Studying abroad is a life-changing journey that gives you global exposure and educational opportunities. However, the costs associated with tuition, travel, and living expenses can be significant.
Edvoy and ICICI Bank have partnered to ease this financial burden so that you can focus on your academic pursuits. ICICI Bank offers education loans for international students up to INR 1 crore for international studies, covering a wide range of expenses, including tuition fees, living expenses, travel, and study materials, with significant tax benefits.
Key takeaways
- With Edvoy and ICICI’s assistance, you can get a hassle-free and smooth process of getting your education loan within 20 working days.
- ICICI offers pre-approved student education loans and digital applications with collateral and non-collateral loan options.
- ICICI education loan also provides comprehensive coverage for all your study-related expenses.
Meanwhile, we, at Edvoy, help you study abroad giving end-to-end assistance, from applying to universities, visa application support, to funding advice, and more. Together with ICICI, we offer a combined solution, easing your journey, from choosing a university to getting the necessary financial aid.
Table of Contents
- How we and ICICI help students with education loans
- Features of ICICI education loan
- How to apply for an ICICI education loan through Edvoy
- Eligibility criteria
- Documents required for loan application
- Frequently asked questions
- What are the benefits of taking an ICICI education loan through Edvoy?
- What is the ICICI education loan interest rate?
- What are the factors for getting an ICICI education loan?
- Can I take an education loan without a co-borrower?
- Can I apply for a loan before admission?
- Is ICICI Bank's education loan without collateral?
- What is the maximum tenure for loan repayment?
- Can an ICICI education loan cover all my study expenses abroad?
How we and ICICI help students with education loans
Complete digital process
We simplify your initial steps by connecting you to ICICI Bank’s education loan services. ICICI Bank has a fully digital process for education loans for international students, streamlining applications, documentation, and loan approvals. This eliminates the need for physical visits, ensuring faster and hassle-free processing.
Flexible loan options and interest rates
ICICI Bank provides flexible loans tailored to your needs, with competitive interest rates of 11.25% for collateral loans, and ranging from 11.25% to 12.50% for non-collateral loans. You can choose between fixed or floating interest rates, with flexibility in tenure and repayment options.
Generous loan limits
ICICI education loans for international students are based on collateral and non-collateral options, up to INR 1 crore, without margin requirement for premium institutes. ICICI education loan sometimes covers up to 100% of educational expenses. This is particularly advantageous if you’re going to pursue specialised programs like MBA or engineering.
Special product offerings
ICICI Bank offers customised loan products for professionals with 2 years of work experience, offering reduced documentation and faster approvals. ICICI also offers simplified processes and potentially reduced interest rates for popular study destinations, including Canada, UK, and Germany.
Disbursement process
ICICI disburses funds directly to universities abroad if preferred. This ensures your fees will be paid on time, eliminating financial risks during your studies.
Repayment flexibility
ICICI student loan offers loan repayment terms, with the moratorium period extending for the course duration, plus an additional grace period of up to 12 months.
Tax benefit
As a borrower or co-borrower of an ICICI education loan, you can avail of tax benefits on the total interest paid on the education loan for the year (under Sec 80-E of the Income Tax Act).
Features of ICICI education loan
Here’s a detailed view of ICICI’s education loan features (as of Dec 2024).
| Feature | For collateral loans | For non-collateral loans |
|---|---|---|
| Loan amount | Equivalent to the value of collateral | Up to INR 1 Cr |
| Rate of interest | 11.25% | 11.25% - 12.50% |
| Co-applicant’s minimum income | INR 50K+ | INR 50K+ |
| Processing fees | 0.5% - 1.25% | 0.5% - 1.25% |
| Processing time | 5-10 working days | 5-10 working days |
| Margin money* | Nil | Nil |
| Moratorium period* | Course duration + 1 year | Course duration + 1 year |
| Repayment tenure | 10 years | 10 years |
| Monthly instalments during the course | Simple interest | Simple interest |
*Margin money is the amount of money that a borrower needs to contribute towards the loan, while the remaining amount is paid by the lender.
*Moratorium period is the time duration during which you’re not required to make payments toward your education loan.
Learn more about student loans from our app.
How to apply for an ICICI education loan through Edvoy
To apply for an education loan through Edvoy, follow these steps:
- Head to the Edvoy app and select Funds under the Explore page.
- Select the Get Started button. You’ll be taken to a page where you need to fill in your requirements.
- Add the loan amount (you can include both tuition fees and living expenses), the type of loan required and your PAN details (if you’re an Indian citizen).
- Once you submit your details, they will be shared instantly with the fund providers. You can expect a callback within 24-48 hours regarding further steps and document submission.
