Loan comparison of ICICI Bank Education Loan vs Federal Bank Education Loan

ICICI Bank Education Loan

Federal Bank Education Loan

Interest Rate

10.50% onwards per annum

10.05% onwards per annum

Loan Amount

* For courses in India: Up to Rs.50 Lakh * For courses abroad: Up to Rs.1 Crore

* For courses in India: Up to Rs.10 Lakh * For courses abroad: Up to Rs. 20 Lakh

Loan Tenure

* Up to 8/10 years for Under Graduate post-course period + 6 months * Up to 10/12 years for Post Graduate post-course period + 6 months

Up to 15 Years

Loan Processing fees

NIL

For studies in India – NIL

EMI per Lakh

Rs. 1105 Per Lakh

Rs. 1078 Per Lakh

Part Payment Charges

NIL or Rs. 1500 + GST

NIL

Minimum Income

Stable

Documents

* KYC

* Mark sheets of 10th, 12th, graduation and entrance exams

* Admission letter

* Fee structure

* Co-applicant KYC and income proof

* Additional documents may be requested in case of collateral required

* Passport / Voters ID card/ Driving License/PAN Card

* Ration card/ Electricity Bill/ Lease agreement/Trade license /Sales Tax certificate

* Offer letter / Admission letter

* Basic Qualification & mark-list

* Proof of Fees structure