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Education loan

Don’t let finances hold you back from enrolling yourself in your dream institute. Let us take charge of your finances with a range of student loans. We, at IDFC FIRST Bank, understand your ambitions and acknowledge your merit. We are driven to help you with financial aid to make your journey hassle-free. Our competitive student loan interest rates make us a better choice in the industry. Find out more on our latest rates here.Read More

After extensive research on the requirements and challenges faced by the students, we are proud to present IDFC FIRST Bank’s Education Loan, aimed at providing financial support for education in India and overseas.Read Less

Loan Amount

Rate of Interest

Course Duration

Loan Tenure

Your monthly EMI amount

Your monthly EMI amount, post moratorium period

Your monthly EMI amount, post moratorium period

The amount might change as per actual details

This calculator is a self- help instrument meant for illustrative purpose only. Figures displayed above are indicative, actual values might differ on the basis of applicant's profile. All loans will be subjected to IDFC FIRST Bank’s policy for approval.



This calculator is a self- help instrument meant for illustrative purpose only. Figures displayed above are indicative, actual values might differ on the basis of applicant's profile. All loans will be subjected to IDFC FIRST Bank’s policy for approval.

 

 

Dear your total eligible amount is

The amount might change as per actual details

This calculator is a self- help instrument meant for illustrative purspose only. Figures displayed above are indicative, actual values might differ on the basis of applicant's profile. All loans will be subjected to IDFC FIRST Bank’s policy for approval.

 

 

Dear please enter the required values

The amount might change as per actual details

This calculator is a self- help instrument meant for illustrative purspose only. Figures displayed above are indicative, actual values might differ on the basis of applicant's profile. All loans will be subjected to IDFC FIRST Bank’s policy for approval.

 

 

Our representative will reach you shortly

This calculator is a self- help instrument meant for illustrative purspose only. Figures displayed above are indicative, actual values might differ on the basis of applicant's profile. All loans will be subjected to IDFC FIRST Bank’s policy for approval.

 

 

Your monthly income

Rate of interest

Loan Tenure

Your monthly obligation

Dear  your total eligible amount is

The amount might change as per actual details

This calculator is a self- help instrument meant for illustrative purspose only. Figures displayed above are indicative, actual values might differ on the basis of applicant's profile. All loans will be subjected to IDFC FIRST Bank’s policy for approval.

 

 

Oops, there seems to be some issue with the input values. Please re-enter or contact our bank representative.

This calculator is a self- help instrument meant for illustrative purspose only. Figures displayed above are indicative, actual values might differ on the basis of applicant's profile. All loans will be subjected to IDFC FIRST Bank’s policy for approval.

 

 

Loan Amount

Rate of Interest

Tax saved per year

Effective ROI

This calculator is a self- help instrument meant for illustrative purpose only. Figures displayed above are indicative, actual values might differ on the basis of applicant's profile. All loans will be subjected to IDFC FIRST Bank’s policy for approval.

 

Education Loan Balance Transfer

Transfer your existing Education Loan to IDFC FIRST Bank at upto 1% lower ROI*

*Terms & Conditions apply

Benefits of IDFC FIRST Bank Education Loans

There are several advantages in availing student loans from IDFC FIRST Bank. With our ALWAYS YOU FIRST principle, you will enjoy:

  • Education loan available up to INR 1.5Cr.*
  • Collateral free loans of up to ₹75 lakhs*
  • Up to 100% financing*
  • Flexible loan tenure up to 15 years*
  • Flexible repayment options
  • Hassle-free education financing fulfilled at your doorstep
  • Customized solutions tailored as per your needs
  • Income tax benefits under section 80E
  • Funding additional expenses (travel expenses, purchase of laptop/books/uniform, insurance cost etc.) along with college related expense

Why should I take an Education Loan?

  • Be financially independent
  • Reap Income tax benefits under 80E of IT Act
  • Leverage flexibility during repayment
  • Strengthen your credit history
  • Enjoy lower interest rates
Benefits of IDFC FIRST Bank Education Loans

There are several advantages in availing student loans from IDFC FIRST Bank. With our ALWAYS YOU FIRST principle, you will enjoy:

  • Education loan available up to INR 1.5Cr.*
  • Collateral free loans of up to ₹75 lakhs*
  • Up to 100% financing*
  • Flexible loan tenure up to 15 years*
  • Flexible repayment options
  • Hassle-free education financing fulfilled at your doorstep
  • Customized solutions tailored as per your needs
  • Income tax benefits under section 80E
  • Funding additional expenses (travel expenses, purchase of laptop/books/uniform, insurance cost etc.) along with college related expense
Why should I take an Education Loan?

  • Be financially independent
  • Reap Income tax benefits under 80E of IT Act
  • Leverage flexibility during repayment
  • Strengthen your credit history
  • Enjoy lower interest rates

How to Apply for an Education Loan

Our all-new application process offers the convenience of applying through various modes including:

ELIGIBILITY

Who can apply?

