ICICI Education Loan for Abroad Studies Through GoStudy

ICICI bank through GoStudy offers a wide range of financial services and products to students, such as education loans for abroad studies.

ICICI education loan for abroad studies through GoStudy provides the students with a collateralized and uncollateralized education loan. The ICICI education loan for abroad study through GoStudy must be utilized to sponsor your education overseas in acceptable countries. These education loans come with added benefits like unlimited tax benefits on the interest paid under section US/80E. Plus, the ICICI bank through GoStudy, in keeping up with the digital trends, provides an iSMART education loan facility for a quick loan.


9

Reasons to Go For ICICI Education Loan for Abroad Study Through GoStudy

1

Quick Loan Processing and Approval

The ICICI international education loan through GoStudy has an approval time of 7 days. The processing is faster and leads to quick results.

2

Get Services At Your Disposal

Valuing the time of the students; GoStudy has a system in place to ensure they are fully accessible through calls & texts.

3

High Amount without Collateral

Students can take a non-collateralised loan of up to ₹50 lakhs through GoStudy

4

Tax Benefits

In the pursuit of higher education, students taking a loan through GoStudy can claim tax benefits under Section 80E of the IT act.

5

Flexible Repayment Options

Taking extra care of the student's needs and future, the ICICI education loan for abroad studies through GoStudy has flexible repayment options to reduce the burden.

6

Low Processing Fees

Through GoStudy, you get low-interest rates and processing fees for the students enabling them to study without repayment pressure.

7

Comprehensive Loan Offers

GoStudy offers you a plethora of attractive loan schemes such as ICICI education loans for abroad studies which are curated to suit individual needs.

8

Loan Processing on Priority

GoStudy experts with dedicated credit managers from our trusted financial lenders ensure that the loans are processed in minimal time.

9

Lowest Interest Rates In The Market

At GoStudy, we ensure students can enjoy the least interest rates on loans, which are usually less than 0.5% to 1% from other providers!


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ICICI Education Loan for Abroad Studies Through GoStudy

There is a stigma attached to taking loans in our country, and this unprecedented narrative sometimes stops students from pursuing their dreams. We are living in a world where education has become the way of life, and achieving the proper education is crucial for every student and aspirant. In pursuing their dreams of getting a higher and better education, students often get stuck between helping their parents, supporting the household, and getting the education they deserve.

Several students choose the former for the lack of funds to support their studies, but not anymore. The ICICI education loan for study abroad through GoStudy allows students to take up higher studies in national and international universities without burdening their parents with fees and other expenses. GoStudy’s all-inclusive loan facility helps students with tuition fees, housing fees are transferred to the university’s account or personal account, and living expenses are transferred to the student’s account.

So, every student availing and accepted for the ICICI education loan for foreign studies through GoStudy won’t have to worry about paying for their tuition, housing, books, equipment, and other aspects in their pursuit of higher studies.

The loan comes with easy repayment schedules, friendly processing, and quick disbursal. GoStudy has initiated several measures in favor of the students to make it easier for them to avail of the loans.

With ICICI Bank, powered by GoStudy supporting the student's dreams of higher education, they are also building a proactive, intelligent, and aware cohort of students who can study ahead and help the country progress. There is no denying the fact that good education is pivotal to building and sustaining a promising future. The ICICI overseas education loan through GoStudy is meant to help students take up undergraduate and post-graduate studies abroad.

ICICI Education Loan for Abroad Studies
ICICI Education Loan for Abroad Studies

Interest Rate of ICICI Education Loan Through GoStudy

Interest earning is any bank's main earning, and the same applies to the ICICI bank through GoStudy. No matter what type of loan a bank gives and for what amount, an interest rate is applied on this amount, and the borrowers are supposed to pay the loan money back along with interest. The interest rate of education loan at ICICI for abroad studies through GoStudy begins at 9.5%.

Focus on the word “begins” because the interest rate might increase depending on the borrower’s profile. So, this 9.5% is the base rate. The providers won’t charge an interest rate below 9.5%, but they can charge a higher interest rate.

Within this, the interest might also differ according to the university category and the type of course. With ICICI powered by GoStudy, the interest rate for a UG course is slightly higher than the interest rate for a PG course due to the difference in the course tenure.

