One app for all your study abroad needs
The financial demands of international education, including tuition, living expenses, and travel, can be substantial for you as a student. The IDFC education loan to study abroad offers a reliable solution, providing tailored financial support to help you achieve your academic dreams without the burden of upfront costs.
This blog explores how IDFC FIRST Bank’s education loan works, its eligibility criteria, benefits, and application process, empowering you to make informed decisions for your global education journey.
This Blog Includes:
- Why Choose IDFC Education Loan for Studying Abroad?
- Key Features of IDFC Education Loan to Study Abroad
- Eligibility Criteria for IDFC Education Loan to Study Abroad
- Eligible Countries and Courses Under IDFC Education Loan
- How to Apply for IDFC Education Loan to Study Abroad
- Documents Required for IDFC Education Loan to Study Abroad
- Tips for a Successful Education Loan Application With IDFC
- FAQs on IDFC Education Loan to Study Abroad
Why Choose IDFC Education Loan for Studying Abroad?
Various Banks Giving Education Loan in India for studying abroad but the DFC FIRST Bank education loans to study abroad stands out for its flexibility, competitive interest rates, and comprehensive coverage, making it a preferred choice for aspiring global scholars. It has:
- Covers Multiple Expenses: Funds tuition, accommodation, travel, insurance, and equipment like laptops.
- Flexible Repayment Options: Offers moratorium periods and extended tenures up to duration of 15 years.
- Tax Benefits: Education loan interest paid eligible for tax deductions under Section 80E of the Income Tax Act.
- Collateral-Free Options: Loans up to INR 85 lakh without requiring security, easing access for many.
With these features, the IDFC education loan to study abroad ensures you can pursue your academic goals at top universities without financial stress.
Also Read: Education Loan Interest Rate Trends 2025: Will Studying Abroad Get Cheaper or Costlier?
Key Features of IDFC Education Loan to Study Abroad
The IDFC education loan to study abroad is designed to meet the diverse needs of students targeting international education. Its standout features provide comprehensive financial support, ensuring you can focus on your studies and career aspirations.
Here are its key features:
1. Comprehensive Coverage for Global Education
The loan covers a wide range of expenses associated with studying abroad, ensuring you don’t face unexpected financial hurdles. From tuition to living costs, IDFC FIRST Bank supports your entire academic journey.
| Expense Type | Coverage Details |
| Tuition Fees | Full coverage of university or college fees as per the admission letter. |
| Living Expenses | Includes hostel fees, accommodation, food, and local travel. |
| Travel Costs | One-way travel to the destination country and related expenses. |
| Equipment | Costs for laptops, books, uniforms, or course-specific instruments. |
| Additional Expenses | Health insurance and exam/library/laboratory fees, as required by the institution. |
This extensive coverage makes the IDFC education loan to study abroad a one-stop solution for financing your international education.
2. Flexible Loan Amounts and Collateral Options
IDFC FIRST Bank offers flexible and maximum education loan for abroad studies tailored to your needs, with options for both secured education loan and unsecured loans to study abroad. This flexibility accommodates students with varying financial backgrounds.
- Unsecured Loans: Up to INR 85 lakh without collateral, ideal for those without assets to pledge.
- Secured Loans: Up to INR 1.5 crore with collateral, suitable for higher-cost programs.
- 100% Financing: No margin money required in most cases, covering the full cost of education.
- Pre-Admission Sanction: Conditional loan approval before securing university admission, aiding visa processes.
These options ensure the IDFC education loan to study abroad aligns with your financial situation and academic ambitions.
3. Competitive Interest Rates and Repayment Terms
Affordability is a key consideration for education loans. IDFC FIRST Bank offers competitive interest rates and flexible repayment terms to ease the financial burden post-graduation.
- Interest Rates: Starting at 8.5%, linked to the RBI’s repo rate (currently 6.5%), with a spread of 2.75% or more.
- Repayment Tenure: Up to duration of 15 years, including a moratorium period (course duration + up to 12 months).
- Repayment Options: Choose from direct EMI, simple interest, or partial simple interest, based on course and university category.
- No Prepayment Penalty: Pay off the loan early without additional charges, saving on interest.
These terms make the IDFC education loan to study abroad manageable and cost-effective, supporting long-term financial planning.
Eligibility Criteria for IDFC Education Loan to Study Abroad
Before applying, understanding the eligibility requirements ensures a smooth application process. IDFC FIRST Bank evaluates applicants based on academic merit, financial background, and institutional reputation to approve the loan.
Who Can Apply?
The eligibility criteria for the IDFC education loan to study abroad are straightforward, designed to accommodate a wide range of applicants pursuing international education. Here is the required criteria:
- Nationality: Must be an Indian citizen, including Non-Resident Indians (NRIs).
- Age: Minimum of 18 years at the time of application.
- Academic Qualifications: Completion of Standard XII for undergraduate programs or a relevant degree for postgraduate courses.
- Admission Status: Confirmed admission to a recognized university abroad, though pre-admission sanctions are available in select cases.
- Co-Applicant: A co-applicant (parent, spouse, or immediate family member) with a stable income and good credit score is mandatory.
Meeting these criteria positions you for a successful application, bringing you closer to securing the IDFC education loan to study abroad.
