Education loan

The IDFC FIRST Bank Education Loan amount would cover the following course expenses:

College related expenses/ Cost of education:

• Tuition and fees payable to the institute 

• Examination / library / laboratory fees

• Living expenditures (including Hostel fees)

Additional expenses:

• Travel expenses

• Purchase of computers, laptops, books, equipment, or uniforms

• Overseas Insurance

• Health Insurance

Yes. Apart from the college-related expenses, our Student loans also cover travel expenses, purchase of computer/laptops and insurance costs for domestic as well as international courses 

There are several advantages in availing student loans from IDFC FIRST Bank.      
 

With our ALWAYS YOU FIRST principle, you will enjoy:
 

• Education Loans available up to INR 1 Cr.*

• Collateral free loans up to INR 50 lakhs*

• Up to 100%* financing

• Flexible repayment options

• Hassle-free education financing fulfilled at your doorstep

• Customized solutions tailored as per your needs

• Income tax benefits under section 80E
 

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IDFC FIRST Bank Education Loan is available up to INR 1 Crore*.

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IDFC FIRST Bank provides a flexible loan period of up to 15 years, making Education Loan payments simple.

IDFC FIRST Bank offers up to 100%* financing. The amount of margin money is subject to the IDFC FIRST Bank's policy.

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IDFC FIRST Bank's Student Loan for studying abroad includes a wide range of courses at the undergraduate and postgraduate levels. Technical and professional courses given by accredited universities and autonomous institutions are included on the list. We sponsor education for executive, part-time, vocational, and diploma courses in addition to full-time studies.

IDFC FIRST Bank's Education Loan for studying abroad can be used to study in a variety of countries, including the United States, the United Kingdom, Canada, Australia, Germany, New Zealand, Singapore, and others. To obtain the complete list of countries, please contact an IDFC FIRST Bank representative.

The following documents are required for an Education Loan:

Students:

• Fully filled application form

• Photo Id proof

• Proof of residence

• Passport sized photograph

• Proof of admission / entrance exam score e.g. GRE, IELTS, GMAT etc.

• Fee structure document

• Salary slips of experienced candidates

• Visa copy for overseas education (Pre-visa documents in case visa not received)

• Academic documents

Co-applicant:

• Fully filled application form

• Last 6 months’ bank statements, if required

• Photo Id proof

• Proof of residence

• Passport sized photograph

• Relationship proof

• Balance fund proof

• Residence ownership proof

• Collateral documents, if applicable

• Income proof, if applicable

The IDFC FIRST Bank Education Loans are tied to the Repo rate.

(The repo rate is the rate of interest at which the government lends money to commercial banks. To compensate the numerous costs involved, banks charge a spread above the repo rate to arrive at the interest rate.)

Education Loan interest rates that are tied to the repo rate are subject to change anytime the repo rate changes.

Click here to use our Education Loan EMI Calculator on our website to see how your EMI will be calculated.

IDFC FIRST Bank's Student Loan eligibility conditions are as follows:

• You must be an Indian national (including an NRI)

• You must be 18 years old or older 

• You must have obtained admission in the authorized institution/course

• If secured admission is not available, you can obtain a pre-admission sanction

We have simplified the procedure so that applicants can apply through various channels such as our website, branch, mobile application, and customer service.

You can also apply through FIRST UNI, IDFC FIRST Bank's one-stop shop for education financing. FIRST UNI provides individual support through a buddy and connects you with an expert counsellor for writing SOP, building resumes, test preparation, and much more.

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• IDFC FIRST Bank Website: https://www.idfcfirstbank.com/edu-lead-creation-new-page

• FIRST UNI Mobile App: https://firstuni.onelink.me/RfBJ/homepagev1

• FIRST UNI Website: https://www.firstuni.in/finance/loan/Availsimplestep

• Customer Care: 1800 10 888

• IDFC FIRST Bank Branch Locator: https://www.idfcfirstbank.com/support/branches

IDFC FIRST Bank's Education Loan application procedure is as follows:

Step 1 - Simple application and documentation

1. Submit your request for an Education Loan on the IDFC FIRST Bank website, in person at a branch, or by calling the customer service number.

2. Submit your and your co-applicant's documents to your Relationship Manager, as applicable.

Step 2 - Quick Approvals

Wait for loan approval; each lender has a specific process for sanctioning an Education Loan that includes verification of the information provided.

Step 3 - Disbursement

Plan your disbursement once your loan has been accepted in accordance with the requirements of your academic session or VISA application.

Yes, You can visit your nearest IDFC FIRST Bank branch to submit a fully completed application form. The Education Loan application form is available on the IDFC FIRST Bank website at: https://www.idfcfirstbank.com/support/form-center.

If you'd like a dedicated relationship manager to assist you in your Education Loan journey, click here.

