IDFC Bank offers education loans with very low-interest rates. The exact interest rate may vary, and it is advisable to contact them directly or visit their official website for the most up-to-date information.
IDFC First Bank Abroad Education Loan
Bank
7 days Loan Processing Time
Margin
NA
Processing Fees
0.5% - 1%
Collateral
Upto 1 crore
Non Collateral
Upto 50 lakhs
Repayment Tenure
Upto 10 Years
Cosiger Needed
Yes
Collateral Loans
Up to 1 crore
Non Collateral Loans
Up to 50 lakhs
Features of IDFC Bank
Education Loan Abroad
IDFC Bank is dedicated to providing education to deserving students. This helps more Indian students to be able to pursue higher education abroad. They help students enroll in the best institutes all over the globe without worrying about their financial conditions.
Loan Margin: NA
Processing Fees: 0.5% - 1%
| Features | Education Loan Details |
|---|---|
| Loan amount | Upto ₹50 lakhs (Non Collateral) Upto ₹1 crore (Collateral) |
| Margin money | NA |
| Interest rate | 10.5% |
| Processing fee | 0.5% - 1% |
| Processing time | 7 Working Days |
| Loan tenure | Upto 10 Years |
| Prepayment charges | Available* |
| Countries covered | IDFC Bank offers abroad education loans to study in over 35+ different countries across the world including the USA, Canada, the UK, Germany, Australia, Singapore, France, etc |
| Moratorium | Course Duration + 12 month* |
Benefits of ICICI Bank Education Loan
No Penalty for Prepayment
You won't face any penalty fees if you prepay your loan.
Offer for female
IDFC Bank supports female students to study abroad by providing a discount of 0.5% compared to male students.
Up to 90% funding
IDFC Bank covers 90% of your expenses including the cost of education, living expenses, travel charges, books expenses, uniform expenses and other miscellaneous charges.
Subsidies
IDFC Education loans offer subsidies such as lower interest rates, tax benefits, and discounts on interest paid
Flexible Repayment
The repayment plan starts after 6 months to 1 year of completion of course. You won't need to make any repayments during this moratorium period. You can choose to pay Interest payments during the moratorium period as this may help in reducing your interest by 1%.
How To Apply For IDFC Bank
Education Loan For Abroad Studies?
You can get in touch with our team of experts by filling out the form on our website. Lorien will schedule a callback with you and guide you through the process.
From helping you upload documents online to presenting it to the banks, Lorien will help you throughout the application process.
Once all your documents are uploaded & KYC is done, you can expect your loan to get sanctioned within a few working days.
Why Choose Lorien To Get Education Loan From IDFC Bank?
Higher Chances Of Approval: Generally, banks dismiss education loan applications if they find any missing documents, property issues, or other issues. But with Lorien, you have access to experts who can reach out to the bank and help you resolve your queries on time.
Ease of Use: Students can easily contact us by filling out a form on the website and our most trusted experts will reach out to them to help them with any query. The process is simple and efficient to make your study abroad dreams a reality.
100% Free Assistance: Our services are free of cost and we do not charge our students for helping them apply for their education loans.
Quicker Loans: Our experts make sure that your education loan is sanctioned as early as possible. We also keep track of the application and make sure that all the requirements from your end are fulfilled.
Build your dream career with us.
Fill this form and our experts will contact you
Eligibility Criteria For IDFC Bank Education Loan Abroad
For Courses
- Graduation and post-graduation courses, and diplomas recognized and authorized by UGC/AICTE/IMC/Government of India & ICMR
- Professional and technical courses such as Law, Management, Medicine, Engineering, Aviation and more from recognized institutions.
- Vocational or skill development courses recognized by the government.
- Courses offered by IIM, IIT, IISC, XLRI, NIFT, and other institutions.
For Applicant:
- Should be an Indian citizen
- Should be enrolled in a recognized institution for professional & technical studies.
- Employees who have been with a company for a minimum of 3 years and want to pursue further studies while being enrolled in a recognized institution.
- Identity proof (PAN Card or Employee Identity card)
- Proof of address (Electricity bill, Telephone bill, or Ration card)
- Bank statement for the last 6 months from all banks
- Schedule of expenses including fee structure and living expenses
- Mark sheets for 10th, 12th grade and degree certificate
For Applicant:
- IDFC FIRST Bank Application Form
- KYC Documents
- Income Proof (if required)
- Collateral Documents (if required)
- They could be a parent, guardian, relative, sibling or someone close
Documents Required
Repaying the Loan
Loan interest for IDFC Bank Loan begins immediately after the loan’s first installment is disbursed. The repayment of loan starts after 1 year of graduation or 6 months after getting employed, whichever comes first. The highest tenure offered by IDFC is 12 years.
FAQs
Bringing answers to your questions
What is the interest rate on education loans for studying abroad, and how is it calculated?
What is the process for applying for an IDFC Bank education loan for studying abroad?
You can apply for an IDFC Bank education loan for studying abroad by getting in touch with Lorien. Fill out the form on our website, and our experts will schedule a callback with you. They will guide you through the application process, help you upload necessary documents online, and present the application to IDFC Bank. Once all documents are uploaded and KYC is done, the loan is expected to be sanctioned within a few working days.
Does IDFC Bank offer any special benefits or interest rate reductions for exceptional academic performance?
IDFC Bank's education loans are known for their low-interest rates, providing financial support for students aspiring to study abroad. While IDFC Bank may not explicitly mention special benefits for exceptional academic performance, Lorien, as your trusted education loan partner, works diligently to ensure you access the most favorable terms. By leveraging our expertise and relationships with financial institutions, Lorien assists you in securing the best interest rates available. Our commitment is to make your study abroad journey financially viable, offering personalized support to enhance your overall experience.
Is there a co-applicant or guarantor required for the loan?
Yes, a co-applicant is required for IDFC Bank's education loan, and it is typically the student's parent(s). In certain cases, a guardian, relative, or siblings can act as the co-applicant.
What collateral or security is required for the loan?
Collateral requirements may vary based on individual circumstances and the loan amount. Lorien, as your dedicated education loan partner, can facilitate this communication, ensuring you receive accurate and personalized information tailored to your specific needs. Contact us to navigate the intricacies of collateral or security for your IDFC Bank education loan, making your application process smoother and more transparent.
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