Over the years, IDFC First Bank has invested time and resources to set up appropriate systems, processes, and know-how related to the education industry and has numerous databases on the education sector. Get an IDFC First Bank education loan that’s tailored to your requirements today!
Loan Margin: NIL
Processing Fees: 0.75% to 1.0% of Loan Amount
IDFC First Bank offers Education loans for students wishing to study abroad at over 1000 universities in at least 35 countries. What distinguishes IDFC First Bank is its personalised education loan options that take into account the applicant’s course and country preferences. Students who want to study in the country or abroad can get an education loan from IDFC First Bank. Income tax rebates are available under Section 80E of the Income Tax Act. You can borrow up to 100% of your educational expenditures.
IDFC First Bank acknowledges that the work we do at Wecare Capital is consistent with the company’s mission and objectives. The collaboration between IDFC First Bank and Wecare Capital is a new ray of hope for students looking for low-cost education loans to study abroad as soon as possible and in the most convenient way imaginable.
Features Of IDFC First Bank Abroad Education Loan
| Features | Education Loan Details |
|---|---|
| Loan amount | Upto ₹50Lac (Without Collateral)
Exceptional cases - up to 1 Crore. |
| Margin money | Nil |
| Interest rate | The IDFC First Bank education loan interest rates and charges are mentioned below:
Rate of Interest - The interest rate is a floating rate related to IDFC First Bank Benchmark Lending Rate (CBLR). CBLR is currently 10.50% to 13.0% per annum. Processing Fee - 0.75% to 1.0% of Loan Amount. |
| Processing fee | 0.75% to 1.0% |
| Processing time | 7 Working Days |
| Loan tenure | 14 Years |
| Prepayment charges | Nil |
| Repayment holiday | Interest is to be paid during the moratorium period. EMI starts after the completion of the course + 1 year |
| Countries covered | IDFC First Bank offers abroad education loans to study in over 30+ different countries across the world including the USA, (Canada), the UK, Germany, Australia, Singapore, France, etc |
| Payment study period | Yes, simple interest or partial simple interest.
For selected good profiles, partial interest repayment is available. |
Benefits of IDFC First Bank Abroad Education Loan
No Margin Money
You would not have to fund any part of the entire cost of your study overseas since IDFC First Bank loans have no margin money. IDFC education loans cover all of the costs of studying abroad, including tuition and living fees, as well as a caution deposit/building fund/refundable deposit.
Customization Options
IDFC First Bank Education Loans are distinguished by the fact that they provide students with tailored loan options based on their selected course or country. These adjustments also allow for flexible repayment choices, allowing students to pay off their EMIs whenever and wherever they choose. You can get in touch with Wecare Capital to learn more about the customising options available. We will make every effort to fulfill all your demands and inform you whether or not they will be approved by IDFC First Bank
Expedited Approval In Emergency Cases
Assistance During Loan Disbursements
Pre-Visa Loan Disbursement
In some countries, loan disbursement must occur prior to the issuance of a visa. Wecare Capital will make certain that students receive their funds in a timely manner. We will obtain all essential clearances ahead of time so that you do not need to be concerned about your funds or visa.
Flexibility For Co-Borrower
In comparison to other education loans, the IDFC First Bank Education Loan offers personalised repayment alternatives for the co-borrower and places fewer limits on who the co-borrower might be. If your parent or a relative works overseas, for example, he or she might be a co-borrower/guarantor. He or she must have an NRI account and, most significantly, the collateral must be in India for him or her to be the co-borrower/guarantor. In both circumstances, you’ll need an extra co-borrower.
Income Tax Benefits
If you take up an IDFC First Bank Education Loan, you will be eligible for tax benefits under section 80-E of the Income Tax Act on the interest you pay for the loan.
Pre-admission Education Loan Sanction
The IDFC First Bank Education Loan has a unique characteristic in that it can be sanctioned even before you receive your acceptance letter! IDFC First Bank considers your GRE score to do so. If you apply for an IDFC First Bank Education Loan with Wecare Capital, you can be certain that we will manage the whole procedure for you. You will be able to devote all of your attention to writing your college application and preparing for entrance interviews in this manner.
IDFC First Bank Loan benefits are profitable not only for students but also for their parents. Let us see some of the prime benefits of the IDFC Education Loan.
Benefits for Students
- Approval Before Admission: Get an IDFC Education Loan approval letter from IDFC First Bank before admission so you don’t have to downsize your dreams!
- Funding Sources for USA I-20: IDFC First Bank Education Loan acceptance letter demonstrates reliable sources of cash for obtaining I-20s from US universities or visas for a variety of nations.
- Complete Cost Coverage: IDFC First Bank supports the complete cost of your education, including living expenses and all other charges, easing your financial problems.
Benefits for Parents
- Tax Benefits: IDFC Education Loans provide income tax benefits under Section 80E of the Income Tax Act of India.
- IDFC is a reliable company: Credila is a subsidiary of IDFC First Bank, a well-known company in the financial services business. IDFC bank education loan is reliable & recognized.
Benefits Of Getting Your IDFC First Bank Abroad Education Loan Through Wecare Capital
Higher Chance Of Approval
By applying for your education loan through Wecare Capital, you are increasing your chances of approval. Generally, banks dismiss applications if they find any missing documents, property issues, or any other problem. With Wecare Capital, we will immediately reach out to IDFC First Bank officials and find the best solution.
