IDFC Bank Education Loan is intended to support in the form of money for higher Education in India as well as internationally. The IDFC FIRST Bank Education Loan covers up to 18,000 courses at over 3200 universities across 25 countries.
An educational loan is a specific kind of loan used to pursue higher education. Several banks and NBFCs in India provide educational loans at attractive rates to assist aspiring individuals and citizens. These loans are aimed at individuals who do not have enough money for their educational pursuits.
These are typically offered for further education and/or specialized courses at prestigious institutes anywhere in the world or within the country. They mostly support the costs of education, living expenses, books, and other materials required during the persuasive period. IDFC FIRST provides a simple procedure for applying and speedy educational loan approval.
IDFC First Bank is one of India’s most reputable organizations. IDFC FIRST values candidness and confidence. Additionally, the web-based loan application procedure is straightforward; you can apply from any corner of the globe. The most attractive advantage of this loan is it is an unsecured loan with a moratorium facility.
Key Highlights of IDFC FIRST Bank Education Loan
| Scheme Name | Educational Loan |
| Loan Amount | 1 Lac – 1 Cr |
| ROI | 11% – 14% |
| Loan Tenure | Upto 8 Years |
| Processing Fee | 1% – 2% |
| Part Payment | Allowed |
| Foreclosure Charge | NIL |
| USP | Unsecured with Moratorium Facility |
| Collateral / Security | Domestic- Up to 20 Lac No Collateral
International-Up to 50 Lac No Collateral |
| CIBIL Score | Co- Borrower – 650+ |
IDFC FIRST Educational Loan Benefits
The several advantages of picking up educational loans from IDFC FIRST are highlighted hereunder.
- Section 80E provides tax relief for Income Tax.
- Get an unsecured loan with a moratorium facility.
- Funding options are tailored to your specific requirements.
- Flexible reimbursement alternatives.
- Digital application process without any hassle.
- Funding is at a maximum of 100%.
Eligibility Criteria for IDFC First Education Loan
IDFC FIRST Bank’s student loan The eligibility criteria are as follows:
- Citizen of India.
- You have to be 18 years of age or older.
- You have been given a pre-admissions sanction.
- You should have already been enrolled in your selected university or course.
- All Domestic & International Education except undergraduate Courses are allowed.
Required Documents to Apply for IDFC First Education Loan
| Document | Salaried Co-Borrower | Self-Employed Co-Borrower |
| KYC of Student | Yes | Yes |
| KYC of Co-Borrower | Yes | Yes |
| Last 3 Month Salary Slip of Co-Borrower | Yes | – |
| Last 2 year Form 16/ITR with computation | Yes | Yes |
| Last 12 month Bank Statement of Co-Borrower | Yes | Yes |
| Admission letter of student (if received) | Yes | Yes |
| Course Fees details on School/College Letterhead | Yes | Yes |
| Latest Utility Bill of Co-Borrower | Yes, if Owned premises else rent agreement if rented | Yes, if Owned premises else rent agreement if rented |
| 10th & 12th Marksheet of Student | If applicable | If applicable |
| Copy of sanction letter of all running loan | Yes | Yes |
How to Apply For IDFC First Education Loan
If you’re looking for an educational loan, follow the instructions below:
- Open https://referloan.in/.
- Navigate to the “loan” option.
- Choose the “Education Loan” option.
- Select IDFC Bank Education Loan
- If you’re an existing client, complete the form. New people must first register before submitting their application form.
- Enter all of the information along with the mobile phone or email for OTP authentication.
- Bring in your earnings and KYC information.
- Choose your loan size.
- Attach all relevant papers.
- Send your application form.
- Await for a reply from the Refer Loan’s Team.
A co-borrower is required when applying for educational loans.
Co-Borrowers May Include
- Parents
- Parents-in-law, Spouses
- Legal Guardians
- Grandparents
- Maternal or Paternal Uncles and Aunts
- Siblings.
As per IDFC FIRST Bank’s regulations, the co-borrower needs to have a regular source of earnings.
How to Reach IDFC First’s Customer Support?
For credit cards, loans, and other banking services, please dial 1800-1088. A representative from IDFC First would gladly assist you 24 hours a day, seven days a week.
Whatsapp Banking – 95555 55555
Bottom Line
Graduates can use a loan for higher education worldwide to cover their educational costs and handle a variety of other costs incurred, such as excursions, purchasing equipment, and accommodation fees.
IDFC FIRST assists parents as well as learners by offering the necessary funding. Whenever you ask for financial assistance, Refer Loan will guide you through the entire procedure, from loan application to disbursement, to ensure that everything runs smoothly.