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Education Loan
Going abroad for higher studies? Or there’s a course that is domestic and expensive? Whatever be your reason for higher studies, it’s understood that higher education is often very expensive, with the rising cost of education. But that shouldn’t stop you!
We, at ICICI Bank, understand about your career aspirations and offer the needed Student Loans, for successfully aiding your journey to higher education. Getting an Education Loan through ICICI Bank is an easy and simple process. We aim at providing financial support for aspiring students, for pursuing professional higher education in India and overseas.
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 | |
|---|---|---|
| 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 |
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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) |
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Interest rate range for Education Loans for the Jan 2022 to Mar 2022:
| Type of credit facility | Minimum | Maximum | Mean |
|---|---|---|---|
| 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
