ICICI Bank Education Loan Interest Rate 2024

Under the ICICI Bank Education Loan Scheme, qualifying students can get financial aid to pursue professional higher education in India or overseas. A school loan from ICICI Bank can help you financially, but there are restrictions and requirements.

ICICI Bank Education Loan Interest Loan

Interest Rate	Information
9.85% p.a. onwards	For courses in India: Up to Rs 1 CroreFor courses abroad: Up to Rs 2 Crore
Unsecured Loan Amount – Up to Rs 1 Crore

Benefits of ICICI Bank Education Loan

• Get up to Rs. 1 crore in loans.
• There is no need for margin money for loans up to Rs. 20 lakh.
• Cost of student exchange travel and laptop expenses paid
• Students who have applied for study abroad will get pre-visa funding.
• Preferential exchange rates for payments made internationally
• Save income tax on the interest paid under section 80E.
• Smooth remittance
• Get a loan up to Rs. 40 lakh without collateral for schools or courses.
• Easy and quick procedure that guarantees loans are disbursed on schedule
• Options for tenure and repayment tailored to your needs
• Obtain loans with simple interest rates that are competitive.

Features of the ICICI Bank Education Loan

Category	Details
Loan tenure	Post-course period of undergraduate course plus 6 months: Up to 8 to 10 yearsPost-course period of postgraduate course plus 6 months: Up to 10 to 12 years
Maximum loan amount	Domestic course: Up to Rs.50 lakhInternational course: Up to Rs.1 crore
Collateral requirement	Acceptable examples of exceptional collateral include cross-collateralization with already-existing mortgage loans, fresh real estate, and fixed deposits.
Unsecured Loan requirement	Unsecured loan for selected institutes of up to Rs.20 lakh for undergraduateUp to Rs.40 lakh for postgraduate courses
Moratorium period	Based on the institution and course
Margin	Premium institutes: no marginOther institutes: no margin up to Rs.20 lakhFor loans more than Rs.20 lakh, 5%-15% margin

Eligibility Criteria for ICICI Bank Education Loan

• If you are a citizen of India, you may apply for this loan.
• You ought to have finished grade 12 by now.
• It is expected that you have obtained admission or an invitation from a recognized institution, diploma program, or college.

Documents for ICICI Bank Education Loan

• Graduation certificate
• Your 10th and 12th standard mark sheets
• Your admission letter
• Entrance exams certificates
• Fee structure certificate
• The KYC documents of Co-applicant and proof of income
• Two photographs of passport size

Fees and Charges of ICICI Bank Education Loan

Parameter	Fees
Processing fees	Up to 2% + GST
CIBIL charges	Rs.100 + GST
Swap charges	Rs.500 for every transaction
Document retrieval charges	Rs.500 + GST
Cheques bounce charges	Rs.500 + GST

Expenses Covered by ICICI Bank Education Loan Schemes

• Fees that need to be paid to the institution, such as tuition for college or school and accommodations.
• Examination, lab, and library costs.
• Travel expenses and passage money for studying abroad.
• price for student borrower insurance.
• fees for books, equipment, instruments, and uniforms.
• Building fund, caution deposit, or refundable deposit backed by the institution’s invoices and receipts.
• The price of a computer.

Also Read: Bank of Baroda Education Loan Interest 2024

FAQs

Is ICICI Bank good for education loans?

With loans of up to Rs. 2 crore for studies abroad and up to Rs. 1 crore for domestic courses, ICICI Bank offers significant financial help for education. Notably, students aiming for elite universities can benefit from collateral-free choices available for loans up to Rs 1 crore.

Can I get a 20 lakhs education loan without collateral from ICICI?

Yes, if you are enrolled in a course at one of the bank’s pre-approved institutions, you are eligible to apply for an ICICI Bank education loan of up to Rs. 50 lakh without having to provide collateral.

Can I prepay an ICICI education loan?

It’s possible to pay off your loan early at any moment. The prepayment is free of charge.