If you are unsure about your eligibility for an education loan, you can check your eligibility by entering your application information online, and we'll assist you throughout the journey. IDFC FIRST Bank’s eligibility criteria for student education loans:

  • You should be an Indian National (includes NRI)
  • You should be 18 years old or above
  • You should have secured admission in your desired Institution/Course
  • In case you have not secured admission, you can opt for a pre-admission sanction

Documentation

  • Student 

    Co-applicant

    Fully-filled application form

    Fully-filled application form

     

    Last 6 months’ bank statements, if required

    Photo ID proof

    Photo ID proof

    Proof of residence

    Proof of residence

    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

Eligibility Img Alt

FEES & CHARGES

Find out about our minimal and transparent fees & charges

View Fees & Charges

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FREQUENTLY ASKED QUESTIONS

What is an Education Loan?

An Education Loan is a sum borrowed by students to cover the financial requirements for completing their selected academic course. Education Loans are primarily provided by banks and NBFCs and can be used to cover college-related fees as well as other education related expenses such as living expenses, insurance costs, the purchase of computers and uniforms, and so on.

Why should I take an Education Loan ?

There are numerous benefits of availing an Education Loan, some of which are stated here :

Low interest rates - When compared to interest rates on other loans, Education Loan interest rates are often on the lower side.

Flexible repayment - Unlike Education Loans, most loans require monthly repayment of EMIs as well as interest. The Education Loan's moratorium / partial interest payment period is relatively long, lasting till the course is completed plus an additional grace period.

Tax advantages - Education Loans also provide appealing income-tax advantages. Under Section 80E of the Income Tax Act of 1961, the interest paid on an Education Loan is entirely deductible.

Improve credit history - Regular loan repayment can help students enhance their credit history. Building a great credit history through an Education Loan can be beneficial when attempting to achieve other life goals such as purchasing a home or a car through loans. 

What are the steps involved in getting an Education Loan?

The following are the stages involved in getting an Education Loan:

• Determine the college expenses and total financial support you need.

• Research your options and consider which Education Loan is best suited to your needs.

• Some critical parameters to consider when selecting an Education Loan are: Education Loan interest rates, repayment terms, loan tenure, and eligible amount (secured & unsecured loans).

• Before applying for a loan, it is advisable to use an Education Loan EMI calculator to estimate the loan amount you can afford.

• Collect all essential documentation for an Education Loan and apply in accordance with the lending institution's guidelines.

• The lender will take some time to check the information given in accordance with the predetermined process.

• Lenders often assess the applicant's and co-applicant's ability to repay the loan, as well as their financial background, as well as the student's previous academic records and the reputation of the educational institution to which the student has applied.

What are the expenses covered under 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

Will my Student Loan cover additional expenses, if I choose to study in India?

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 

What are the advantages of taking an Education Loan from IDFC FIRST Bank?

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
 

*T&C Apply

What is the maximum loan amount I can get?

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

*T&C Apply

What is the loan period for IDFC FIRST Bank’s Education Loan?

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

Do I need to provide any margin money?

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

*T&C Apply

What kind of courses are funded by IDFC FIRST Bank's Student Loan for studying abroad?

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.

Which countries are eligible for an Education Loan for study abroad?

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.

What documents are required to apply for an Education Loan?

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

How is the IDFC FIRST Bank's interest rate on an Education Loan calculated?

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.

How can I check my Education Loan EMI amount?

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

Who is eligible for IDFC FIRST Bank’s Student Loan?

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

How can I apply for an Education Loan from IDFC FIRST Bank?

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.

Apply Now!

• 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

What is the Education Loan process at IDFC FIRST Bank?

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.

Can I submit my Education Loan application at an IDFC FIRST Bank branch?

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.

When is the most suitable time to apply for an Education Loan?

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.

Can I apply for an Education Loan before my acceptance has been confirmed?

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.

Do I need a co-applicant for my Education Loan?

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

Who can be my co-applicant?

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

Can I qualify for an Education Loan if I don't have an earning co-applicant?

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.

Can an NRI resident or working in another country be added as a co-applicant on my Education Loan?

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.

Does my work experience factor into the approval of an Education Loan?

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.

What effect does the reputation of the institute (college or university) have on the approval of an Education Loan?

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.

Can I reapply next year if IDFC FIRST Bank rejects my Education Loan application this year?

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

Do I get any tax benefit on my Education Loan?

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

How can I calculate how much money I'll save due to the tax benefit?"

To calculate your tax savings, click here

What is Section 80E of the Income Tax Act of 1961?

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.

Who is eligible for tax exemption under Section 80E of the Income Tax Act of 1961?

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.

What is the maximum exemption amount under Section 80E of the Income Tax Act?

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.

What are the different IDFC FIRST Bank Education Loan repayment options?

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.

What is the Moratorium / Partial Simple Interest (PSI) / Simple Interest (SI) period for an IDFC FIRST Bank Education Loan? How will my repayments be calculated?

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.

Can I foreclose on my Education Loan? If so, what will the charges be?

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

Is it possible to get a part-closure on an Education Loan with IDFC FIRST Bank?

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

What type of collateral does IDFC FIRST Bank accept?

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.

Is it necessary for me to offer collateral in order to obtain an Education Loan?

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.

I already have an Education Loan with another Bank. Is it possible to transfer it to IDFC FIRST Bank?

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

Can I transfer an Education Loan from another financial institution/NBFC to IDFC FIRST Bank?

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

What are the benefits of transferring my Education Loan to IDFC FIRST Bank?

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

*Terms & Conditions Apply

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