IDFC FIRST Bank Education Loan Programme 2024: Apply Online

IDFC FIRST Bank Education Loan Programme 2024 Apply Online & Registration Form | IDFC FIRST Bank Education Loan Programme Check Beneficiary Category & Age Limit | IDFC FIRST Bank Education Loan Programme Benefits & Features | IDFC FIRST Bank Education Loan Programme Check Covered Courses or Programs & Interest Rate | IDFC FIRST Bank Education Loan Programme Check Eligibility & All Details |

Covering tuition fees, hostel expenses, and travel costs, the IDFC FIRST Bank Education Loan Programme eases the burden of financing education in India or abroad. With fast approval and disbursement, students can focus on their studies, alleviating financial worries. Students can visit the official website to look for genuine information.

Today through this article we will provide you with all types of information about the IDFC FIRST Bank Education Loan Programme 2024 like purpose, Eligibility Criteria, Benefits, Features, and important documents, etc. Apart from this, we will share with you the process to apply online for this loan. To get complete information about this test, read this article till the end.

IDFC FIRST Bank Education Loan Programme

Under the IDFC FIRST Bank Education Loan Programme, students can pursue higher studies or professional courses with borrowed funds. Whether for academic or vocational pursuits, this loan option caters to diverse educational needs. IDFC FIRST Bank offers flexible repayment options, allowing borrowers to choose between higher monthly payments or lower instalments.

Through the IDFC FIRST Bank Education Loan Programme, students aspiring for higher studies, MBA, or vocational courses can now overcome financial barriers. Upon online registration, eligible candidates can access funds to pursue their desired programs. With the loan amount disbursed directly to the educational institution, students can commence their studies with financial peace of mind.

Highlights Of IDFC FIRST Bank Education Loan Programme 2024

The highlights of this loan programme are as follows:-

Objectives Of IDFC FIRST Bank Education Loan Programme

The major objective of launching the IDFC FIRST Bank Education Loan Programme is to provide loans at a variable rate of interest on the basis of return duration by which the students will not need to drop out of their studies because of non-submission of the education or course fees. Students can apply for loan amounts for borrowing which will help them for pursuing any kind of course or study.

Another objective of launching the IDFC FIRST Bank Education Loan Programme is to fulfil the dreams of students wanting to explore their education as well as careers in various fields or higher courses. Students belonging to EWS or Underprivileged sections sometimes lose their hopes of studying higher but this will redress their issues to some extent. The students can borrow loan amounts as per their wish on the basis of fees charged by the university or institution.

Beneficiary Category

The applicants will need to know or search for the beneficiary category before applying online for this loan because only on the basis of beneficiary category the loans can be accessed by the students. This loan can only be borrowed or applied by those students or applicants who want to apply for a loan amount to borrow in order to get admission to various higher study courses. The students will also need to return the loan amount along with the rate of interest charged on it.

Age Limit

The age limit will also be taken into consideration at the time of filling out the form for borrowing loans. The lending institution (IDFC First Bank) will also considers the age limit of the student to which he or she belongs because it is also the age limit which plays a vital role in the applicant to borrow a loan. The student or applicant will need to attain the age limit of 18 years.

Loan Coverage

This loan amount will cover the below-mentioned allowances:-

• Tuition Fees
• Hostel Fees
• Exam Fees
• Travel Expenses
• Computer/Laptop Purchase
• Insurance Costs

List of Covered Courses or Programs

The students can seek loans for the below-mentioned courses or programs:-

• MBA Course or Degree
• Any Professional Courses
• Any Vocational Courses
• Part-Time Courses
• Full-Time Courses

Education Loan Interest Rate

The below-mentioned interest rate will be charged on the education loan:-

• Minimum = 2.75%
• Maximum = 8.75%

Liable To Return Loan Amount

It doesn’t mean if the bank is lending an education loan amount to the student for carrying out higher studies then he or she will not be entitled to return the amount of loan within the stipulated amount of time. The students will be liable to return the borrowed amount of education loan within that amount of interest that has been charged on it on the basis of duration.

IDFC FIRST Bank Education Loan Programme Last Date

The students will also be advised to apply online before the last date in order to get an online registration that has been already mentioned or released by the official committee or authority in order to make sure that the students will get timely registration. The students can apply online before the last date that is basically 31st March 2024.One can apply online before the last date to get timely registration.

Flexible Loan Amount

One of the key advantages of the scholarshipis the flexibility it offers in terms of loan amount. Whether you are planning to pursue a diploma, undergraduate, or postgraduate course, the bank provides loans that cover a wide range of expenses, including tuition fees, accommodation charges, study materials, and more.

Competitive Interest Rates

Understanding the financial burden that education can bring, IDFC FIRST Bank offers education loans at competitive interest rates. This ensures that students can focus on their studies without worrying about exorbitant interest charges.

Quick Approval Process

Time is of the essence when it comes to education loans, and IDFC FIRST Bank recognizes this. The bank has streamlined its approval process to ensure that students receive quick decisions on their loan applications. This allows them to plan their finances accordingly and proceed with their education without delay.

Customized Repayment Options

Repaying an education loan should not be a burden, and IDFC FIRST Bank understands this. The bank offers customized repayment options that take into account the financial capabilities of the borrower. This ensures that the repayment process is manageable and does not hinder the student’s future financial goals.

No Collateral Required

Unlike traditional loans, the scholarshipdoes not require any collateral. This eliminates the need for students and their families to provide assets as security, making the loan accessible to a wider range of individuals.

Flexible Tenure

The bank offers flexible tenure options for education loans, allowing borrowers to choose a repayment period that suits their financial situation. This flexibility ensures that students have ample time to establish themselves in their careers before starting the repayment process.

