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Why ICICI Bank for Education Loan?


Interest rate Starting from [REPO* + 3.35%(Spread)]
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 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 + 6 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


Interest rate range for Education Loans for the April 2023  to June 2023:

Type of credit facility Minimum Maximum Mean
Education Loan –iSMART interest rates 9.50% per annum  14.30 % per annum  11.38 % 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: Completed 10+2 (12th Standard)
Description of Charges Charges applicable
Loan Processing Fees Up to 2% + GST (non-refundable)
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
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.





Mark sheets of 12th, graduation and entrance exams
Mark sheets of 12th, graduation and entrance exams

Admission letter
Admission letter

Fee structure
Fee structure

Income proof
Income proof

Additional documents may be requested in case of collateral required.
Additional documents may be requested in case of collateral required.


SMS ‘ELOAN’ to 5676766

Accepted Security/ Collateral:

  • Residential/ commercial property/ plots (Non-agricultural)
  • Fixed deposits.