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How To Track IDFC Education Loan Status?

How to Track IDFC Education Loan Status

 

IDFC FIRST Bank provides education loans for studies in the USA, Germany, UK, Canada, Australia, and Ireland. This loan supports over 18,000 courses from 3,200+ universities in 25 countries. The bank ensures a simple loan application process and quick loan approval, too. If you are an IDFC student loan applicant and are figuring out how to track your IDFC education loan status, this guide will help you out. 

 

Key Features of IDFC Education Loan 

 

Studying abroad offers exciting career prospects but can be challenging due to financial planning, application processes, and living/travel expenses. IDFC FIRST Bank eases these challenges with their customised education loan for overseas studies, guiding from application to fund disbursement. Discover some key features of IDFC First Bank’s international education loan.

 

Loan ParametersDetails
Loan Limit– Maximum: 75 Lakhs
– Up to 1 Cr with collateral
Expenses Covered-Academic Expenses
-Tuition and Fees to the institute
-Examination/library/laboratory fees
-Purchase of books/equipment/uniforms
-Living expenses (including Hostel fees)
-Travel expenses
-Purchase of computers/laptops
– Overseas Insurance
Accepted Co-applicantParents, Parents-in-law, spouse, sibling
IDFC First Education Loan Interest Rate10-12%
Moratorium Period– Course duration + 12 Months
Repayment Duration12 years, including the moratorium period
Repayment Policies– Interest payment is optional if the university is included in the prime list.
– Simple interest is to be paid in the moratorium period if the university is not included in the prime list
Eligibility Criteria– Nationality: Indian
– Age: At least 18 years
– Admission to the preferred university
Collateral Requirement-Immovable property: Flat-Non-agricultural land, House-Liquid securities: fixed deposit, government bonds, LIC policy
Value of Collateral (Collateralised Loan)– Liquid security: Minimum value should be 1.1 times the requested loan amount
– Immovable property: Minimum value should be 1.25 times the requested loan amount 

 

How To Track IDFC Loan Status? 

 

IDFC First Bank maintains transparency throughout its loan process. Hence, it has an online and offline loan tracking system, wherein you can get your loan status right from approval to paying your last EMI! Given below are the ways you can track IDFC education loan status:

 

Track IDFC Loan Status Through The Online Portal

 

While applying for the loan, you will be asked for your mobile number. You just need to use that mobile number for the steps below:

  • Go to the IDFC Track – My Loan Application webpage 
  • Enter the mobile number that you initially gave for taking the loan
  • You’ll have to put your birthdate next
  • Upon clicking on ‘submit’ you’ll receive an OTP on your mobile. 
  • Fill in the OTP, and your dashboard will be visible with the necessary information

Track IDFC Loan Status Through The Mobile App

IDFC has its mobile app called the ‘IDFC First Bank app.’ You can download the app on Android and iOS mobiles. Next, follow the steps given below: 

  • When downloading the mobile app, click on sign up/register.
  • Put your mobile number 
  • Fill in your birth date
  • Click on ‘submit’ 
  • You’ll receive an OTP
  • Put that in the required field, and you’ll be able to see your loan application status

 

 

Track IDFC Loan Status Through UniCreds 

UniCreds has partnered with IDFC First Bank to provide you with study loans at lower interest rates and processing fees! To track the status of your IDFC education loan through UniCreds, you can follow these steps:

  • Go to the UniCreds website using a web browser on your computer or mobile device. 
  • If you already have an account with UniCreds, log in using your credentials. If you still need to, you’ll need to register and create an account. 
  • Apply for an IDFC First education loan, our loan counsellor will guide you throughout the process.
  • Once logged in to UniCreds, navigate to the loan dashboard. Provide the necessary details related to your IDFC education loan, such as your loan application number, reference ID, or any other information requested. 
  • After entering the required information, you should be able to view the status of your IDFC education loan. This might include details like approval status, disbursal status, or any pending actions needed. 

 

How To Apply For An IDFC Education Loan Through UniCreds?

 

UniCreds has partnered with leading financial institutions like IDFC First Bank to ensure you secure the best study loan deals. We simplify the loan process by comparing terms, offering customised plans, and negotiating lower processing fees with lenders on your behalf. Here’s how you can benefit:

  • Provide Contact Details: Fill out your contact information on the UniCreds website.
  • Consultation with Experts: Our loan experts will contact you to discuss your loan requirements, eligibility, preferred study destination, and collateral options.
  • Receive Customised Loan Plan: We’ll present you with a tailored loan plan from top lenders based on your needs.
  • Document Assistance: Once you choose a lender, we’ll provide a customised list of required documents.
  • Submit Application: Complete the bank’s application form and submit the necessary documents.

 

Eligibility Criteria For IDFC First Bank Education Loan 

 

To qualify for an IDFC FIRST Bank Education loan, you must meet specific eligibility criteria:

  • Residency: Applicants must be Indian residents.
  • Age: The minimum age requirement is 18 years.
  • Pre-admission Sanction: A pre-admission sanction is required, meaning the loan is sought before the formal admission process.
  • Course Enrollment: Enrollment in the desired school or course is necessary to qualify for the loan.

 

IDFC Bank Education Loan Disbursement Process

 

After completing the application process, submitting the required documents, and meeting the eligibility criteria, IDFC FIRST Bank proceeds with the loan disbursement process as outlined below:

Step 1: Document Verification

The bank will verify the submitted documents. They may request additional documents or information during this stage. It’s essential to cooperate with the bank to facilitate this process.

Step 2: Loan Processing and Sanction

Once all documents are verified, your loan application will be processed. You will receive a sanction letter detailing important information such as the date of disbursal, loan tenure, interest rates, and loan amount.

Step 3: Disbursement

After signing the sanction letter, your loan amount will be disbursed within 10-12 business days. The disbursement will typically be made directly to the educational institution to cover tuition fees. 

 

Useful Tips To Track Your IDFC Bank Education Loan Status 

 

Tracking the status of your IDFC Bank education loan is important to ensure a smooth process from application to disbursement. Here are additional tips to effectively monitor and track your loan status:

  • Document Follow-Up: Follow up with the bank regarding document verification and any additional requirements. Ensure all requested documents are submitted promptly to avoid processing delays.
  • Loan Application ID: Keep a record of your loan application ID or reference number provided by IDFC Bank. Use this information when contacting customer support or checking your loan status online for quick access to your application details.
  • Stay Updated: Visit the IDFC Bank website or follow their official social media channels for announcements and updates related to education loan processing. Banks often provide important information regarding loan status and timelines through these platforms.
  • Monitor Communication: Regularly check your SMS alerts and registered mobile number for any messages from IDFC Bank regarding your loan application status or requirements.

 

FAQs 

 

Q1. How can I track the status of my IDFC Education Loan application?

You can track your IDFC education loan application through its online portal or mobile application.   

 

Q2. Can I receive updates on my IDFC Education Loan status via email or SMS?

You can receive updates on your IDFC education loan through email and SMS if you opt for it. 

 

Q3. How long does it typically take to receive updates on the status of my IDFC Education Loan application? 

It takes about 24 hours to receive updates on the loan status of the IDFC education loan. 

 

Q4. What should I do if there is a delay in my IDFC Education Loan status update?

You can contact IDFC’s customer support if there is a delay in your IDFC education loan status update. 

 

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How to Track IDFC Education Loan Status

How To Track IDFC Education Loan Status?

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