ICICI Bank Abroad Education Loan

Looking for ICICI bank abroad education loan? ICICI bank is perfect for you as it provides a great range of abroad education loan products and is also flexible compared to other private lenders.

ICICI bank's abroad education loan scheme is very flexible. Even students who do not have a strong financial co-applicant, but are themselves earning well can take an education loan by waiving off the financial co-applicant.

Here are the other details of the ICICI bank abroad education loan:

• If you have already paid the fees for a semester or the admission fee, but you need to include that amount also in the loan account, talk to your financial officer at WeMakeScholars to do the negotiation on the same with the lender.
• There are different types of education loans and hence browse through all of them and select the most suitable one for you according to your requirements.
• ICICI bank mostly prefers students going to top countries like USA, Australia, UK, Germany, Canada, New Zealand, etc. It provides flexible terms to students flying to the above mentioned countries.

Check your education loan eligibility and then arrange the following documents for an Abroad education loan from ICICI bank

Section 1: Application form

WeMakeScholars will provide you with an application form. Fill that out along with 2 photographs and your signature.

Section 2: Documents required for applicant and co-applicant

1. Prove your identity by providing the following documents

• Passport
• PAN Card
• Aadhar card 

2. Proof of your Residence(you will need two address proofs if your current and permanent address is different).

• Voter ID Card
• Aadhaar card
• Telephone Bill
• Electricity Bill
• Bank account statement
• Ration card

3.  For co-applicant

• Last 6 months' account statement of the bank if the co-applicant is salaried
• Business transactions of 1 year if self-employed

4. Also attach the Personal Asset & Liability Statement

Section 3: Academic documents of the applicant

• Education certificates and mark sheets - 10th, 12th, Degree
• Admit proof that reflects the course duration
• Fee structure (i-20 for US if available)
• IELTS/GRE/GMAT Scorecard
• Ranking of the preferred university

Section 4: Financial co-applicants income documents

Salaried

• 3 months' salary slips
• 2 yrs form 16
• ID card of the organization
• ITR of the last 2 yrs

Self-employed

• ITR of last 3 yrs
• Profit and Loss account or balance sheet of last 3 yrs
• Business address proof

Section 5: Other Documents

• A letter that says that the extra expenses will be taken care of by your co-applicant(ask your financial officer for the format)
• Notarised joint affidavit with the co-applicant and student in Bank’s standard format

Section 6: Additional docs (if applicable)

• Receipt of the payment made to the university
• Pending loans statement through the loan account.
• Explain through a letter if you had any gap on Rs. 100 stamp paper.

Section 7: Optional documents (for collateralized loan)

Collateral documents are only needed if you are going for a collateral loan. They are also different from state to state. Check the requirements of documents and other factors according to the state you are applying from.

• Hyderabad
• Mumbai
• Gujarat
• Karnataka
• Andhra Pradesh
• Jaipur
• Amritsar
• Tamil Nadu
• West Bengal
• Goa
• MP and Chattisgarh
• Pune
• Kerala
• Jharkhand
• Delhi

The ICICI bank like every other bank provides a moratorium where they don’t need to pay the EMIs. This period is for the course duration of the student plus 6 months. However, in the moratorium, the students may require to pay the interest amount to the bank.

If the student wants to close off the loan before the tenure ends, he can do by the following methods,

• Prepayment
• Choosing a shorter duration to repay the amount
• Loan transfer to another bank

Most banks do not recognize the post-sanction issues that a student faces, like a sudden increase in the ROI. However, we at WeMakeScholars wholeheartedly sympathize with students in this regard and so offer post-sanction services along with sanction and disbursement. We talk to the lenders about the issues that the student is facing and get them resolved.

Here are the benefits of going with ICICI bank

• Competitive interest rates
• Apply for loan amount of up to Rs. 2 crores
• Get a non-collateral loan of up to 50 lacs 
• Pre-visa disbursal
• Customised loan tenure and repayment options.

However, there are certain disadvantages too if you go directly to the bank. 

• Inaccurate loan process details
• Hidden charges
• Multiple visits to the branch to complete the education loan process
• No-post sanction support

To avoid the hassle of going directly to banks prefer WeMakeScholars. We at WeMakeScholars provide you with an education loan that is fast-paced, digital and has no hidden charges. We also provide you with post-sanction support.

Apply for an ICICI bank abroad education loan process by following the below steps,

• Request a callback from WeMakeScholars
• WeMakeScholars financial officer will get in touch with you and will ask you basic questions to check your eligibility for an education loan
• He will then connect you to eligible lenders and will provide you a document uploading a link to upload your documents
• Upload the documents in the link provided.
• The process will be taken forward by your assigned lender. However, you can talk to your financial officer about any type of issue or confusion in your process
• You will get your sanction letter in the timeline promised by your financial officer

Prefer the above process for an education loan over going directly to the bank. The above process at WeMakeScholars will get you a loan amount sanction in the least time possible with attractive interest rates.

WeMakeScholars is an organization supported by the Ministry of IT, govt of India under the Digital India campaign. Our aim is to offer unbiased education loans to students wishing to pursue higher education. All the services offered by us are free of charge. We are also partnered with 14+ banks(public/Pvt). Students interested in an education loan can request a callback from our team.

The advantages of going through us are:

Better Interest rates: A loan application from WeMakeScholars will get you lower interest rates from the banks. The interest rates through WeMakeScholars are 0.5% to 2% lower than the bank’s average. 

Fastest processing time: We process an education loan in 21 working days for Govt. banks and 7 working days for Private banks and NBFCs, once you have submitted all the documents from your end. We process a loan in 50% less time than the time the bank takes directly.

Tax benefit: You get all the information regarding the tax benefit on education loans for abroad from WeMakeScholars financial officer.

End-to-end support: WeMakeScholars also helps you with repayment and disbursement, even when you are in a 12 hrs different timezone.

The cashback offered: You win a cashback of up to ₹3000 in your loan amount disbursement.