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.
|Interest rate||Starting at 9.50 %* 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||Course period + 6 Months Grace period.|
|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 Apr 2022 to Jun 2022:
|Type of credit facility||Minimum||Maximum||Mean|
|Education Loan –iSMART interest rates||8.25 % per annum||13.20 % per annum||10.77 % per annum|
Mean rate = Sum of rate of all loan accounts/number of all loan amounts
- 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 Charges||Charges 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|
|Document Retrieval Charges||NIL|
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
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.
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