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 650+ IDFC bank branches. Indian students who want to further their studies but need financial support can apply for an IDFC education loan.
Processing Fees: 1.0% onwards

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.

Features Of IDFC Abroad Education Loan

Sr. NoFeaturesEducation Loan Details
1Loan amountUpto ₹1Cr (Collateral) Upto ₹50Lac (Without Collateral)
2Margin moneyUp to 100% funding
3Processing fee1.0% onwards + GST
4Processing time2-7 Working Days
5Loan tenure12 Years (Including study and grace period)
6Prepayment chargesNil
7Repayment holidayStudy period + 12 months
8Countries coveredUSA, UK, Canada, Ireland, Germany, Australia, Singapore amongst many more

Benefits of IDFC Abroad Education Loan

Up to 100% financing
With IDFC banks, you can expect up to 100% funding for your cost of education. Below is a list of expenses that will be covered under the IDFC education loan for abroad studies -Tuition Fees, Accommodation/Hostel expenses, Any deposits to be paid at the Institute, Cost of uniform, books, & other miscellaneous expenses, Travel & Transportation costs
Flexible Repayment Options
With an IDFC education loan, students do not need to start with the payment process immediately upon completion of their course. There is a moratorium period or a holiday period of about 6 months to 1 year, post which your EMI starts. You will however have the option of making your interest payments during your moratorium period.
No Prepayment Charges
A prepayment penalty is a cost charged by some lenders if you pay off all or a portion of your mortgage early. However, if you take out a loan with IDFC, you will not be charged any pre-payment penalties.
100% Expenses Covered
Tuition, housing expenses, travel, insurance, and other ancillary costs are all covered. IDFC pays for all the expenditures that you will have to bear as an international student.
Income Tax benefits under 80E
An education loan not only pays for your further education but also helps you save money on taxes. Section 80E of the Income Tax Act of India, 1961 allows for the deduction of student loan interest.
Simplified Co-Applicant Requirements
Once you apply for an education loan with a co-borrower, it's just like 2 individuals seeking a single loan and splitting the obligation. IDFC has simplified this when it comes to the Co-applicant's requirements.

Benefits Of Getting Your IDFC Abroad Education Loan Through UniCreds

Higher Chance Of Approval
By applying for your education loan through UniCreds, you are increasing your chances of approval. Generally, banks dismiss applications if they find any missing documents, property issues, or any other problem. With UniCreds, we will immediately reach out to Credenc officials and find the best solution.
Online Submission Of Documents
With UniCreds, you can submit all the required documents from home! There won’t be any need to visit the branch. Simply head over to our website and submit all the documents there. There won’t be a possibility of not submitting an essential document, as our system is designed to ensure all essential documents are submitted. You also get stepwise updates via notifications.
No Cost To You
All our education loan services are completely free of cost.
Quicker Sanctions
Our strategic partnerships ensure low turnaround time. Expect to have your education loan processed and sanctioned within 5 days.

Calculate EMI for Education Loan

Loan Amount

Interest (p.a)

Loan Duration

Course Duration

Grace Period

Monthly EMI
Principal Amount
Total Interest
Total Amount
Loan Amortization Schedule

Following table show the year wise payment schedule.

MonthOpening 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 (₹)

Eligibility Criteria For IDFC Abroad Education Loan

Sr. NoTypeRequirement
1Eligibility1. Indian National (Including NRI with Indian passport) 2. Student should have secured admission in higher education course abroad through entrance exam test/merit based selection process before/after completion of graduation 3. You should have secured admission in the desired Institution/Course. 4. In case secured admission is not available, sanction could be subjective based on type on course, country, institute student has applied for. Disbursement will be subject to secured admission and shall be part of Terms and conditions in sanction letter.

Documents Required for IDFC Abroad Education Loan

Sr. NoTypeDocuments Required
1Applicant-1. IDFC FIRST Bank Application Form 2. KYC Documents 3. Academic Documents
2Co-applicant-1. IDFC FIRST Bank Application Form 2. KYC Documents 3. Income Documents (if required) 4. Collateral Documents (if required)

Loan Repayment For IDFC

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.

How To Apply For IDFC Abroad Education Loan?

Apply Online 1. After you've determined your eligibility, you can get started with your application. Students can either apply online or contact one of our professional education loan counsellors and request a callback. 2. Depending on your needs, our experienced counsellors can help you secure an IDFC first bank education loan without or with collateral. 3. Once you’ve updated your profile details, our counsellors will thoroughly examine your profile and, based on your eligibility, offer the next set of actions to you. Documentation 1. UniCreds allows students to upload documents online, saving you the inconvenience of proceeding with the documentation at the bank and allowing you to do it from the comfort of your own home. 2. Furthermore, to expedite the process, UniCreds provides you with a personalised list of documents to submit depending on your profile and the type of loan that you've applied for. Loan Approval 1. Once the banker receives the documents that you’ve submitted, they are uploaded online for approval. 2. Above-average students have a higher probability of receiving 90 per cent of their financing as well as a lower rate of interest on the loans. 3. Since most loan approvals are received via email, keep an eye out for any email pertaining to your loan amounts, interest rates, moratorium period, and payback period. Loan Disbursal You can visit the branch for disbursement after you receive your loan sanction letter in the mail. The disbursement of the education loan is determined by the university to which you apply. It differs from country to country. While looking for a college or university in a particular country, make sure you check out the tuition payment schedule for that country because some countries demand loan disbursal prior to the visa checks.

Frequently Asked Questions

What is the maximum loan amount a student can get?
You can get an unsecured loan upto 50 lac and secured loan upto 1 Cr.