UniCreds

Get Abroad Education Loan At Affordable Interest Rates

3M+ Users

800 Cr. + Disbursed

15+ Lending Partners

30K+ Students Counselled

All About IDFC First Bank Education Loan

idfc first bank education loan

IDFC FIRST Bank provides education loans for studies in the USA, Germany, UK, Canada, Australia, and Ireland, offering up to 75 Lakhs and is among the top education loan providers in India. The interest rates range from 8.5% to 12% per annum. This loan supports over 18,000 courses from 3200+ universities in 25 countries. IDFC FIRST Bank education loan ensures a simple application process and quick loan approval too. This blog has everything you need to know about IDFC Bank Education Loan.  

 

IDFC Education Loan Overview & Highlights
Types of IDFC LoansIDFC First Bank Education Loan 
– IDFC First Bank Higher Education Loan for International Students 
– IDFC First Bank Education Loan for Indian Students 
– IDFC Education Loan Without Collateral for Abroad Studies 
– IDFC Education Loan for MS in US 
– IDFC Education Loan for MS/PGDM in Canada 
– IDFC Education Loan for MS/PGDM in Other Countries
Documents Required– Applicant: Identity Proof, Address Proof, Age Proof, Academic Documents, Admission Proof, Course Cost Estimation 
– Co-Applicant: Income Proof, Employment Proof, Bank Statements, Photographs and Photo ID, Co-Applicant Relationship Proof, Property Documents (if applicable)
Application Process– Offline Education Loan Application Process: Visit the nearest IDFC First bank branch, fill out the application form, submit required documents, wait for processing, receive approval, and disbursement.
– Online Application Process: Complete the Common Application form, financial officer verifies eligibility, submits documents, and receives the outcome in 2–6 days.
Eligibility Criteria– Resident of India 
– At least 18 years old 
– Pre-admission sanction 
– Enrolled in the desired school or course
Repayment– EMI Payments 
– Auto Pay Mandate 
– Prepayment
– Moratorium period of 1 year after higher education ends

 

IDFC First Bank Higher Education Loan Types & Benefits

 

IDFC First Bank primarily provides 2 types of education loans for Indian students. These 2 types of loans include:

  • IDFC First Bank Higher Education Loan For International Students
  • IDFC First Bank Education Loan For Indian Students. 

 

Here are the advantages of getting IDFC First Bank student loans:

  • Tax benefits under section 80E.
  • Tailored loan solutions designed for your requirements.
  • Flexible repayment options.
  • Easy doorstep loan fulfilment.
  • Experience hassle-free loan processing at your doorstep.
  • Avail financing covering the entire cost.

 

IDFC First Bank Abroad Education Loan 

 

Studying abroad opens doors to exciting career opportunities in different markets, but it comes with its own set of challenges like financial planning, application procedures, and living/travel costs. IDFC FIRST Bank supports you through these challenges with their carefully crafted education loan for overseas studies. They guide you at every stage, from applying for the loan to receiving the funds. Now, let’s explore some 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 

 

Note: If the student has already paid the university fee, they can approach their financial officer to engage with banking personnel and request reimbursement, provided that the fee payment occurred within the last 6 months.

 

IDFC Education Loan Without Collateral For Abroad Studies

 

Taking education loans with or without collateral depends on each individual’s financial situation. However, IDFC Bank offers education loans without collateral too. Understanding the features of IDFC non-collateral education loans can help you plan your finances better. Let’s look at the table below. 

Loan TypeUpper LimitInterest RatesCollateral Security
IDFC Education Loan Without Collateral INR 75 Lakhs8.5%-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 
IDFC Education Loan With CollateralUp to INR 1 Cr10-12% NA

 

Course Wise segregation Of The IDFC First Bank Education Loan For Abroad Studies

 

There are different key features for IDFC First Bank abroad education loan according to the selected few courses. Let’s understand them in detail- 

 

1. IDFC First Bank Education Loan For Ms In US

 

IDFC FIRST Bank’s education loan tailored to pursuing a Master’s degree in the United States focuses on STEM and MBA programmes. The university/college categories are determined by GRE scores, categorised as follows:

  • Platinum category: GRE score ≥ 315
  • Titanium category: GRE score between 300 to 314
  • Gold category: GRE score < 300

The loan processing considers the highest category determined either by GRE scores or the university/college list. For example, if your GRE category is titanium, but the university/college list places you in the Platinum category, your loan will be processed as per the Platinum category. 

Loan FeatureDetails
Maximum Loan Amount-Platinum: 50 Lakhs INR
-Titanium: 40 Lakhs INR
-Gold: 30 Lakhs INR
Rate of Interest– Platinum: 11.50%
– Titanium: 11.75%
– Gold: 12.25%
Processing Fees– Platinum: 1% + GST
– Titanium: 1% + GST
– Gold: 1.25% + GST
Repayment Option During Moratorium– Platinum & Titanium: Partial Simple Interest (PSI)
– Gold: Simple Interest (SI) or EMI
Eligibility for Full Moratorium– Platinum & Titanium: Yes
– Gold: No
Eligibility for Non-Financial Co-applicant– Platinum & Titanium: Yes 
– Gold: No
Co-applicant Income– Minimum 35,000 INR (without obligations)

 

2. IDFC First Bank Education Loan For Ms/Pgdm In Canada

 

IDFC FIRST Bank’s education loan designed for pursuing a Master’s or PGDM degree in Canada, specifically caters to international students focusing on STEM or management subjects. Similar to the US, it categorises applicants into Platinum, Titanium, and Gold.

