New Delhi (Delhi, India), January 26, 2020<\/p>\n
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.<\/p>\n
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 \u20b94,00,000.<\/p>\n
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.<\/p>\n
11.25% Per Annum for ICICI Bank Education Loan Amount up to \u20b94,00,000<\/p>\n
11.50% Per Annum for ICICI Bank Education Loan Amount \u20b9400,001 to \u20b9750,000<\/p>\n
11.75% Per Annum for ICICI Bank Education Loan Amount above \u20b9750,000<\/p>\n
11.75% Per Annum for ICICI Bank Education Loan Amount up to \u20b94,00,000<\/p>\n
12.00% Per Annum for ICICI Bank Education Loan Amount \u20b9400,001 to \u20b9750,000<\/p>\n
12.25% Per Annum for ICICI Bank Education Loan Amount above \u20b9750,000<\/p>\n
ICICI Bank Student Loan Rate of Interest is Floating or Fixed: Fixed Interest Rate<\/p>\n
ICICI Bank Education Loans Minimum Borrowing Amount: Minimum Education Loan Amount is \u20b950,000<\/p>\n
ICICI Bank Education Loans Maximum Borrowing Amount: Maximum Education Loan Amount is \u20b950,00,000 for studies in India and \u20b9100,00,000 for studies abroad.<\/p>\n
Minimum 0% Margin of the Education Expenses for Loan up to \u20b920,00,000<\/p>\n
Minimum 5% Margin of the Education Expenses for Loan above \u20b920,00,000 for Studies within India<\/p>\n
Minimum 15% Margin of the Education Expenses for Loan above \u20b920,00,000 for Higher Studies Overseas.<\/p>\n
ICICI Bank Education Loan Mode of Loan Amount Disbursal: Direct Credit to the Student’s Educational Institute<\/p>\n
ICICI Bank Student Education Loan Processing Fee and Documentation Charges: Nil Fee or Charges<\/p>\n
Minimum Age Limit of Applicants for Getting the ICICI Bank Education Loan Sanctioned: Minimum Age 18 Years at the Time of Education Loan Commencement<\/p>\n
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<\/p>\n
Maximum Education Loan Tenure is 8 Years for Education Loan up to \u20b9750,000<\/p>\n
Maximum Education Loan Tenure is 10 Years for Education Loan above \u20b9750,000<\/p>\n
ICICI Bank Student Education Loan Pre Closure Charges or Prepayment Penalty: Nil Charges or Penalty<\/p>\n
ICICI Bank Education Loan EMI Cheque, SI, or ECS Bounce Charges: \u20b9500 plus applicable GST<\/p>\n
ICICI Bank Education Loan Repayment Mode Swap Charges: \u20b9500 per transaction plus applicable GST<\/p>\n
ICICI Bank Education Loan Amortization Schedule Charges: \u20b9500 per schedule plus applicable GST<\/p>\n
ICICI Bank Education Loan Statement of Account Charges: \u20b9200 per schedule plus applicable GST<\/p>\n
ICICI Bank Education Loan Insurance Premium: As per Loan Amount<\/p>\n
ICICI Bank Education Loan Administrative Charges: \u20b95,000 or 0.25% of the Sanctioned Amount, whichever is lower plus applicable GST<\/p>\n
ICICI Bank Education Loan Cancellation Charges: \u20b93,000 plus applicable GST<\/p>\n
ICICI Bank Education Loan CIBIL Charges: \u20b9100 plus applicable GST<\/p>\n
Charges for ICICI Bank Education Loan EMI Late Payment Penalty: Minimum 2% Per Month of the ICICI Bank Education Loan EMI Outstanding Amount (Minimum \u20b9500 plus GST)<\/p>\n
Late Payment Penalty on pre EMI and EMI<\/p>\n
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<\/p>\n
Eligible Courses for the ICICI Bank Student Education Loan: Regular career-oriented full-time degree and diploma courses for studies in India and abroad.<\/p>\n