All you need to know about IDFC First bank education loan for studying abroad
Overview
IDFC FIRST Bank offers you meticulously designed education loans for overseas studies to support you with every step. From assisting with your loan application to ensuring smooth disbursement, Students Channel, and IDFC Bank partnership are committed to making the admission process hassle-free by providing expert guidance throughout your journey.
The loan application process is primarily online with hassle-free education financing fulfilled at your doorstep. However, in some cases, the applicant may need to visit the bank to submit documents and complete the final signing in person. IDFC Bank abroad education loan stands out from other private banks because it focuses more on the applicant academic performance rather than the co-applicant credentials. Additionally, IDFC Bank has created a list of universities and colleges for countries like the USA, Canada, UK, Australia, Netherlands, France, and more. These institutions are divided into three categories, with over 30,000 courses across 4,000+ universities being eligible.
Platinum > Titanium > Gold
This classification depends on the college/course or GRE Score in the US and courses/college only in Canada and other countries. In some cases, this classification can be dependent on the applicant GRE score as well. Some general features of IDFC Bank abroad education loans are listed in the table below.
Features of IDFC First Abroad Education Loan
| Feature | Detail |
|---|---|
| Loan Amount | Secured - Up to ?1.5 Cr. Unsecured – Up to ?62 Lakh |
| Maximum age of the applicant | 30 years (no experience) 32 years (with experience) |
| Interest rate type | Floating |
| Interest rate | Starting from 10.75% (depending on category and country) |
| Loan Tenure | Up to 15 years |
| Moratorium period | Course + 12 months |
| Payment during the moratorium period | All options available: simple interest, partial simple interest, EMI, no payment (depends on profile) |
| Processing time | 10 - 12 days (after document submission) |
| Insurance | Credit life insurance |
| Tax Benefit | Yes |
| Prepayment penalty | No penalty |
| Margin Money | Nil (may vary depending on your profile) |
Eligibility Criteria for IDFC FIRST Bank Abroad Education Loan
These are some basic eligibility criteria that you must fulfil to get an abroad education loan from IDFC Bank. These are some general criteria that are applicable to all the loan offered by IDFC FIRST Bank.
In case you have not secured admission, you can opt for a pre-admission sanction.
Note: If the admission is not secured, a conditional sanction letter can be given based on the type of course, country or the institute student has applied for.
IDFC FIRST Bank Education Loan for MS in U.S
This is the IDFC Bank loan that is specific to the US masters course in STEM and MBA programs. The categories of university/college are based on the GRE score as shown below:
Note: Whichever category is highest as per GRE or university/college list will be considered for the loan process. For exp - if as per your GRE scores your category is Titanium but as per the university/college list your category comes out to be Platinum then your loan will be processed as per the Platinum category.
Other Features of IDFC Bank Education Loan for MS in US
| Feature | Details |
|---|---|
| Maximum loan amount | Platinum - 62 Lakhs INR Titanium - 49 Lakhs INR Gold - 31 Lakhs INR Bronze - 25 Lakhs INR |
| Rate of interest | Platinum - 11.00% Titanium - 11.50% Gold - 12.00% Bronze - More than 12.25% |
| Processing fees | Platinum - 1% + GST Titanium - 1% + GST Gold - 1.25% + GST Bronze - 1.50% + GST |
| Repayment option during the moratorium | Platinum - PSI, SI, EMI Titanium - PSI, SI, EMI Gold - EMI, SI Bronze - EMI |
| Eligibility for a full moratorium (no payment during the course and grace period) | Platinum - Yes Titanium - Yes Gold - No Bronze - No |
| Eligibility for non-financial co-applicant | Platinum - Yes Titanium - Yes Gold - No Bronze - No |
| Financial co-applicant income | Minimum 35,000 INR (without obligations) |
IDFC FIRST Bank Education Loan for MS/PGDM in Canada
This education loan by IDFC FIRST Bank is for those international students that want to pursue their higher education in Canada by doing a Master or PGDM degree in STEM or management subjects. Like in the US, this too has similar three categories that are Platinum, Titanium, and Gold.
Other Features of IDFC FIRST Bank Education Loan for MS/PGDM in Canada:
| Feature | Details |
|---|---|
| Maximum loan amount | Platinum - 41 Lakhs INR Titanium - 35 Lakhs INR Gold - 29 Lakhs INR Bronze - 23 Lakhs INR |
| Rate of interest | Platinum - 11.75% Titanium - 12.25% Gold - 13.25% Bronze - More than 13.25% |
| Processing fees | Platinum - 1% + GST Titanium - 1% + GST Gold - 1.25% + GST Bronze - 1.50% + GST |
| Repayment option during the moratorium | Platinum - PSI, SI, EMI Titanium - PSI, SI, EMI Gold - EMI, SI Bronze - EMI |
| Eligibility for a full moratorium (no payment during the course and grace period) | Platinum - Yes Titanium - No Gold - No Bronze - No |
| Eligibility for non-financial co-applicant | Platinum - Yes Titanium - No Gold - No Bronze - No |
| Other eligibility criteria | Minimum IELTS score - 6.5 Maximum backlogs - 5 Except for the Platinum category, a financial co-applicant is required. Minimum income of co-applicant should be 35,000 INR per month (without obligations) |
Note: PSI can be given to the borrower in case the profile is very good i.e. academic performance, target university, co-applicant income, IELTS score, and more.
