ICICI Bank Ltd has decreased its education loan interest rates by 0.25%, or 25 basis points with effect from Wednesday, January 01, 2020. This interest rate cut will reduce the cost of funds for those people who want to avail education loans for their higher studies.
New Delhi (Delhi, India), January 26, 2020
The ICICI Bank Limited has decreased its education loan interest rates by 0.25 percent, or 25 basis points with effect from Wednesday, January 01, 2020.
ICICI Bank Limited has revised its minimum education loan interest rate from 11.50 percent to 11.25 percent per annum for female students and from 12.00 percent to 11.75 percent per annum for male students for the education loan amount up to ₹4,00,000.
ICICI Bank Limited’s current interest rate cut will reduce the cost of funds for those people who want to avail education loans for their higher studies.
11.25% Per Annum for ICICI Bank Education Loan Amount up to ₹4,00,000
11.50% Per Annum for ICICI Bank Education Loan Amount ₹400,001 to ₹750,000
11.75% Per Annum for ICICI Bank Education Loan Amount above ₹750,000
11.75% Per Annum for ICICI Bank Education Loan Amount up to ₹4,00,000
12.00% Per Annum for ICICI Bank Education Loan Amount ₹400,001 to ₹750,000
12.25% Per Annum for ICICI Bank Education Loan Amount above ₹750,000
ICICI Bank Student Loan Rate of Interest is Floating or Fixed: Fixed Interest Rate
ICICI Bank Education Loans Minimum Borrowing Amount: Minimum Education Loan Amount is ₹50,000
ICICI Bank Education Loans Maximum Borrowing Amount: Maximum Education Loan Amount is ₹50,00,000 for studies in India and ₹100,00,000 for studies abroad.
Minimum 0% Margin of the Education Expenses for Loan up to ₹20,00,000
Minimum 5% Margin of the Education Expenses for Loan above ₹20,00,000 for Studies within India
Minimum 15% Margin of the Education Expenses for Loan above ₹20,00,000 for Higher Studies Overseas.
ICICI Bank Education Loan Mode of Loan Amount Disbursal: Direct Credit to the Student’s Educational Institute
ICICI Bank Student Education Loan Processing Fee and Documentation Charges: Nil Fee or Charges
Minimum Age Limit of Applicants for Getting the ICICI Bank Education Loan Sanctioned: Minimum Age 18 Years at the Time of Education Loan Commencement
Maximum Age Limit of Applicants for Getting the ICICI Bank Education Loan Sanctioned: Maximum Age 35 Years for Non-Employed Personnels and 45 Years for Working Employees or Executives at the Time of Education Loan Commencement
Maximum Education Loan Tenure is 8 Years for Education Loan up to ₹750,000
Maximum Education Loan Tenure is 10 Years for Education Loan above ₹750,000
ICICI Bank Student Education Loan Pre Closure Charges or Prepayment Penalty: Nil Charges or Penalty
ICICI Bank Education Loan EMI Cheque, SI, or ECS Bounce Charges: ₹500 plus applicable GST
ICICI Bank Education Loan Repayment Mode Swap Charges: ₹500 per transaction plus applicable GST
ICICI Bank Education Loan Amortization Schedule Charges: ₹500 per schedule plus applicable GST
ICICI Bank Education Loan Statement of Account Charges: ₹200 per schedule plus applicable GST
ICICI Bank Education Loan Insurance Premium: As per Loan Amount
ICICI Bank Education Loan Administrative Charges: ₹5,000 or 0.25% of the Sanctioned Amount, whichever is lower plus applicable GST
ICICI Bank Education Loan Cancellation Charges: ₹3,000 plus applicable GST
ICICI Bank Education Loan CIBIL Charges: ₹100 plus applicable GST
Charges for ICICI Bank Education Loan EMI Late Payment Penalty: Minimum 2% Per Month of the ICICI Bank Education Loan EMI Outstanding Amount (Minimum ₹500 plus GST)
Late Payment Penalty on pre EMI and EMI
Guarantor Requirement for the ICICI Bank Education Loan: Guarantor is Required – The parent(s) or guardian of the student needs to be co-applicant(s) of the student loan
Eligible Courses for the ICICI Bank Student Education Loan: Regular career-oriented full-time degree and diploma courses for studies in India and abroad.