Education Loans- Achieve Your Goals with ICICI Bank

• Nationality: Indian
• Age: Minimum: 16 years, Maximum: 65 years at the time of loan closure (on case to case basis)
• Academic record: Proven good academic performance
• Qualification: Completed 10+2 (12th standard) or a Diploma
• For pursuing: Graduation or Postgraduate Degree or Postgraduate Diploma in Professional Education
• University applied to: Listed, recognised and accredited institutes (India and Overseas)
• Loan sanction based on: Pre-admission sanction, entrance exam scores (Graduate Record Examinations (GRE), Graduate Management Admission Test (GMAT), etc.), 12^th / Higher Secondary Certificate (H.S.C.) results, confirmed admission
• Loan Amount: Domestic and International studies up to ₹ 3 crore
• Co-applicant: Father, Mother, Brother, Sister, Spouse (Husband or Wife), Grandparents, Parents-in-Law, Maternal or Paternal Uncle
• Security: Property (house or flat), Fixed Deposit, existing ICICI Bank Home Loan for cross-collateral.

• Fees payable at the college or hostel
• Examination, library or laboratory fees
• Insurance premium for student borrower
• One-way travel expenses 
• Purchase of computer, books or uniforms
• Any other expense required to complete the course, e.g., study tour, project expenses, work requirements, etc.

The Government of India, through the Ministry of Education, has introduced the Central Sector Interest Subsidy Scheme (CSIS) to provide financial relief to students during the moratorium period of Education Loans. This scheme is available to students from the Economically Weaker Section (EWS) under the Indian Banks' Association (IBA) Education Loan Scheme, enabling them to pursue technical or professional courses in India.

Eligibility: 

• All students whose combined annual family income from all sources does not exceed ₹ 4.5 lakh per annum
• Students who want to pursue technical / professional courses in institutions accredited or approved by National Assessment and Accreditation Council (NAAC) and National Board of Accreditation (NBA) or Centrally Funded Technical Institutes (CFTIs) 
• The maximum subsidy is applicable for loans up to ₹ 10 lakh irrespective of the sanctioned loan amount.

Lists of approved institutions: 

Centrally Funded Technical Institutes

Institutions of National Importance

NAAC accredited Universities/Institutions

NBA recognised professional courses

To apply for the CSIS scheme, please visit the Jansamarth Portal.

Dos

• Maintain a good credit score to increase the chances of getting better interest rates
• Keep all required documents ready for faster processing 
• Read the loan agreement carefully before signing.

Don’ts

• Avoid applying to multiple banks at once, as it can lower your credit score
• Don’t delay EMI payments, as it affects your credit history
• Don’t skip checking repayment options and the type of interest rate before finalising the loan