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Education Loan Interest Rate

Interest Rate Information
9.85% onwards For courses in India: Up to Rs 1 Crore
For courses abroad: Up to Rs 2 Crore
            Unsecured Loan Amount – Up to Rs 1 Crore

Education Loan eligibility

Particulars Eligibility
Nationality Indian
Age Minimum- 16 years Maximum- 35 years
Academic record Proven - good
Qualification Completed 10+2 (12th Standard)/Diploma
For Pursuing Graduation /Postgraduate Degree or a PG diploma in professional Education.
University Applied to Listed,Recognized and Accredited Institutes in India and Overseas  
Loan can be sanctioned on the basis of
  • Pre- admission sanction
  • Entrance exam score like GRE,GMAT etc.
  • 12th/HSC Results
  • Confirmed Admission
Loan Amount

Domestic – Upto Rs 1 crore

International – Upto Rs 2 crore

Co-borrower Father, Mother, Brother, Sister, Spouse (Husband/Wife), Grand Parents, Parents in law, Brother in law, Maternal/Paternal Uncle.
Security Property i.e. House or Flat, FD –Fixed Deposit, Existing ICICI Bank Home Loan for cross collateral.

Required Documents for Education Loan

Here are the mandatory documents that a student need to provide to the banks while applying for a student loan:

  • Duly filled online iLENS application form
  • 2 photographs of passport size
  • Copy of exam mark sheets of 10th/12th or latest education certificate
  • Admission letter with cost of education if available
  • Aadhaar Card and Pan Card of the student and Parent/ Guardian

Age proof

Copy of Aadhaar Card /Voter ID/Passport/Driving License

Identity proof

Copy of Voter ID/Aadhaar Card/Driving License/Passport

Residence proof

  • Passport
  • Driving License issued by Regional Transport Authority
  • Voter's Identity Card issued by the Election Commission of India
  • Job card issued by NREGA signed by State Government Officer
  • Letter from National Population Register containing details of name and address
  • Proof of possession of complete AADHAR number/AADHAR Card

Income proof

  • Most recent salary slips and Form 16 of the parent/ guardian/co-borrower
  • 3 months bank statement of the borrower or updated passbook of bank
  • Updated ITR (Income Tax Return with income computation) of 2 years or IT assessment order of last 2 years of parent/co-borrower/guardian
  • Documents stating the assets and liabilities of the parent/co-borrower/guardian

The NACH e-Mandate system facilitates the issuance and confirmation of mandates made by customers through alternate modes to a paper-based mandate.

Note: The mandate will be routed by the destination bank, after due authentication, to the sponsor bank or by corporate through their sponsor bank to the destination bank with the attributes of customer authentication depending upon the variant of e-Mandate.

To create e-mandate,

To track the status of e-Mandate


Why ICICI Bank for Education Loan?

Education Loan FAQ

The eligibility criteria includes Indian nationality, age between 16 and 35 years, good academic record and completion of 10+2 or diploma. If your child is enrolled in a recognised institute in India or overseas, loans are sanctioned based on pre-admission requirements, entrance exam scores or confirmed admissions. 

There is no fixed salary requirement for an Education Loan. However, the lender may require a co-borrower with a regular source of income to ensure loan repayment. Other factors such as credit history, collateral and academic performance may also be considered.

We charge interest on the amount borrowed. The interest rate may vary depending on the loan amount. We may offer lower interest rates for certain borrowers such as students pursuing higher education in certain fields.