IDFC First Bank

IDFC First Bank Education Loan for Study Abroad

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Interest Rate
10.75% onwards
UnSecured Loan
₹50 Lakhs
Secured Loan
₹150 Lakhs
Processing Time
5 working days
Margin
100% Funding
Loan Tenure
up to 15 years
Type
Bank
Tax Benefits
Yes
Processing Fees
starts 0.75%
100+ Cr
Disbursed
10+
Banks & NBFC
15+
Countries
3 days
Average Time

How it works!

1
Check Eligibility

Get your Education Loan Eligibility checked within 5 minutes

2
Document Submission

Sorting, Verifying and Submitting Documents as per Checklist

3
Application Process

Submission of application to top lenders from a pool of 12+ options

4
Sanction & Disbursal

Get Sanction Letter in record time and proceed for Disbursement

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What's Next!
  1. Eligibility Check
  2. Documentation
  3. Application Login
  4. Deal Negotiation
  5. Loan Approval
  6. Disbursement
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Features of IDFC First Bank Education Loan

Interest Rate Starts at 10.75%
Loan Amount (Collateral) Upto ₹50 Lac
Loan Amount (Without Collateral) Upto ₹150 Lac
Processing Fees starts 0.75%
Processing Time 5 working days
Loan Tenure up to 15 years
Margin 100% Funding
Prepayment Charges Zero
Moratorium Period Course + 1 year
Admit Letter Required
Tax Benefits Yes
Type Bank
Life Insurance Required

IDFC First Education Loan Products

In comparison to other Banks and NBFCs, IDFC First Bank provides Education loans based on University and Course categories. There are 5 categories as follows

  1. Platinum Plus
  2. Platinum
  3. Titanium
  4. Gold
  5. Bronze

The category of University and Course is decided based on University Ranking and job opportunities in that particular course. For example, the Master of Data Science at The University of Adelaide has a Platinum category, and MSc Management at Nottingham Trent University has a Gold category. The maximum loan amount, interest rates, repayment methods and Co-Applicant financials are set based on the category and country. The document and procedure requirements are based on category, so the higher category comes with an easy and relaxed process, and the lower category corresponds to Higher restrictions and more documentation. Contact our Education Loan Expert to learn about your Product Category before applying at IDFC First Bank.

The Bachelor's program in all Universities is considered under the Bronze and Gold categories only. Hence, to apply for an UnSecured Education Loan for Bachelor, ensure that the Co-Applicant has sufficient monthly income to pay the regular EMI or Simple Interest. 

Check out the data below to learn more about each category, including the maximum limit for unsecured loans and repayment modes. Please note that the below-mentioned amounts are valid for Post-Graduation courses only.

Study in USA
Category UnSecured Loan Repayment Mode
Platinum ₹62 Lacs EMI, SI, PSI
Titanium ₹49 Lacs EMI, SI, PSI
Gold ₹31 Lacs EMI, SI
Bronze ₹25 Lacs EMI

 

Study Abroad (Other than USA)
Category UnSecured Loan Repayment Mode
Platinum ₹41 Lacs EMI, SI, PSI
Titanium ₹35 Lacs EMI, SI, PSI
Gold ₹29 Lacs EMI, SI
Bronze ₹23 Lacs EMI

 

Study in India
Category UnSecured Loan Repayment Mode
Platinum ₹35 Lacs EMI, SI, PSI
Titanium ₹25 Lacs EMI, SI, PSI
Gold ₹16 Lacs EMI, SI
Bronze ₹11.50 Lacs EMI

 

Expenses Covered by IDFC First Education Loan

To make the process hassle-free and provide maximum ease, the IDFC Bank Education Loan covers the following expenses.

  1. The University or College tuition fees, as mentioned on the admission letter
  2. Living Expenses include your Hostel expenses, Accommodation, Food, & Travel. 
  3. If required, a Guaranteed Investment Certificate (GIC) for Canada and a Blocked Account for Germany. 
  4. Insurance Expenses as applicable.
  5. Traveling Expenses such as Flight Ticket
  6. Purchase of laptop/books/uniform as required

 

Eligibility criteria for IDFC First Bank Education Loan

Here is the basic Eligiblity Criteria for Study Abroad Education Loan by IDFC First Bank. 

