Buddy4Study - IDFC FIRST Bank Education Loan Programme

The loan amount would include the following expenses towards the course: 
College-related expenses:

• Tuition and Fees payable to the institute
• Examination/library/laboratory fees
• Purchase of books/Equipment/uniforms
• Living expenses (including Hostel fees) 

Additional expenses:

• Travel expenses 
• Purchase of computers/laptops 
• Overseas Insurance
• Cost of health insurance

IDFC FIRST Bank provides up to 100% financing. The quantum of margin money is subjected to the institute classification done in the IDFC FIRST Bank’s policy.

Collateral is not mandatory to avail IDFC FIRST Bank’s education loan. Collateral requirement is decided on the basis of requested loan amount, institute classification and applicant’s profile.

Yes, co-applicant is required to avail IDFC FIRST Bank’s education loan except in few cases, which are decided on the basis of IDFC FIRST Bank’s policy criteria.

At IDFC FIRST Bank, we believe in your potential and provide loan on the basis of your future income. However, co-applicant’s income is required for assessment on case to case basis as per the IDFC FIRST Bank’s policy.

Parents, brother, sister, spouse, parents-in-law and grandparents can be your co-applicant.

IDFC FIRST Bank offers flexible tenure, thus ensuring easy repayment of education loan.

According to Section 80E:

• Only an individual can claim this deduction. It is not available to HUF or any other kind of taxpayer.
• The loan should be taken for the higher education of self, spouse or children or for a student for whom the individual is a legal guardian.
• Parents can easily claim this deduction for the loan taken for the higher studies of their children

IDFC FIRST Bank’s education loan is approved within 48 hours*.
 

Yes, there are no charges for pre-payment of your loan.

There are several advantages to availing an education loan from IDFC FIRST Bank.        

• With our ALWAYS YOU FIRST principle, you will enjoy:
• Up to 100% financing
• End-to-end digital process
• Entrance test score-based benefits
• Door step services
• Customized solution
• Income tax benefits under section 80E 
• Flexible collateral requirements

Your EMI consists of two components, the principal amount and the interest rate charged on the principal. The factors that determine the EMI are the amount you borrow, the rate of interest applied and the loan tenure. The EMI is to be paid on monthly basis over the tenure of the loan.

We offer floating education loans to our customers. Please feel free to reach out to any IDFC FIRST Bank representative and we will provide you with the necessary information. Please use our education loan EMI calculator, which will help you ascertain the cost of the loan, your EMI amount, and other parameters.

An education loan enables you to fund your dream education by meeting the financial requirements of the course. Education loans are intended to cover the course fees and any charges related to the education like your study material, accommodation charges, travel expenses, equipment costs, etc. 

Yes, self-employed individuals can also avail education loans. We give education loans to sole proprietors, self-employed individuals, partnership firms and directors of the companies, given the respective eligibility criteria are met as per the IDFC FIRST Bank’s policy.

We carry out certain verifications to ascertain the suitability of your application as per the bank’s policy. These are case-specific and might involve telephonic or in-person discussions to gather more information required for processing your application. We also carry out verification for your residence or office address and any additional checks as per the Know Your Customer (KYC) guidelines of the bank.