StudySahara Logo StudySahara

IDFC First Bank Education Loan

Pursue your dreams with IDFC First Bank’s education loans, offering up to ₹75 lakh without collateral and rates starting at 9.7% p.a.

IDFC First Bank Logo

Overview

IDFC First Bank offers education loans for studies in India and abroad, covering over 18,000 courses across 3,200 universities in 25+ countries. With collateral-free loans up to ₹75 lakh and secured loans up to ₹1.5 crore, IDFC supports tuition, living expenses, and more at competitive rates starting at 9.7% p.a.

Key Features & Benefits

  • ✔Loan Amount: Up to ₹75 lakh unsecured; ₹1.5 crore secured.
  • ✔Moratorium: Course duration + 12 months.
  • ✔Repayment Tenure: Up to 15 years.
  • ✔Margin: 0% for collateral loans; varies for unsecured.
  • ✔Rates: 9.7%–15% p.a., linked to Repo Rate.
  • ✔Tax Benefits: Interest deductible under Section 80E.
  • ✔No Prepayment Penalty: Close your loan early without charges.

Eligibility Criteria

Student:

  • •Indian citizen (including NRI).
  • •Minimum age of 18 years.
  • •Secured admission or pre-admission sanction for recognized courses.

Co-applicant:

  • •Required for unsecured loans (parent or guardian).
  • •Stable income, CIBIL score ≥730.

Documents Required

Student:

  • •Admission letter or proof of application.
  • •Academic records (10th, 12th, graduation, GRE scores).
  • •KYC (Aadhaar, PAN, Passport).
  • •Course fee structure, visa (for abroad).

Co-applicant:

  • •KYC (Aadhaar, PAN, Passport).
  • •Income proof (ITR, salary slips, Form-16, 6–12 months’ bank statements).
  • •Credit history details.

Other:

  • •Loan application form.
  • •Collateral documents (property papers, FD certificates) for secured loans.

Interest Rates & Charges

IDFC First Bank offers competitive interest rates linked to the Repo Rate, with flexible repayment options and no prepayment penalties.

Loan Type Interest Rate (p.a.)* Processing Fee Collateral
Unsecured (up to ₹75 lakh) 10.5%–15% 1% + GST Not required
Secured (up to ₹1.5 crore) 9.7%–12.5% 1% + GST Required

*Rates vary based on profile, course, and institute. Contact IDFC First Bank for exact rates.

Application Process

  1. Submit Inquiry: Fill out our quick online form.
  2. Expert Guidance: Connect with our loan advisor for IDFC options.
  3. Document Prep: Gather documents with our assistance.
  4. Application: Apply online via IDFC website, app, or offline at branches.
  5. Disbursal: Funds released post-approval, typically in 10–15 days.

Frequently Asked Questions