|UG - domestic and international||PG - domestic and international|
|Interest rate||Starting at 11.75%* per annum||Starting at 11.25%* per annum|
|Loan tenure without collateral||Up to 5 years post course period + 6 months||Up to 8 years post course period + 6 months|
|Loan tenure with collateral||Up to 7 years post course period + 6 months||Up to 10 years post course period + 6 months|
|Maximum loan amount||Up to Rs 50 lakh for domestic courses
Up to Rs 1 crore for international courses
|Collateral requirement||As per the institute. Collateral-free loans for select institutes: Up to Rs 20 lakh for UG and up to Rs 40 lakh for PG courses.|
|Moratorium period||As per the course and institute.|
|Margin||No margin up to Rs 20 lakh.
Ranging from 5% - 15% margin for loans above Rs 20 lakh (Margin can be FD/scholarship/initial fee paid to the institute)
Benefits and features
- Loans up to Rs 1 crore
- No margin money required for loans up to Rs 20 lakh
- Other expenses like student exchange travel expense, laptop also covered
- Pre-Visa disbursal for students applying for overseas education
- Preferential forex rates for international disbursements.
Interest rate range for Education Loans for the period April 2019 to June 2019:
|Type of credit facility||Minimum||Maximum||Mean|
|Education Loan –iSMART interest rates||11.25% per annum||14.60% per annum||12.29% per annum|
- Mean rate = Sum of rate of all loan accounts/number of all loan amounts
Fees and Service Charges
Please click here to know more about fees and charges applicable for ICICI Bank Education Loans.
*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 5.15% as on Oct 04, 2019.
- 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).
- Mark sheets of 10th, 12th, graduation and entrance exams
- Admission letter
- Fee structure
- Co-applicant KYC and income proof*
- Additional documents may be requested in case of collateral required
*Co-applicant income proof required only for specific courses.
Accepted Security/ Collateral:
- Residential/ commercial property/ plots (Non-agricultural)
- Fixed deposits.
Terms and Condition applied
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