About ICICI Bank iSMART Education Loan

ICICI Bank Limited, is one of India’s largest and most recognisable banks. Offering a range of products and services to its customers with over 5,275 branches, 15,589 ATMs and presence in 17 countries. ICICI Bank is truly there to support our customers wherever in the world they are. 

With a growing demand for skilled and trained professionals around the world, the need for higher education has been increasing year on year and the wide range of courses offered by global educational institutes, students can opt for their career path without limitations caused by educational expenses.

Indian students opt for ICICI Bank’s iSMART Education Loans to complete their higher education dreams at any global institute, ICICI Bank offers a one-stop solution that will make the journey towards a better future, convenient and simple.

ICICI Bank offers an education loan up to Rs2 crore for studies across the globe, with multiple other benefits such as Seamless remittance to international institutes, international savings account in countries like Canada & the UK, unlimited Income Tax benefits under section 80E on full interest paid.

In addition, GIC and blocked accounts can be obtained from ICICI Bank for Canada and Germany respectively with an easy and simple process to complete your application digitally. 

Follow your dreams of education abroad. Get quick loan assistance from ICICI Bank iSMART Education Loan.

Available Tax Benefits with ICICI Bank Education Loans 

iSMART Education Loans help you avail Income Tax benefits under Section 80E of Income Tax Act, 1961. To help our customers, we have a tax benefit calculator that evaluates your tax benefits. This calculator helps to estimate tax savings benefits one can avail as per the income tax slabs in a year for maximum permissible tenure of 8 years to avail this benefit. You can access the Tax Benefit calculator on ICICI Bank website 

Loan Tenure

Education Loan tenure of up to 15 years 

In addition, please note:

• Your course period does not attribute to the loan tenure period. 

• Throughout your course period, repayments will be required to be made however will be for the “Interest” only portion of your loan. 

• ICICI Bank will grant an additional 6-month grace period post studies before “full” repayments are to begin. 

• After the completion of the 6-month grace period repayments will be for the “principal loan + interest” amount in line with your loan agreement.  

*Important* Please ensure that you read your individual ICICI Bank Education Loan agreement to understand the specific detail of your loan tenure and repayment structure.   

What Courses and expenses covered?

For international:

Career oriented UG, PG, Degree, Diploma and professional courses offered by reputed and accredited institutes in the US, Canada, Australia, UK, Germany and other countries 

Expenses considered

• Fee payable at college/ school/ hostel

• Examination/ library/ laboratory fee

• Travel expenses/ passage money for studies overseas

• Insurance premium for student borrower

• Caution deposit, building fund/ refundable deposit supported by institution bills/ receipts

• Purchase of books/ equipment/ uniforms/ instruments

• Purchase of computer at reasonable cost if required for completion of the course

• Any other expense required to complete the course like study tour, project work, thesis.

For selected ICICI Bank customers, we also offer Instant Sanction of  Education Loan without Collateral

While you plan to finalise your admission in an Institute of your choice, you can also generate your sanction letter in a few clicks, from the comfort of your home. Instant Education Loan, a pre-approved Education Loan offer for ICICI Bank customers without the hassle of any paperwork or a physical visit to branch This facility significantly improves customers’ convenience, as they are no longer required to visit any branch to get their sanction letter. Now, they can generate the final sanction letter themselves with just a few clicks through Internet banking facilities.

Some of the key benefits:

• Pre-Approved Instant Sanction:

   Customers get access to instant sanction letter online from the comfort of their home for their Pre-Approved Education Loan.

• Loan Amount Without Collateral:

   Unsecured Loan amount Up to Rs 50 Lakhs

• Wide range of loan amount:

   Minimum loan amount is Rs. 1.0 lakh up to  Maximum loan amount of Rs. 2 crore for international 

• Ease in applying:

   Customers can apply for education loan through internet banking facility of the Bank with just a few clicks.

• Turnaround time:

   This instant facility brings down the time for Education Loan sanction from a few days to a few minutes