ICICI Bank Educational Loan

Industrial Credit and Investment Corporation of India (ICICI Bank) is an Indian multinational banking and financial services company. Currently, it has its headquarters in Mumbai, Maharashtra and registered office in Vadodara. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management.

ICICI Bank comes in the list of Big Four Banks of India along with State Bank of India, Bank of Baroda and Punjab National Bank. The bank has subsidiaries in the United Kingdom and Canada; branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar, Oman, Dubai International Finance Centre, China and South Africa and representative offices in United Arab Emirates, Bangladesh, Malaysia and Indonesia. The company’s UK subsidiary has also established branches in Belgium and Germany.

What is Student Loan?

ICICI Bank provides financial support to students who wish to pursue their higher education in India as well as abroad. The objective is to provide each and every deserving student the opportunity to study with the financial support on simple terms and conditions.

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 etc 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).

Student Eligibility

The student seeking the educational loan should have Indian nationality. The loan will be sanctioned keeping the academic records, net worth, and income of the family and scope for securing a good job. The student will have to submit all required documentary evidence including receipts, estimates etc. & progress / performance report to the Bank regularly till completion of the course. In the case of studies abroad, the student should submit the Unique Identification Number (UIN) / copy of Identity Card to the branch.

Expenses Covered Under the Loan

  • Fee payable to college/ school/ hostel.
  • Examination/ Library/ Laboratory fee.
  • Travel expenses/ passage money for studies abroad.
  • Insurance premium for student borrower, if applicable.
  • Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts.
  • Purchase of books/ equipments/ instruments/ uniforms.
  • Purchase of computers – essential for completion of the course.
  • Any other expense required to complete the course – like study tours, project work, thesis, etc.

Quantum of finance

  • Need based finance subject to repaying capacity of the parents/ students with margin and the following ceilings.
  • Studies in India – Maximum Rs.10.00 lacs.
  • Studies abroad – Maximum Rs.20.00 lacs.


  • Loans Up to Rs 4 lacs – Co-obligation of parents.

Further, wherever parents are not there banks could consider grandparent as co-obligator to the loans taking into account their net worth.

  • Above Rs 4 lacs and up to Rs. 7.5 lacs.

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 the loan.

Assignment of future income of the student for payment of the loan installments for all loans.

The co-obligator should be parent(s)/guardian of the student borrower. In a case of the married person, co-obligator can be the spouse or the parent(s)/parents-in-law.

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