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.
Advantages of IDFC FIRST Bank Education Loan
The many benefits of obtaining student loans from IDFC FIRST Bank are listed below:
- Section 80E tax benefits for income
- Solutions that are specifically designed to meet your needs
- Flexible options for repayment
- Hassle-free Doorstep loan fulfilment
- Financing of up to 100%
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 | 9.50% p.a. onwards |
Eligibility Criteria for the IDFC FIRST Bank Education Loan
The following are the requirements for IDFC FIRST Bank's student loan:
- Resident of India.
- You must be at least 18 years old.
- You have a pre-admission sanction.
- You should already be enrolled in the desired school or course.
Documents Required for the IDFC FIRST Bank Education Loan
Student | Co-applicant | Collateral |
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Fees and Charges of IDFC FIRST Bank Education Loan
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 |
Types of IDFC FIRST Bank Education Loans
- Education Loan for higher studies in India or abroad
- Skill Loan for vocational training and skill development courses
- Loan Against Property for Education for higher education in India or abroad
- Parent Loan for Education to support children's education expenses
- 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.
Repayment Options for IDFC FIRST Bank Education Loan
You have several flexible repayment options with the education loan from IDFC FIRST Bank, as listed below:
- EMI: Begin loan repayment right away.
- Pay only simple interest while you are studying.
- No payment is necessary during the moratorium while you are a student.
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FAQs on IDFC FIRST Bank Education Loan
- 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 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.
- 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 offer loans based on your projected income. However, in accordance with IDFC FIRST Bank policy, co-applicants 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.
- 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.
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