Online Submission Of Documents
With Wecare Capital, you can submit all the required documents from home! There won’t be any need to visit the branch. Simply head over to our website and submit all the documents there. There won’t be a possibility of not submitting an essential document, as our system is designed to ensure all essential documents are submitted.
No Cost To You
Quicker Sanctions
Eligibility Criteria For IDFC First Bank Abroad Education Loan
You are eligible to apply for the IDFC student loan only if you’ve met the following requirements:
| Type | Requirement |
|---|---|
| Eligibility Criteria For IDFC First Bank Education Loan | You are eligible to apply for the IDFC student loan only if you’ve met the following requirements:
For the borrower - 1. The student applying for the Education Loan should be an Indian citizen, 18 years old or above. 2.The student should be enrolled in a recognised institution as a full-time student. 3. An earning co-borrower in India should co-sign the Education Loan. For the co-borrower - 1. Co-borrowers are required to have a bank account in India. Co-applicant(s) must be Indian citizens. 2. Co-applicant need to show proof of earning based in India. A co-applicant can be any of the following relatives - Father / Mother / Brother / Sister (married) /Spouse/ Father-in-law/ Mother-in-law/ Sister-in-law/ Brother-in-law/ Maternal or Paternal Uncle or Aunt/ Grandparents & First Cousins. |
| Eligible Courses | All full-time courses from recognized colleges and universities in all major countries like the USA, the UK, Canada, Singapore, Australia, Germany, France, etc. |
| Eligible Countries | IDFC First 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. |
Documents Required for IDFC First Bank Abroad Education Loan
Once you meet the IDFC First Bank Education loan eligibility; below are the documents required for IDFC Education Loan
| Type | Documents Required |
|---|---|
| Identity Details | 1. Permanent Account Number (PAN) Card 2. Voter’s ID Card 3. Passport 4. Driving License 5. Aadhaar Card |
| Academic Documents | 1. Marksheet/Certificate of 12th Exam 2. Marksheet/Certificate of Subsequent Years of Education e.g. BE, BCom, BSc, etc. 3. Marksheet of Any Entrance Exam Taken e.g. CAT, CET, GRE, GMAT, IELTS, TOEFL, etc. (If applicable) 4. Scholarship Documents (if applicable) |
| Financial Documents | 1. (If more than one bank account, provide copies of all) 2. Make sure to include the bank statements of the Bank Account where Salary or Business professional receipts are credited every month |
| Income Proof of Co-Applicant | A) For Salaried Employees (All the following)
1. The most recent three salary slips or salary certificate on employer letterhead 2. Employer Form 16 from the last two years or Income Tax Returns from the previous two years 3. Any Other Income Proof Not Included in the Above Documents B) If you are self-employed or a professional (All the following) 1. Income Tax Returns for the Previous Two Years 2. CA-Certified Financial Statements or Provisional Financial Statements for the Previous Two Years (any one of the following, Lease Deed, Utility Bill, Title Deed, etc.) 3. Any Other Income Proof Not Included in the Above Documents |
Loan Repayment For IDFC First Bank
- Loan interest repayment will begin immediately upon the disbursement of the IDFC Education Loans’ first instalment.
- The duration of an education loan is made up of the duration of the study + the grace period after the study + the repayment period.
- The highest tenure offered by IDFC First Bank is 12 years.
- The loan tenure, however, is subject to considerations such as the customer’s repayment capacity, the course’s future prospects, the age of the co-applicant, and so on, as well as IDFC First Bank credit and underwriting norms as they apply from time to time. However, IDFC First Bank would make every effort to tailor the payback time to your needs.
- The monthly repayment amount will be debited from the borrower’s/co-bank borrower’s account via the Electronic Clearing System (ECS)
How To Apply For IDFC First Bank Abroad Education Loan?
- Once you’ve established your IDFC First Bank education loan eligibility, you can submit an online application or get in touch with one of our expert education loan counsellors to schedule a callback. Our counsellors can assist you in obtaining an IDFC First Bank loan with or without collateral, depending on your needs.
- After you’ve submitted your profile information, our specialists will carefully review it and, based on your eligibility, recommend the following course of action to you.
- Wecare Capital enables students to upload documents digitally, sparing you the trouble of having to present your documents at the bank and allowing you to do it from the convenience of your home.
- In addition, Wecare Capital gives you a customized set of documents to submit based on your profile and the loan you’ve applied for to speed up the process.
Frequently Asked Questions
Yes, the IDFC First Bank education loan covers the entire cost of your international education.
Various factors influence the IDFC Education Loan interest rate, the IDFC Education loan interest rate ranges from 10.5% to 13.%.
Following the documentation, approval takes about 5-7 working days.
The duration of the payback periods is often determined by the bank’s assessment of the student’s projected earning capacity and the risks associated with extending a certain loan. IDFC First Bank Education loan repayment starts as soon as they land a job. At the beginning of their professions, however, they can find higher EMIs (caused by shorter repayment periods), particularly difficult. In order to assist with a seamless transfer for students from the campus to the workplace, IDFC First Bank provides extended tenure. By doing this, individuals can begin their working careers with good credit histories that will enable them to obtain additional loans in the future.
