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:
- 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.
- Upto Rs 4 lacs : Nil.
- Above Rs 4 lacs : Studies in India 5% Studies Abroad 15%.
- Loans Upto 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 upto 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 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%