IDFC Education Loan: Details and How to Apply

Having a first-rate education is a certain method to open up a universe of opportunities. Finances, however, can make the road to a desired degree difficult. Here to close that gap are IDFC Education Loans! From the alluring interest rates to the special features and plethora of advantages payday loans provide, this article covers everything you need to know.

IDFC offers a variety of options for students to pursue their dreams, with loans available at the best interest rates. Let's examine how IDFC can help you realise your academic goals without the burden of severe financial limitations.

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An Overview of IDFC Education Loans

A major force in the Indian financial scene, IDFC First Bank was founded in 1999. Understanding the transforming potential of education, IDFC provides a range of student loan choices made to meet a range of requirements.

Here is an overview of the education loan provided by IDFC:

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IDFC Education Loan Interest Rates

The bank offers student loans at interest rates starting from 8.50%. Before applying for the education loan, you must know these features of IDFC’s education loan scheme:

IDFC First Bank Education Loan Abroad Interest Rate

Here’s a table comparison for education loan interest rates for studying abroad, based on collateral and non-collateral options:

An education loan at zero interest is usually offered through government subsidy schemes that cover interest during the moratorium period, especially for eligible students from specific income brackets, and while such schemes are limited, it’s useful to compare them with options like the IDFC education loan interest rate and features, which offer competitive rates and flexible terms for higher education.

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Eligibility for IDFC Education Loan

Applications for an IDFC FIRST Bank Education Loan must fulfil the following criteria:

1. Residents of India
2. Minimum age of 18 years
3. Have a letter from the institution confirming or approving pre-admission
4. Be enrolled or accepted to the chosen course or programme

Understanding the education loan eligibility and application process helps students prepare the necessary documents and meet the criteria set by lenders, and this becomes especially relevant when checking the eligibility for IDFC education loan, which includes academic performance, course type, and co-applicant income requirements.

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‍Does IDFC First Bank Provide an Education Loan Without Collateral? 

Yes, IDFC First Bank provides collateral-free education loans up to ₹75 lakhs for eligible students, with the loan amount determined by factors such as the student's profile, selected course, and university. For loans exceeding this limit, a secured loan option is also available, which requires collateral from a co-applicant.

The interest rate for this loan is up to 11%, with a processing time of 10 days and a processing fee of 1% of the loan amount.

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Benefits of IDFC Education Loan

Besides easy loan access, here are all the benefits of IDFC education loan you must know:

1. Loan Amounts: Students can get education loans of up to ₹1 crore. The IDFC bank also provides collateral-free loans up to ₹50 lakh.
2. High Student Loan Coverage: IDFC offers up to 100% funding for educational expenditures. Students can pay for tuition, living expenses, and other relevant charges.
3. Moratorium: Loans can be repaid over up to 15 years. This helps borrowers to comfortably manage their repayments.
4. Customised Solutions: IDFC FIRST Bank provides customised lending solutions to match specific needs.
5. Tax Benefits: Borrowers can claim income tax deductions under Section 80E for loan interest payments.
6. Additional Expenses are Covered: Aside from tuition costs, the loan covers expenses like travel, health insurance, and study materials.

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Documents Required for the IDFC FIRST Bank Education Loan

The IDFC bank education loan documents required can be broadly categorised into these sections:

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Minimal Documentation. Higher Chances of Approval. Easy Online Processes. Check Your Eligibility.

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IDFC FIRST Bank Education loan Interest Rates and Charges

The usual fees connected to IDFC FIRST Bank education loans are as follows:

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IDFC Education Loan Fees & Charges

Different Charges Associated with IDFC Education Loan

Here is a list of the varying charges of IDFC education loan:

EMI Related Charges

Here is a list of the EMI related charges associated with IDFC education loan:

Other Charges

Here are other important charges you must know:

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IDFC First Bank Education Loan Interest Rate Calculator

IDFC First Bank features an EMI and interest calculator on its official website. If you want to know the exact EMI and interest you are going to pay, you can visit the official IDFC First Bank website. Meanwhile, here is a short calculation that will help you determine the IDFC First Bank education loan interest rate:

Suppose your edu

cation loan demand follows as below:

