Looking for a Suitable Education Loan from ICICI Bank for Higher Education in India or Abroad?

Look no further. This page summarises the information you will need on this ICICI Bank Education Loan.

ICICI Bank iSMART Education Loan for Higher Studies in India and Abroad

This ICICI Bank study loan helps students finance their education and realise their dreams of pursuing higher education at recognised educational institutions in India or abroad. The maximum loan amount you can get is Rs. 50 lakh for studying India and Rs. 1 crore for studying abroad.

Features of ICICI Bank iSMART Education Loan

Why this Loan?

  • The loan is meant to help students who have secured admission into a higher education course in a recognised institution in India or abroad through Entrance Test or Merit-based Selection Process
  • This ICICI Bank Education Loan is disbursed as a series of payments over the required number of years and not as a lump sum. The loan can be availed for all expenses directly related to the course including for fees, purchase of books, laptops, hostel fees, lab fees, examination fees, etc.
  • You can get collateral-free loans of loan amount up to Rs. 20 lakh for Undergraduate courses and Rs. 40 lakh for Postgraduate programmes
  • Students can get details on this Education Loan by submitting details such as Institute name, course country, etc. in the iSMART Education Loan Form

Loan Amount

  • The maximum loan amount you can get is Rs. 50 lakh for studying in India and Rs. 1 crore for studying abroad


  • For Undergraduate Courses: The interest rate for ICICI education loan for undergraduate programme in India and abroad starts from 11.75% with the maximum education loan interest rate being 14.60%
  • For Postgraduate Courses: The interest rate for ICICI education loan for postgraduate programme in India and abroad starts from 11.25% with the maximum education loan interest rate being capped at 14.60%
  • Simple interest is calculated on this education loan from ICICI Bank


  • The moratorium period for this loan depends on the course period. Please get in touch with the bank for details


  • For Undergraduate Programmes: The repayment period for loans without collateral is up to 5 years + 6 months. For loans with collateral, the repayment period is up to 7 years + 6 months
  • For Postgraduate Programmes: The repayment period for loans without collateral is up to 8 years + 6 months. For loans with collateral, the repayment period is up to 10 years + 6 months
  • The loan amount for each year is repayable in 12 equated monthly instalments, with the first instalment becoming due after the end of moratorium period

Security Needed

  • Whether the bank asks for collateral depends on the institute
  • For select institutes, the bank offers collateral-free loans upto Rs. 20 lakh for undergraduate courses and up to Rs. 40 lakh for postgraduate programmes


  • The applicant must be an Indian national
  • The student should have gained admission into a recognised higher education course in a recognised institution in India or abroad through an Entrance Test or a Merit-based selection process

Eligible Courses

  • Graduate or Postgraduate (PG) degree and PG diploma courses from colleges and universities approved by the government, UGC, AICTE, AIBMS, ICMR, and so on
  • For foreign courses, job-oriented degree or postgraduate diploma or professional courses offered by reputed institutes at the graduate or postgraduate level

Borrower Contribution to Total Cost (Margin Money)

  • The bank does not charge margin money on loans up to Rs. 20 lakh
  • Borrowers may have to pay anywhere from 5% to 15% margin for loans above Rs. 20 lakh

Note: Margin money refers to the amount the borrower contributes to the overall amount required. Suppose a course costs Rs. 20 lakh in which case the borrower will have to provide margin money of Rs. 1 lakh if the loan has a 5% margin (Rs. 1 lakh is 5% of Rs. 20 lakh) while ICICI Bank offers the rest.

Processing and Other Charges

  • ICICI Bank takes 1% of the total amount as processing charges for this loan

Uses of the Loan

  • College, school and hostel fees
  • Examination, library and laboratory fees
  • Insurance premium for the borrower student, if applicable
  • Travel expenses including any passage money for foreign studies
  • Caution deposit, building fund or refundable deposit supported by institution bills or receipts
  • Cost of books, equipment, instruments, uniforms
  • For purchase of computer, if required for the course
  • Other expenses needed for completing the course such as study tours, project work, thesis, etc.

Other Features to Know

  • The bank offers an Insta Education Loan option, which is a pre-approved education loan offer for ICICI Bank customers against fixed deposits of at least Rs. 10 lakh kept by them with the bank. This loan does not need any paperwork. Applicants can generate the sanction letter themselves through mobile or internet banking
  • The bank may ask for the student’s progress report at regular intervals
  • The loan is disbursed directly to the school, bookseller or publisher, computer seller, and so on and not to the applicant(s)
  • There are no pre-payment charges for the loan

Documents Needed

  • Application Form duly filled and signed by applicant and/or guarantor along with details of applicant and/or guarantor and family
  • A declaration or affidavit from the borrower confirming that, no educational loans have been availed from other banks
  • Two Passport Size Photographs of student, applicant and/or guarantor
  • Photocopy of PAN Card of the student that needs to be submitted at the time of application or during the course period
  • Personal Identification Proofs (Any One): Electoral I-Card, Passport, Driving License, PAN Card or Aadhaar Card
  • Residential Address Proof (Any One): Electricity Bill, Landline Telephone Bill, Electoral or Voter ID Card or Passport
  • Admission Letter, Course Details and Prospectus as proof of admission
  • Fee Details with Demand of Fee by the Institution
  • All Proofs of Past Academic Record including Mark Sheets and Certificates
  • For the co-borrower, documents such as age, ID, signature, address, employment, business, income proofs are required
  • For studying abroad, a self-attested copy of the passport is also required along with a self-attested form issued by the institute for visa purposes

Reference Facts:

  • ICICI Bank Website: www.icicibank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Toll-Free Number: 1860 125 7777

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