Investing in overseas education, particularly in a prestigious country like the UK, can be a transformative experience. However, the cost of tuition fees, living expenses, and other associated costs demand may develop a need for financial assistance.
This is where ICICI Bank comes into play. It offers financial assistance to bridge the gap and make your academic dreams a reality. This article delves into details of ICICI Bank’s Overseas Education Loan Scheme.
We’ll explore the scheme’s features, eligibility criteria, application process, and benefits, equipping you to make an informed decision about financing your UK education!
Key Features
Even while studying at affordable Universities in UK, students may require financial assistance as the value of British currency is on the higher side. If their chosen University is on the list of Premier Institutes of ICICI Bank, they get additional benefits.
For a closer look, we have provided below a few of the prominent characteristics of the ICICI Overseas Education Loan Scheme:
- Quantum of Finance: Up to 2 Crores in Secured Loan and 1 Crore for Unsecured Loan
- Rate of Interest: Starting from 10.5%
- Loan Processing Time: 10-15 Days
- Moratorium Period: Course Duration + 6 months
The high loan amount offered under the ICICI Overseas Education Loan Scheme makes it an ideal choice for students. However, before applying, make sure you meet the eligibility regulated by the bank.
Eligibility Criteria
To be eligible for ICICI Bank’s Overseas Education Loan Scheme for UK studies, you must meet the following criteria:
- Indian Nationality: You must be a resident Indian citizen.
- Admission Confirmation: You must have a confirmed admission letter from a UK-recognized university.
- Academic Background: While the bank doesn’t explicitly state educational requirements, a good academic record in your previous studies is generally expected.
- Co-applicant: A co-applicant, typically a parent or guardian with a stable income, is mandatory. Their income will be crucial in determining the loan amount you are eligible for.
- CIBIL Score: A healthy CIBIL score (a credit score in India) of the applicant and co-applicant will positively impact your loan approval chances.
Moving on, let us understand how you can apply for a study loan for UK through one of the country’s leading private banks.
Application Process
ICICI Bank offers a convenient application process for its Overseas Education Loan Scheme. You can choose between applying online or visiting your nearest ICICI Bank branch.
The bank’s website offers a seamless online application process. You can gather the required documents, fill out the online application form, and upload scanned copies of the documents.
Here is the list of the documents you are required to have with you:
Required Documents
- Duly filled application form (online or offline)
- Admission offer letter from a recognized university in the UK
- Academic transcripts from your previous studies
- Proof of identity (Passport, Voter ID, etc.)
- Address proof (utility bills, rental agreement, etc.)
- Income proof of the co-applicant (salary slips, income tax returns, etc.)
- Any other documents requested by the bank during the application process
Benefits of ICICI Bank’s Overseas Education Loan Scheme
Here are some key benefits that make ICICI Bank’s Overseas Education Loan Scheme a compelling option for financing your UK studies:
- The substantial loan amount ensures you can comfortably cover all your education-related expenses in the UK.
- For studies at premium institutes, ICICI Bank offers education loans without collateral for up to ₹1 crore, reducing the financial burden on you and your co-applicant.
- ICICI Bank facilitates hassle-free remittance of funds directly to your University in the UK.
- ICICI Bank offers a Forex Prepaid Card alongside UK education loans, providing convenient access to funds and bundled benefits like ISIC membership and insurance.
ICICI Bank’s Overseas Education Loan Scheme can be a powerful tool to help you achieve your dream of studying in the UK. Its high loan amounts, competitive interest rates, and convenient features like direct university remittance and forex cards offer a comprehensive solution for financing your education. This article provides an overview of an education loan scheme of one of the leading private banks in India. If you need information on study abroad loans from top Public Banks, you can approach a Global Education consultant in your area for the latest guidelines!
