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Competitive student loan interest rates
Collateral free loans of up to ₹75 lakhs*
35k+ courses funded globally across 4500+ universities
Faster loan sanction via seamless application process
Competitive student loan interest rates
Collateral free loans of up to ₹75 lakhs*
35k+ courses funded globally across 4500+ universities
Faster loan sanction via seamless application process
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.
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.
Simply download our FIRST UNI app now! The app enables you to explore various colleges, courses and scholarships that can financially support your dream course. The FIRST UNI app extends personalized support through a buddy & also helps you connect with an expert counsellor for writing SOP, building resumes, test-prep and a lot more
You know what? Even your first counselling session is on us. So, what are you waiting for?
There are several advantages in availing student loans from IDFC FIRST Bank. With our ALWAYS YOU FIRST principle, you will enjoy:
There are several advantages in availing student loans from IDFC FIRST Bank. With our ALWAYS YOU FIRST principle, you will enjoy:
Our all-new application process offers the convenience of applying through various modes including:
IDFC FIRST Bank Website
Apply for an education loan online in a few easy steps. Click here to apply now.
FIRST UNI
Find the best education loan for your dream course and university with FIRST UNI. Click here to apply now
IDFC FIRST Mobile Banking App
Apply and manage your education loan anytime, anywhere with the IDFC FIRST Mobile Banking App. Click here to download.
You can also reach out to us directly by visiting your nearest IDFC FIRST Bank branch or contacting our customer care on 1800 10 888.
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:
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 |
IDFC FIRST Bank Ltd. helped me avail an education loan from them in a simple, smooth, and seamless way. Read More
The team explained the procedure patiently, answered all my queries and were very flexible in accommodating my requests, which normally does not happen with other financial institutions. The team is proactive and courteous, all the documentation was hassle free and services were provided right at the doorstep. Read less.
Neha Dadhich QUEENS UNIVERSITY, Belfast (2022-23)
Hello Guys, my name’s Siddhesh Wagh and I’m from Thane. My main motive behind this video is to thank to IDFC FIRST Bank and Ganesh sir who is my education loan assistant. Read More
Since childhood I always dreamt of completing my higher education abroad but due to the financial problem it is very difficult for the middle-class family student but IDFC FIRST Bank & Ganesh sir helped me to fulfil my dream by providing an unsecured loan. Ganesh sir has provided generous assistance throughout the loan process right from the application process to the disbursement of the loan; also IDFC FIRST Bank provides all this education loan services at your home from opening the bank account to signing the agreement. So, I would like to advise you all to grab this opportunity to fulfil your dream. Once again, thank you IDFC FIRST Bank & Ganesh sir. Read less.
Siddhesh Wagh MASSEY UNIVERSITY, (2022-26)
I would like to appreciate the IDFC FIRST Bank Education Loan team, for immensely supporting me. Read More
I applied for a loan in month of March and I don't think I have to mention what March means for bank employees but still they supported me and answered each of my queries. Read less.
Ashish Bhanushali GEORGIAN COLLEGE, Canada (2022-26)
Hi I am Riddhi Bajaj and I’m pursuing my masters from National University of Singapore. For me the idea of transforming businesses with the result-oriented approach draws me to entrepreneurship. Read More
Being an independent woman, I am no stranger to my privileges, which is why I wish to make a difference in lives of those in need; especially women who do not get the same opportunities. IDFC First bank supported me in taking my first step towards turning this dream into a reality. Their super supportive team stepped in & helped me sail through this otherwise taxing process with ease. They guided me through all the steps with patience and honesty. I have nothing but immense gratitude for each & every one who made this possible. Thank you for everything. Read less.
Riddhi Bajaj NATIONAL UNIVERSITY OF SINGAPORE (NUS) (2022-23)
I had dreamed of studying and becoming a successful person in my life. I always wanted to study abroad but coming from a normal family it was difficult for me to pay such a huge amount for paying my fees. After receiving an offer from my college in canada i came across IDFC bank educational loan. Read More
I applied for it and the people assisting me with the process were so understanding and helpful. Tanvi ma'am helped me with the process from start to end till my loan amount was credited to my account. She is still helping me out with all my queries. The total amount of 32,00,000 was sanctioned which covered all my expenses and i was able to achieve my dream. The tenure is 12 years and with really nominal rate of interest. I would like to thank you sincerely to tanvi ma'am and other people who have helped me along the way. I have a very positive experience with IDFC Bank and will always recommend IDFC bank for any financial requirements to my family and friends. Read less.
Priyal Khuman CONESTOGA COLLEGE, Canada
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.
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.
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.
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
*T&C Apply
IDFC FIRST Bank Education Loan is available up to INR 1 Crore*.
*T&C Apply
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.
*T&C Apply
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.
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
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
*Terms & Conditions Apply
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