IDFC First Bank vs Tata Capital: Which Student Loan Is Better for You?

One of the main questions that arise when deciding to finance overseas education is which lender do you trust. In the IDFC First Bank vs Tata Capital student loan discussion, both institutions present attractive yet different propositions. Tata capital is a Non-Banking Financial Company (NBFC) that is considered to be flexible and comparatively fast to approve especially unsecured education loans. IDFC First Bank is, however, a private sector bank, which focuses on competitive interest rates and flexible terms of re-payment. Although both lenders are aimed at funding higher education, the eligibility criteria, loan formats, and repayment schemes are different thus providing you with different avenues to fund your education.

Key Differences Between IDFC First Bank vs Tata Capital

You might have been researching a lot and even spoken with different people about which lender to pick, yet many details may still feel unclear. The tables below help you differentiate with an IDFC First Bank vs Tata Capital student loan perspective and make your choice simpler. If you are still confused, just reach out to GyanDhan. They can guide you further with eligibility checks and personalised assistance.

IDFC First Bank vs Tata Capital Interest Rate Comparison

In IDFC First Bank vs Tata Capital student loan, it helps to see what IDFC First Bank offers in terms of interest. In case of studies in the US then Platinum PLUS applicants are charged 10.8% and Platinum applicants are charged 11% and Titanium 11.50%. Platinum, Titanium, and Gold are 11.25% 12.25%, and 13.25% respectively in Canada. In other nations, Platinum 12%, Titanium 12.50% and Gold 13.50%.

Turning to Tata Capital in the IDFC First Bank vs Tata Capital interest rate comparison, the interest rates are slightly different. For US aspirants, Platinum loans fall between 11.25% and 11.75%, while Gold falls between 11.5% and 12%. For non-US countries, Platinum ranges from 11.5% to 11.75%, whereas Gold ranges between 11.75% and 12.5%.

However, these interest rates are subject to change depending on the applicant’s eligibility.

IDFC First Bank vs Tata Capital Co-Applicant Income Requirements

When comparing IDFC First Bank vs Tata Capital Co-Applicant Income Requirements, both lenders consider factors such as age, academic background, test scores, and the co-applicant’s income before granting approval.

IDFC First Bank Student Loan Eligibility:

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  Applicants must be 30 years or younger, with relaxation up to 32 years if professional work experience is shown.
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  A minimum IELTS score of 6.5 is needed, though 7 is typically seen as preferred.
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  GRE performance is categorized: Platinum for 315+, Titanium for 300–314, and Gold for scores under 300.
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  Co-applicant should have a monthly income of at least ₹35,000, free of other major liabilities.
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  Eligible courses include MS, PGDM, management programs, and STEM-focused degrees.
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  Both student and the co-applicant should reside in cities where IDFC First Bank services are available.

Tata Capital Student Loan Eligibility:

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  Applicants must fall within the age bracket of 18 to 35 years.
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  A maximum of five academic backlogs is accepted.
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  Co-applicant must maintain a credit score of at least 700 on CIBIL.
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  The co-applicant can be either salaried or engaged in self-employment.
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  Minimum monthly earnings without obligation required for the co-applicant is ₹25,000.

IDFC First Bank vs Tata Capital Loan Approval Time

Looking at IDFC First Bank vs Tata Capital loan approval time, both lenders maintain fairly efficient timelines. IDFC First Bank typically requires about 10 - 12 working days for approval, while Tata Capital can move slightly faster, usually completing the process within 7 - 12 working days, depending on profile and documentation.

IDFC First Bank vs Tata Capital Which is Better?

When weighing IDFC First Bank vs Tata Capital student loan, the choice often depends on what you value most, structured banking support or flexible NBFC options. IDFC First Bank could be appropriate to individuals with good eligibility and collateral security because Tata Capital would be appealing to the customers who require faster financing. In case of doubts, you can use GyanDhan and spend less of your time, money and seek a third way. Between Tata capital and IDFC First Bank which is better?It is a matter of personal priorities.

Frequently Asked Questions