An education loan for studies abroad helps a student finance the cost of pursuing higher education at an overseas institution, with repayment typically structured to begin after the course and any moratorium period. It is commonly used to cover tuition and examination charges, hostel and accommodation costs, travel, books and study materials, insurance for the student borrower and course-related project or study-tour expenses.
A parent, sibling, spouse or other close relative usually joins as a co-applicant, and the loan may be extended on an unsecured basis or against security depending on the case. ICICI Bank, a private-sector bank founded in 1994, offers education loans for overseas study and emphasises a largely online, end-to-end journey from application to disbursement. Its version highlights pre-admission sanction letters that can support visa documentation, a digital education-loan route for eligible existing customers, and flexible repayment structures such as payment during the study period, simple interest or instalment-based plans.
The bank accepts a range of co-applicants including parents, siblings, spouses and other relatives, and allows security options such as immovable property, fixed deposits or an existing home loan where collateral is required. Sanction, the loan amount and terms depend on the admission secured, the co-applicant's financial profile, credit assessment and the bank's criteria, and are not guaranteed.
As published by ICICI Bank. Your branch may ask for more.
Tax: interest is deductible under Section 80E (no cap, up to 8 years). Foreign lenders (labelled below) are not RBI-regulated — read their terms carefully.
They lend without Indian collateral and are useful for some students, but they are NOT RBI-regulated — shown here with a distinct badge. Compare their all-in USD cost against an RBI-registered Indian lender before deciding.
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