Type of Education Loan

ICICI Education Loan Rate of Interest As Per Market

ICICI Education Loan Rate of Interest Through GoStudy

Secured Education Loan (USA) 9.5% 9.25%
Unsecured Education Loan (USA) 10.25% 10.00%
Secured Education Loan (Others) 9.5% 9.5%
Unsecured Education Loan (Others) 11.75% 11.50%

The borrower may also have to pay a Margin Money on the loan amount.

  • On loan amounts up to ₹20 lakhs, there is no margin money.
  • On loan amounts more than ₹20 lakhs, the student has to put in margin money of 15%.

This means that if the loan amount you require amounts to ₹50 lakhs, the bank will pay ₹35 lakhs, and you will have to pay the remaining amount of ₹15 lakhs.

What are the Costs Covered by ICICI Education Loan Through GoStudy?

When you take a loan from the ICICI to pursue higher education abroad through GoStudy, you will be set to study uninterrupted by financial constraints. This implies that you won’t have to worry about;

  • Tuition fees are payable at college or school.
  • Accommodation or hostel fees
  • Examination, library, and laboratory fees.
  • Study tools and equipment
  • Travel fees or passage expenses (airfare)
  • Insurance premium for the student borrowing the money
  • Caution deposit or refundable deposit set by the institution
  • Purchasing books, dress, uniform, and instruments
  • Purchase a computer at a reasonable price, only if it is essential to complete the course.
  • Other expenses required during the course include study tours, project work, and thesis.

Usually, every university or institution you might study from will have included the additional costs within their tuition fees. So, all the expenses are covered. If there are additional expenses, GoStudy can always consider and decide on a case-by-case basis.

ICICI provides education loans to students through GoStudy allowing them to study in almost every country across the world. However, there might be exceptions, which you will come to know at the time of applying. Some popular countries covered here include:

  • USA
  • Canada
  • Ireland
  • UK
  • France
  • Germany
  • Singapore
  • Australia
  • New Zealand
  • Austria
  • Belgium
  • Hungary
  • Italy
  • Poland
  • Spain
  • Switzerland
  • Denmark
  • Finland
  • Netherlands
  • Norway
  • Sweden

The loan amount you want to avail from the ICICI bank through GoStudy depends on the requirements. There is no minimum slab set, but there is an upper limit of ₹50 lakh for a non-collateral loan and up to ₹1 crore for a collateralized loan. The student applying for the loan through GoStudy will get to know all the details first-hand at the time of applying. GoStudy is highly focused on giving out loans to deserving students, and their assistance here ensures you get the best chance of getting the loan approved.

Following are the lists of the Costs Covered by ICICI Education Loan through GoStudy:

Things covered under ICICI Education Loan through GoStudy

Costs Covered by ICICI Education Loan through GoStudy

Tuition Fees 0 - 65 Lakhs (Approx)
Living Cost 6 Lakhs - 15 Lakhs (Approx)
Travel Expenses 20,000 - 40,000 Rupees (Approx)
Others (Books/Uniforms/Computers) 80,000 - 1,50,000 Rupees (Approx)

ICICI Education Loan Without Collateral Through GoStudy

A loan without collateral means when the bank does not require the borrower to pledge an asset for security purposes. However, there is a limit to taking loans without pledging any collateral. ICICI bank through GoStudy has set this limit at ₹50 lakhs. Any education loan below this limit does not require collateral.

But you must understand taking a loan without collateral does not mean that your application will be accepted. The banks, powered by GoStudy, still run their due processes and check the eligibility of the student before giving out loans.

Plus, only the students who are already accepted into the A1 and A2 category universities are eligible for this loan. We will discuss more about the A1 and A2 university categories later. The ₹50 lakhs amount is meant for students taking up higher studies abroad. Higher studies imply students pursuing post-graduate studies.

For undergraduate courses and studies, the ICICI education loan without collateral through GoStudy is limited to ₹20 lakhs. For undergraduates, GoStudy does not discriminate between the category of universities you are getting admission into.

Here’s a list of documents required to submit the non-collateral loan application through GoStudy for ICICI bank.

  • KYC documents (Aadhaar card, Passport, Voter ID, etc. )
  • Detailed mark sheets of school education 10th, 12th, and graduation.
  • The students must also submit mark sheets for their entrance examination.
  • The admission letter stating that the student has been accepted.
  • The fee structure and details of the institution.
  • Documentation of the co-applicant and their proof of income.

