IDFC Bank Limited is an Indian private sector bank that offers a variety of financial services to its customers. It was established in 2015, with its headquarters in Mumbai. Today, there are around 219 IDFC bank branches. Indian students who want to further their studies but need financial support can apply for an IDFC education loan. IDFC's goal is to give financial support to deserving students who want to further their studies. This IDFC bank education loan scheme is designed to ensure that exceptional students do not lose out on the opportunity to arrange finances for their studies.
IDFC's goal is to give financial support to deserving students who want to further their studies. This IDFC bank education loan scheme is designed to ensure that exceptional students do not lose out on the opportunity to arrange finances for their studies.
Sr. No | Features | Education Loan Details |
---|---|---|
1 | Loan amount | Upto ₹1Cr (Collateral) Upto ₹50Lac (Without Collateral) |
2 | Margin money | Up to 100% funding |
3 | Processing fee | 1.0% onwards + GST |
4 | Processing time | 2-7 Working Days |
5 | Loan tenure | 12 Years (Including study and grace period) |
6 | Prepayment charges | Nil |
7 | Repayment holiday | Study period + 12 months |
8 | Countries covered | USA, UK, Canada, Ireland, Germany, Australia, Singapore amongst many more |
Calculate EMI for Education Loan
Loan Amount
Interest (p.a)
Loan Duration
Course Duration
Grace Period
Following table show the year wise payment schedule.
Month | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
---|---|---|---|---|
Month 1 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Month 2 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Month 3 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Month 4 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Month 5 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Sr. No | Type | Requirement |
---|---|---|
1 | Eligible Courses | 1. Graduate, postgraduate, diploma, and professional courses that are authorised by the University Grant Commission, the All India Council for Technical Education (AICTE), the Government of India, and the Indian Council for Medical Research. 2. Professional or technical courses from renowned education institutions overseas. 3. Vocational or skill development courses that are recognised or sanctioned by the government. 4. Courses offered by IIM, IIT, IISC, XLRI, NIFT, and other institutions. 5. Courses offered by reputable international institutions. 6. Other courses leading to a diploma/degree, etc., offered by colleges/universities that have been approved by the UGC/Government/AICTE/AIBMS/ ICMS, etc. |
Sr. No | Type | Documents Required |
---|---|---|
1 | For borrowers | 1. The student should be an Indian national who has been admitted to professional/technical studies at reputable universities. 2. Permanent employees who have been with an organisation for at least three years and wish to pursue further studies and have been accepted into a reputable institute. |
2 | Co-applicant | 1. IDFC FIRST Bank Application Form 2. KYC Documents 3. Income Documents (if required) 4. Collateral Documents (if required) |
3 | Documents Required For An IDFC Education Loan | 1. Identity Proof - Aadhaar card, employment ID card (if you have one), passport, etc. 2. Address Proof - Copies of telephone bill, electricity bill, water bill, piped gas bill, etc. 3. Mortgage Documents - When applying for an education loan, specific documents must be supplied if the applicant or guarantor owns the property and wants to maintain it as a mortgage. 4. Bank account statements over the previous six months from all banks where the applicant has an account. 5. Guarantor Form - In order to obtain a student loan, a guarantor must be present. This person should preferably be a member of the applicant's family, but if not, should be someone with a close link to the applicant. 6. Institution Details - Copy of the institution's admission letter with fees structure, Mark Sheet/passing certificates of S.S.C., H.S.C., and other degree courses. |
1. Whether you’ve taken an Indian course or an abroad course, the payback period is limited to 12 years from the start of repayment.
2. Repayment for education loans normally begins one year after completion of the course of six months following employment, whichever comes first.
3. Loan interest repayment will begin immediately upon the disbursement of the loan's first instalment.
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Documentation
Loan Approval
Loan Disbursal