ICICI Bank Education Loan for Abroad Studies

Bank

Upto 7-10 days Loan Processing Time

Margin

NIL

Processing Fees

0.75% + GST

Collateral

Upto ₹1 crore

Non-Collateral

Upto ₹1 crore

Repayment Tenure

Upto 15 years

Cosigner Needed

Yes

Interest Rate

Starting from 10.25%*

Countries covered

USA, UK, Australia, Canada, and many more

Features of ICICI Bank
Education Loan Abroad

ICICI Bank offers one of the best education loans for studying abroad with no prepayment and no pre-closure fees. The bank understands the students' needs and provides education loans at highly competitive interest rates.

It is a significant private sector bank, founded in 1994, and offers a wide range of products and financial services. They provide a collateral-free loan of up to Rs. 1 crore, tax savings on interest paid under Section 80E of the Income Tax Act, adjustable tenure, repayment plans, and competitive interest rates.

Features	Education Loan Details
Loan amount	Upto ₹1 crore (Collateral) Upto ₹1 crore (Non-Collateral)
Margin money	NIL
Interest rate	Starting from 10.25%*
Processing fees	0.75% + GST
Processing time	7-10 days
Loan tenure	Upto 15 years
Prepayment charges	NIL
Countries covered	ICICI Bank provides overseas education loans in numerous countries including USA, UK, Australia, Canada, Germany, Ireland, New Zealand , and many more.
Moratorium	Study period + 6 to 12 Months

Benefits of ICICI Bank Education Loan

Getting an ICICI Bank Loan for your studies abroad is comparatively better than loans from other banks because there's no margin money needed for loans. This means the ICICI Bank Student Loan will cover everything from your tuition fees, housing, travel costs, and refundable deposits. So, you won't have to pay anything extra for your education and related expenses. Moreover, students pursuing a PG course with 3+ years of experience don't need a cosigner.

How To Apply For ICICI Bank

Education Loan For Abroad Studies?

You can apply for an ICICI Bank Education Loan by connecting with our team of experts. Just fill out the form on our website, and we will schedule a callback and guide you through the process.
From helping you upload documents online to presenting them to the banks, Lorien Finance will help you throughout the application process.
Once all your documents are uploaded & the KYC process is complete, you can expect your loan to get sanctioned within a few working days.

Why Choose Lorien To Get Education Loan From ICICI Bank?

Best loans at unbeatable interest rates: Lorien Finance strives to bring you the best possible deals for your study abroad loans. Our experts negotiate on your behalf to get education loans at the lowest possible interest rates.
Effortless Process: All you need to do is fill out the form on Lorien Finance’s website. Yes, it’s that simple! Our team will take it up from there, making it a hassle-free process for you.
100% Free Assistance: Lorien doesn’t charge any processing fee or commission for student loans for your study abroad journey!
Quicker Loans: With constant application tracking and status updates, our experts ensure that your education loan for studying abroad gets sanctioned as early as possible.
Higher chances of approval: In case of any missing documents or other issues, Lorien’s team promptly reaches out to the bank to find solutions. This, in turn, increases your chances of getting a study loan for your overseas education.

Helping you fulfil your study abroad dream!

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Eligibility Criteria For ICICI Bank Education Loan Abroad

For borrowers
1. Must be an Indian citizen
2. Must be at least 18 years old
3. Must have an acceptance letter from a prestigious university for professional/technical studies.
For cosigners
1. Must be an Indian citizen
2. Must earn in India
3. Must possess an Indian bank account for writing cheques
4. Should be a parent, guardian, relative, or sibling
5. Cosigner is seen as the main debtor.
Eligible Courses
1. ICICI Bank funds all undergraduate and postgraduate courses in India and abroad.

Documents Required

For Applicants
1. ID Proof
2. Address Proof
3. Academic Records
For cosigner
1. ID Proof
2. Address Proof
3. Financial Records

Expenses Covered in ICICI Bank Education Loan

Tuition fees
Hostel and mess fees
Examination, library, and laboratory fees
Insurance premium
Caution deposits, building funds, and refundable deposits
Reading material and uniform
Travel expenses
Laptop
Admission acceptance fees
Other expenses

FAQs

Bringing answers to your questions

How much loan does ICICI Bank provide for studying abroad?
ICICI Bank, in collaboration with Lorien Finance, offers education loans of up to ₹1 crore without collateral. This partnership ensures students get substantial financial support for their studies abroad through a streamlined application process.
What is the interest rate on ICICI Bank's education loan for studying abroad?
ICICI Bank provides competitive interest rates on education loans for studying abroad, starting from 10.25% annually. The exact rate depends on various factors, and our collaboration ensures that students benefit the most from favourable terms.
How long does ICICI Bank take to approve an education loan for studying abroad?
ICICI Bank ensures a fast and efficient approval process to provide you with education loans. Lorien Finance's collaboration with ICICI facilitates a streamlined application procedure, ensuring timely approvals for our applicants.
Can I repay ICICI Bank's education loan for studying abroad early?
ICICI Bank does have an early repayment option for education loans. Repaying the loan before the scheduled tenure can help students save on interest payments. Students can flexibly manage their loan repayment as per convenience and financial capabilities.
How much loan does ICICI Bank provide without collateral for studying abroad?
ICICI Bank offers collateral-free education loans for studying abroad, providing financial assistance of up to ₹1 crore without the need for collateral.
Is collateral required for ICICI Bank's education loan for studying abroad?
ICICI Bank offers both collateral and collateral-free education loans. While collateral is required for higher loan amounts, students can also benefit from loans without collateral, ensuring accessibility for a broader range of students.

Lorien’s Success Stories

Real Dreams: Real Achievements

I'm Sambhavi, currently working at Deloitte. Lorien Finance helped me secure an education loan for my Master's in Business Analytics at the University...

Sambhavi

I want to express my utmost satisfaction and gratitude to Lorien Finance for their exceptional services....

Rachna

Thanks to Lorien Finance, I was able to secure an education loan without any hassle. Their online application process made it convenient for me to app...

Sharikha

I'm Sambhavi, currently working at Deloitte. Lorien Finance helped me secure an education loan for my Master's in Business Analytics at the University...

Sambhavi

I want to express my utmost satisfaction and gratitude to Lorien Finance for their exceptional services....

Rachna

Thanks to Lorien Finance, I was able to secure an education loan without any hassle. Their online application process made it convenient for me to app...

Sharikha

Finding suitable accommodation in a foreign country can be challenging, but Lorien Finance made it a breeze. Their partnership with reliable housing p...

Sriram

It was a good experience with Lorien Finance throughout the process they helped me in every step and made the process hassle-free and helped me to g...

Rama

It was a good experience with Lorien Finance throughout the process they helped me in every step and made the process hassle-free and helped me to g...