1. Loan Amount: ₹10 lakh
2. Interest Rate: 8.5% per year
3. Paying during the moratorium?: No
4. Grace Period: 6 months
5. Tenure: 10 years

Based on this, you will be required to pay:

• EMI monthly: ₹13,750
• Total Payment (Principal + Interest): ₹16,49,941
• Total Interest Payable: ₹6,49,941

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Types of Education Loans Offered by IDFC First Bank

Here are the different types of education loan options IDFC FIRST Bank provides to support various learning journeys and financial needs:

• Loans for higher studies in India or abroad
  
  
• Skill loans for vocational training and skill development courses
  
  
• Loans against property for funding higher education in India or abroad
  
  
• Parent loans to support children's education expenses
  
  
• Loans for e-learning to cover the costs of online courses or programs

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How to Apply for an IDFC Education Loan?

IDFC education loan follows a set application process. If you want to apply for IDFC education loan, follow these steps: 

• Step 1: First, go to the 'Loans' area of the IDFC First Bank official website. Here, you can discover details and options for the bank's numerous loan products.
• Step 2: Choose 'Education Loans' from the menu drop-down under the 'Loans' area. This will direct you to the specific IDFC First Bank website with comprehensive details and requirements for its education loan products.
• Step 3: Once on the education loan website, you will see a 'Apply Now' button or link. Click on it to access the IDFC First Bank education loan application procedure.
• Step 4: You'll be asked to complete a web application. Please fill out the form with your contact information, educational history, course information, and any other pertinent information. Make sure the information you provide is correct and current to prevent any problems or delays throughout the application process.
• Step 5: As part of the application process, you will need to supply necessary paperwork, including academic transcripts or mark sheets, identity and address proof, and (where relevant) proof of income. Be sure to prepare these papers in digital format for easy uploading.
• Step 6: Read the IDFC First Bank education loan terms and conditions very carefully. Once you have read them and decided to proceed with the application, accept the conditions.
• Step 7: Submit your application after you've finished the form and uploaded the required paperwork. The bank will next start handling and assessing your loan application.
• Step 8: IDFC First Bank will confirm after your application is accepted. You may have to go into a bank branch to finish off any last details, like signing the loan agreement and, if needed, providing any more paperwork.

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How to Check IDFC Education Loan Status? 

Here is a step-by-step guide to tracking your loan status.

• Visit the official IDFC FIRST Bank website.
  

• Select the loan type.
  

• Enter your registered mobile number.
  

• You will receive an OTP on the entered mobile number.
  

• Enter the received OTP to check the application status.
  
  

‍What Expenses Does an IDFC First Bank Education Loan Cover? 

An IDFC FIRST Bank education loan offers Complete financial support by covering a wide range of academic and lifestyle-related expenses. It ensures that students can focus on their studies without worrying about day-to-day or one-time costs.

Expenses covered include:

• Tuition fees
  

• Hostel or off-campus accommodation
  

• Food and daily living expenses
  

• Travel expenses (including airfare for studying abroad)
  

• Health and travel insurance
  

• Study materials (books, stationery, etc.)
  

• Laptop or other required electronic devices
  

• Examination, library, and lab fees

• Uniforms and course-specific equipment

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An HDFC education loan is also a preferred choice for students due to its quick processing, wide expense coverage, and flexible repayment options, and knowing this can be helpful when exploring how to apply to an IDFC education loan, as both lenders offer competitive features that cater to different academic and financial needs.

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Repayment Options for IDFC Education Loan

IDFC FIRST Bank gives its student loans four flexible repayment options:

Immediate EMI

Immediately upon disbursement, make Equated Monthly Installments (EMIs) to repay the loan. This choice, which addresses the principal amount immediately, for those with steady income sources, lowers the total interest load.

Simple Interest (SI)

Pay only the accrued interest while studying, then begin full EMIs (principal + interest) after course completion. Students who can afford little payments while studying but would rather put off bigger EMIs would find this convenient.

Partial Simple Interest (PSI)

Pay back some of the interest accumulated throughout your studies; the remaining interest will be added to the principal and repaid when the course ends. This offers a balance between timely payments and deferred repayment.

