Interest Rate
Starting from 9.5%
Processing Fees
0.5% to 1% + GST
Margin Money
0-15%
Simple FIVE step digital process to get a education loan
Use our free tool to verify your eligibility and receive conditional loan offers.
Connect with our dedicated loan counselor for a better understanding of the process.
Submit your documents or complete the necessary forms for bank verification and evaluation.
GyanDhan expert's negotiate to secure the most competitive interest rates and the highest possible loan amount for you.
Recieve your final approval and sanction letter, ensuring prompt fund disbursement from the lender
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, GyanDhan, 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 majorly online, in some cases the applicant has to go to the bank to physically submit the document and final signing. Although IDFC Bank abroad education loan is different when compared to other private bank because it majorly focuses on your academic performance rather than any co-applicant. Also, IDFC Bank has developed a university/college list for different countries like USA, Canada, UK, Australia, Netherlands, France, and more in which they have divided the institutes into 3 categories.
Platinum > Titanium > GoldThis 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.
| 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 | Secured loans - 9.5% - 11.0% Unsecured Loans - 10.75% - 13.0% |
| 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) |
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.
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.
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.
| Feature | Detail |
|---|---|
| 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) |
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.
| Feature | Detail |
|---|---|
| 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 |
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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.
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.
The basic documentation that would be required for your loan application are -
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.
(Principal + Interest)
Empowering students to overcome education loan obstacles
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