Student
  • must be an Indian Citizen
  • must be a minimum of 18 years of age
  • must have a good CIBIL history
University
  • must be approved by the concerned regularities
  • can be a Graduate/Post-Graduate/technical course
  • must have a good world and national ranking
  • must be SDS & PGWP approved (for Canada only)
Academics
  • must have a minimum of 60% in Class 10th, Class 12th, Bachelors and Masters
  • must have a sufficient language proficiency exam scores
Co-Applicant / Co-Borrower
  • must be an Indian citizen
  • should be a father, mother, brother, sister, grandparent or any other blood relative.
  • must be a financial earner (Salaried, Self-Employed, Farmer, or Pensioner)
  • must have a savings bank account in India that allows them to sign cheques
  • must be the primary debtor
  • must have a good CIBIL history
Collateral
  • must be a fixed deposit or property such as a house, or shop
  • property must be approved by the concerned authorities
  • property must be located in an Urban or City area

 

Charges of IDFC First Bank Education Loan

Here is the list of basic charges involved in IDFC First Bank Study Abroad Education Loan

Description Charges & Fees
Processing Fees 0.75%
Life Insurance Varies
Travel Insurance Varies
Collateral Valuation (if applicable) Rs 6500

 

IDFC First Education Loan Repayment Process

The IDFC First has three repayment methods for education loans, namely, direct EMI, simple interest (SI), and partial simple interest (PSI). These options are offered based on University and Course category or Product Category. Here are the following available options based on Product Category. 

Platinum Plus Partial Simple Interest, Simple Interest & Direct EMI
Platinum Partial Simple Interest, Simple Interest & Direct EMI
Titanium Partial Simple Interest, Simple Interest & Direct EMI
Gold Simple Interest & Direct EMI
Bronze Direct EMI only

To get the maximum savings, you are recommended to pay using the Direct EMI method if affordable. However, if you don't want to put any burden of Education Loan on your parents or co-applicant, you can choose partial simple interest. The partial simple interest ranges between Rs 2000 and Rs 10,000 monthly, and it will adjusted in the repayment amount. 

 

IDFC First Education Loan Disbursement Process

Once your IDFC First Education Loan gets approved, you must pay the processing fees and obtain a Sanction Letter. To proceed with the disbursement process, you must sign the agreement and submit the other required documents in physical format. 

You have to open a savings account in IDFC First Bank in the name of Applicant or Co-Applicant to receive the disbursed amount. The tuition fee will be transferred to your institution, and living expenses will be to the newly opened account. If you already paid the expenses through other means, the amount will be reimbursed to your account upon providing the relevant documents. Our team will help you smoothen the process and ensure it is completed on time. 

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Benefits of getting IDFC First Bank Education Loan through Abroad Cube

Higher Chances of Approval

When applying for an education loan through Abroad Cube, you can expect higher chances of approval as our expert will verify the documents before submission and suggest better alternatives for higher approval.

Low Processing Time

Using the latest technology and years of experience, we expedite the application process by 65%, reducing overall processing time. Applying using the exact required documents with the eligible lender is the key to getting an application processed in record processing time.

Personalized Document Checklist

Our Education Loan Expert will send you a Personalized Document Checklist, removing all unnecessary documents, easing the process and giving you peace of mind.

Negotiation on Interest Rate & Processing Fees

We will help you get Comparable, Negotiated and best-suited Education Loan deals, saving you up to Rs 3 Lakhs. The major negotiable components are Interest Rate and Processing Fees.

Free Education Loan Assistance

We are not charging any service fees for helping with the Study Abroad Education Loan. Also, there are no hidden fees involved, which is guaranteed. For each approval, we get paid a referral fee by IDFC First Bank without any additional charge to students.

Documents required for IDFC First Bank Education Loan

Here is the standard document checklist for getting an education loan from IDFC First Bank or other lenders. The bank or NBFC might ask for additional documents or information based on the application to ease the process.

