IDFC First Bank vs Avanse: Which is Best for Abroad Education Loan?

IDFC First Bank is a private bank, while Avanse operates as an NBFC, and both are regulated by the Reserve Bank of India. In an IDFC First Bank vs Avanse education loan comparison, the main difference lies in how they structure eligibility and benefits. IDFC First Bank vs Avanse loan eligibility differs because IDFC First Bank classifies applicants into Platinum, Titanium, and Gold categories, with each band carrying its own interest rate and set of advantages, along with the added benefit of Section 80E tax savings. Avanse, on the other hand, evaluates loans on the basis of the course, making a clear distinction between STEM and non-STEM programs. Both lenders are open to students with up to five backlogs, but for a Master’s in STEM or management, IDFC First Bank requires applicants to pick institutions from its approved college list.

IDFC First Bank vs Avanse Overview

An IDFC First Bank vs Avanse education loan comparison shows how each lender has its own way of structuring terms. From interest rates and margin money to Section 80E tax benefits, repayment flexibility, and penalties, the differences can be significant. The table below brings these points side by side so you can evaluate which option better suits your financial and academic goals.

IDFC First Bank vs Avanse Loan Eligibility

When looking at IDFC First Bank vs Avanse loan eligibility, the criteria differ across academic scores, age limits, co-applicant requirements, and course preferences, ensuring applicants are evaluated on multiple important factors.

IDFC First Bank Loan Eligibility:

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  Maximum age limit is 30 years; extended to 32 years if work experience is present.
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  Minimum IELTS score of 6.5, though a score of 7 is generally preferred.
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  GRE categories: Platinum for 315 and above, Titanium for 300–314, and Gold for below 300.
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  Co-applicant must earn at least ₹35,000 per month without existing financial obligations.
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  Both applicant and co-applicant need to be based in serviced locations.
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  Eligible programs include MS, PGDM, Management, and STEM courses.

Avanse Loan Eligibility:

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  The applicant must have completed 18 years of age to qualify.
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  A CIBIL score around 700 is generally expected, though deserving profiles may be evaluated even if slightly lower.
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  The co-applicant’s monthly earnings should range between ₹20,000 and ₹35,000, provided there are no existing repayment obligations.
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  A co-applicant can be drawn from either salaried professionals or self-employed individuals.
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  Loan disbursal takes place only after the student produces a valid admission offer letter.

IDFC First Bank vs Avanse Interest Rate and Processing Fee

When comparing IDFC First Bank vs Avanse education loan options, the basis of calculation differs. IDFC First Bank sets interest rates and charges category wise, while Avanse links them to STEM and non-STEM courses. This makes IDFC First Bank vs Avanse loan eligibility dependent on your profile and chosen program, alongside applicable processing fees.

IDFC First Bank vs Avanse Moratorium Period Comparison

IDFC First Bank provides a moratorium that covers the course duration plus twelve months, giving you ample flexibility during studies. Within this time, you can select from SI, PSI, or EMI options depending on your financial comfort, while Platinum category applicants are exempt from making any payment in the moratorium. This structure makes the IDFC First Bank vs Avanse moratorium period comparison necessary for those seeking adaptable repayment choices.

Avanse offers a moratorium of course duration plus one year. You can opt for PSI or SI until the repayment phase starts, which helps spread out costs in a way that doesn’t feel overwhelming. 

IDFC First Bank vs Avanse: Which is Better?

An IDFC First Bank vs Avanse comparison isn’t about one being universally better but about which aligns with your academic path. IDFC First Bank works well if your program falls under its Platinum, Titanium, or Gold categories and you want the added tax benefit of Section 80E. However, if your course isn’t covered in those categories, Avanse steps in by assessing applications through STEM and non-STEM streams, giving students broader coverage.

Before you dive into applications, it’s smarter to know where you stand. Just check your education loan eligibility with GyanDhan, it takes minutes and saves you the guesswork.

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