IDFC FIRST Bank Education Loan for MS/PGDM in Other Countries
This is the loan offered by IDFC FIRST Bank for other countries apart from the two that have been separately mentioned. The countries that are covered under this include UK, Ireland, Germany, Australia, Sweden, Netherlands, France, and New Zealand.
| Feature | Details |
|---|---|
| Maximum loan amount | Platinum - 41 Lakhs INR Titanium - 35 Lakhs INR Gold - 29 Lakhs INR Bronze - 23 Lakhs INR |
| Rate of interest | Platinum - 12.00% Titanium - 12.50% Gold - 13.50% Bronze - More than 13.50% |
| Processing fees | Platinum - 1% + GST Titanium - 1% + GST Gold - 1.25% + GST Bronze - 1.50% + GST |
| Repayment option during the moratorium | Platinum - PSI, SI, EMI Titanium - PSI, SI, EMI Gold - EMI, SI Bronze - EMI |
| Eligibility for a full moratorium (no payment during the course and grace period) | Platinum - Yes Titanium - No Gold - No Bronze - No |
| Eligibility for non-financial co-applicant | Platinum - Yes Titanium - No Gold - No Bronze - No |
| Other eligibility criteria | Except for the Platinum category, a financial co-applicant is required. Minimum income of co-applicant should be 35,000 INR per month (without obligations) |
Documents Required for Abroad Education Loan from IDFC FIRST Bank
The basic documentation that would be required for your loan application are -
Documents required from applicants:
Photo ID proof
Proof of residence
Passport sized photograph
Proof of admission
Fee structure document
Salary slips (if experienced)
Academic documents
Documents required from Co-applicant:
Photo ID proof
Proof of residence
Passport sized photograph
Income-related documents (wherever required)
Benefits of Getting IDFC First Education Loan Through Students Channel
Availing an education loan to study abroad can be made easier and more convenient with Students Channel assistance in partnering with IDFC FIRST Bank. With Students Channel, you gain access to a range of benefits that can enhance your loan experience.
Increased chances of approval:
Students Channel helps you understand the loan process and eligibility criteria, increasing your chances of approval with up to 100% financing. They forward your application to IDFC Bank only after ensuring eligibility, further improving the likelihood of approval.
Customized document checklist:
Students Channel offers personalized document checklists based on your profile, including all necessary documents and alternative options, to ensure a comprehensive understanding of requirements for your loan application to private banks.
Process transparency:
Students Channel takes complete ownership of getting your loan sanctioned after document submission, following up with the bank to ensure a quick application process.
Free of cost assistance:
Students Channel provides an ELC (Education Loan Counsellor) at no extra charge to assist you throughout the loan process after verifying your eligibility.
Guaranteed best loan:
Students Channel is committed to providing you with the most competitive education loan available. Our goal is to ensure that you receive the best possible offer. If you come across a better deal, we will compensate for the difference in interest rates throughout the entire duration of your education loan.
How to Apply IDFC FIRST Bank Education Loan via Students Channel?
Check eligibility:
Begin by visiting the Students Channel website or using the loan eligibility form to determine if you meet the criteria for an IDFC FIRST Bank abroad education loan. This may include factors such as academic qualifications, admission to a recognized institution abroad, and creditworthiness.
Loan application processing:
An ELC (Education Loan Counsellor) from Students Channel will explain the loan process and provide a personalized document checklist based on your profile. Once you submit your application, IDFC FIRST Bank will process your loan application with the required documents.
Documentation submission & verification:
Collect and submit all required documents from the checklist, including academic and income records. Ensure documents are accurate and meet the bank requirements. IDFC FIRST Bank will verify your application, involving credit checks, admission details, financials, and other relevant information.
Loan approval & disbursal:
Once everything is done from the bank end you will get a loan approval notification with the approved amount on which you can sign your agreement if satisfied to finalize the process and get the required amount disbursed.
Frequently Asked Questions
Which is given priority in choosing a category while taking an education loan from IDFC for MS in US; GRE or university/college?
Whichever will give you a higher category will be chosen as your final category. For example, in relation to your GRE score, you get the platinum category and in respect to your university/college you get the titanium category, therefore the final category with which your loan will proceed is platinum.
What are the different expenses which are covered by an IDFC education loan?
The expenses which will be covered are - Tuition fees, Examination/ library/ laboratory fees, Purchase of books/ equipment/ uniforms, Living expenses (including Hostel fees), Travel expenses, Health insurance.
Will I get any income tax benefits while taking an education loan from IDFC?
Yes, you will be eligible to get income tax benefits under section 80E in case you take an education loan from IDFC FIRST Bank.
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.
Is there any prepayment penalty for IDFC FIRST Bank education loan?
No, there is no pre-payment penalty for getting your loan closed with IDFC FIRST Bank.
We want to create a platform where every student can find information about Abroad Education easily and thereby steer clear of any career fraud or fake promises by temporary education agencies that look to make profit in short time.
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