ICICI bank provides education loan for the students with Indian nationality. Students who passed 10+2 or equivalent are eligible to apply for education loan.
Students can get this loan for any professional or technical courses after secured admission. Institute providing regarded course may be any Indian authorized institute or may be situated in abroad.
For studying in India, maximum up to Rs.10 lacs and for studying in abroad, maximum up to Rs.20 lacs can be issued.
Expenses that are covered under the loan:
- College/ school/ hostel fees/Laboratory/ Library/ Examination fees
Building fund/ Caution deposit/ refundable deposit supported by institution receipts/ bills
- Purchase of Laptop/computer, Travel expenses and any other expenses related to education
Rate of interest:
Presently the rate of interest is 11.50%. Base rate plus Applicable margin as per decision of bank. For girl student bank gives minimum concession of 0.50% for education in India and 2% concession for education in abroad.
Repayment is to be done within one year of course completion or 6 months after getting job whichever comes first. The loan must be paid completely within 5 to 7 years after repayment commencement. Prepayment is also permitted without any extra charges.