It is recommended that you apply for an Education Loan well before the start of the academic session, even before your admission is confirmed, especially if you are studying abroad. It is preferable to keep a significant time frame available to avoid last-minute problems. You can determine your loan eligibility ahead of time and obtain a conditional sanction letter, which serves as financial assurance proof for the university, making your admission procedure easier.

Yes, you can apply for an IDFC FIRST Bank Education Loan even if your admission has not yet been confirmed. If your application is approved, you can receive a conditional sanction based on your academic profile.

Yes, a co-applicant is required to avail IDFC FIRST Bank’s Education Loan.

Your co-applicant can be your parents, brother, sister, spouse, parents-in-law, grandparents, or maternal/paternal uncle/aunt.

IDFC FIRST Bank believes in your potential and offers an Education Loan based on your future earnings. However, according to IDFC FIRST Bank's policy, the co-applicant's income is necessary for assessment on a case-by-case basis.

Yes, you can include your NRI parent/relative living overseas on your Education Loan structure as long as that person meets the remainder of the criteria for becoming a co-applicant as specified in the IDFC FIRST Bank policy.

Yes, your work experience is one of the numerous factors that the Bank analyses when evaluating your profile for approval, particularly for applicants interested in pursuing executive education.

When it comes to Education Loans, the reputation of the institute does make a difference. A higher rated college/university may provide you with better loan approval possibilities in terms of lower interest rates, greater loan amounts without collateral, flexible repayment alternatives, and a longer loan period.

Yes, you can reapply for an IDFC FIRST Bank Education Loan. The case  will be reassessed in accordance with IDFC FIRST Bank's policy.

Yes, you can deduct interest paid on your Education Loan under Section 80E of the Income Tax Act of 1961.

To calculate your tax savings, click here. 

Section 80E of the Income Tax Act provides a tax benefit for people who take out Education Loans for higher education. It allows you to deduct the interest amount charged on an Education Loan EMI from your taxable income. According to Section 80E, the total interest paid on an Education Loan in a given fiscal year can be claimed as a deduction.

Section 80E of the Income Tax Act states:

• This deduction is only available to individuals. It is not available to Hindu Undivided Families (HUFs) or any other type of taxpayer.

• The Education Loan should be used for the higher education of the individual, spouse, or children, or for a student whom the individual is the legal guardian.

• Parents can simply claim this deduction for loans obtained for their children's higher education. 

• Loans should be taken from a bank or a recognized financial institution; loans taken from friends or relatives are not eligible for deduction.

• The loan should be availed to pursue higher education.

There is no upper limit for exemption under section 80E; you can claim the entire interest amount paid on your Education Loan in a fiscal year as a deduction. Please refer to the most recent Income Tax Department guidance on Section 80E deductions.

IDFC FIRST Bank provides flexible repayment alternatives for student loans. According to IDFC FIRST Bank's policy, the repayment modes are applicable based on credit assessment.  There are several repayment options available, including:

• Immediate EMI - Begin repaying your loan as soon as the loan is disbursed.

• Simple Interest (SI) - Begin repaying accrued simple interest immediately, while you study. 

• Partial Simple Interest (PSI) - Begin repaying a portion of accrued simple interest immediately, while you study.

• Moratorium - Do not pay anything for the defined moratorium period.

The maximum Moratorium / Partial Simple Interest (PSI) / Simple Interest (SI) period offered is the course duration plus a grace period of 12 months. This is subject to the IDFC FIRST Bank's policy. At the time of repayment, the unpaid interest amount accrued during the moratorium or partial simple interest term will be applied to the outstanding principal loan amount. The EMI will be calculated based on the total amount. In the case of Simple Interest, the EMI is calculated using the outstanding principle amount.

Yes, you can foreclose your Education Loan at IDFC FIRST Bank without incurring any additional charges.

Yes, IDFC FIRST Bank Education Loans offer a part-payment option at no extra cost.

We accept a variety of collaterals, as detailed in the IDFC FIRST Bank policy. Real estate properties such as houses and flats, as well as commercial properties such as office buildings and shops, are examples of assets that can be pledged to obtain a loan. Fixed Deposits, which are more liquid assets, are also accepted as collateral.

No it is not mandatory to offer collateral to obtain an Education Loan from IDFC FIRST Bank. The collateral requirement, on the other hand, is determined based on the requested Education Loan amount, institute classification, and applicant profile.

Yes. You can use our Balance Transfer option to transfer your existing Education Loan to IDFC FIRST Bank.

Yes, an Education Loan balance transfer from a Non-Banking Financial Company (NBFC) to IDFC FIRST bank is possible.

Transferring your Education Loan to IDFC FIRST Bank has several advantages.
 

You can take advantage of benefits such as: 
 

• Enjoy up to 1%* lower rate of interest

• Education Loans up to INR 1 Cr.* 

• Collateral-free loans up to INR 50 lakhs*

• Up to 100%* financing available 

• Flexible repayment choices

• Hassle-free doorstep education financing  

• Customized solutions tailored to your specific need 

•  Income tax benefits under Section 80E

*T&C Apply