Eligible Countries and Courses Under IDFC Education Loan
The IDFC education loan to study abroad supports education across numerous countries and a variety of courses, ensuring flexibility for your academic aspirations.
| Category | Details |
| Eligible Countries | USA, UK, Canada, Australia, Germany, New Zealand, Singapore, and more. |
| Course Types | Undergraduate, postgraduate, technical, professional, vocational, and diploma courses. |
| University Criteria | Recognized institutions, with better terms for top-tier universities (e.g., Platinum Plus, Platinum categories). |
Contact an IDFC FIRST Bank representative for a complete list of eligible countries and institutions to confirm your program qualifies for the loan.
Also Read: Top Ways to Fix Common Education Loan Rejection Reasons
How to Apply for IDFC Education Loan to Study Abroad
Applying for the IDFC education loan to study abroad is a streamlined process, with both online and offline options. Following these steps ensures a hassle-free experience and increases approval chances.
- Check Eligibility: Visit the IDFC FIRST Bank website or contact a loan counselor to verify eligibility.
- Gather Documents: Prepare academic records, admission letters, identity proofs, and co-applicant financial documents.
- Submit Application: Apply online via the bank’s website or mobile app, or visit a branch for offline submission.
- Document Verification: The bank reviews your application, creditworthiness, and academic profile.
- Loan Approval: Receive a sanction letter detailing the loan amount, interest rate, and repayment terms.
- Sign Agreement: Review and sign the loan agreement to finalize the process.
- Disbursal: Funds are disbursed directly to the institution for tuition or to your account for other expenses.
Documents Required for IDFC Education Loan to Study Abroad
Having the right documents ready streamlines the application process. Below is a standard checklist for IDFC bank education loan to study abroad:
| Document Type | Examples |
| Identity Proof | PAN card, passport, Aadhaar card. |
| Academic Records | Mark sheets, admission letter, GRE scores (if applicable). |
| Co-Applicant Documents | Income proof (ITR, salary slips), credit score, identity proof. |
| Course Details | Fee structure, course duration, university details. |
| Additional Documents | Visa documents, travel itinerary (if applicable). |
Consult with an IDFC FIRST Bank representative for a personalized document checklist to ensure all requirements are met.
Tips for a Successful Education Loan Application With IDFC
Maximizing your chances of securing the IDFC education loan to study abroad requires careful preparation. These tips help you present a strong application.
- Maintain a Strong Academic Record: High grades and standardized test scores (e.g., GRE ≥ 315 for Platinum category universities) improve approval odds.
- Choose Reputed Institutions: Loans for top-tier universities often come with better terms, such as lower interest rates.
- Ensure Co-Applicant Creditworthiness: A co-applicant with a CIBIL score above 700 and stable income strengthens your application.
- Use an EMI Calculator: Estimate monthly repayments using IDFC’s online EMI calculator to plan your finances.
- Submit Complete Documentation: Avoid delays by providing all required documents accurately and promptly.
- Apply Early: Start the education loan process before visa applications to secure pre-admission sanctions, aiding visa approvals.
By following these steps, you can enhance your application’s success and secure the IDFC education loan to study abroad efficiently.
Also Read: How to Reduce Education Loan Interest Rates? Tips to Lower EMIs
The IDFC education loan to study abroad empowers you to pursue your academic dreams at leading global universities without financial constraints. With comprehensive coverage, competitive interest rates, and flexible repayment options, it offers a robust solution for funding international education.
FAQs on IDFC Education Loan to Study Abroad
The IDFC education loan to study abroad covers tuition fees, living expenses, travel costs, equipment (e.g., laptops), health insurance, and exam/library/laboratory fees.
With an IDFC education loan to study abroad, you can avail up to INR 85 lakh for unsecured loans and up to INR 1.5 crore for secured loans, depending on your eligibility and course requirements.
Interest rates for IDFC education loans to study abroad start at 8.5%, linked to the RBI’s repo rate (currently 6.5%) with an additional spread, varying by loan type and university category.
To apply for the IDFC education loan to study abroad, you must be an Indian citizen aged 18 or above, have confirmed admission to a recognized foreign university, and have a co-applicant with a stable income.
Yes, IDFC FIRST Bank offers pre-admission loan sanctions, which can help with visa applications by demonstrating financial backing.
The repayment tenure for the IDFC education loan to study abroad extends up to duration of 15 years, including a moratorium period (course duration + up to 12 months).
Yes, interest paid on the IDFC education loan qualifies for deductions under Section 80E of the Income Tax Act, reducing your taxable income.
For an IDFC education loan to study abroad, collateral is not required for loans up to INR 85 lakh. For higher amounts, secured loans up to INR 1.5 crore may require collateral.
The IDFC education loan approval typically takes 2–7 days, faster than the industry average, provided all documents are submitted correctly.
The IDFC education loan supports courses in countries like the USA, UK, Canada, Australia, and more, for undergraduate, postgraduate, and professional programs at recognized institutions.
Evaluate all study abroad options with Leverage Edu. Stay tuned with Leverage Live classes and realise your dream of studying in your dream country.
45,000+ students trusted us with their dreams. Take the first step today!