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IDFC FIRST Education Loan


Interest Rate

Starting from 9.5%

Processing Fees

0.5% to 1% + GST

Margin Money


How it Works


Simple FIVE step digital process to get a education loan

Check Your Loan Eligibility

Use our free tool to verify your eligibility and receive conditional loan offers.


Talk To Our Loan Experts

Connect with our dedicated loan counselor for a better understanding of the process.


Upload Documents and Fill Out the Form

Submit your documents or complete the necessary forms for bank verification and evaluation.


Negotiate For Your Best Loan Offer

GyanDhan expert's negotiate to secure the most competitive interest rates and the highest possible loan amount for you.


Get Loan Approval and Disbursement

Recieve your final approval and sanction letter, ensuring prompt fund disbursement from the lender


IDFC FIRST Education Loan for Abroad Studies

Anam Shams
Anam Shams

Reviewed By:   Aman


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 > 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.

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 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)

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.

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 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)

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 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
  • 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

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-applicants

  • Photo ID proof
  • Proof of residence
  • Passport sized photograph
  • Income-related documents (wherever required)

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.

How to apply for IDFC First education loan via GyanDhan?

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.

GyanDhan's Impact Stories


Empowering students to overcome education loan obstacles

Securing a No-Co-Applicant Loan with Professional Experience

In a remarkable achievement, a student with a robust five-year tenure at Amazon successfully secured an education loan without the need for a financial co-applicant. Recognizing her eligibility and strong professional background, IDFC Bank played a pivotal role in facilitating a seamless loan process. The student, aspiring for a 50-lakh loan with a competitive 10.25% interest rate, collaborated with IDFC Bank by submitting a Fixed Deposit of 5 lakhs as collateral. This success story highlights the bank's commitment to empowering education aspirations, acknowledging the significance of professional experience as a valuable asset in the loan approval process.

Crafting a Collateral-Free Path to Academic Excellence

A determined student, passionate about pursuing a master's degree in Environmental Engineering at the University of British Columbia, faced a significant roadblock when traditional lenders hesitated due to the lack of collateral. Undeterred, the student sought assistance from GyanDhan to navigate these financial challenges. Through strategic collaboration with IDFC First Bank, GyanDhan orchestrated a tailored solution, securing a 30-lakh education loan at a competitive interest rate of 10.5%.

IDFC First Bank's Unique Solution

A tenacious student, determined to pursue her dream education, encountered a unique challenge – securing a substantial loan without the need for a financial co-applicant. Armed with an impressive five-year work history, she turned to IDFC First Bank for a tailored solution. Recognizing the value of her professional journey, IDFC First Bank facilitated the acquisition of a 60 lakh for UK collateral-free education loan at a competitive interest rate of 11.5%.


Frequently Asked Questions

Which is given priority in choosing a category while taking an education loan from IDFC for MS in US; GRE or university/college?

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.

What are the different expenses which are covered by an IDFC education loan?

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

Will I get any income tax benefits while taking an education loan from IDFC?

Yes, you will be eligible to get income tax benefits under section 80E in case you take an education loan from IDFC FIRST Bank.

Do I require a co-applicant for my student loan at IDFC FIRST Bank?

Yes, a co-applicant is necessary to apply for student loans at IDFC FIRST Bank.

Is there any prepayment penalty for IDFC FIRST Bank education loan?

No, there is no pre-payment penalty for getting your loan closed with IDFC FIRST Bank.


Our Customers. Our Asset


Vaibhav Desai

Stevens Institute of Technology, USA

An alumnus of Stevens Institute of Technology, Vaibhav Desai was working as Data Engineer- SQL at Datavail Infotech. He later decided to pursue MS in US to open up many career opportunities. While articulating how he planned his MS in U...

Read more

Ashish Acharya

National College of Ireland, Ireland

Ashish's life story includes working for multiple companies when he decided to pursue masters from abroad after realizing the boom in the analytics sector. He did his masters from National College of Ireland. In his story, Ashish also s...

Read more

Yugali Gullapalli

University of Wisconsin-Madison , USA

Yugali shares the excerpts from her journey's story of pursuing MS in Computer Systems and Networking, Wisconsin-Madison US. She wanted global exposure and thus chose to study abroad. She describes how she was facing issues with the spe...

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Ganga Barani

SUNY Buffalo, USA

Read how Ganga Barani planned his MS from the SUNY Buffalo US. While working as a software developer at a product-based MNC, he yearned for seeing the world and made his mind to study abroad. In his story, he also tells GyanDhan came as...

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Abhishek Kumar

Purdue University, USA

Graduation from NIT Nagpur and then 4 years in TCS Mumbai, Abhishek's study abroad journey is an interesting tale of planning, preparing, and finally pursuing MS from the Arizona State University. His recollects how he successfully plan...

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Pradeep Shekhar

University of California, USA

A graduate of IIT Madras, Pradeep Shekhar went on pursue Masters in Communications and Signal Processing from University of California, Santa Barabara. Pradeep revisits his journey to UCSB from IIT Madras and also shares how GyanDhan he...

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Hemalatha Jayakrishnan

Rochester Institute of Technology, USA

To steer up the career opportunities while working at Hindustan Aeronautics Limited (HAL), Hemalatha Jayakrishnan decided to pursue abroad education. She went on to do MBA from Rochester Institute of Technology, United States. Hemalatha...

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Ashutosh Sharma

The University of Utah, USA

Discontented by his career growth, Ashutosh Sharma decided to give his career a major boost and went on to pursue MS in Business Analytics from The University of Utah. Ashustosh describes his study abroad journey and also recollects how...

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Deepa Krishnakumar

University of Auckland, New Zealand

Deepa was in the academic world working as an assistant professor when het peer group and seniors suggested her about the quality education and career opportunities of abroad education. In her story to the University of Auckland, New Ze...

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Akash Kashyap

Arizona State University, USA

Akash has a deep interest in analytics and was working in Deloitte as a consultant when he decided to study abroad to beef up the career opportunities. He did MS in Business Analytics & Information Management from Purdue University. In h...

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