Eligibility Criteria for an Education Loan

To apply for an education loan, Indian citizens must meet the following criteria:

• Age: Between 16 to 35 years
• Academic Record: Should have a good academic record
• Education: Must have completed 10+2 or a diploma
• Enrollment: Must be enrolled in a recognized institute in India or overseas, with loans approved based on pre-admission, entrance exam scores, 12th/HSC results, or confirmed admissions.

Eligible Courses for Education Loans

Education loans can be used for the following types of courses:

• Graduate 
• Postgraduate 
• Diploma 

These courses in professional education must be from recognized and accredited institutes in India or overseas.

Availing Partial Fee as a Loan

You can secure a partial fee as a loan at any point during your studies. This means you have the option to borrow money to cover a portion of your educational fees at any time during your studies.

Co-applicant Requirements

A co-applicant is required for an education loan and can be any of the following family members:

• Parents
• Brother or sister
• Spouse
• Father-in-law or mother-in-law
• Daughter-in-law
• Maternal and paternal uncle/aunt
• Grandparents

Loans Without a Financial Co-applicant

Applicants for postgraduate courses with 2+ years of experience can apply for a loan with a non-financial co-applicant.

Scholarship as Margin Money

Scholarships awarded to the applicant from the institute will be considered as margin money.

Interest Calculation During Moratorium Period

During the moratorium period, the interest on the loan is calculated using simple interest. The moratorium period is the period during which you are not obligated to make loan repayments.

Pre-payment of Education Loans

You can pre-pay your education loan at any time without any pre-payment charges.

Repayment of Education Loans

Repayment of the education loan can start any time as soon as the loan starts.

To apply now for the ICICI bank loan please check our website!