Although education is crucial for both professional and personal development, the rising cost of higher education can cause significant financial hardship. IDFC FIRST Bank offers education loans to help students achieve their academic goals without having to worry about finances. The features, advantages, eligibility requirements, application procedure, and advice for obtaining approval of IDFC education loan are all covered in full in this article.
Secured Loan: Up to ₹1 crUnsecured Loan: Up to ₹30 lakh
Interest Rate
Collateralized: 8.5%Non-Collateralized: 10-12%
Repayment Tenure
Up to 15 years
Moratorium Period
Course duration + 1 year
Processing Fees
Up to 1.5% of the loan amount
Document Charges
Rs. 500
Late Payment Charges
The greater of Rs. 300 or 2% per month of the outstanding EMI
IDFC FIRST Bank offers the Following Types of Education Loans
Education loans for postsecondary education in India or overseas
Loans for courses in skill development and vocational training
Higher education loans secured by property might be taken out in India or outside.
To help with children’s educational costs, parents might take out student loans.
E-learning loans are used to pay for online programs or courses.
Eligibility for IDFC Education Loan
Indian citizens
18 years old is the minimum age.
possess a letter attesting to or authorizing pre-admission from the organization.
be admitted or enrolled in the selected program or course.
Benefits of IDFC Education Loan
Tax Benefits: Section 80E allows borrowers to deduct interest payments from their income taxes.
Other Expenses Covered: In addition to tuition, the loan pays for study materials, travel, and health insurance.
Loan Amounts: Up to ₹1 crore in education loans are available to students. Additionally, the IDFC bank offers loans up to ₹50 lakh without collateral.
High Coverage for Student Loans: IDFC provides up to 100% financing for educational costs. Tuition, living expenses, and other pertinent fees can be covered by students.
Moratorium: Loans have a maximum 15-year repayment period. This makes it easier for borrowers to handle their loan installments.
Tailored Solutions: To meet certain requirements, IDFC FIRST Bank offers tailored financing solutions.
Interest Rates and Charges
Charges
Typical Rate
Processing Fee
Up to 1.5% of the loan amount
Interest Rate
10% to 15%
Prepayment Charges
No charges (applicable only for individual borrowers)
EMI Bounce charges per presentation
Rs. 500
Document Charges
Rs. 500
Documents Required
Student
Co-applicant
Fully-filled application form
Fully-filled application form
Last 6 months’ bank statements, if required
Photo ID proof (PAN Card, Aadhaar Card, Passport)
Photo ID proof (PAN Card, Aadhaar Card, Passport)
Proof of residence: Passport, Voter ID Card, Utility Bills (Electricity/Water)
Proof of residence: Passport, Voter ID Card, Utility Bills (Electricity/Water)
Passport-sized photograph
Passport-sized photograph
Proof of admission/entrance exam score e.g. GRE, IELTS, GMAT etc.
Relationship proof
Fee structure document
Balance fund proof
Salary slips of experienced candidates
Residence ownership proof
Visa copy for overseas education (Pre-visa documents in case visa not received)
Collateral documents, if applicable
Academic documents
Income proof, if applicable
How to Apply for the IDFC FIRST Bank Education Loan?
Navigate to the “Loans” menu item on the official IDFC First Bank website.
Choose “Education Loans” from an option that will appear after that.
To begin the application process, click on the Apply Now button.
Fill out the application form where you will be required to enter your contact information, schooling history, etc.
You will be required to upload the necessary documents like a form of identification and a copy of your recent utility bill as proof of residence, your educational transcripts, and income verification.
Review and accept the terms and conditions of the loan.
Once you send it in, wait for the bank to process your application.
As soon as the bank accepts your application, you will receive confirmation. To complete certain criteria, such as signing the loan agreement and providing additional documentation if necessary, you might also need to visit a bank location.
Conclusion
Furthermore, students can pursue further education without any financial limitations thanks to IDFC FIRST Bank’s education loans. With IDFC school loans, academic objectives can be realized by taking into account elements like customizable loan amounts, affordable interest rates, and other benefits including tax deduction and complete coverage. Apply now for IDFC FIRST Bank’s customized finance plans to discover your future.