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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

Fees and Service charges

Description of Charges Charges applicable

Loan Processing Fee (Non-Refundable)

Upto 2% of loan amount

CERSAI charges Non-refundable charges under Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI)

Rs 100/-

Administrative charges

₹ 5000/- or 0.25% of loan amount whichever is lower.  (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 )

Repayment mode Swap charges

₹ 500/-

Charges for Statement of account

₹200/- for physical print out at the branch

Charges for Amortization Schedule

₹ 200/- for physical print out, Nil for digital channels

Charge for Prepayment or Foreclosure statement

₹ 200/- for physical print out at the branch

Charge for Duplicate No Objection Certificate / No Due Certificate

₹ 250/-

Charge for Revalidation of No Objection Certificate (NOC)

₹ 250/-

Cash transaction charges (for repayment of EMI due in cash at branches)

₹ 100/-

Loan / Property Document Retrieval charges

₹ 500/-

Loan Cancellation charges

1. Digital Lending - NIL Cancellation within Free Look / Cooling off period, Cancellation post cooling Period & Before 1 EMI date (i.e. from 16th day till
1st EMI date) – ₹ 2,500/-
2. Non Digital - ₹ 2,500/-

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 ₹ 3,000/-
b. For switch over from fixed rate loans to floating, below conversion charges will be applicable:
   i.    Fixed rate tenure up to 37 months – 0.50% of the principle outstanding amount
  ii.    Fixed rate tenure above 37 months – 2.00% of the principle outstanding amount

Prepayment Charges

1. NIL prepayment charges under floating rate loans
2. Prepayment charges under Fixed rate loans:
a)  Fixed rate loans within 37 months from loan origination date- 2.00% of principle prepaid (outstanding)
b)  Fixed rate loans post 37 months from loan origination date - NIL


Penal charges in the event of default/delay in payment/ repayment of any part of the loan amount on due date

5% per annum on the overdue sum from the due date to the actual payment date

Dishonour of Cheque/AD/ ECS/NACH per transaction

₹ 500/-

Non Maintenance of Mode of Payment charges (NMMP)

₹ 800/-

Loan Related Recovery Charges (if Applicable)

Charges incurred in SARFAESI proceedings

At Actuals

Charges incurred in sending different notices

At Actuals

Enforcement Charges

At Actuals

Paper Advertisement Charges

At Actuals

Repossession Charges

At Actuals

Security Guard Charges

At Actuals

Note: Goods and Service Tax and other govt. taxes , levies , etc. applicable as per the prevailing rate will be charged over and above these charges.

The charges or fees given in above table are subject to change.

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.

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 - April 2024 to June 2024:

Types of credit Minimum Maximum Mean
Education Loan –iSMART interest rates 9.50% per annum 14.25 % per annum 11.31 % per annum


Mean rate = Sum of rate of all loan accounts/number of all loan amounts

Documentation and Eligibility


  • Should be an Indian national
  • Secured admission/ invite from university in approved university/ college in degree/ diploma course
  • Education: Completed 10+2 (12th Standard)


Customer is required to submit the following:


  • 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.