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.
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. 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
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.
Up To 90% Funding
With IDFC banks, you can expect up to 90% funding for your cost of education. Below is a list of expenses that will be covered under the IDFC education loan for abroad studies -
1. Tuition Fees
2. Accommodation/Hostel expenses
3. Any deposits to be paid at the Institute
4. Cost of uniform, books, & other miscellaneous expenses
5. Travel & Transportation costs
Discount For Female Students
The IDFC loan scheme also aims to support female students in pursuit of their studies abroad. They offer a small discount of 0.5% for female students when compared to male students.
Education Loan Subsidies
Education loan subsidies include not just interest rate and tax benefits, but also a rebate on interest paid on education loans and a principal loan amount waiver. Those students studying undergraduate, postgraduate, and/or other stages of higher education who meet the qualifying criteria for education loan schemes are eligible for these subsidies. However, before applying for any such plan, candidates should be well informed about the education loan subsidy schemes.
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. Doing so will be beneficial for you because there are chances that the bank may consider lowering your interest by 1%.
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 the 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.
| 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 | 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. |
Documents Required for IDFC Abroad Education Loan
| 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. |
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
- 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.
- Depending on your needs, our experienced counsellors can help you secure an IDFC first bank education loan without or with collateral.
- 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
- 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.
- 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
- Once the banker receives the documents that you’ve submitted, they are uploaded online for approval.
- 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.
- 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
You can get up to INR 80 lakhs to INR 1.5 crores for higher studies in India, IIT’s, IIM’s, ISB’s, and abroad.
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