Important Points to note regarding ICICI Education Loan Process
Here are some very important points regarding ICICI Education Loan for abroad studies:
- ICICI Education Loan Scheme is very flexible and allows for secured, unsecured and partially secured education loans for abroad studies.
- Eligibility criteria for Education Loan in ICICI is quite strict. ICICI has a very specific list of colleges, universities and courses that are eligible for a loan. If your institution does not feature in their list, an education loan from ICICI is not possible.
- The terms and conditions of ICICI Education Loan Policy are completely dependent on the Ranking of your university. Read more about that here!
- ICICI Unsecured Education Loan can be processed even for Bachelors programs. This point requires a special mention as no other financial institution will provide collateral free education loans for Bachelors courses.
ICICI Bank Education Loan- Maximum Amount
What is the maximum loan amount sanctioned by ICICI Bank education loan for students?
If you have ample collateral security, you can avail the maximum secured loan amount of Rs. 1 Cr.
Regarding the ICICI education loan without collateral, the following are the maximum amounts for ICICI Unsecured education loan:
|Maximum Unsecured- RS. 40 Lacs
||Maximum Unsecured- Rs. 20 Lacs
||Unsecured Loans- not possible
A very unique aspect of the ICICI Bank education loan policy is that you can even take a partially secured loan. For example, let’s assume that you require an education loan provided by ICICI bank of Rs. 45 Lacs. Supposing your university falls under the A2 Category of ICICI’s Prime University List, you can apply for a maximum ICICI unsecured education loan of Rs. 20 Lacs.
If you can submit acceptable collateral, you can take a secured loan of 25 Lacs. In this way, you will fulfill your requirement of a Rs. 45 Lac loan.
Wondering what is the best collateral according to ICICI education loan details? Read this!
ICICI Bank Education Loan Margin
What is the Loan Margin in the ICICI education loan scheme?
Loan Margin is the percentage of money the student must contribute, which will activate his loan disbursement. According to the ICICI bank education loan scheme, Loan Margin is only applicable for loans above Rs. 20 Lacs
|Loan Margin for ICICI Bank Overseas Education Loans above Rs. 20 Lacs
Let us assume that you have an ICICI Education Loan sanction of Rs. 30 Lacs. You require a disbursal of Rs. 5 L to pay your tuition fees. As your loan margin is 15%, you will be required to pool in 15% of the required amount (Rs 5 Lacs, in this case.) Therefore, in this case, Rs. 75000 is your margin money.
Why should I approach WeMakeScholars when I can apply for an ICICI Bank Education Loan on my own?
WeMakeScholars is the authorized online partner of the ICICI Bank education loan department and processes all the ICICI Education Loan online applications.
WeMakeScholars is the National Digital Partner of 10 banks and financial institutions and is the best organization to give you unbiased education loan guidance because of its vast database.
WeMakeScholars is a Central Government funded organization and therefore, offers a completely free service.
You will also be eligible for a cashback of up to Rs. 3000 because of our association with the Digital India Campaign of the Central Government of India.
ICICI Bank Education Loan- Prime University List
Does ICICI Bank have a Prime University List? What are the universities and courses that meet the ICICI Bank Education Loan Eligibility Criteria?
The education loan scheme of ICICI Bank has a very specific list of universities which are eligible for an education loan from ICICI bank.
This Prime University List is divided into three categories- A1, A2 and A3. This division is primarily based on university ranking.
Here is a brief sample of some of the universities that meet the education loan criteria in ICICI Bank:
||National University of Singapore
|Massachusetts Institute of Technology (MIT)
||University of Texas at Austin
||Grenoble Ecole de Management
|London Business School
||University of Amsterdam
||Swinburne University of Technology
||University of Warwick
||Loyola University, Chicago
||University of Tokyo
||University of Colorado-- Denver
Please note that the above is a very brief sample. It is impossible to list all the universities which are eligible for ICICI higher education loan.
Please speak to your financial officer from WeMakeScholars to know whether your university is eligible for an abroad education loan in ICICI Bank.
Also, make sure to ask your WeMakeScholars financial officer which category your university falls under- because all your loan details depend on the category!!
ICICI Bank Education Loan Rate of Interest
What are the ICICI interest rates for education loan?
The ICICI education loan interest rate depends on your course and the category your university falls under.
|UG Course- not funded in this list
PG Course- 11.75%
|UG Course- 12.75%
PG Course- 12.5%
|UG Course- 13.5%
PG Course- 12.99%
On an average, the ICICI abroad education loan interest rate for a Masters course ranges from 11.7%- 12.9%. For a UG course, the ICICI Bank education loan rates range from 12.7- 13. 5%.
Note: Through WeMakeScholars, it is possible to get a reduction in your ICICI bank education loan ROI. Get in touch with us today!
ICICI Education Loan Repayment Rules
What is the ICICI Education Loan Repayment Policy?
EMI Payment of ICICI Education Loan will commence six months after the student completes his graduation. However, while the student is still studying, he can make partial payments of just the interest on the amount he had withdrawn from the loan.
The average range of the partial payment of ICICI Bank education loan for abroad studies is mentioned according to the university category as follows:
|Partial payment of interest- Rs. 5000 monthly
||Partial Payment of Rs. 5000 to Rs. 15000
||Must pay simple interest on the amount disbursed
Are you confused about which Category your university falls under? Speak to the ICICI Education Loan experts here!
ICICI Education Loan Policy- Special Cases
Will ICICI Bank grant pre visa disbursal and preapproval sanction letter?
If you plan to study in USA, you might already be familiar with the i20 document. The i20 document is of prime importance while applying for the F1 student visa. To get this document, you must show a loan statement from the bank. While most banks are unwilling to provide an early sanction letter, ICICI Bank Education Loan Scheme will provide a presanction letter for the student to issue the i20 document.
Some universities in USA, Australia, Germany and other nations require the student to pay the first-semester fee and/ or set up a separate account for living expenses. This is a very recent change and many banks are yet to accommodate these changes in their latest policies. However, through the ICICI Education Loan procedure, pre-visa disbursement will be executed as per embassy requirements.
Start your loan process by filling the ICICI Bank Education Loan Application Form here!