An Educational Loan assists students in funding their studies by covering expenses such as tuition fees, books and other educational costs.
Students who have secured admission in NAAC-accredited universities / institutions, NBA-recognised professional courses, Centrally Funded Technical Institutes or all other recognised international universities / institutions can apply for an Education Loan. A co-applicant or guarantor, like a parent or guardian, is often required for financial backing when submitting a student loan application.
ICICI Bank Education Loan covers tuition, living expenses and other study-related expenses. You repay it in EMIs after completing your course, often with a grace period before repayment starts.
You can apply through our website or by visiting any ICICI Bank Branch. You can also apply at the Vidya Lakshmi portal.
Interest rates vary based on the type of loan (secured / unsecured), applicant / co-applicant’s profile, institute / college category and type of course.
An EMI Calculator helps students estimate their loan repayments and effectively plan their finances.
You can start repayment as late as after your course is over. Moreover, we provide flexibility for repayment during your course as well.
Repayment tenure is up to 15 years (including the course period), depending on the Loan amount and terms.
Yes, you can pre-pay or pre-close your Loan any time during the tenure. There are no pre-payment or foreclosure charges.
Parents, siblings, spouse, father-in-law, mother-in-law, daughter-in-law, maternal or paternal uncle / aunt and grandparents can be your co-applicant.
Collateral will be required for secured loans only. Acceptable collateral includes Fixed Deposits, residential / commercial property and existing Home Loan / Mortgage Loan with ICICI Bank.
What is 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.
To create e-Mandate, click here
To track the status of e-Mandate, click here
The Loan covers tuition fees, travel, examination charges, hostel fees, study materials and other education-related expenses for both domestic and international studies.
Yes, under Section 80E of the Income Tax Act (old tax regime), the interest paid on an Education Loan qualifies for tax deductions for up to 8 years from the year the repayment begins, or until the interest is fully repaid, whichever comes first.
You can easily apply for an Education Loan online with ICICI Bank. Here are the steps:
You can repay your Education Loan online through ICICI Bank’s Net Banking platform or the iMobile app. Just log in to the platform through which you had applied for your Education Loan, select your loan and make the payment easily.
Yes, ICICI Bank offers Education Loans for foreign studies covering tuition, travel, accommodation and other expenses. You will need an admission letter and supporting documents to apply.
ICICI Bank offers Education Loans of up to ₹ 2 crore for studies in India and up to ₹ 3 crore for international education, based on the course, institution and the applicant’s profile.
ICICI Bank Education Loans offer competitive interest rates, easy repayment options, high loan amounts, instant approvals and more. ICICI Bank also offers doorstep document pickup and online approvals that save your time, making the process smooth and convenient.
Yes, you can start the loan application process early. However, the loan will be disbursed only after you get confirmed admission from a recognised college or university.
Yes. ICICI Bank Education Loan offers the same tax benefits as all Education Loans, i.e., you can claim a tax deduction on the interest paid on an ICICI Bank Education Loan under Section 80E for up to 8 years.
