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IDFC FIRST Bank Education Loan

IDFC FIRST Bank Education Loan is designed to provide financial support for education in India and abroad.

Upwards of 18,000 courses from more than 3200 universities in over 25 countries are covered by the IDFC FIRST Bank Education Loan.IDFC FIRST Bank guarantees a hassle-free application process and quick education loan approval.

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IDFC FIRST Bank Education Loan Advantages 

The many benefits of obtaining student loans from IDFC FIRST Bank are listed below:  

  1. Section 80E tax benefits for income 
  2. Solutions that are specifically designed to meet your needs 
  3. Flexible options for repayment 
  4. Hassle-free Doorstep loan fulfilment 
  5. Financing of up to 100% 

Eligibility Criteria for the IDFC FIRST Bank Education Loan  

The following are the requirements for IDFC FIRST Bank's student loan: 

  1. Resident of India. 
  2. You must be at least 18 years old. 
  3. You have a pre-admission sanction. 
  4. You should already be enrolled in the desired school or course. 

IDFC FIRST Bank Education Loan Fees and Charges  

The fees and charges are given below. All service fees will be subject to GST. The IDFC FIRST Bank may occasionally modify the Schedule of Charges, and any revisions will be posted on the Bank's official website. 

Category

Details

Processing charges 

Up to 1.5% of the Loan Amount or as per any special scheme run by the bank

Charges for cancellation 

1% of the loan amount plus interest that has accrued since the date of disbursement until the request is received. Requests for cancellation must be made within 30 days of the first EMI 

Stamping Fees 

based on actuals 

There are no charges for rescheduling loans, part payment fees, initial money deposit fees, foreclosure and early repayment. 

EMI Collection fees 

Rs.350 

Charges for check swaps (per swap) 

Rs.500 

Overdue (month), late payment, penalties, and default interest. 

Rs.300 or 2% per month of the unpaid EMI (whichever is higher). 

EMI Bounce fees for each presentation 

Rs.400 

Charges for Issuing a No Objection Certificate (NOC) 

Rs.500 

Charges for Issuing a Physical Repayment Schedule 

Rs.500 

Fees for issuing of a physical copy of bank account statement 

Rs.500 

Charges for Issuing a list of documents 

Rs.500 

Document Retrieval Fees (per retrieval) 

Rs.500 

Documents Required for the IDFC FIRST Bank Education Loan  

Student  

Co-applicant 

Collateral 

  1. ID proof with photograph
  2. Recent passport-size photographs
  3. Address proof
  4. Admission proof
  5. Copy of Visa
  6. Fee structure
  7. Relevant marksheets and certificates
  8. Pay slips (if applicable) 
  1. ID proof with photograph
  2. Recent passport-size photographs
  3. Address proof
  4. Income proof 
  1. Documents related to property
  2. Documents related to Fixed deposits 

Interest Rates of IDFC FIRST Bank Education Loan

IDFC FIRST Bank offers affordable and hassle-free education loans that can help you achieve your academic dreams faster.

It provides customized repayment plans, flexible tenures, and income tax benefits to ensure that you can finance your education without any worries.

Scheme Name 

Maximum Loan Amount 

Interest Rate (p.a.)

Education Loan 

No Limit 

9.05% p.a. onwards

The education loan interest rates are linked to the Repo Rate, which is currently set at 6.50% by the Reserve Bank of India (RBI). The effective ROI for education loans ranges from 9% to 15%, with a minimum spread of 2.75% over the Repo Rate.  

Please note that the Repo Rate can change frequently, which may impact your interest rates.  

IDFC FIRST Bank offers the Following Types of Education Loans 

  1. Education Loan for higher studies in India or abroad 
  2. Skill Loan for vocational training and skill development courses 
  3. Loan Against Property for Education for higher education in India or abroad 
  1. Parent Loan for Education to support children's education expenses 
  2. Loan for E-Learning to cover the costs of online courses or programs. 

How to Apply for the IDFC FIRST Bank Education Loan 

Follow the steps listed below to apply for an IDFC First Education Loan: 

Step 1: Go to the official IDFC First Bank website and select the ‘Loans’ menu item. 

Step 2: From the drop-down menu, choose ‘Education Loans’. 

Step 3: To begin the application process, click the ‘Apply Now’ button. 

Step 4: Fill out the application form with your contact information, educational background, and any other pertinent details. 

Step 5: Upload the necessary documents, such as your identity and address proofs, transcripts from your education, and proof of your income. 

Step 6: Review and accept the loan's terms and conditions. 

Step 7: Send the application in, then wait while the bank processes it. 

Step 8: You will get confirmation from the bank once your application is accepted. You might also need to go to a bank branch to finish some requirements, like signing the loan agreement and supplying more paperwork if needed.

What are the Various Payment Options Provided by IDFC FIRST Bank? 

You have several flexible repayment options with the education loan from IDFC FIRST Bank, as listed below: 

  1. EMI: Begin loan repayment right away. 
  2. Pay only simple interest while you are studying. 
  3. No payment is necessary during the moratorium while you are a student.

FAQs

How do I submit an application for an education loan at IDFC FIRST Bank?

The bank's official website, mobile app, and phone banking all offer an option to submit your application for an education loan. You can apply for an education loan at the bank in person.
Which costs fall under the purview of student loan funding?

The amount of the student loan covers living expenses, examination, library, and laboratory fees, as well as tuition and other institute-related costs (including hostel fees). It also covers travel costs, health and travel insurance. You can buy computers or laptops with an education loan.
Which nations are eligible for IDFC FIRST Bank education loans for studies abroad?

Student loans from IDFC FIRST Bank are available in various countries, including the United States, Germany, UK, Canada, Singapore, Australia, New Zealand, and others. To obtain the complete list of nations, contact a representative of IDFC FIRST Bank.
Who qualifies for the tax exemption provided by Section 80E?

Section 80E allows individuals to claim tax exemption. Parents may also deduct the cost of loans taken for the higher education of their children.
What types of courses are funded by an education loan from IDFC FIRST Bank for studies abroad?

The education loan from IDFC FIRST Bank for international study covers a wide range of courses for undergraduate and graduate degrees. The list contains all of the technical and professional courses that are offered by accredited universities and independent institutions. Along with funding full-time courses, the bank also supports executive, part-time, vocational, and diploma courses.
I don't have a co-applicant with income, but can I still apply for a loan from IDFC FIRST Bank?

IDFC FIRST Bank offers loans based on your projected income. However, in accordance with IDFC FIRST Bank policy, co-applicant's income is necessary for evaluation on a case-by-case basis.
How is the interest rate for education loans at IDFC FIRST Bank determined?

Education loans from IDFC FIRST Bank are standardised against the Repo rate. So, every time the repo rate changes, the interest rates on education loans will also change.
Do I receive tax benefits if I take an IDFC FIRST Bank education loan to study abroad?

Yes, you do receive income tax benefits if you take an IDFC FIRST Bank education loan for studies abroad.
I currently have a student loan with another bank. Is it possible to transfer it to IDFC FIRST Bank?

Yes. You can transfer your current student loan to IDFC FIRST Bank using the balance transfer feature.
How can taking an education loan help you improve your credit history?

Students who pay their loans on time can improve their credit history. A good EMI repayment strategy can aid students in raising their CIBIL score.
Do I require a co-applicant for my student loan at IDFC FIRST Bank?

Yes, a co-applicant is necessary to apply for student loans at IDFC FIRST Bank.