Loan FeatureDetails
Maximum Loan Amount– Platinum: 35 Lakhs INR
– Titanium: 30 Lakhs INR
– Gold: 25 Lakhs INR
Rate of Interest– Platinum: 11.75%
– Titanium: 12.25%
– Gold: 13.25%
Processing Fees– Platinum: 1% + GST
– Titanium: 1% + GST
– Gold: 1.25% + GST
Repayment Option During Moratorium– Platinum: Partial Simple Interest (PSI)
– Titanium: Partial Simple Interest (PSI) or Simple Interest (SI)
– Gold: EMI
Eligibility for Full Moratorium– Platinum: Yes
– Titanium: No
– Gold: No
Eligibility for Non-Financial Co-applicant– Platinum: Yes
– Titanium: No
– Gold: No

 

Other Eligibility Criteria:

 

  • Minimum IELTS score: 6.5
  • Maximum backlogs: 5
  • Financial co-applicant required for Titanium and Gold categories
  • Minimum co-applicant income: 35,000 INR per month (without obligations)

 

Note: PSI may be considered for borrowers with a strong profile, including academic performance, target university, co-applicant income, IELTS score, and more.

 

3. IDFC First Bank Education Loan For Ms/PGDM In Other Countries

 

This loan by IDFC FIRST Bank is designed for countries not specified elsewhere. It covers education expenses for students pursuing studies in the UK, Ireland, Germany, Australia, Sweden, the Netherlands, France, and New Zealand.

Loan FeatureDetails
Maximum Loan Amount– Platinum: 35 Lakhs INR
– Titanium: 30 Lakhs INR
– Gold: 25 Lakhs INR
Rate of Interest– Platinum: 11.75%
– Titanium: 12.25%
– Gold: 13.25%
Processing Fees– Platinum: 1% + GST 
– Titanium: 1% + GST 
– Gold: 1.25% + GST
Repayment Option During Moratorium– Platinum: Partial Simple Interest (PSI)
– Titanium: Partial Simple Interest (PSI) or Simple Interest (SI)
 – Gold: EMI
Eligibility for Full Moratorium– Platinum: Yes-
Titanium: No
 – Gold: No
Eligibility for Non-Financial Co-applicant– Platinum: Yes
– Titanium: No
– Gold: No

 

IDFC First Bank Education Loan For Indian Students

 

IDFC FIRST Bank offers an education loan of up to 30 Lakhs for advancing your higher education in India. This loan covers a range of academic and miscellaneous expenses. Continue reading to discover more about the IDFC education loan product. 

ParametersDetails
Loan Limit– 30 Lakhs
Expenses Covered– Academic Expenses
– Tuition and Fees to the institute
– Examination/library/laboratory fees
– Purchase of books/equipment/uniforms
– Living expenses (including Hostel fees)
– Additional Expenses
– Travel expenses
– Purchase of computers/laptop
– Overseas Insurance
– Cost of health insurance
Accepted Co-applicant– Parents, Parents-in-law, spouse, sibling
Interest Rate– Collateralised: 8.5%
– Non-Collateralised: 10-12%
Moratorium Period– Course duration + 12 Months
Repayment Duration– 12 years, including the moratorium period
Repayment Policies– Interest payment is optional if the university is on the prime list.
– Simple interest is paid in the moratorium period if the university is not in the prime list
Eligibility Criteria– An Indian National (Including NRI)- 18 years old or above at the time of loan commencement
– Admitted to the desired institution after completion of the pre-requisite qualifications
Collateral Requirement– Liquid Securities: fixed deposit, LIC policy, government bonds
– Immovable Collateral: House, Flat, Non-agricultural land
Value of Collateral (Collateralised Loan)– Immovable property should have a minimum value of 1.25 times the requested loan amount.
– The minimum value for liquid security should be 1.1 times the requested loan amount.

 

IDFC First Bank Education Loan Margin

 

IDFC First Bank incorporates a loan margin ranging from 0% to 5%. This implies that the student is required to contribute approximately 0% to 5% of the loan amount, contingent on their individual profile. For example, if a student applies for a 50 Lakhs loan and the loan margin stands at 5%, the corresponding margin amount would be 2.5 Lakhs.

 

IDFC First Bank Loan Eligibility Criteria

 

To be eligible for the IDFC FIRST Bank Education loan, certain terms and conditions for the education loan must be met: 

  • Firstly, the applicant should be a resident of India. 
  • The minimum age requirement is 18 years. 
  • A pre-admission sanction is necessary, indicating that the loan is sought prior to the formal admission process. 
  •  Enrolment in the desired school or course is a prerequisite for loan eligibility.