Online Application Process

Gone are the days of lengthy paperwork and physical visits to the bank. IDFC FIRST Bank has simplified the application process by providing an online platform. Students can conveniently apply for an education loan from the comfort of their homes, saving time and effort.

Insurance Coverage

To provide an added layer of security, IDFC FIRST Bank offers insurance coverage for education loans. This coverage ensures that in the unfortunate event of the borrower’s demise, the loan liability does not fall on their family members.

Co-borrower Facility

For students who may not meet the income or credit requirements on their own, IDFC FIRST Bank allows for the inclusion of a co-borrower. This facility enables students to avail of the loan with the support of a parent, guardian, or any other eligible individual.

Range of Courses Covered

The scholarshipcovers a wide range of courses, including diplomas, undergraduate degrees, postgraduate degrees, and professional courses. This ensures that students from various fields of study can benefit from the loan programme.

Some Other Scholarships

The list of some other scholarships are as follows:-

• SBI Education Loan
• HDFC Credila Education Loan
• Axis Bank Education Loan
• ICICI Bank Education Loan
• PNB Education Loan
• Canara Bank Education Loan
• Bank of Baroda Education Loan
• IDBI Bank Education Loan
• Union Bank of India Education Loan
• Avanse Education Loan

Benefits Of IDFC FIRST Bank Education Loan Programme 2024

The benefits of this loan are as follows:-

• Competitive interest rates: IDFC FIRST Bank offers education loans at competitive interest rates, making it affordable for students to pursue higher education.
• Flexible repayment options: The bank provides flexible repayment options, including moratorium period for course duration and additional grace period, making it easier for students to repay the loan.
• High loan amount: IDFC FIRST Bank offers high loan amounts to cover tuition fees, living expenses, travel costs, and other educational expenses.
• Quick approval process: The bank has a quick approval process, making it convenient for students to get the required funds in a timely manner.
• No collateral required for certain loan amounts: Depending on the loan amount and applicant’s profile, IDFC FIRST Bank may not require any collateral for the education loan.
• Co-borrower option: Students who do not meet the eligibility criteria can opt for a co-borrower to secure the loan.
• Tax benefits: Borrowers can avail tax benefits on the interest paid under Section 80E of the Income Tax Act, making it a cost-effective financing option.
• No hidden charges: IDFC FIRST Bank is transparent about its fees and charges, ensuring that students are aware of all costs associated with the loan.
• Online application process: Students can easily apply for an education loan online, making the application process convenient and hassle-free.
• Dedicated customer support: The bank offers dedicated customer support to address any queries or concerns related to the education loan programme, providing assistance throughout the loan tenure.

Features Of IDFC FIRST Bank Education Loan Programme 2024

The features of this loan programme are as follows:-

• Flexible Loan Amount: IDFC FIRST Bank offers education loans up to Rs. 40 lakhs for studies in India and up to Rs. 1.5 crores for studies abroad.
• Competitive Interest Rates: The bank offers competitive interest rates on education loans, making it easier for students to fund their education.
• Quick Approval Process: IDFC FIRST Bank has a quick approval process for education loans, ensuring that students can get the funds they need in a timely manner.
• Customized Repayment Options: The bank offers customized repayment options for education loans, allowing students to choose a repayment plan that suits their financial situation.
• No Collateral Required: The bank provides education loans without requiring any collateral, making it easier for students to access funds for their studies.
• Flexible Tenure: IDFC FIRST Bank offers flexible tenure options for education loans, allowing students to choose a repayment period that works best for them.
• Online Application Process: Students can apply for education loans online, making it convenient and hassle-free to access funding for their studies.
• Insurance Coverage: The bank offers insurance coverage for education loans, providing students with peace of mind in case of unforeseen circumstances.
• Co-borrower Facility: IDFC FIRST Bank allows students to include a co-borrower for their education loan, making it easier for them to qualify for higher loan amounts.
• Range of Courses Covered: The bank provides education loans for a wide range of courses, including undergraduate, postgraduate, and professional courses in India and abroad.

IDFC FIRST Bank Education Loan Programme Eligibility Criteria

The applicants will need to follow the below-mentioned points for borrowing a loan:-

• The applicant must be a citizen of India.
• He or she must be a student.
• The student must have a co-applicant.
• His or her age must be at least 18 years.
• The student must be wanting to pursue higher studies.

Important Documents

The applicants will need to affix the below-mentioned documents at the time of borrowing the loan:-

Student

• Photo ID proof
• Proof of residence
• Passport sized photograph
• Proof of admission
• Fee structure document
• Salary slips of experienced candidates
• Academic documents

Co-applicant

• Photo ID proof
• Proof of residence
• Passport sized photograph
• Income-related documents

Collateral documents

• Property documents
• FD documents

Process To Apply Online Under IDFC FIRST Bank Education Loan Programme 2024

The applicants will need to follow the below-mentioned points for applying online for an education loan:-

• The applicant will need first to visit the Official Website.

• Now you will get land on the homepage.
• Click on the Apply Now button.

• The registration form will get displayed on the screen where you will need to enter the asked details such as:-
  • Title
  • First Name
  • Middle Name
  • Last Name
  • DOB
  • Preferred Country of Study
  • Pincode
  • Mobile No
• Now click on the Proceed button after entering the above-mentioned details.
• Then the next page will get shown where more entries will need to be filled by the applicant.
• Fill in the asked details step-by-step.

Contact Information

In case you are having any doubts or queries regarding the IDFC FIRST Bank Education Loan Programme, then you may contact this Customer Care Hotline No:- 1800 10 888.