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Education Loan Balance Transfer

Get your education loan transferred to IDFC FIRST Bank now, we have everything that you need. With our education loan balance transfer scheme, you can switch your existing high cost education loan to IDFC FIRST Bank, at lower interest rates in a hassle free manner, along with the attractive offers. Read More

Transferring your education loan to IDFC FIRST Bank will reduce your monthly EMI amount & help you save on interest repayments, which can be used to meet other necessities. With IDFC FIRST Bank’s flexible repayment options, you can choose to repay at your convenience & enjoy an extended tenure with no hidden charges involved.Read Less

Benefits with balance transfer to IDFC FIRST Bank

Here are the key benefits, that you will enjoy with your education loan balance transfer to IDFC FIRST Bank:

education loan

Transfer your existing education loan at upto 1 % lower ROI*

Collateral free loans

Collateral free loans of up to ₹75 lakhs*

Loans

Loan available upto 1.5 Cr., with collateral*

EMI amount

Income tax benefits under section 80E

Top-Up loan

Availability of a Top-Up loan for further studies

flexible repayment options

An extended tenure with flexible repayment options

No hidden charges

30k+ courses funded globally, across 4000+ universities

hassle-free processing

Faster loan sanction via seamless application process

How does it work?

The process to transfer your education loan to IDFC FIRST Bank is quite straightforward. All you need to ensure is a proper withdrawal of documents from previous financing institution & submit to IDFC FIRST Bank. After the required documents are submitted, the process of education loan balance transfer will be initiated.

You will need a quote from your previous financial institution with below details:

Balance principal amount 

Tenure completed 

Rate of interest 

Sanction Letter / Repayment schedule or Statement of Account

ELIGIBILITY

Factors for eligibility

You must consider certain critical eligibility factors for education loan balance transfer as below*

  • The loan transfer should be a 'first-time takeover’, meaning it should be the first occasion when you are applying for your education loan balance transfer
  • You must have a good credit score

If you meet above conditions then you are eligible to apply for an education loan balance transfer at IDFC FIRST Bank

*T&C Apply

Documentation

Student

  • Photo ID proof
  • Proof of residence
  • Passport sized photograph
  • Proof of admission
  • Fee structure document
  • Salary slips of experienced candidates
  • Visa copy
  • Academic documents

Co-applicant

  • Photo ID proof
  • Proof of residence
  • Passport sized photograph
  • Income related documents

Collateral documents

  • Property documents
  • FD documents

Eligibility Img Alt

FEES & CHARGES

Find out about our minimal and transparent fees & charges

View Fees & Charges

Apply For Senior Citizen Savings Account

Education Loan Charges

Charges

Types of Charges Charges
Processing fees Up to 1.5 % of the loan amount
Stamping Charges As per actuals
Cancellation charges 1% of the loan amount + interest accrued from date of disbursal till receipt of cancellation request

Cancellation request to be received within 30 days or 1st EMI presentation date, post which cancellation will be treated as foreclosure
Foreclosure / Prepayment charges** NIL
Loan re-scheduling charges (per re scheduling) NIL
Part Payment charges NIL
Initial Money Deposit Charges NA

EMI related charges

Types of Charges Charges
EMI Bounce charges per presentation

7.5% of EMI/Outstanding amount with a minimum charge of 400 INR

and a maximum charge of 1000 INR*
Late payment/ Penalty charges/ Default interest/ Overdue (per month) 2% per month of the unpaid EMI or ₹300, whichever is higher
EMI Pickup/ Collection charges ₹350
Cheque swap charges (per swap) ₹500

Other charges

Types of Charges Charges
Duplicate No Objection Certificate Issuance charges ₹500
Physical repayment schedule ₹500
Physical statement of account ₹500
Document retrieval charges (per retrieval) ₹500

*Applicable only for individual borrowers

GST, as applicable, will be levied on all service charges. The above Schedule of Charges is subject to be revised from time to time by the Bank, as will be updated on the official website of the Bank.

FREQUENTLY ASKED QUESTIONS

Can I transfer an education loan from NBFC to IDFC FIRST Bank?

Yes, you can carry out an education loan balance transfer from a Non-Banking Financial Company (NBFC) to IDFC FIRST bank.

Can I avail tax benefits on an education loan?

Yes. Section 80E of the Income Tax Act, 1961 relates to the deduction of interest paid on the education loan from your taxable income in a particular financial year.

What are the key factors that lenders consider for approving an education loan?

A lender considers applicant & co-applicant’s capacity to repay the loan along with students past academic records and reputation of the educational institution the student has applied for.

Why should I do my education loan balance transfer to IDFC FIRST Bank?

There are several advantages in getting your loan transferred to IDFC FIRST Bank.       

With our ALWAYS YOU FIRST principle, you will enjoy:

· Collateral free loans of upto INR 50 lakhs*

· Flexible repayment options

· Customized solution tailored as per your needs

· Upto 100% financing

· Income tax benefits under section 80E

· Application to approval in less than 10 mins. through a superior, digital loan process*

· Hassle-free education financing fulfilled at your doorstep

· Loans available upto 1 Cr., with collateral*

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