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IDFC First Bank Abroad Education Loan Parameters

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Loan Limit

Upto ₹1Cr (Collateral)
Upto ₹50 Lac (Without Collateral)

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R.O.I

11.50%

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Moratorium\Repayment

12 months \ 12 years

Feature

Description

Margin Money

Up to 100% funding is available for the loan, which means that the loan amount can cover the entire cost of education.

Processing Fee

1% to 1.25% of loan sanctioned amount + GST

Processing Time

10 - 15 days

Prepayment Charges

Nil

Study Level & Course

The unsecured loan option is available only for postgraduate courses in STEM (Science, Technology, Engineering, and Mathematics) and management fields.

Expenses Covered
  • Tuition and fees payable to the educational institute.
  • Examination, library, and laboratory fees.
  • Purchase of books, equipment, and uniforms.
  • Living expenses, including hostel fees.
  • Travel expenses.
  • Purchase of computers/laptops.
  • Overseas insurance.
  • Cost of health insurance.

Property Acceptable
  • Residential flat
  • House
  • Open plot
  • Shop

Collateral & Non-Collateral

Yes

Co-Applicant:
  • Parents
  • Grandparents
  • Immediate family members

Offer Letter

Nil

Eligibility:-

  • Graduate, postgraduate, diploma, and professional courses authorised by the University Grant Commission (UGC), the All India Council for Technical Education (AICTE), the Government of India, and the Indian Council for Medical Research (ICMR).
  • Professional or technical courses from renowned education institutions overseas.
  • Vocational or skill development courses that are recognized or sanctioned by the government.
  • Courses offered by Indian Institutes of Management (IIM), Indian Institutes of Technology (IIT), Indian Institute of Science (IISC), Xavier School of Management (XLRI), National Institute of Fashion Technology (NIFT), and other reputable institutions.
  • Courses offered by reputable international institutions.
  • Other courses leading to a diploma/degree, etc., offered by colleges/universities
  • Approved by the UGC/Government/AICTE/AIBMS/ICMS, etc.

Benefits:-

  • Up to 100% financing, covering the entire cost of education.
  • Flexible repayment options, allowing borrowers to choose a repayment plan that suits their financial situation.
  • Up to 90% funding, providing substantial financial support for educational expenses.
  • Discount for female students, promoting gender equality in education by offering special benefits.
  • Education loan subsidies, which may be available to eligible students to reduce the overall cost of borrowing.
  • Flexible repayment options, enabling borrowers to manage their loan repayment in a way that works best for them.

How To Apply:-

  • Apply Online & Upload Your Documents
  • Processing and Approval
  • Loan Sanction And Disbursal

Documents:-

  • KYC of applicant and co-applicants (such as identity proof, address proof, etc).
  • Academic Records
  • Proof of admission
  • Entrance Exam Result(if applicable)
  • Statement of cost of study/ Schedule of expenses
  • Income Proof for Salaried Co-applicant/ Guarantor (if applicable)
  • Bank account statement for last 6 months etc
  • Property Documents (if applicable)

FAQs

IDFC First provides education loans to students planning to study abroad up to 40 Lakhs.

IDFC Bank takes less than 48 hours to disburse the loan amount after all the documentation is complete. On the basis of documentation, the bank makes the final decision to approve it or not.

A student who is approaching IDFC Bank for an education loan to study abroad will enjoy certain benefits, including:

  • ● Faster online application process
  • ● Tax Benefits
  • ● Easy Loan Disbursement

If the loan requirement is more than INR 40 lakhs, then the collateral is certainly required. Also depends on the course and country.

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