 

IDFC Education Loan Application Process

 

The IDFC education loan application process is pretty straightforward. Understanding the application process will surely help you with a smooth disbursement of the loan amount. We have listed below the offline as well as online process to apply for the education loan. 

 

Offline Education Loan Application Process

  • Step 1: Visit your nearest IDFC First bank branch and complete the loan application form.
  • Step 2: The bank will assess your eligibility for the loan and request the necessary documents.
  • Step 3: Submit all required documents to the bank and await the processing of your loan application.
  • Step 4: You may receive approval within the bank’s specified timeframe, followed by disbursement.

 

Online Education Loan Application Process 

  • Step 1: Fill out the Common Application form for Student Loans on IDFC Website.
  • Step 2: Fill up the form and upload the digital copies of your documents. 
  • Step 3: Once your documents are submitted, they will be processed. You will receive the outcome of your loan application from private banks within 2–6 days.
  • Step 6: After approval, obtain your letter of sanction and sign the loan agreement.

 

IDFC Education Loan Documents Required

 

Understanding the documents required for IDFC education loans can speed up the process and help you get your loan disbursed faster. As IDFC education loans require a co-applicant too, we have mentioned below documents required for applicants as well as co-applicants. 

Documents Required for IDFC Education Loan
Applicant: 
Identity ProofAadhar Card / Passport / Voter ID
Address ProofAadhar Card / Passport / Utility Bill
Age ProofBirth Certificate / Passport
Academic DocumentsMark sheets and certificates of qualifying exams
Admission ProofAdmission letter from the institution
Course Cost EstimationFee structure or admission receipt
Co-Applicant
Income Proof Salary slips / Income Tax Returns
Employment ProofAppointment letter / Employment ID
Bank StatementsLast 6 months
Photographs and photo IDPassport-size photographs, Aadhar Card/Pan Card/Driving License, etc. 
Co-Applicant Relationship ProofAs applicable (marriage certificate, etc.)
Property Documents (if applicable)Title deed, valuation report, NOC (if property provided as collateral)

 

IDFC Loan Disbursement Process 

 

After following the application process, submitting the required documents and‌ meeting with the eligibility criteria, IDBI Bank starts with the disbursement process given below:   

  • Step 1: The bank will verify your documents. In this step, the bank might ask for additional documents or ask for some additional information. Make sure you cooperate with the bank.  
  • Step 2:  Once everything is verified, your loan application will be processed and you will receive a sanction letter that states the date of disbursal and other information about the loan, like tenure, interest rates, loan amount, etc. 
  • Step 3: Once you sign the sanction letter, your loan will be disbursed within 10-12 business days in the form of tuition fees directly to the educational institution. 

 

IDFC Education Loan Repayment Process

 

Once you have used the loan amount and your higher education ends, IDFC Bank gives you a moratorium period of 1 year to get employed and be eligible for loan repayment. Given below are some ways you can repay your loan- 

  • EMI Payments: You can pay your loan in monthly installments based on your gross earning and interest rates. 
  • Auto Pay Mandate: To avoid missing payments, you can even opt for an auto-debit system to repay your loan, so that your EMIs are deducted for your account on a set date of each month. 
  • Prepayment: You can pay your loan even before you get the job if funds are available with you. 

To check your monthly EMIs, you can use a student loan repayment calculator or an education loan EMI calculator for better financial planning. 

Hope this information will help you if you are opting for an IDFC education loan. UniCreds has partnered with IDFC Bank to give you an abroad education loan at the lowest process fee and at fastest speed! Go check out now! 

 

FAQs: 

 

Q1. Will hostel expenses be covered under the IDFC education loan?

Ans: The loan encompasses financial support for travel expenses, equipment purchases, and hostel charges, offering comprehensive coverage for a range of study-related costs.

 

Q2. Can I get a student loan in IDFC without any property/ collateral?

Ans: Yes, you can get a student at IDFC without collateral up to 75 lakhs for study abroad and up to 30 lakhs for studying in India.  

 

Q3. Do I require a co-applicant for my student loan at IDFC FIRST Bank? 

Ans: Yes, a co-applicant is necessary for a student loan at IDFC First Bank. 

 

Q4. Is there any prepayment penalty for IDFC FIRST Bank education loan? 

Ans: No charges are applicable for rescheduling loans, part payment fees, initial money deposit fees, foreclosure, and early repayment, ensuring a transparent and cost-effective borrowing process.

 

Q5. What is the interest rate offered by IDFC First Bank on education loans? 

Ans: IDFC charges 8-12% interest rates for studying in India and abroad. 

 

Q6. What is the maximum loan amount I can get from IDFC First Bank for education? 

Ans: IDFC provides up to 1 Cr. education loans for studying abroad and in India. 

 

Related Categories

Recent Posts

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top

Share this blog

idfc first bank education loan

All About IDFC First Bank Education Loan

🚀 Over 5K Students Secured Abroad Education Loan With UniCreds!