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Blog
2 mins Read | 2 Years Ago

Education Loan Eligibility Criteria 2024: Know Student Loan Eligibility

What Are the Eligibility Criteria for Education Loan?

 

Support your child's education dreams with an ICICI Bank Education Loan, offering Rs 50 lakh to Rs 1 crore for studies in India or abroad. Whether your child is planning a professional higher education in India or overseas, we streamline the process by maintaining a minimal documentation procedure, attractive interest rate & ensuring quick disbursement of loan funds. Check out ICICI Bank's simple education loan eligibility criteria before applying for hassle-free assistance.

  • Any Resident Indian can apply for the loan

  • The loan applicant’s minimum age should be 18 years and the maximum should be 35 years

  • Students should have secured admission to a higher education course in recognised institutions, Indian or abroad, through entrance tests

  • Documents displaying regular income are mandatory for the co-applicant (parents/sibling/guarantor).

Why should you opt for an education loan?

Every student aspires to join a certain university or apply for a course. However, many of them drop the idea of pursuing the course or going overseas, due to a lack of funds. Today, several banks offer Education Loans. Here are some of the advantages of getting a loan from ICICI Bank.

  • Seamless remittance to international institutes

  • Hassle-free process for timely disbursement of loan

  • Students who want to take their own financial responsibilities, without depending on their parent’s savings

  • Interest deduction applicable on the Education Loan under Section 80E of the Income Tax Act of 1961

  • Get a collateral-free loan of up to Rs 40 lakh, for select institutes

  • Pre-Visa disbursal, for students applying for education in a foreign country

  • Other student expenses, such as laptop or exchange travel are also covered

  • Attractive interest rate starting at 10.50% per annum.

Education Loan Eligibility

Here are the eligibility criteria for securing an education loan:

Eligibility

Details

Nationality

Indian

Age

Minimum - 18 years

 

Maximum - 35 years

Academic Record

A good proven track record

Qualification

Pursuing a graduate/postgraduate degree or a PG diploma

Income Source

Parents/Guardians

Income

Stable

University Applied

Recognised - In India/Abroad

Admission Status

Confirmed

Security

Tangible collateral or guarantor - depending on the loan amount and income source

Minimum Interest

8.30% p.a.

Documents Required for Education Loan

Here are the mandatory documents that a student need to provide while applying for a education loan:

  • Proof of Identity: Passport, Aadhaar card, PAN card, or Voter ID.

  • Proof of Residence: Utility bills or rental agreement.

  • Academic Records: Admission letter, mark sheets, and certificates.

  • Income Proof: Co-borrower or guarantor's income proof such as salary slips or income tax returns.

  • Bank Statements: Recent statements for evaluation.

  • Loan Application Form: Complete and duly filled.

  • Photographs: Recent passport-sized photographs.

  • Collateral Documents: If applicable, documents related to collateral.

If money is the only constraint that is stopping your child from professional goals, consider availing a Student Education Loan. At ICICI Bank, you can avail the loan for both domestic and international institutes. As a parent, if you are looking to apply for an Education Loan for your child, the Bank offers a loan starting at an interest rate of 10.50% p.a.

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