ICICI Bank Limited – Current Education Loan Interest Rates

ICICI Bank Limited – Current Education Loans or Student Loans Interest Rates

New Delhi (Delhi, India), January 26, 2020

ICICI Bank Limited Cuts Education Loan Interest Rate to 11.25% Per Annum

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.

ICICI Bank Limited Student Loan Scheme – Current Education Loan Interest Rates for Various Category of Borrowers

ICICI Bank Student Loan Scheme Interest Rate for Female Students:

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

ICICI Bank Student Loan Scheme Interest Rate for Male Students:

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.

ICICI Bank Education Loan Margin Amount:

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 Tenure for the ICICI Bank Student Education Loan:

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.

Current Deposits and Loans Interest Rates of ICICI Bank Limited

ICICI Bank Limited – Deposits and Loans Interest Rates