ICICI Bank Education Loan Programme: Domestic & International
ICICI Bank Education Loan Programme is a joint initiative offered by the ICICI Bank and Buddy4Study to financially support Indian students for pursuing higher education in India or abroad. Under this programme, students willing to pursue an undergraduate, postgraduate or postgraduate diploma in professional courses will be provided with a loan amount ranging from INR 1 crore for education in India to INR 2 crore for education abroad. The interest rate starts at 9.85% per annum and the loan tenure is up to 12 years.
ICICI Bank Domestic Education Loan Programme
Deadline: 31-Oct-2023
Eligibility
- Open for Indian students who are studying in or applying to undergraduate, postgraduate and PG diploma courses from recognized and accredited colleges/universities in India.
- Applicants must have passed Class 12/Diploma/Graduation.
- Applicants must be aged between 16 and 35 years.
- Applicants must have a good academic record.
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Buddy4Study Education Loan Programme | loan amount of up to ₹ 40 Lakh
Benefits:
Loan up to INR 1 crore
Documents
Here are the mandatory documents that a student needs to provide to the banks while applying for a student loan:
- 2 photographs of the student (passport-size)
- Copy of exam mark sheets of 10th/12th or latest education certificate
- Admission letter with cost of education, if available
- Aadhaar Card and PAN card of the student and Parent/ Guardian
Age proof
- Copy of Aadhaar Card /Voter ID/Passport/Driving License
Identity proof
- Copy of Voter ID/Aadhaar Card/Driving License/Passport
Residence proof
- Passport
- Driving License issued by Regional Transport Authority
- Voter’s Identity Card issued by the Election Commission of India
- Job card issued by NREGA signed by State Government Officer
- Letter from National Population Register containing details of name and address
- Proof of possession of complete AADHAR number/AADHAR Card
Income proof
- Most recent salary slips and Form 16 of the parent/ guardian/co-borrower
- 3 months’ bank statement of the borrower or updated passbook of bank
- Updated ITR (Income Tax Return with income computation) of 2 years or IT assessment order of last 2 years of parent/co-borrower/guardian
- Documents stating the assets and liabilities of the parent/co-borrower/guardian
NOTE: Additional documents may be requested in case of collateral required.
How can you apply?
- Click on the ‘Apply Now’ button below.
ICICI Bank International Education Loan Programme
Deadline: 31-Oct-2023
Eligibility
- Open for Indian students who are studying in or applying to undergraduate, postgraduate and PG diploma courses from recognized and accredited colleges/universities abroad.
- Applicants must have passed Class 12/Diploma/Graduation.
- Applicants must be aged between 16 and 35 years.
- Applicants must have a good academic record.
Benefits:
Loan up to INR 2 crore
Documents
Here are the mandatory documents that a student needs to provide to the banks while applying for a student loan:
- 2 photographs of the student (passport-size)
- Copy of exam mark sheets of 10th/12th or latest education certificate
- Admission letter with cost of education, if available
- Aadhaar Card and PAN card of the student and Parent/ Guardian
Age proof
- Copy of Aadhaar Card /Voter ID/Passport/Driving License
Identity proof
- Copy of Voter ID/Aadhaar Card/Driving License/Passport
Residence proof
- Passport
- Driving License issued by Regional Transport Authority
- Voter’s Identity Card issued by the Election Commission of India
- Job card issued by NREGA signed by State Government Officer
- Letter from National Population Register containing details of name and address
- Proof of possession of complete AADHAR number/AADHAR Card
Income proof
- Most recent salary slips and Form 16 of the parent/ guardian/co-borrower
- 3 months’ bank statement of the borrower or updated passbook of bank
- Updated ITR (Income Tax Return with income computation) of 2 years or IT assessment order of last 2 years of parent/co-borrower/guardian
- Documents stating the assets and liabilities of the parent/co-borrower/guardian
NOTE: Additional documents may be requested in case of collateral required.
How can you apply?
- Click on the ‘Apply Now’ button below.
Contact
In case of any queries, please reach out to:
011-430-92248 (Ext- 123) (Monday to Friday – 10:00AM to 6PM)[email protected]
Frequently Asked Questions
Q1. What is the interest rate applicable on Buddy4Study-ICICI Bank Education Loan?
The interest rate on Buddy4Study-ICICI Bank Education Loan depends on the loan amount, the repayment tenure, and the borrower’s credit score. The current interest rate starts at 9.85% per annum
Q2. What is the maximum loan amount I can get under Buddy4Study-ICICI Bank Education Loan?
The maximum loan amount that you can get under Buddy4Study-ICICI Bank Education Loan depends on the course you are pursuing, the educational institution you are attending, and your credit score. For education in India, the maximum loan amount is INR 1 crore. For education abroad, the maximum loan amount is INR 2 crore.
Q3. What is the loan tenure for Buddy4Study-ICICI Bank Education Loan?
The loan tenure is up to 8/10 years for the undergraduate courses plus 6 months as a post-course period and up to 10/12 years for postgraduate courses plus 6 months as a post-course period.
Q4. Who can be my co-borrower?
Parents, brother, sister, spouse, parents-in-law and grandparents can be your co-borrower.
Q5. Can I apply for an education loan if I do not have a co-borrower with income?
For post graduate courses, applicants with 3+ years of experience can apply for a loan with a non-financial co-borrower.
Q6. Can I pre-close my loan?
Yes, you can pre-close your loan any time during the tenure.
