IDFC First Bank Education Loan

Private banks are one of the largest givers of education loans in India. They are known for their collateral-free loans, faster processing, and flexible rules. The most famous private banks in India that give education loans are - ICICI, Axis, HDFC, Kotak-Mahindra, and IDFC First Banks. 

IDFC First Bank is a private sector bank in India that was formed due to the merger between IDFC Bank and Capital First in December 2018. The merger aimed to create a combined entity that could offer a comprehensive range of banking and financial services.

It recently started giving out education loans, beginning its services in March 2022. This bank gives a greater preference to the academic performance of the students and the ranking of the university they choose to go to to decide the loan amount, unlike other banks which heavily focus on collateral value or financial co-applicants’ income rather than students’ profile. This is beneficial to students because it encourages their abilities and makes them feel supported in their dreams. Let us know more about their education loan.

IDFC First Bank provides the following types of study loans. They are:

• Secured loans
• Unsecured loans
• Study in India loans
• Study abroad loans

Let us know the definitions of each of the words.

• Secured loans: Secured loans are the ones where you pledge collateral against the loan. The collateral can be immovable property like houses, plots, and agricultural lands or liquid security such as fixed deposits, term life insurance, or government bonds.
• Unsecured loans: Unsecured loans do not require you to pledge any collateral for the education loan. The financial co-applicant's income and academic profile are thoroughly evaluated before giving out an unsecured loan.
• Study in India loans: IDFC First Bank gives education loans to pursue studies in India. They have loan products for higher education and for school education as well.
• Study abroad loans: This loan product is for students who wish to pursue higher studies in foreign countries. 

As said earlier, IDFC First Bank gives a higher priority to students' dreams. They offer an education loan for the following courses so that the student can choose their course of choice.

IN INDIA:

• A loan is given to finance school fees. 
• Undergraduate studies from UGC and government-recognized colleges.
• Masters or Ph.D. courses.

ABROAD:

• Undergraduate courses.
• Masters degrees.
• Postgraduate degrees.
• STEM courses- Science, Technology, Engineering, Mathematics. 
• Management courses.

IDFC First Bank is so versatile with the courses it funds. In addition to the courses mentioned above, it also funds education for executive, part-time, vocational, and diploma courses.

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.

Insider tip: If you chose to study abroad, and picked your course and university but 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 loan sanction without an admit letter will depend on the type of course you chose, the university, and the country you are going to.

This loan covers all the expenses from plane tickets to tuition fees and everything in between. 

Accommodation, stationery, laptop, and all other expenses are covered under an education loan.

IDFC First Bank also covers all these expenses for students who take an education loan to study in India including living expenses.

Now it is time to decide if you would like to take your education loan from this bank. If yes, how do you apply for it? Here is how:

Directly from the branch:

1. On the banks’ official website, there is an education loan panel.
2. 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.
3. Fill out the loan application form.
4. 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 WeMakeScholars does everything for you, that too, free of cost?

Here is how you can apply through WeMakeScholars and have a smooth loan process.

1. Complete the Common Application form for Student Loans.
2. To verify your eligibility, a financial officer will get in touch with you. Give information that is requested of you.
3. Our financial officer will provide you with a comparison of all the lending banks from whom you are qualified for a loan. Based on your eligibility and lending policies, choose a lender.
4. According to the document checklist that your financial officer has provided, submit your papers to the bank or upload them to WeMakeScholars' secure link-uploading portal.
5. The moment your documents are submitted, they will be logged in. You will learn the outcome of your loan application within 2–6 days.
6. Following the sanction, you can obtain your letter of sanction and sign the loan agreement.

• Negotiation on your behalf: The WeMakeScholars team can negotiate on your behalf with the bank for the best ROI and also we see that you are charged nominal for the complete process.
• Best customer service: You can avail of complete customer support from the WeMakeScholars team for any doubts you have, anytime.
• The cashback offered: You will be rewarded with a cashback on multiple disbursements to a maximum of INR 3000, as you are supporting the Digital India campaign by applying for your study abroad education loan via WeMakeScholars.
• You may access your loan profile using your credentials to find out the status of your loan application.
• Transparent and understandable process so that you don’t have to stay confused about what’s going on with your loan.