With the submission of these documents, the student’s application for ICICI education loan for abroad studies through GoStudy will go under consideration.

ICICI Bank through GoStudy provides special services for students taking up higher education in Canada. The bank has a product, ‘Canada Select,’ wherein the students can avail bank loans up to ₹1 Crore under the iSMART loan category. More than 200 Canadian colleges and universities, and the limit for unsecured education loan is ₹20 lakhs. However, for some selected universities, the ICICI education loan without collateral can go up to ₹50 lakhs. The bank is also offering a one-stop solution for loans to study in Canada, along with some tax benefits.

Collateral for ICICI Education Loan for Abroad Studies through GoStudy

Collateral means when you have to put down assets of more than or equal value to the loan amount with the bank. Pledging the asset means that in case you are not able to repay the loan, the bank has the authority to sell or liquidate the asset and recover the money.

In some types of loans having collateral is essential. In ICICI education loan with collateral security through GoStudy, the loan amount extending beyond ₹50 lakhs requires collateral. Another reason why the bank can ask for collateral is when the borrower’s financial profile is weak. In this case, the financial profile of your co-applicant is under the scanner.

GoStudy will check the credit score of the primary and co-applicant to decide whether it needs collateral.

Here are the two types of collateral for an education loan in ICICI through GoStudy you can submit;

  • Property : The bank accepts residential property (builder floors, independent houses, flats), etc., as collateral. Plus, it can also accept commercial property buildings and even plots. But it does not accept agricultural lands as collateral.
  • Fixed Deposits : Another form of collateral acceptable is FDs. The amount of FD is not shared, but a common notion is that the borrower must have an equivalent amount of FD matching the loan amount.

There can be differences in how and in what manner the provider accepts collateral. These are only standard instructions. At the time of application, the onus of taking a decision rests with the bank officials. You can talk to your GoStudy consultant for all clarifications.

In any case, it is always better to pledge collateral to avail of the loan. With collateral, the chances of getting the loan approval increase manifold. This is because the bank feels secure about giving out the loan.

ICICI Education Loan for Abroad Studies Through GoStudy - List of University

ICICI bank though GoStudy provides loans to students pursuing UG, PG, and professional courses like the CFA or CIMA, etc. When it comes to the universities, the bank categorizes them into three classes;

  • A1 Category : These are prestigious and globally recognized universities. As a result, the bank has set lower interest rates for these loans and offers more loan products.
  • A2 Category :Universities and schools in this category are less prominent than those in the A1. The students going into these universities can also access different loan products and relatively lower interest rates than the ones in the A3 category.
  • A3 Category : These are the least popular universities added to the list of acceptable institutions.

The ICICI bank, powered by GoStudy, is one of the largest financial providers in the country, and it provides education loans to students with ease. However, a lot depends on your profile, educational background, performance, and the ability to repay the loan. With national and international services, the ICICI bank through GoStudy also provides country-specific products and services to students. But these services are not available in all countries.

Here’s a list of institutions abroad accepting ICICI education loan

List of Universities accepted by ICICI Education Loan

Pre Approved Education Loan amount by ICICI

University of Florida 75 Lakhs
New Jersey Institute of Technology 65 Lakhs
George Washington University 65 Lakhs
Syracuse University 65 Lakhs

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Co-Applicant for Education Loan in ICICI Through GoStudy

A co-applicant is required when the borrower is not financially independent or does not have the requisite income stream. The requirement of the co-applicant for education loan in ICICI through GoStudy depends on similar aspects. The fact that repaying the loan requires the student to be responsible and accountable to their future, a co-applicant, is essential for the bank to get repayment surety.

The acceptable people a borrower can attach in the form of a co-applicant for education loan in ICICI through GoStudy are;

  • Mother
  • Father
  • Brother
  • Sister
  • Closely related in-laws

Determining the Eligibility for ICICI Education Loan for Abroad Studies Through GoStudy

To get a loan, the student needs to pass the eligibility criteria. These requirements are essential and help determine whether an individual can apply for a loan. The eligibility criteria for ICICI education loan through GoStudy are;

  • The borrower should be an Indian citizen or national.
  • The student seeking the loan must have secured admission into a university abroad or received an invitation. The university or college should be approved.
  • The borrower student must have completed 10+2 education.

At present, the minimum CIBIL score for education loan in ICICI through GoStudy is not available from official resources. But the general norm is that borrowers with a CIBIL score of more than 650 points find it easier to get a loan. You can check with your GoStudy Consultant for further clarifications on your eligibility.


