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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. 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 |
Benefits of IDFC Abroad Education Loan
Up to 100% financing
Flexible Repayment Options
No Prepayment Charges
100% Expenses Covered
Income Tax benefits under 80E
Simplified Co-Applicant Requirements
Benefits Of Getting Your IDFC Abroad Education Loan Through UniCreds
Higher Chance Of Approval
Online Submission Of Documents
No Cost To You
Quicker Sanctions
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.
| 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 (₹) |
Eligibility Criteria For IDFC Abroad Education Loan
| Sr. No | Type | Requirement |
|---|---|---|
| 1 | Eligibility | 1. 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. No | Type | Documents Required |
|---|---|---|
| 1 | Applicant- | 1. IDFC FIRST Bank Application Form 2. KYC Documents 3. Academic Documents |
| 2 | Co-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.