Courses and Expenses Covered by Education Loans

 

ICICI Bank offers Education Loans to help students finance their higher studies by covering a wide range of courses and expenses. Expenses covered under Education Loan include college or hostel fees, examination & lab charges, insurance, travel, books, uniforms and other course-related costs. This comprehensive support ensures that students can focus on their education without worrying about financial constraints.

 

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Approved Courses for Domestic Education Loans

Approved CoursesEligibility Criteria
Graduate or Postgraduate Degree or Postgraduate DiplomaConducted by colleges or universities recognised by UGC, AICTE, government, AIBMS, ICMR, etc.

Approved Courses for International Education Loans

Approved CoursesEligibility Criteria
Job-oriented degree or Postgraduate diplomaProfessional courses offered by reputed institutes at Undergraduate (UG) and Postgraduate (PG) levels

 

Expenses Covered by Education Loans

 

Tuition Fees

Tuition fees are one of the major expenses covered by an Education Loan, ensuring students can pay their course fees without financial stress.

 

Accommodation Fees

Hostel or accommodation charges are included as part of the essential expenses covered under an Education Loan.

 

Travel Expenses

The loan also covers one-way travel expenses for students studying away from home, making the course more affordable.

 

Exam Fees

Examination fees, including lab and library charges, are included in the expenses covered by an Education Loan.

 

Study Material

The loan amount also covers costs of books, computer and other study material that are considered important for higher studies.

FAQs

How is eligibility different for undergraduate vs postgraduate loans?

ICICI Bank offers Education Loans for both undergraduate and postgraduate studies. The core eligibility criteria remain similar: the applicant must be an Indian citizen, have confirmed admission to a recognised institution, and apply for an eligible course. Undergraduate and postgraduate programmes are both covered under graduate, postgraduate, diploma, professional, and technical course categories. In practice, the course level, institution category, and applicant or co-applicant profile may influence the loan amount and terms offered.

Are there special eligibility norms for professional courses like MBBS and MBA?

ICICI Bank Education Loans cover professional courses such as MBBS, MBA, engineering, and other technical or job-oriented programmes, provided the course is recognised by the relevant authorities such as UGC, AICTE, Government bodies, AIBMS, or ICMR. The standard eligibility criteria continue to apply, including Indian citizenship, confirmed admission, and a co-applicant with regular income. The professional nature of the course and the institution category may influence the loan structure and collateral requirement.

Can an ICICI Bank Education Loan be used for living expenses and travel costs?

Yes. ICICI Bank states that its Education Loan can cover living expenses and travel costs along with tuition fees, exam fees, books, laptop costs where required, and hostel charges. This applies to eligible higher studies in India or abroad, subject to the approved loan structure and course-related needs.

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