Types of Education Loans Offered by ICICI Bank

Education Loans from ICICI Bank

A look at ICICI Bank Education loans for students who want to pursue higher education in India and overseas.

ICICI Bank offers a wide array of finance products and services to its customers. Established by the Industrial Credit and Investment Corporation of India (Indian financial institution) in 1994, the bank now has a network of 5000+ branches in India and 17 other countries. In addition to corporate banking services, ICICI Bank also offers financial products and services to its retail customers. Education loans are one of them.

As of October 2020, the bank offers an umbrella education loan to Indian students who want to pursue higher education in India and abroad. Let’s take a look at it in detail.

iSMART Education Loan

This ICICI Bank loan helps students – who have secured admission into a higher education course in a recognised institution in India or abroad through Entrance Test or Merit-based Selection Process – pay their course-related expenses. Parents or guardians of the students are also eligible for this loan scheme. The bank offers collateral-free loan options also under this scheme.

Here are the Key Features of this iSMART Education Loan Scheme:

• The maximum loan amount offered by ICICI Bank on this loan scheme is Rs. 50 lakh for studying in India and Rs. 1 crore for studying overseas
• ICICI Bank offers collateral-free loans on loan amounts up to Rs. 20 lakh for undergraduate courses and Rs. 40 lakh for post-graduate programmes
• The interest rate applicable on this ICICI Bank loan starts from 11.75% for undergraduate courses and 11.25% to pursue post-graduate programmes
• The repayment period for this loan (excluding moratorium) ranges from 5 to 7 years for loans taken for undergraduate courses and 8 to 10 years for loans taken for post-graduate ones

A Final Word

Now that you know about the education loans offered by ICICI Bank, you may want to know about other education loan schemes offered to Indian students by different banks. Please check our Education Loans page for details, if you are interested. We have covered education loans offered by major Indian banks for your reference.