Suitable for

Funding Your Dream Education in India and Abroad

  • Competitive interest rates

  • Easy repayment options

  • No foreclosure charge

  • Zero margin for selected institutes

Apply now

Things You Should Know About Instant Student Loan

  • Loan amount

    up to ₹3 crore for international and domestic studies.

  • Interest rates

    Attractive interest rates with easy repayment options.

  • Loan tenure

    Loan tenure is up to 15 years

  • Instant sanction

    Get the sanction letter instantly online.

  • Processing fee

    A nominal processing fee with no hidden charges.

About Instant Education Loan 

Quick Application Process

Apply online via Net Banking or the iMobile app. Alternatively, visit any ICICI Bank branch, fill out the application form and submit the required documents.

No Collateral Required

ICICI Bank offers an unsecured (collateral-free) Education Loan, making it a convenient option for students seeking financial assistance. 

Competitive Interest Rates
Enjoy low interest rates on your Education Loan. Also get tax benefits under Section 80E for interest payments, which reduce the effective cost of the loan.

Flexible Loan Amount

Borrow a minimum of ₹1 lakh for both domestic and international studies. Loan amounts are based on the course and institution you’re applying to. 

 

 

 

 

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Education Loan Eligibility 

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Instant Student Loan FAQs

What is an Instant Education Loan?

An Instant Education Loan offers an instant sanction letter online, providing quick financial assistance for your education journey.

Who can avail of an Instant Education Loan without collateral?

ICICI Bank customers who have an offer for this loan and are applying for higher studies at universities in India or abroad can avail this loan.

When does loan repayment start? 

You can start as late as after your course is over. 

What is the repayment tenure for a collateral-free education loan?

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

Who is considered eligible as the co-applicant?

Parents, siblings, spouse, father-in-law, mother-in-law, daughter-in-law, maternal and paternal uncle or 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 is required only for secured loans. Fixed Deposits, residential or commercial property or an existing Home Loan / Mortgage Loan with ICICI Bank are accepted as collateral.

What is a collateral-free Education Loan and how does it work? 

A collateral-free Education Loan is an unsecured loan, i.e., a loan you can avail without pledging any assets with the bank. You can easily apply for this loan with ICICI Bank using ICICI Bank's iMobile app or Net Banking and get sanction within minutes. 

Can I get an Education Loan for studying abroad without collateral?

Yes, you can get a collateral-free Education Loan in India from ICICI Bank to study abroad. The loan amount can be up to ₹3 crore to cover admission and all other important expenses.   

What is the interest rate of a no collateral Education Loan? 

Interest rates vary based on factors such as the applicant’s and co-applicant’s profiles, the institute’s category and the type of course.

Is ₹3 crore Education Loan without collateral possible for all courses?

Yes, ICICI Bank offers collateral-free Education Loans up to ₹3 crore, depending on the course, institution and eligibility. This loan amount without collateral can be easily used to cover a lot of important expenses like tuition fees, travel costs, stationery, hostel, etc. 

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

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

Is taking an unsecured loan risky? 

While an unsecured loan doesn't require collateral, the interest rate might be higher. It's crucial to have a solid repayment strategy in place.

Who can apply for an Instant Education Loan?

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

What is an EMI Calculator?

An Equated Monthly Instalment (EMI) Calculator helps estimate loan repayments and effectively plan finances. 

How long can Education Loan sanction take?

ICICI Bank highlights instant student loan journeys with quick online application and says that customers can get an Instant Education Loan sanction letter in just a few minutes in eligible cases. The overall disbursement timeline can still depend on documentation, verification, and the specific loan structure. Submitting complete documents and accurate course details can help speed up the process.

What collateral options exist for an ICICI Bank Education Loan?

ICICI Bank offers both secured and collateral-free Education Loan options. Collateral is required only for secured loans. The bank also offers collateral-free Education Loans, including instant Education Loans up to ?3 crore for eligible students. students should review the loan structure and eligibility criteria to understand whether collateral will be required for their application.

What repayment flexibility does an ICICI Bank instant student loan offer?

ICICI Bank states that repayment can start as late as after the course is over in eligible cases. The repayment tenure can be up to 15 years including the course period, depending on the loan amount and terms.

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