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, Shikshavahini , 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's abroad education loan stands out from other private banks because it focuses more on the applicant's academic performance rather than the co-applicant's 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’s 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 - Upto ₹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 |
Upto 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 fulfill 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.
- The applicant and co-applicant must be Indian citizens (including NRI).
- The minimum age of the applicant must be 18 years.
- Admitted to the desired institution after completion of the pre-requisite qualifications.
- 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:
- If GRE is more than or equal to 315 - Platinum category
- If GRE is between 300 to 314 then - Titanium category
- If GRE is less than 315 - Gold category
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 - 11.50% Titanium - 11.75% Gold - 12.25% 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
his education loan by IDFC FIRST Bank is for those international students that want to pursue their higher education in Canada by doing a Master's 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 |
|
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.
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 Shikshavahini
Availing an education loan to study abroad can be made easier and more convenient with Shikshavahini's assistance in partnering with IDFC FIRST Bank. With Shikshavahini, you gain access to a range of benefits that can enhance your loan experience.
Increased chances of approval
Shikshavahini 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
Shikshavahini 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
Shikshavahini 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
Shikshavahini provides an ELC (Education Loan Counselor) at no extra charge to assist you throughout the loan process after verifying your eligibility.
Guaranteed best loan
Shikshavahini 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.
