Starting from 10.50%
0.5% to 1% + GST
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, 24X7 Loan Services, 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.
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.
| 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 | Starting from 11.50% (depending on category and country) |
| Interest Rate Type | Floating |
| 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.
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.
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.
| 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) |
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 | 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 - Yes 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.
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.
| 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) |
Getting your IDFC First Education Loan through 24x7 Loan Services
Availing an education loan to study abroad can be made easier and more convenient with 24X7 Loan Services's assistance in partnering with IDFC FIRST Bank. With 24X7 Loan Services, you gain access to a range of benefits that can enhance your loan experience.
24X7 Loan Services 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.
24X7 Loan Services 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.
24X7 Loan Services takes complete ownership of getting your loan sanctioned after document submission, following up with the bank to ensure a quick application process.
24X7 Loan Services provides an ELC (Education Loan Counselor) at no extra charge to assist you throughout the loan process after verifying your eligibility.
24X7 Loan Services 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.
Begin by visiting the 24X7 Loan Services 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.
An ELC (Education Loan Counselor) from 24X7 Loan Services 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.
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.
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.
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 -
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.
