IDFC First Bank Education Loan
Making sure you focus on your studies, not finances.
Interest Rate
Starting From 9.50%
Processing Fees
Starting From 1.5%
Margin Money
NIL
IDFC First Bank Education Loan Features
Looking for an ideal education loan? Your wait ends here at IDFC First Bank Education Loan.. Key features of IDFC First Bank Education Loan are as follows:
- Long payment tenure to support your financial planning.
- Get your education loan approved even before securing admission.
- Flexible payment options to choose from.
- Tax deduction of Interest paid under section 80E of the Income Tax Act
- Wide coverage of expenses, including tuition, accommodation, travel, etc.
- Unsecured loans are also available for selected courses, subject to a specified limit.
IDFC First Bank Education Loan—Benefits for Students
IDFC First Bank provides multiple benefits for students when they take education loans. These include:
- IDFC First Bank’s education loan is based on a credit-scoring model which makes it easier to access loans.
- IDFC First Bank offers three modes of education loan repayment
- It covers the total cost of your education, including living expenses & all other expenses.
- You can apply for an education loan from IDFC First Bank even before admission.
IDFC First Bank Education Loan Without Collateral
Many students who dream of studying abroad face challenges in securing an education loan due to a lack of collateral. However, IDFC First Banks collateral-free education loan offers an excellent solution for those seeking higher education without needing to pledge assets.
This loan enables students to obtain funding based on their academic performance and the creditworthiness of their co-borrowers, usually parents or guardians. With competitive interest rates and a repayment period of up to 15 years, this flexible option is ideal for many families.
IDFC First Bank’s unsecured education loan provides students with the opportunity to achieve their educational aspirations without the burden of providing collateral.
Overview of IDFC First Bank Loan Without Collateral
Unsecured loans are loans that do not require any collateral or security to be pledged. Below is an overview of IDFC First Bank’s unsecured Education Loan:
Feature | Description |
Loan Amount | Up to INR 50 Lakh |
Rate of Interest | 9.5% to 15% |
Processing Fees | Up to 1.5%* of the Loan Amount + GST Or as per any special scheme run by the bank |
Processing Time | 7-10 days |
Margin Money | NIL to 5% |
Moratorium Period | Course duration + 1 year |
Repayment Tenure | 15 years |
Income Tax Under Section 80E Benefits by IDFC First Bank
Under Section 80E of the Income Tax Act, borrowers can avail of tax benefits on the interest paid on IDFC First Bank education loans. The following points merit consideration in this aspect:
- The benefit is only available for the interest part and not the principal portion.
- The deduction is available for the entire amount of interest paid during the financial year with no limit on the amount.
- The deduction can be claimed for a maximum period of 8 years, starting from the year in which the borrower starts repaying the loan or until the interest is fully repaid, whichever is earlier.
Eligibility Criteria IDFC First Bank Credila Unsecured Education Loan
Before applying for an IDFC First Bank Unsecured Education Loan, it’s crucial to check the eligibility criteria to ensure a smooth application process and increase the chances of loan approval.By reviewing these criteria beforehand, applicants can save time and effort, avoid unnecessary rejections, and prepare any necessary documentation to support their loan application.
To be eligible for an IDFC First Bank Unsecured Education Loan, applicants generally need to meet the following criteria:
Indian Resident | The applicant must be a resident of India (Including NRI) |
Age | The applicant must be 18 years old or above at the time of loan commencement. |
Qualification | The applicant must be admitted to the desired institution after completion of the pre-requisite qualifications. |
Course Admission | If the admission is not secured, the sanction could be subjective based on the type of course, country or the institute student has applied for. |
Documents Required for IDFC First Bank Education Loan
While applying for an education loan from IDFC First Bank, it is advisable to keep these documents ready:
Education Loan Application Form | Duly filled loan application form with all the required details. |
Student |
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Co-Applicant |
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Collateral Documents |
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IDFC First Bank Education Loan EMI Calculator
Getting an education loan comes with financial planning of paying EMIs on time. While planning to finance your education through IDFC First Bank, you can use the EMI Calculator from HiWiPay– a simple and efficient tool designed to help students plan their finances and make informed decisions.
With just a few clicks, you can easily estimate your monthly installments based on the loan amount, interest rate, and repayment tenure.
How to Apply for IDFC First Bank Education Loans via HiWiPay?
Applying for an education loan from IDFC First Bank has never been easier! If you’re looking for a smooth application experience, choose to apply for an education loan through HiWiPay.
HiWiPay is an online platform that is specifically designed to assist Indian students who dream of getting an education abroad.
HiWiPay helps you avail your ideal Education loan from IDFC First Bank in minutes. Just fill in your details, check your eligibility, and leave the rest to us! With a completely digital process, you’ll get your loan in no time!
Apply online for an education loan from IDFC First Bank.
The HiWiPay Effect in IDFC First Bank Education Loan
Feature | With HiWiPay | Without HiWiPay |
Paperwork | No hassle of paperwork Completely Digital | A lot of paperwork included |
Pre-Visa Disbursements | Easy | Difficult |
Personalized Loan Offers | Yes | No |
Process of Loan | Saving of time and money | Tiring and time-consuming process |
Customer Reviews
Frequently Asked Questions
Yes! If you avail of an education loan from IDFC First Bank, it will cover 100% of the cost of education.
Interest rates depend upon multiple factors, like your credit score, academic report, etc. It varies somewhere between 9.5% to 15%.
The processing fee for education loans from IDFC First Bank is up to 1.5% of the loan amount plus applicable taxes.
Once documentation is done, it takes around 3-4 working days for the loan to get approved.
Yes. You can claim a deduction for the interest paid on the IDFC First Bank education loan under section 80E of the Income Tax Act while filing your income tax return.
Yes, but only the interest amount is required to be paid during studies.
If you avail of an education loan without collateral from IDFC First Bank, the interest rate ranges between 9.5% to 15%.