Purpose

 
 

Advance may be allowed for the following expenses in connection with the studies of the Applicant / Students in the country or abroad: | a) Fee payable to college/school/hostel. | b) Examination / Library / Laboratory fee.| c) Purchase of books / equipments / instruments / uniforms. | d) Caution deposit, Building fund / refundable deposit supported by Institution bills / receipts, subject to the condition that the amount does not exceed 10% of the total tuition fees for the entire course. | e) Travel expenses (to and fro) for studies abroad. | f) Purchase of computer ? essential for completion of the course | g) Any other expenses required to complete the course ? like study tours, project work, thesis etc.

Rate of Interest

 
 
  • 1.As prescribed / changed by bank from time to time at monthly rests. Presently the rate of interest is 11% (4% below BPLR)(subject to change from time to time) Penal Interest : As per Bank's circulars in force for overdue amount and period. Interest as and when debited will be recovered from the parent till repayment commences. (In special / deserving cases interest may be funded for the study period up to a maximum of 2 years on selective basis at its sole discretion.)
 
 

Eligibility for Educational Loan

 
 

The student should be an Indian National and secured admission to professional / technical / Graduation / Post Graduation courses in India or Abroad through Entrance Test / Merit Based Selection process. Sanction of loan will be considered on the basis of academic record, net worth & income of family and scope for securing good / gainful employment. The student will have to submit all required documentary evidences including receipts, estimates etc. & progress / performance report to the Bank regularly till completion of the course. In case of studies abroad, student should submit the Unique Identification Number (UIN) / copy of Identity Card to the branch. The student / applicant should not be availing / will not avail any education loan during currency of our loan. Necessary Affidavit / Undertaking to this effect to be obtained.

 
 

About the Bank

 
 

ICICI Bank (Industrial Credit and Investment Corporation of India) is an Indian multinational banking and financial services company headquartered in Mumbai, Maharashtra, India, with its registered office in Vadodara. In 2014, it was the second largest bank in India in terms of assets and third in term of market capitalisation[citation needed]. It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialised subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management. The bank has a network of 4,050 branches and 13,030 ATMs in India, and has a presence in 17 countries including India.

 
 

FAQ Loan

 
 

1. Will my travel expenses be covered by this loan if I am going to pursue a course abroad?

Yes, this loan does cover your travel expenses or passage money if you are going to pursue a course overseas.

2. Are there any additional benefits which the ICICI Bank education loan provides?

Applicants of this loan are entitled to a free debit card along with the loan amount. They can also avail an additional loan for higher studies or to cover any cost of escalation.

3. What is the moratorium period allowed with this loan?

Applicants are entitled to a moratorium period which of either 1 year after the end of the course dur

 
 
 
 
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