Get an Education Loan of up to â‚¹ 3 Crore

Planning for Higher Education? Get hassle free loan from ICICI Bank of up to ₹3 crore to fund your education. Manage your loan effortlessly with a completely digital journey, quick approvals, no collateral options and flexible repayment methods. Apply online now and confidently step towards your academic goals.

Education Loan Interest Rates Eligibility

Interest Rates Information

[REPORate + 3.75%(Spread)] onwards


For courses in India: Up to ₹ 1 crore
For courses abroad: Up to ₹ 3 crore

Unsecured Loan Amount – Up to â‚¹ 1 Crore 

 

Particulars Eligibility

Nationality

Indian

Age

Minimum - 16 years and Maximum - 35 years

Academic record

Proven - good

Qualification

Completed 10+2 (12th Standard)/Diploma

For Pursuing

Graduation/Postgraduate Degree or a PG Diploma in Professional Education

Mandatory documents for an Education Loan

Application form and Identity proof

Filled application form

  • Digital/Physical

 

Know your customer (KYC) documents

  • Applicant/Co-applicant
    • Indian Resident
    • Proof of Identity/Proof of Current Address (Any 1)
      • Aadhaar Card, Voter ID, Driving Licence, etc.

    • NRI
    • Proof of Identity
      • Passport (Indian/Foreign)
      • Proof of Address (India) (Any 1)

    • Proof of Current Address (Overseas) (Any 1)
      • Passport
      • Driving Licence


Note: Proof of current address is mandatory.

Education related documents

  • Academic Documents: Marksheets, Degree Certificates, Entrance scores etc.
  • Admission proof: Acceptance letter, Confirmation of acceptance etc.

 

Financial Document (Applicant/Co-Applicant)

  • For Salaried: Salary Slip, Bank Statements etc.
  • For Self-Employed: Income Tax Returns (ITR), GST, Bank Statements etc.

 

Note: ICICI Bank reserves the right to call for additional documents at its discretion.

Income proof (Any one of the below mentioned):

  1. Recent Salary Slips and Form 16 of the Parent/Guardian/Co-borrower
  2. Bank Statements of the last 3 months for non ICICI Bank customers (Not required for ICICI Bank customers)
  3. Updated Income Tax Returns with income computation (last 2 years) of the Parent/Co-borrower/Guardian.

 

Note: ICICI Bank reserves the right to call for additional documents at its discretion.

Apply for an Education Loan online in 5 quick steps

Steps to Avail Home Loan

 

How to Apply For an Education Loan

ICICI Bank Branch

ICICI Bank Branch

Visit any ICICI Bank Branch, fill the form and get started with your Loan approval process

Apply online

Apply online

Loans offered for studies at Domestic and International Institutes. Courses covered: Undergraduate/Postgraduate

VidyaLakshmi portal

VidyaLakshmi portal

To apply for Education Loans through the VidyaLakshmi portal, click here

Instant Education Loan

Instant Education Loan

Existing ICICI Bank customers can check their eligibility for instant sanction of a student loan without the hassle of any paperwork.

eNACH

The NACH e-Mandate system facilitates the registration and confirmation of mandates issued by customers electronically.

Note: The mandate will be routed by the destination bank to the sponsor bank after due authentication or by corporates through their sponsor bank to the destination bank, with the attributes of customer authentication, depending upon the variant of the e-Mandate./p>

To create an e-Mandate, click here.

To track the status of an e-Mandate, click here.

Education Loan FAQ

What is an Education Loan?

An Educational Loan assists students in funding their studies by covering expenses such as tuition fees, books and other educational costs.

Who can apply for an Education Loan?

Students who have secured admission in National Assessment and Accreditation Council (NAAC) accredited Universities/Institutions, National Board of Accreditation (NBA) recognised professional courses, Centrally Funded Technical Institutes or all other recognised International Universities/Institutions can apply for an Education Loan.

How can I apply for an Education Loan?

You can apply through our website or you can visit any ICICI Bank branch or apply through the VidyaLakshmi portal link.

What is the interest rate on an Education Loan?

Interest rates vary based on the type of loan (Secured/Unsecured), Applicant/Co-applicant’s profile, Institute/College category and type of course.

What is an EMI Calculator?

An EMI Calculator helps estimate payments and effectively plan finances. It serves as a support system for students looking to pursue higher education in India or abroad.

When does loan repayment start?

You can start as late as only after your course is over. Moreover, we provide flexibility in repayment during your course period as well.

What is the repayment tenure?

Repayment tenure is up to 15 years (including the course period), depending on the loan amount and terms.

Can I pre-pay or pre-close the loan? Are there any charges?

Yes, you can pre-pay or pre-close your loan any time during the tenure. There are no pre-payment or foreclosure charges.

Who is considered eligible as the Co-applicant?

Parents, Siblings, Spouse, Father-in-law, Mother-in-law, Daughter-in-law, Maternal and Paternal Uncle/Aunt and Grandparents are eligible to be your Co-applicant.

Is collateral required for an Education Loan and what can be provided as collateral?

Collateral will be required for Secured Loans only. Collaterals accepted as security are Fixed Deposits, Property: Residential/Commercial or an existing Home/Mortgage Loan with ICICI Bank.

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