ICICI Bank Education Loans: Details on Interest Rates, Documents, Eligibility Criteria of ICICI Bank for Education Loans Online Application.
Eligibility Criteria for Students to Apply in ICICI Bank :
- Should be an Indian National.
- Secured admission to professional/ technical courses in India or Abroad through Entrance Test / Merit Based Selection process after completion of HSC(10 plus 2 or equivalent).
Courses Eligible in ICICI Bank:
- Studies in India – Courses leading to graduate/ post graduate degree and PG diplomas conducted by colleges/ universities recognized by UGC/ Govt./ AICTE/ AIBMS/ ICMR et shall be approved. A list of such courses is provided as blow:
- Professional Courses like ICWA, CA, CFA etc.
- Courses conducted by IIMs, IITs, IISc, XLRI, NIFT, NID etc.
- Regular degree/diploma courses like aeronautical, pilot training, shipping.approved by Director General of Civil Aviation/Shipping.
- Approved courses offered in India by reputed foreign universities.
- Teacher Training/Nursing/B.Ed. courses (provided the training institutions are approved either by the Central Government or by State Government and such courses should be a degree or diploma course and not a certification courses).
Studies abroad –
- Undergraduate Courses: Valid for job oriented professional/ technical courses offered by reputed universities.
- Post Graduate Courses: Courses such as MCA, MBA, MS, etc and courses conducted by CIMA- London, CPA in USA etc.
- Degree/Diploma courses: Courses such as aeronautical, pilot training, shipping etc are also valid (provided these are recognized by competent regulatory bodies in India/abroad for the purpose of employment in India/abroad).
Expenses Covered Under the Loan:
Quantum of finance :
Further wherever parents are not there banks could consider grandparent as co obligator to the loans taking into account their net worth.
Co obligation of parents along with Collateral in the form of a suitable third party guarantee for 100% of the loan amount to be taken.
- For cases above Rs 7.5 lacs.
Co obligation of parents along with Collateral security of 100% value of loan.
Assignment of future income of the student for payment of the loan instalments for all loans.
The co-obligator should be parent(s)/guardian of the student borrower. In case of married person, co-obligator can be either spouse or the parent(s)/parents-in-law.
Rate of Interest :
- Interest will be Base rate plus applicable margin as decided by bank.
At least 0.50% concession in interest rates on Education Loans to girl students for pursuing higher education in India and abroad
Penal interest @ 2%
Repayment / Holiday :
Processing Charges : Nil