Moratorium

Pay nothing for a certain amount of time, usually the length of the course plus an additional year. While this allows focus on studies without immediate financial pressure, interest continues to accrue during this period. 

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Apply for an Education Loan via Propelld

Pursuing higher education is a significant endeavour that demands dedication and focus. Elite colleges provide unmatched prospects, but they also sometimes have large financial obligations. Recognizing this challenge, Propelld provides specialised financial solutions tailored to students' needs. Propelld offers a range of features designed to support your educational journey:

1. Private Student Loans: Propelld offers extensive loan coverage with favourable terms so you can pay for all of your program's costs and concentrate on your academics worry-free.
2. Seamless Digital Process: Propelld has made applying for loans easier. The fully digital method saves you the trouble of paperwork and documentation, enabling you to get money fast and effectively.
3. Flexible Repayment with Moratorium: Because of the moratorium period built into Propelld's loan structure, you can start repaying the loan only after you get a job. This function relieves the strain of quick payback so you may focus on your academics and job readiness.
4. Tailored Financial Solutions: Propelld understands that every student has unique financial requirements. They provide tailored loan packages that meet the standards of your selected program and your own needs.

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FAQs About IDFC Education Loan

What is the maximum loan amount offered by IDFC FIRST Bank for education loans?

Depending on your eligibility and the kind of study—domestic or abroad—IDFC FIRST Bank may give a different maximum loan amount. For studying abroad, it may be anything from ₹ 1 Crore to a predetermined sum.

Does studying overseas qualify me for an IDFC education loan?

Looking to finance your international education but can't find an IDFC education loan college list? Well, IDFC FIRST Bank provides education loans specifically for international studies. These loans help with living expenses and travel and cover a range of courses and colleges.

What are the repayment options available for IDFC education loans?

IDFC FIRST Bank provides customised repayment choices to meet your requirements. This can be a moratorium while study or payments begin once the course is over. You will find the precise conditions in your loan agreement.

Is there a co-applicant requirement for an IDFC education loan?

Educational loans may require a co-applicant, particularly for larger loan amounts. Students without a co-applicant may still have choices from IDFC FIRST Bank. Nonetheless, it depends on their qualifications and creditworthiness.

What happens if I don't repay my loan on time?

The loan agreement stipulates that late payment fees will be assessed in the event that loan repayments are not made on time. Your credit score might also suffer from ongoing late payments.

What courses are eligible for the IDFC Education Loan?

The IDFC Education Loan covers a broad spectrum of courses, including undergraduate, postgraduate, professional, technical, vocational, and diploma courses provided by accredited Indian and foreign universities.

Is there an age limit for applying for an IDFC Education Loan?

Indeed, applying for an IDFC Education Loan has an age restriction. The candidate should, in general, be at least eighteen years old when they apply.

Does IDFC FIRST Bank offer any concessions or discounts on the interest rate?

Yes, female students wishing to apply for an IDFC Education Loan are eligible for a 0.5% interest rate reduction from IDFC FIRST Bank.

Can I pre-pay or foreclose my IDFC Education Loan before the due date?

Yes, before the due date, borrowers may prepay or end their school loan with IDFC FIRST Bank. Nevertheless, based on the circumstances and terms of the loan, certain fees or penalties could be applicable.

How long does the IDFC Education Loan approval process take?

IDFC FIRST Bank aims to be faster than the average bank in India for education loan approvals. IDFC FIRST Bank usually handles applications in 2 to 7 days.

How to check IDFC education loan status?

• Visit the official IDFC FIRST Bank website.
  
  
• Select the loan type.
  
  
• Enter your registered mobile number.
  
  
• You will receive an OTP on the entered mobile number.
  
  
• Enter the received OTP to check the application status.
  
  

Who can be an education loan co-applicant at IDFC First Bank?

Parents, siblings, spouse, or immediate family members can be co-applicants, depending on financial stability and creditworthiness.

Is any collateral or security required for an IDFC First Bank education loan?

Loans up to ₹75 lakhs are collateral-free. For loans above ₹75 lakhs, collateral is required.

IDFC First Bank education loan abroad interest rate?

Interest rates range from 9.5% to 11% per annum, depending on the applicant's profile and loan amount.