IDFC FIRST Bank Education Loan

Key Features and Benefits of IDFC First Bank Education Loan

Here are the Features and Benefits of IDFC First Bank Education Loan: 

What are the Interest Rates of IDFC First Bank Education Loan?

Interest rates depend on your profile and the course you’re taking.

• The interest rate starts at around 9.5% p.a. 
• The final rate depends on factors such as the university, the course, and the co-applicant’s profile.
• Since rates are repo-linked, they can change over time.

Loan Amount, Tenure and Margin of IDFC First Bank Education Loan

The structure is designed to keep repayments manageable once you start earning.

• Loan amount goes up to ₹2Cr
• Repayment tenure can extend up to 15 Years
• In many cases, especially for strong profiles, funding can go up to 100% of the total cost

What are the Fees and Charges of IDFC First Bank Education Loan?

Fees and charges associated with the IDFC First Bank Education Loan include:

• No processing fee for loans up to ₹7.5 lakh
• For loan amounts above ₹ 7.5 lakh, the processing fee can go up to Up to 1.5% of the Loan Amount
• No foreclosure or part-payment charges.

What are the Eligibility Criteria for IDFC First Bank Education Loan?

The bank looks at a mix of student and co-applicant details.

• Applicant must be an Indian citizen (including NRIs)
• Minimum age is 18 years
• Admission to a recognised course is required (or pre-admission sanction)
• A co-applicant (parent/spouse/sibling) with stable income is needed

Collateral-Free Loan Option by IDFC First Bank Education Loan

This is one of the more important parts for most students.

• IDFC First Bank offers an education loan of up to ₹1 crore without collateral for select international universities
• Available for some domestic institutions as well
• Approval depends on academic profile, course, and overall application strength

How to Apply for IDFC First Bank Education Loan?

Borrowers can apply for an IDFC First Bank Education Loan through the Urban Money website:

Step 1:

Visit the official Urban Money website

Step 2:

Select “Education Loan” under the loan category

Step 3:

Click “Apply Now” and enter basic details such as name, mobile number and required loan amount

Step 4:

Verify identity by entering the OTP sent to the registered number

An Urban Money loan specialist will shortly contact you to guide the process until disbursal.

What are the Courses and Expenses Covered by IDFC First Bank Education Loan?

The loan isn’t limited to a single program type.

• It covers courses like MBA, engineering, medicine, law, and more
• Works for both India and abroad (US, UK, Canada, Germany, etc.)

Expenses covered include:

• Tuition and academic fees
• Hostel or accommodation costs
• Travel and insurance
• Books, laptops, and other study-related costs