Why ICICI Bank for Education Loan?
Collateral free loan up to Rs 1 Crore for premium institutes
Loans up to Rs 2 crore for International studies and Rs 1 crore for Domestic studies
Special Product offering for Government employees, CXOs and professional with 2 Years Work Experience
Special product offering for Canada, UK and Germany
No Margin for Premium institutes
No Branch visits / Complete digital journey
Pre-admission sanction
Interest rate | Starting from [REPO* + 3.45%(Spread)] |
Loan tenure | Up to 10/12 years for Under Graduate Up to 12/14 years for Post Graduate |
Maximum loan amount | Up to Rs 1 crore for Domestic courses Up to Rs 2 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 premium Institutes : Up to Rs 1 Crore for UG & PG courses |
Moratorium period | Course period + Up to 12 months grace Period** |
Margin | No margin for premier Institutes 15% margin for Other category Institutes (Margin can be FD/scholarship/initial fee paid to the institute) |
**Note: Moratorium period will be offered basis Bank’s policy and is not applicable in all loans
Interest rate range for Education Loans from July to September 2023:
Types of credit | Minimum | Maximum | Mean |
---|---|---|---|
Education Loan –iSMART interest rates | 9.50% per annum | 14.75 % per annum | 11.14 % per annum |
Note:
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: Completed 10+2 (12th Standard)
Description of Charges | Charges applicable |
---|---|
Loan Processing Fees | Up to 2% + GST (non-refundable) |
SERVICE CHARGES | |
CERSAI Fee | ₹ 100 + GST |
Administrative charges | ₹ 5,000 + GST (The administrative charges are one-time non-refundable 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 | ₹ 50 + 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 | ₹ 250/- + GST |
Revalidation of No Objection Certificate | ₹ 250/- + GST |
Document Retrieval Charges | ₹ 500/- + GST |
PENAL CHARGES | |
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 |
Prepayment Charges/Foreclosure | NIL |
Schedule Adjustment Charges/Part Payment Charges | NIL |
Loan Related Recovery Charges (if Applicable) |
|
Auction charges for repossessed asset |
At Actuals |
Charges incurred in filing legal suit |
At Actuals |
Charges incurred in SARFAESI proceedings |
At Actuals |
Professional charges(Lawyer Charges) |
At Actuals |
Auction Charges for repossessed asset |
At Actuals |
Enforcement Charges |
At Actuals |
Paper Advertisement Charges |
At Actuals |
Repossession Charges |
At Actuals |
Security Guard Charges |
At Actuals |
Pick-up Charges |
₹ 500 + GST |
Cash Transaction charge for repayment of EMI dues at branches |
₹ 100 + GST |
Non Maintenance of Mode of Payment charges (NMMP) |
₹ 800 + GST |
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. For secured cases, charges pertaining to stamp duty on loan and security documents, as applicable to respective states, shall be borne by the borrower |
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.

KYC

Mark sheets of 12th, graduation and entrance exams

Admission letter

Fee structure

Income proof

Additional documents may be requested in case of collateral required.
Accepted Security/ Collateral:
- Residential/ commercial property/ plots (Non-agricultural)
- Fixed deposits.
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