How to apply for ICICI Bank Education Loan

ICICI Bank Education loan

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ICICI Bank Limited is an Indian Private bank. It offers a wide range of banking products and financial services. In this post, we are going to discuss about ICICI Bank Education loan. The procedure to apply for an Education loan and the eligibility criteria.

NameICICI Bank Limited
TypePrivate Development Finance Institution
HeadquartersMumbai, Maharashtra, India
Founded5 January 1994
IndustryFinancial services
Websitewww.icicibank.com
ICICI Bank Study loan

What is an Education Loan?

A student loan is a type of loan designed to help students in their further studies. Educational loan is designed to help students pay for post-secondary education and the associated fees, such as tuition, books, supplies, and living expenses. Student loans may differ from other types of loans in the fact that the interest rate may be substantially lower and the repayment schedule may be deferred while the student is still in school.

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How to Apply for ICICI Bank Education Loan?

If you are planning to study abroad for your higher studies, or you may have studied hard and excelled in your exams and you are planning the next move in your career. Whatever the reason for studying, ICICI Bank offers the best student loan to successfully aid your journey as a student.

ICICI bank education loans aim at providing financial support to aspiring students for pursuing higher professional education in India and abroad.

ICICI Bank presents education loans up to Rs 50 lakhs for your educational requirements in India and up to Rs 1 crore for overseas. ICICI Bank offers

  • Loans offered for Domestic institutes/ international institutes
  • Courses covered: Under Graduate/ Post Graduate
  • To apply for ICICI Bank educational loan, Visit the nearest ICICI Bank branch, fill out the form, and get started with your loan approval process.

You can also apply online for ICICI Bank educational loan. The procedure to apply online is as follows:

  • Apply Online from the ICICI Bank website
  • Fill out and submit your Educational Loan application and check your eligibility
  • Select Loan amount and tenure, as per your requirement

Also Read: How to apply for ICICI Bank Personal loan

Applicant eligibility criteria for ICICI Bank Education Loan

Below are the Student Loan eligibility criteria, to apply for an Educational Loan from ICICI Bank:

  • Any resident of India can apply for the loan
  • The loan applicant’s minimum age should be 18 years and the maximum should be 35 years
  • Should have completed 10+2 (12th standard)
  • Students should have secured admission to a higher education course in recognized institutions, India or abroad, through an entrance test
  • Documents displaying regular income are mandatory for the co-applicant (parents/sibling/guarantor).

What are the documents required for the ICICI Bank Education Loan?

To apply for an ICICI Bank Education loan you must require the following documents:

  • KYC
  • Mark sheets of 10th, 12th, graduation and entrance exams
  • Admission letter
  • Fee structure
  • Co-applicant KYC and income proof
  • Additional documents may be requested in case of collateral required
  • Co-applicant income proof is required only for specific courses.

FAQs

1. Can I apply for an education loan if I do not have a co-applicant with income?

Ans: For postgraduate courses, applicants with 3 + years of experience can apply for a loan with a non-financial co-applicant.

2. In how many days can I expect my loan to be disbursed?

Ans: Within 15 days working days you can expect your loan to be disbursed.

3. Can I pre-pay my loan?

Ans: Yes, you can prepay your loan.

4. Can I get my tenure of loan increased?

Ans: Yes, you can get the tenure of loan increased, if the course is extended by the university.

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