- You can check your application status in the Status tab.
- The loan processing time is typically 5-10 working days.
Also read: What is Edvoy Funds? What are the types of funds provided?
Eligibility criteria
- The loan borrower must be an Indian citizen aged 18+
- The co-applicant(s) must also be an Indian citizen
- The co-applicant should be the borrower’s mother father, sister, brother, spouse, relative from their paternal or maternal side, or a legal guardian
- The borrower/co-applicant(s) must be able to offer collateral for certain cases
- The co-borrower(s) must have a bank account in any bank in India with cheque-writing facilities
- The borrower must have a strong academic background and confirmed admission to the university before the loan disbursement
- The borrower and co‐applicant(s) must meet ICICI's credit and underwriting norms as applicable from time to time
- The eligible courses for the loan include STEM, Non-STEM, and Management courses, including master’s and bachelor's degrees, and PG Diplomas offered by foreign institutes and universities in the USA, UK, Canada, Australia, New Zealand, France, Germany, and Ireland, among others.
Note: Conditions apply. All education loans from ICICI Bank are credited at the sole discretion of ICICI Bank.
For detailed information on loan options, eligibility, and more, visit ICICI’s website for further details.
Check out 'Funds' on our app, for a pre-approved student loan in just 3 days!
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Documents required for loan application
From the borrower/student
- University admission letter and university fee structure
- Passport, PAN card, and Aadhar card
- 10th and 12th class mark sheets
- Provisional certificate, consolidated mark sheet/transcripts and degree certificate
- IELTS or TOEFL, and GRE or GMAT scores
- 1 photograph
- The latest 3 months’ bank statements for non-ICICI Bank customers (not required for ICICI Bank customers)
If the borrower/student is employed:
- Latest month's pay slip
If the co-borrower is salaried:
- PAN card and Aadhar card
- Latest 3 months pay slips
- Latest 6 months' salary credited bank A/C statement
- Latest 1 year Form-16 or office ID card
- 1 photograph
If the co-borrower is self-employed:
- PAN card and Aadhar card
- Latest 6 months current A/C bank statements (current + savings account)
- Latest 2 years ITR with Sacral, Balance Sheet, Computation of Total Income and Profit & Loss
- Registration Certificate
- 1 photograph
If the co-borrower is a pensioner:
- PAN card and Aadhar card
- Latest 6 months' pension credited bank statements
- Pension Book or pension details
- 1 Photograph
For collateral (For house, flat & non-agricultural land)
- Sale Deed
- Parent Document
- Construction Agreement (For flats)
- Patta, Chitta, and Adan-gal
- Approved Building Plan or Approved Layout
- Electricity Board (EB) card, Property Tax Receipt, and Encumbrance Certificate (EC)
By guiding you through every step of the financial process, from application to disbursement, Edvoy and ICICI help you achieve your study-abroad dreams.
Want to study abroad by availing easy education loans? Connect with us to get started on your journey. Discover the perfect course and university to boost your education. We offer end-to-end assistance throughout the study-abroad process, including university selection assistance, application guidance, funding advice, visa application support, and more.
Check out 'Funds' on our app, for a pre-approved student loan in just 3 days! Get started with your journey and talk to one of our counsellors today!
Frequently asked questions
What are the benefits of taking an ICICI education loan through Edvoy?
Applying for an ICICI education loan using the Edvoy app is a hassle-free and 100% digital application process. The Funds section of the app offers collateral, non-collateral, and no co-signer loans, with approvals in less than 48 hours.
What is the ICICI education loan interest rate?
The interest rate ranges is 11.25%, for collateral loans, and from 11.25% to 12.50% for non-collateral loans.
What are the factors for getting an ICICI education loan?
It depends on multiple factors including:
- Academic background of the student
- The type of course and the university for which the loan is applied for
- Job profile of the co-borrower
- If collateral is offered against the loan or not, and the type of collateral offered
Can I take an education loan without a co-borrower?
No, you need a co-borrower to take an education loan. The loan will be taken as a joint loan in collaboration with your parent/guardian or spouse.
Can I apply for a loan before admission?
You can apply for an education loan before getting admission confirmation from a university. ICICI Bank offers education loans even before you get admission, and if your request is approved before admission confirmation, you'll get a conditional loan sanction letter.
Is ICICI Bank's education loan without collateral?
Yes, ICICI education loans come without collateral options, with slightly higher interest rates than secured loans.
What is the maximum tenure for loan repayment?
You have up to 10 years for repayment, offering flexibility in managing finances after your graduation.
Can an ICICI education loan cover all my study expenses abroad?
Yes, ICICI student loans can cover up to 100% of educational costs, including tuition, living expenses, and travel.
