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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

Interest rate

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)

*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 - Oct 2023 to Dec 2023:

Types of credit Minimum Maximum Mean
Education Loan –iSMART interest rates 9.40% per annum 14.00 % per annum 11.47 % per annum


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

Fees and Service charges

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.

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.