IDFC FIRST Bank Education Loan

Loan Parameter Details Loan Limit 50 Lacs collateral-free loans and up to 1.5 cr with collateral Expenses covered Academic expenses Tuition fee for the course Fee for examinations Library & Laboratory charges Cost of books, uniforms, and equipment Living expenses (Accommodation fee included) Additional costs Travel expenses Cost of a laptop or computer Overseas Insurance premium Cost of medical insurance premium Accepted Co-Borrower Parents, Siblings, Spouse, Parents-in-law IDFC First Bank Education Loan Interest Rate Secured/ Collateralized: 8.5% Unsecured/ Non-Collateralized: 10-12% Moratorium Period The total duration of the course plus 1 year Repayment Duration Including the moratorium period of 24 Months Repayment policies -Interest payment is optional if the university is included in the prime list -Simple interest is to be paid if the university is not on the prime list IDFC Education Loan Eligibili

To avail of an education loan from IDFC Bank, you will need to meet some eligibility criteria. Let us see what parameters you should fulfill. Study Abroad: Eligibility The student must be an Indian national. Must be aged 18 or above. Must have finished Intermediate/Degree, etc. Should have an admission letter from the college or the university. Insider tip : For study abroad, you picked your course and university, but you still need to get your admission letter. IDFC Bank can still sanction you a loan. Although it is mandatory to meet the criteria of having an admission letter from your choice of institute before the loan, IDFC First Bank has a unique feature that lets you take a loan even without having an admission letter. But bear in mind that it can only happen in some cases, and a loan sanction without an admission letter will depend on the type of course you choose, the university, and the country you are going to. Check your eligibility and get the perfect education loan according to it Request a callback

This section elaborates on the essential documents that are necessary for borrowing an education loan from IDFC First Bank. It also outlines the documents the student and the co-applicant must submit to the embassy, which include, ID and residence proof, passport-size photos, academic transcripts, and financial documents including salary slips or tax returns. Finally, for secured loans, property documents or any other security must be produced. It also takes caution on income verification based on the category of the university. For the student ID proofs like Aadhar, PAN, or any KYC documents. Proof of residence. Passport-size photographs. Admission letter. Fee structure brochure. A copy of Visa. Academic documents of classes 10th, 12th, and degree. If a student is self-employed, three months salary slips are required. For the Co-applicant ID proofs like Aadhar, PAN, or any KYC documents. Proof of residence. Passport-size photographs. Income-related documents such as salary slips, income tax returns for salaried persons, business proofs, and profit-loss data if self-employed. If you are taking a secured loan, then the documents you will need to submit are: Property documents for a secured loan Collateral property documents. Fixed deposit principal amount documents. Face value documents for government bonds. FURTHER INFORMATION : If the university you choose falls under Platinum-Plus, Platinum, and Titanium list, then the income of the financial co-applicant is not checked. However, the CIBIL score will be checked. These are not all, there is a list of necessary documents that you will need to keep

Directly from the branch: On the banks' official website, there is an education loan panel. You will find an option called ‘FIRST UNI'. There is a hyperlink for the form that needs to be filled out for an education loan. Fill out the loan application form. The bank officials will reach out to you and guide you through the rest of the process. But why go through all the inconvenience and keep waiting for the bank to carry out the process when Subraxo does everything for you, that too, free of cost? Here is how you can apply through Subraxo and have a smooth loan process. Complete the Common Application form for Student Loans. To verify your eligibility, a financial officer will get in touch with you. Give information that is requested of you. Our financial officer will provide you with a comparison of all the lending banks for whom you are qualified for a loan. Based on your eligibility and lending policies, choose a lender. According to the document checklist that your financial officer has provided, submit your papers to the bank or upload them to Subraxo' secure link-uploading portal. The moment your documents are submitted, they will be logged in. You will learn the outcome of your loan application within 2–6 days. Following the sanction, you can obtain your letter of sanction and sign the loan agreement.