TOO MANY QUESTIONS?


What Documents are Required to Apply for the Education Loan Through GoStudy?

Higher education from a reputed university can prove to be one of the best career moves. With institutions like ICICI bank powered by GoStudy giving out education loans, you no longer have to worry about gathering the finances to study abroad.

The documents required for education loan in ICICI through GoStudy are;

  • KYC documents (Aadhaar card, Passport, Voter ID, etc.)
  • Detailed mark sheets of school education 10th, 12th, and graduation.
  • The students must also submit mark sheets for their entrance examination.
  • The admission letter states that the student has been accepted.
  • The fee structure and details of the institution.
  • Documentation of the co-applicant and their proof of income.
  • The scorecards of English proficiency tests from IELTS, TOEFL, or GMAT exams.
  • Duly filled loan application form or the iLENS application with the attached photographs.
  • 2 additional passport-size photographs.
  • Resident proof in the form of bank statements of the student or the ration card, gas book, electricity bill, or telephone bill of the co-borrower.
  • Six months bank statements to show income proof.
  • Recent salary slips of the parent/guardian/co-borrower
  • Latest ITR
  • List of documents mentioning the assets and liabilities of the parent or co-borrower or the guardian.

Besides these basic documents, other documents might be required by the provider. If these are needed, GoStudy will ask you to submit them as well in compliance with the providers.

Process & Procedures for ICICI Education Loans for Abroad Studies Through GoStudy

The ICICI bank through GoStudy has a flexible and student-centric loan processing system. It allows the students to take loans along with their co-applicants and fulfill their dream of studying abroad.

Within the loan process, the students, after submitting their application online or offline through GoStudy, you must wait for the consultants to screen your profile and get back. They will establish the authenticity of the loan application and check your eligibility plus requirements.

The ICICI education loan processing time through GoStudy is 7 days, according to official sources. In some cases, it can take more time to process. But that only happens if the bank asks for additional documents.

The bank officials will check your credentials and that of the co-applicant before deciding on the approved loan amount. There is a processing fee for ICICI education loan through GoStudy, which is 1% plus GST.

So, if the loan amount is ₹50 lakhs, the borrower must pay ₹50,000 plus 18% GST on this amount.

ICICI Education Loan Sanction and Disbursement Through Gostudy

The loan sanction letter is a type of confirmation ascertaining that the borrower’s profile is approved to receive the funds. It contains the details of the loan, the interest rates, the name of the university for which the loan is approved, the applicant and co-applicant's names, the moratorium period, tenure, and several other details.

This sanction letter is a celebratory document for students hoping to get a loan from the bank. In addition to the sanction letter for ICICI education loan through Gostudy, the student will also get a confirmation letter of the funds transferred to the university or college directly.

The remaining amount will be given to the student in the form of a demand draft, or it will be transferred to the student’s international bank account. The funds transferred to the university confirmation is also given in the disbursement letter for ICICI education loan through GoStudy.

Moratorium Period for ICICI Education Loan Through GoStudy

The ICICI education loan for abroad studies through GoStudy comes with a moratorium period. This is the period during which the students won’t have to pay any amount of the loan back to the bank. For the ICICI bank education loans, the moratorium period is course tenure plus a 6-months grace period.

For instance, if the course duration of the degree program is three years, the student has to start paying the loan back, in installments, after three years and six months. The rationale behind the grace period is that the students need time to secure a job after completing their degree course.

Repayment Terms of Education Loan by ICICI Bank Through GoStudy

The ICICI bank through GoStudy has flexible repayment terms and schedules for students. The ICICI education loan repayment through GoStudy system has the first benefit of a longer moratorium period. In addition to this, the students can also benefit from partial payments. These are the payments students can make against their loans while they are studying through GoStudy. This will help the students reduce their repayment burden after the repayment period begins to post the completion of the moratorium period. However, note that these prepayments will only reflect in the interest payable account and not the principal amount.

GoStudy Partnered ICICI Education Loan EMI Exemption under Section 80E of the IT Act

ICICI, along with several other banks, has an exemption benefit in the form of a deduction on the overall EMI through GoStudy. The deduction is only allowed for students taking up higher education and can be claimed during the financial year. The deduction applies only to the interest payable on the loan taken in the financial year.


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