15%
A4 - 15% basis
Loan Tenure Upto 10 years
Processing Time 5 - 7 days after document submission
Prepayment Penalty No Penalty
Tax Benefit Yes

Note:If the overall profile of the applicant & co-applicant is good like high CIBIL, academics percentage, and more then a full moratorium can be offered in this case i.e. no repayment during the course and grace period.

Eligibility for ICICI Bank abroad education loan

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 ICICI Bank abroad education loan

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.

Documents required for ICICI Bank 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

  • 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 last 2 years of co-applicant (if self-employed)

  • Proof of margin money (wherever applicable)


Getting your ICICI Education Loan through 24x7 Loan Services

Guaranteed best loan

24x7 Loan Services 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 24x7 Loan Services, 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.

100% free of cost services

When you check your eligibility and proceed with your loan with 24x7 Loan Services then you will be connected with an education loan expert that will help you throughout the process without any additional cost.

Full moratorium offered

24x7 Loan Services 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.

Low turnaround time

With the help of 24x7 Loan Services 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.

How to apply for an education loan at ICICI via 24x7 Loan Services

If you are looking to secure an abroad education loan from ICICI, you can apply online at their website. However, for a hassle-free application process, you can choose to apply for your education loan through 24x7 Loan Services.

24x7 Loan Services is an online platform designed to assist Indian students in financing their education abroad. To start your process with us all you need to do is check your loan eligibility and leave the rest to us!

Apply Online
Online document submission
Processing & Approval
Loan Sanction & Disbursal

Frequently Asked Questions

Can I get a full moratorium from ICICI Bank?

Yes, chances are depending on your application profile being very strong that ICICI Bank can provide you with a full moratorium on your abroad education loan.

I am about to complete 3 years in my job. Can I apply for ICICI Bank’s experience-based product?

No, it is mandatory for you to first complete 3 years as a minimum in your professional experience, and then only you can apply for the experience-based product of ICICI Bank.

Is the loan disbursed in favour of the borrower or the institute/college/university?

Tuition fees and on-campus housing fee is transferred to the university, whereas other living expenses are transferred to the borrower’s account.

Will I get any income tax benefit from taking a loan from ICICI Bank?

Yes, you will get tax benefits as per section 80(c) - deduction on investment if you decide to take a loan from ICICI Bank.

Is there a prepayment penalty on ICICI Bank education loan?

No, there is no prepayment penalty charged from you in the case of ICICI Bank abroad education loan.

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