IDFC FIRST Bank Abroad Education Loan

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Interest Rate

Starting from 10.50%

Processing Fees

0.5% to 1% + GST

Margin Money

0-15%

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Overview of IDFC FIRST abroad education loan scheme

Feature Detail
Loan Amount Upto 50 Lakhs (depending on category and country)
Maximum age of the applicant 30 years (no experience)
32 years (with experience)
Interest rate type Floating
Interest rate Starting from 11.50% (depending on category and country)
Loan Tenure Upto 12 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)




Total Interest to be paid

0

Total Payment Principal + Interest

0

Your EMI per month will be

0

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.
  • The minimum age of the applicant must be 18 years.
  • Admitted to the desired institution after completion of the pre-requisite qualifications.

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.

Check IDFC First Education Loan Eligibility

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 FIRST Bank education loan for MS in US

Feature Details
Maximum loan amount Platinum - 50 Lakhs INR
Titanium - 40 Lakhs INR
Gold - 30 Lakhs INR
Rate of interest Platinum - 11.50%
Titanium - 11.75%
Gold - 12.25%
Processing fees Platinum - 1% + GST
Titanium - 1% + GST
Gold - 1.25% + GST
Repayment option during the moratorium Platinum - Partial Simple Interest (PSI)
Titanium - Partial Simple Interest (PSI)
Gold - Simple Interest (SI) or EMI
Eligibility for a full moratorium (no payment during the course and grace period) Platinum - Yes
Titanium - Yes
Gold - No
Eligibility for non-financial co-applicant Platinum - Yes
Titanium - Yes
Gold - No
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'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 - 35 Lakhs INR
Titanium - 30 Lakhs INR
Gold - 25 Lakhs INR
Rate of interest Platinum - 11.75%
Titanium - 12.25%
Gold - 13.25%
Processing fees Platinum - 1% + GST
Titanium - 1% + GST
Gold - 1.25% + GST
Repayment option during the moratorium Platinum - Partial Simple Interest (PSI)
Titanium - Partial Simple Interest (PSI) or Simple Interest (SI)
Gold - EMI
Eligibility for a full moratorium (no payment during the course and grace period) Platinum - Yes
Titanium - No
Gold - No
Eligibility for non-financial co-applicant Platinum - Yes
Titanium - No
Gold - 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.

Other features of IDFC FIRST Bank education loan for MS/PGDM in other countries

Feature Details
Maximum loan amount Platinum - 35 Lakhs INR
Titanium - 30 Lakhs INR
Gold - 25 Lakhs INR
Rate of interest Platinum - 11.75%
Titanium - 12.25%
Gold - 13.25%
Processing fees Platinum - 1% + GST
Titanium - 1% + GST
Gold - 1.25% + GST
Repayment option during the moratorium Platinum - Partial Simple Interest (PSI) Titanium - Partial Simple Interest (PSI)
Simple Interest (SI) Gold - EMI
Eligibility for a full moratorium (no payment during the course and grace period) Platinum - Yes
Titanium - No
Gold - No
Eligibility for non-financial co-applicant Platinum - Yes
Titanium - No
Gold - 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 -


  • Photo ID proof
  • Proof of residence
  • Passport sized photograph
  • Proof of admission
  • Fee structure document
  • Salary slips (if experienced)
  • Academic documents
  • Photo ID proof
  • Proof of residence
  • Passport sized photograph
  • Income-related documents (wherever required)

Apply For IDFC FIRST Bank Education Loan

Benefits

Getting your IDFC First education loan through GyanDhan

Availing an education loan to study abroad can be made easier and more convenient with GyanDhan's assistance in partnering with IDFC FIRST Bank. With GyanDhan, you gain access to a range of benefits that can enhance your loan experience.


Increased chances of approval

GyanDhan helps you understand the loan process and eligibility criteria, increasing your chances of approval. They forward your application to Axis Bank only after ensuring eligibility, further improving the likelihood of approval.

Customized document checklist

GyanDhan 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

GyanDhan 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

GyanDhan provides an ELC (Education Loan Counselor) at no extra charge to assist you throughout the loan process after verifying your eligibility.

Guaranteed best loan

GyanDhan 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.


Check Eligibility

Begin by visiting the GyanDhan 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 Counselor) from GyanDhan 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's 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’s 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


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.

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
Yes, you will be eligible to get income tax benefits under section 80E in case you take an education loan from IDFC FIRST Bank.
Yes, a co-applicant is necessary to apply for student loans at IDFC FIRST Bank.
No, there is no pre-payment penalty for getting your loan closed with IDFC FIRST Bank.


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