Applicant
  • Aadhar Card, PAN Card & Passport
  • Class 10th Marksheet, Class 12th Marksheet
  • Bachelors Marksheets & Degree (if applicable)
  • Masters Marksheets & Degree (if applicable)
  • IELTS / TOEFL / PTE / Duolingo (if applicable)
  • GRE / GMAT / SAT / ACT (if applicable)
  • Resume & Work Experience (if working)
  • University Offer Letter (if optional)
Co-Applicant
  • Aadhar Card, & PAN Card
  • Address Proof (Electricity Bill, Water Bill, etc)
  • Bank Statement (Last 6 months)
Income documents of Salaried Co-Applicant
  • Salary Slips of Last 3 months / Salary Certificate
  • Form-16 of Last 2 years (optional)
  • Salary Account Statement (if different)
Income documents of Self-Employed Co-Applicant
  • Income Tax Returns of Last 2 years
  • Business Proof (MSME, GST Certificate, Labour Certificate, Shop Act Certificate)
  • Current Account Statement (if different)
Income documents of Farmer Co-Applicant
  • Income Tax Returns of Last 2 years
  • Income Certificate issued by State Government (if applicable)
  • Patta-book (if applicable)
  • J-Forms of Last 2 years (Punjab, Haryana, Rajasthan)
  • Jamabandi / Fard (Punjab, Haryana, Rajasthan)

The Education Loan documents may vary based on individual applications. If you are missing any required documents, please contact our Loan Expert for help!

How to apply for IDFC First Bank Education Loan via Abroad Cube

Check Eligibility

Start by checking your eligibility on Abroad Cube's website or reach out to us via WhatsApp or phone. The Eligibility criteria include Country acceptance, University and course ranking, Academics, Credit Score and history, co-applicant and Collateral requirements, etc.

Document Submission

Once you pass the basic Eligibility Criteria, the next step will be Documentation. Our Education Loan Expert will send you a personalized Document Checklist of IDFC First Bank and help you arrange, sort and suggest alternatives, if any. Before sending documents to the IDFC First Bank, we ensure that all documents are in order according to the required Checklist to expedite the application login process.

Application Processing

Our Education Loan Expert will choose the best lenders from the pool of 12+ options to get you the best-suited deal. They will follow up with concerned Lender Relationship Managers for Application Login and further processing. The lender process will include getting consent, address verification, and a small telephonic interview with the Credit Manager before the final decision.

Loan Sanction & Disbursal

The sanction letter will be released within 24 hours once you pay the processing fee to the Bank via acceptable payment methods. Afterwards, you may proceed with the Study Visa process or request Pre-Visa disbursement. You can also ask for reimbursement if you have already paid the Tuition Fees or Living Expenses via other means. Once you complete the banking formalities, the loan amount will be disbursed into the Bank Account

Apply for IDFC First Bank Edu-Loan

You may apply for IDFC First Bank Education Loan by visiting their local bank branch or contacting their customer support team. But Abroad Cube will help you get a hassle-free Education Loan from your comfort at the best Interest Rate and record processing time at Zero Service Charges.

Abroad Cube is an Online Study Abroad Marketplace that has onboarded 12+ Banks and NBFCs to ease the process of getting the best deal for an Education Loan in minimal processing time. To get started, Check your Eligibility and share your Documents by Email or WhatsApp to expedite your application process.

Education Loan Eligibility

Are you worried about your Eligibility for Study Abroad Consultancy? Enter your basic details and check your eligibility within minutes in more than 10 Banks and NBFCs.

EMI Calculation

Get Education Loan EMI Repayment analysis, monthly EMI and Amortization Schedule in a single click without worrying about complex formulas and calculations.

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Frequently Asked Questions

For Education Loans applied via Abroad Cube, the IDFC First Bank takes about 5 working days from the usual time period of 7-8 days.

IDFC First Bank provides up to Rs 1.5 Cr for Secured Loans and Rs 50 Lacs for Unsecured Loans. The approved amount varies depending on repayment capacity and the total cost of education.

The interest rate of IDFC First Bank starts at 10.75% for UnSecured Education Loans and even less for Secured Loans.

The IDFC First Bank processing fees start at 0.75% + GST. It may vary depending on the applicant's profile. Pro Tip: You may also ask for some discount if the approved amount is too high.

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Disclaimer: Any Bank/NBFC/Financial Institution does not endorse, promote, review or warrant the accuracy of the product or services offered by Abroad Cube. This platform is independently run by a team of experts.
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