Why ICICI Bank for Education Loan?
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.
SECURED | UNSECURED | |
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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 |
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Maximum loan amount | Up to Rs 50 lakhs for domestic courses Up to Rs 1 crore for international courses |
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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 facility | Minimum | Maximum | Mean |
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Education Loan –iSMART interest rates | 8.25 % per annum | 15.50 % per annum | 10.81 % per annum |
Note:
- Mean rate = Sum of rate of all loan accounts/number of all loan amounts