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Why ICICI Bank for Education Loan?
Collateral free loan up to Rs 1 Crore for premium institutes
Loans up to Rs 2 crore for International studies and Rs 1 crore for Domestic studies
Special Product offering for Government employees, CXOs and professional with 2 Years Work Experience
Special product offering for Canada, UK and Germany
No Margin for Premium institutes
No Branch visits / Complete digital journey
Pre-admission sanction
Education Loan Interest rate
Explore tenure and interest rate related information
Fees and Service charges
| Description of Charges | Charges applicable |
|---|---|
| SERVICE CHARGES | |
|
Loan Processing Fee (Non-Refundable) |
Upto 2% of loan amount |
|
CERSAI charges Non-refundable charges under Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI) |
Rs 100/- |
|
Administrative charges |
₹ 5000/- or 0.25% of loan amount whichever is lower. (The Administrative charges are a one-time nonrefundable charges collected by the Lender for the purpose of appraising the valuation and legal verification of property to ascertain suitability of accepting the property for mortgage and the same is independent of the outcome /result of such appraisal ) |
|
Repayment mode Swap charges |
₹ 500/- |
|
Charges for Statement of account |
₹200/- for physical print out at the branch |
|
Charges for Amortization Schedule |
₹ 200/- for physical print out, Nil for digital channels |
|
Charge for Prepayment or Foreclosure statement |
₹ 200/- for physical print out at the branch |
|
Charge for Duplicate No Objection Certificate / No Due Certificate |
₹ 250/- |
|
Charge for Revalidation of No Objection Certificate (NOC) |
₹ 250/- |
|
Cash transaction charges (for repayment of EMI due in cash at branches) |
₹ 100/- |
|
Loan / Property Document Retrieval charges |
₹ 500/- |
|
Loan Cancellation charges |
1. Digital Lending - NIL Cancellation within Free Look / Cooling off period, Cancellation post cooling Period & Before 1 EMI date (i.e. from 16th day till |
|
Conversion charges ( From floating to fixed rate loans and fixed to floating) |
a. For switch over from floating to fixed rate loans, then conversion charges be ₹ 3,000/- |
|
Prepayment Charges |
1. NIL prepayment charges under floating rate loans |
| PENAL CHARGES | |
|
Penal charges in the event of default/delay in payment/ repayment of any part of the loan amount on due date |
5% per annum on the overdue sum from the due date to the actual payment date |
|
Dishonour of Cheque/AD/ ECS/NACH per transaction |
₹ 500/- |
|
Non Maintenance of Mode of Payment charges (NMMP) |
₹ 800/- |
| Loan Related Recovery Charges (if Applicable) | |
|
Charges incurred in SARFAESI proceedings |
At Actuals |
|
Charges incurred in sending different notices |
At Actuals |
|
Enforcement Charges |
At Actuals |
|
Paper Advertisement Charges |
At Actuals |
|
Repossession Charges |
At Actuals |
|
Security Guard Charges |
At Actuals |
Note: Goods and Service Tax and other govt. taxes , levies , etc. applicable as per the prevailing rate will be charged over and above these charges.
The charges or fees given in above table are subject to change.
For secured cases, charges pertaining to stamp duty on loan and security documents, as applicable to respective states, shall be borne by the borrower
ANNUAL PERCENTAGE RATE
The Annual Percentage Rate (APR) is a method to compute annualised credit cost which includes interest rate and processing fee.
The APR calculator does not include charges such as prepayment charges, etc.
To calculate the same, please click here to download the APR calculator.
Interest rate
| Interest rate | Starting from [REPO* + 3.75%(Spread)] |
| Loan tenure | Up to 10/12 years for Under Graduate Up to 12/14 years for Post Graduate |
| Maximum loan amount | Up to Rs 1 crore for Domestic courses Up to Rs 2 crore for International courses |
| Collateral requirement | Exceptional collateral can be accepted in the form of Fixed Deposit, Fresh Property, Cross collateralization with existing Mortgage loans |
| Unsecured Loan requirement | Unsecured loan for premium Institutes : Up to Rs 1 Crore for UG & PG courses |
| Moratorium period | Course period + Up to 12 months grace Period** |
| Margin | No margin for premier Institutes 15% margin for Other category Institutes (Margin can be FD/scholarship/initial fee paid to the institute) |
*Interest rates are linked with Repo rate
**Note: Moratorium period will be offered basis Bank’s policy and is not applicable in all loans
Interest rate range for Education Loans for the period - Jan 2024 to Mar 2024:
| Types of credit | Minimum | Maximum | Mean |
|---|---|---|---|
| Education Loan –iSMART interest rates | 9.85% per annum | 14.00 % per annum | 11.51 % per annum |
Note:
Mean rate = Sum of rate of all loan accounts/number of all loan amounts
