Education Loan Benefits and features

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Benefits and features

	SECURED	UNSECURED
Interest rate	Starting at 10.50 %* per annum	Starting at 10.75 %* per annum
Loan tenure	Up to 8/10 years for Under Graduate post course period + 6 months Up to 10/12 years for Post Graduate post course period + 6 months
Maximum loan amount	Up to Rs 50 lakhs for domestic courses Up to Rs 1 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 selected institutes : Up to 20 lakhs for UG & up to Rs 40 lakhs for PG courses **
Moratorium period	As per the course and institute.
Margin	No margin for premier institutes No margin up to Rs 20 lakh for other category of institutes Ranging from 5% - 15% margin for loans above Rs 20 lakh (Margin can be FD/scholarship/initial fee paid to the institute)

Interest rate range for Education Loans for the January 2021 to March 2021 :

Type of credit facility	Minimum	Maximum	Mean
Education Loan –iSMART interest rates	9.50% per annum	12.99% per annum	11.35% per annum

Note:

Terms and Conditions apply

Please click here to know more about fees and charges applicable for ICICI Bank Education Loans.

Disclaimer

*Interest rates will vary basis the institute category and course.

Processing fee applicable is 1% of loan amount plus applicable taxes.

Policy Repo Rate (RR) is 4% as on Dec 1, 2020.

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.

Should be an Indian national
Secured admission/ invite from university in approved university/ college in degree/ diploma course
Education: Should have completed 10+2 (12th standard).