University of Manchester
United Kingdom
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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 |
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
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 |
To make the process hassle-free and provide maximum ease, the IDFC Bank Education Loan covers the following expenses.
Here is the basic Eligiblity Criteria for Study Abroad Education Loan by IDFC First Bank.
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 |
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.
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.
Connect with our Education Loan Expert and get your application processed within 3-4 working days*
Check Eligibility For FreeWhen 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.
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.
Our Education Loan Expert will send you a Personalized Document Checklist, removing all unnecessary documents, easing the process and giving you peace of mind.
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.
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.
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.
The Education Loan documents may vary based on individual applications. If you are missing any required documents, please contact our Loan Expert for help!
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.
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.
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.
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
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.
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.
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