Want us to help you with anything?
Request a Call back
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
Education Loan Interest rate
Explore tenure and interest rate related information
Interest rate
| Interest rate | Starting from [REPO* + 3.75%(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) |
*Interest rates are linked with Repo rate
**Note: Moratorium period will be offered basis Bank’s policy and is not applicable in all loans
Interest rate range for Education Loans for the period - Jan 2024 to Mar 2024:
| Types of credit | Minimum | Maximum | Mean |
|---|---|---|---|
| Education Loan –iSMART interest rates | 9.85% per annum | 14.00 % per annum | 11.51 % per annum |
Note:
Mean rate = Sum of rate of all loan accounts/number of all loan amounts
Fees and Service charges
| Description of Charges | Charges applicable |
|---|---|
| SERVICE CHARGES | |
|
Processing Fees |
Upto 2% plus GST on Sanction Amount. Fees are non- refundable |
|
CERSAI Fee |
Rs 100/- |
|
Administrative charges |
Rs 5000/- (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 |
Rs 50/- per individual |
|
Repayment mode Swap charges |
Rs 500/- per transaction |
|
Statement of Account charges |
NIL |
|
Amortization Schedule charges |
NIL |
|
Duplicate No Objection Certificate/ No Due Certificate |
Rs 250/- |
|
Charge for revalidation of No Objection Certificate (NOC) |
Rs 250/- |
|
Document Retrieval Charges |
Rs 500/- |
|
Part Payment Charges |
NIL |
|
Conversion charges ( From floating to fixed rate loans and fixed to floating) |
a. For switch over from floating to fixed rate loans, then conversion charges be Rs 1,000/- |
|
Prepayment Charges |
1. NIL prepayment charges under floating rate loans |
| PENAL CHARGES | |
|
Penal charges in the event of default/delay in payment/ repayment of any part of the loan amount on due date |
Charges shall be equal to 5% per annum on the overdue sum from the due date to the actual payment date plus applicable taxes or other statutory levies, if any. |
|
Cheque/AD/ ECS/ NACH bounce charges |
Rs 500/- per transaction |
| 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 |
Rs 500/- |
|
Cash Transaction charge for repayment of EMI dues at branches |
Rs 100/- |
|
Non Maintenance of Mode of Payment charges (NMMP) |
Rs 800/- |
Note: GST and other govt. taxes, levies, etc. applicable as per prevailing rate will be charged over and above these charges. 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
ANNUAL PERCENTAGE RATE
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.
