ICICI Bank Education Loan

Here is a quick overview of the ICICI Bank education loan for studying abroad before going into the details: Parameter Details Loan Amount Up to ₹3 crore for abroad studies Interest Rate Repo Rate + 3.75% onwards (approx. 9.25%–13.75% p.a.) Collateral-Free Loan Up to ₹1 crore for premier institutes Moratorium Period Course duration + 6 to 12 months Repayment Tenure Up to 10 years Processing Fee Up to 1% of the loan amount Application Mode Online & offline Loan Disbursement Time 5–7 working days (faster via Subraxo) Pre-visa Disbursement Available Countries Covered USA, UK, Canada, Australia, Germany, Ireland, and more Are you eligible for an education loan from ICICI bank if you do not have collateral or a proper co-applicant? Find out now

ICICI Bank provides students with the opportunity to avail educational loans of a maximum amount of ₹3 crore for study abroad, involving only a few documents and speedy loan processing. ICICI Bank education loan eligibility requirements are given below for a better understanding. Particulars Details Nationality Indian Age Minimum 16 years; Maximum 65 years at loan maturity Academic Record Proven good academic standing Minimum Qualification Completed 10+2 or Diploma Course Type Graduation, Postgraduate Degree, or PG Diploma in professional education University Listed, recognised, and accredited institutes in overseas Loan Amount Up to ₹3 crore Co-borrower Father, Mother, Sibling, Spouse, Grandparents, Parents-in-law, Maternal/Paternal Uncle Security Residential property, Fixed Deposit, or existing ICICI Home Loan (cross collateral)

Full simple interest is charged during the moratorium period. The students taking an education loan from ICICI bank have 8 to 12 years post-moratorium to pay off the loan. However, they can also choose to close the loan before the tenure ends through the following ways. Prepayment Choosing a shorter duration to repay the amount Loan transfer to another bank The students in the repayment may face certain issues like a sudden increase in ROI, which can impact them heavily. We at Subraxo understand that and so provide students support even after the loan sanction. We talk to the lenders and resolve the issues that the students are facing. Get started with your hassle-free education loan today, by requesting a callback from Subraxo. Avoid issues that may arise post education loan sanction! Choose WMS

ICICI Bank has a comprehensive and student-friendly payment schedule. Moratorium Period : You don't have to pay off any principal during your studies. Even after finishing your course, there's a 6 to 12-month grace period before you start paying EMIs, so that you can find a job. During the moratorium period, simple interest accrues on the amount disbursed. You can either pay this interest during the moratorium to lessen your overall interest burden or defer it. Repayment Tenure : ICICI Bank permits a repayment term of up to 12 years, including the moratorium period. This way, the EMIs remain affordable even for large loan amounts. Use the ICICI Bank education loan calculator to quickly estimate your monthly EMI, total interest payable, and repayment plan based on your loan amount, tenure, and interest rate. Repayment Modes : Standing Instruction (SI), scheduled debit from your ICICI Bank account (recommended for existing customers) Electronic Clearing Service (ECS) Post-Dated Cheques (PDC) Prepayment & Foreclosure : ICICI Bank does not impose any prepayment penalties, so you can repay the loan early without any hassles if you start earning. FD-Based Moratorium (for A1/A2 Students): For collateral-free loans under A1/A2 category, ICICI Bank is mandating a Fixed Deposit that is equal to the simple interest for the moratorium period. This FD, which will earn interest and subsequently be returned after repayment. It is a form of security, but also ensures that no payment will be required during one's study years.

By doing this, you will have a very clear picture of the methods and can decide which one you want to go with. Here is the stepwise breakdown to show how each method works,