IDFC FIRST Bank Education Loan to Study Abroad: Interest Rates, Eligibility, Documents, & Application

 

Interest Rate	Moratorium Period	Margin Money
9.7% onwards	Course years + 1 year	0%

Table of Contents

1. Overview of IDFC FIRST Bank Education Loans 
2. IDFC FIRST Bank Education Loan Interest Rates
3. Eligibility Requirements for IDFC FIRST Bank Education Loans
4. Documents Required for IDFC FIRST Bank Education Loans
5. How Do You Apply for IDFC FIRST Bank Education Loans?
6. IDFC FIRST Bank Education Loan Fees and Charges
7. Conclusion: Get Started with Your IDFC FIRST Bank Education Loan Application
8. Frequently Asked Questions

 

IDFC FIRST Bank is a top tier in the Indian private banking sector. IDFC FIRST Bank education loans help deserving students to study in India or abroad with greater coverage. IDFC FIRST Bank education loans cover over 25 countries, 3200 universities, and 18,000 courses. 

Education loans from IDFC FIRST Bank cover academic expenses such as tuition, lab fees, and other academic fees, as well as personal expenses like accommodation, travel, insurance, and food. 

Overview of IDFC FIRST Bank Education Loans 

IDFC FIRST bank education loans are available without collateral. Students get no-collateral loans with a cap of INR 75 Lakhs, while there is no cap for IDFC FIRST education loans with collateral. Up to 100% of the cost of attendance could be borrowed with an interest rate starting at 9.7%. 

Maximum loan amount	Up to 100% of the required amount
Interest rate	9.7% onwards
Margin money	0%
Loan processing fee	1.5% of the loan amount
Moratorium period	Course years + 1 year
Repayment tenure	15 years
Collateral requirement	Up to 100% of the expenses with collateral Up to INR 75 Lakhs without collateral

IDFC FIRST Bank Education Loan Interest Rates

IDFC FIRST Bank offers competitive interest rates from 9.7% onwards (t & c applicable). The interest rate charged on your repayment is eligible for tax deduction under Section 80E of the Income Tax Act. 

Eligibility Requirements for IDFC FIRST Bank Education Loans

IDFC FIRST Bank education loans are provided to deserving Indian students who want to study in premier institutions in India or abroad. They must meet the following eligibility criteria to apply for loan options: 

• Be an Indian citizen.
• Be 18 years old or above.
• Secure admission to the desired institution or course.
• A pre-admission sanction is available if admission is not secured.

Documents Required for IDFC FIRST Bank Education Loans

The IDFC FIRST Bank education loan application requires you to submit personal and financial documents to establish credibility. Since many students do not have income, a cosigner with financial earnings and a credit history is often required to complete the application. 

From Student	From Co-applicant
Photo ID proof Proof of residence Passport-sized photograph Proof of admission Fee structure document Salary slips of experienced candidates Visa copy Academic documents	Photo ID proof Proof of residence Passport-sized photograph Income-related documents

For a loan with collateral, the following collateral documents are required: 

• Property documents
• FD documents

How Do You Apply for IDFC FIRST Bank Education Loans?

Students can apply for IDFC FIRST Bank education loans online or offline. To apply online, follow the steps below: 

• Visit the official website
• Fill out the online application form 
• Upload your documents 
• Review and accept the loan terms and conditions
• Wait till you get the application confirmation

After the online application, you might be required to visit an IDFC FIRST Bank branch to complete the process. The bank officials will verify your application and call you back. 

Alternatively, an offline application involves visiting your nearby IDFC FIRST Bank branch and filling out the form. The process is followed by documentation and verification before sanction.

IDFC FIRST Bank Education Loan Fees and Charges

There will be GST on IDFC FIRST Bank fees. The bank can alter these charges. IDFC FIRST Bank education loan charges are as per the table below: 

Processing charge	Up to 1.5% of the Loan Amount or as per any special scheme run by the bank
Cancellation charge	1% of the loan amount + interest accrued from the date of disbursal till receipt of the cancellation request Cancellation request to be received within 30 days or the 1st EMI presentation date, post which cancellation will be treated as foreclosure
Stamping charges	As per actuals
Prepayment charge	Nil
Loan re-scheduling charge	Nil
Part Payment charges	Nil
Initial Money Deposit charges	NA

Conclusion: Get Started with Your IDFC FIRST Bank Education Loan Application

IDFC FIRST Bank is a prominent private bank that provides education loans to students abroad. With attractive interest rates and a repayment period of up to 15 years, the IDFC FIRST Bank education loan can save you from financial concerns while achieving your dream. 

Here’s how you get started – connect with Nomad Credit’s expert loan counselor and explore your options. Unlock your loan options after profile evaluation, which increases the odds of getting a study abroad loan. Get holistic support from beginning to end for free! 

Frequently Asked Questions

Which countries are covered by IDFC FIRST Bank education loans?

IDFC FIRST Bank covers countries like the United States, United Kingdom, Canada, Australia, Germany, New Zealand, and Singapore for abroad education loans. If your country of study is not listed, negotiate with the bank. 

Who is eligible for IDFC FIRST Bank education loans? 

Indian citizens are eligible for IDFC FIRST Bank education loans to study abroad. If the applicant has no collateral to submit, a financially earning cosigner must guarantee the loan. The applicant must have secured admission to a university abroad before applying or secure admission later in a pre-approved scenario.

Does IDFC FIRST Bank give 100% student loans? 

With collateral, IDFC FIRST Bank offers up to 100% of the cost of attendance with a 0% margin. However, the terms and conditions are applicable and can change on a case-to-case basis. 

What is the lowest interest rate of IDFC FIRST education loans? 

9.7% is the lowest interest rate for education loans from IDFC FIRST Bank. If the subsidy is added, this can go further low. Please note that the bank will determine the rate of interest after analyzing your application. 

Can I get a subsidy for an IDFC FIRST Bank education loan? 

For eligible students, an interest subsidy of 0.5% is offered by IDFC FIRST Bank on education loans. The subsidy schemes are offered according to government regulations.