IDFC FIRST Bank Abroad Education Loan
Get Free Education Loan Assistance from Gyandhan
Interest Rate
Starting from 10.50%
Processing Fees
0.5% to 1% + GST
Margin Money
0-15%
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 | 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
0Total Payment Principal + Interest
0Your EMI per month will be
0Eligibility 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 | 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 |
|
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 |
|
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)
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
Which is given priority in choosing a category while taking an education loan from IDFC for MS in US; GRE or university/college?
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?
Do I require a co-applicant for my student loan at IDFC FIRST Bank?
Is there any prepayment penalty for IDFC FIRST Bank education loan?
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