Why ICICI Bank for Education Loan?

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 Jan 2022 to Mar 2022:

Type of credit facilityMinimumMaximumMean
Education Loan –iSMART interest rates 8.25 % per annum 15.50 % per annum 10.81 % per annum


  • Mean rate = Sum of rate of all loan accounts/number of all loan amounts

Terms and Conditions apply
  • 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).
Description of ChargesCharges applicable
Loan Processing Fees Up to 2%+GST ( Non Refundable )
CERSAI Fee ₹ 50 for LA5 lacs +GST
Administrative charges ₹ 5000 +GST (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 )
CIBIL charges ₹ 100+GST
Late Payment Penalty on pre EMI and EMI 24% PA of overdue (2% per month of overdue)+GST
Cheque/AD/ ECS bounce charges ₹ 500+GST
Repayment mode swap Charges ₹ 500/- per transaction+GST
Amortization Schedule charges NIL
Statement of Account charges NIL
Duplicate No Objection Certificate/ No Due Certificate ₹ 500/- per NOC plus GST/₹ 200/- per NDC + GST
Revalidation of No Objection Certificate ₹ 500/- per NOC plus GST
Document Retrieval Charges ₹ 500/- plus GST
Prepayment Charges/Foreclosure NIL
Document Retrieval Charges NIL
Notes : 

GST and other govt. taxes, levies, etc. applicable as per prevailing rate will be charged over and above these charges at the discretion of ICICI Bank ltd.

The charges or fees given in above table are subject to change and the one recorded in agreement will be binding over this site.

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.


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.
Apply now

SMS ‘TAB’ to 5676766

Accepted Security/ Collateral:

  • Residential/ commercial property/ plots (Non-agricultural)
  • Fixed deposits.

Terms and Condition applied

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