IDFC Bank Abroad Education Loan

Student loans from IDFC First Bank are offered at interest rates ranging from 8.5% to 12%, with an emphasis on colleges located in nations including the USA, Germany, the  UK, Canada, Australia, and Ireland.

Pro tip: If you have already paid the university fee, that amount can be reimbursed into your account by talking to a financial officer from WeMakeScholars to discuss it with banking personnel further.

Under these schemes, the government of India pays the interest generated during the moratorium period. These schemes are only applicable to students pursuing higher education abroad.

Moratorium period = The duration of the course + 12 months 

Dr. Ambedkar's central sector scheme

• If the student's family income is less than 8 Lakhs per annum and they belong to the Economically backward class (EBC), they can avail of this subsidy.
• If the student's family income is less than 8 Lakhs and the student belongs to the OBC community, they can avail of this subsidy.

Padho Pradesh

If the student belongs to a religious minority (Muslim, Christian, Sikh, Buddhist, Jain, Zoroastrian), their family income is less than 8 Lakhs. 
The family income is lower than 8 lakhs 

Note: The Padho Pardesh Scheme was stopped on April 1, 2022, but recipients who were still receiving benefits as of March 31, 2022, will continue to receive interest payments for the duration of the loan's moratorium period.

At WeMakeScholars, we provide the applicants with the complete document checklist which minimizes confusion and makes the process easier for the students. 

In IDFC First bank the grace period/ moratorium period lasts up to a year after the completion of the course. i.e., course duration plus twelve months.

If we take as an example, that you take a loan of 25 Lacs at an interest rate of 10% and the repayment tenure is also ten years, then the following would be the amortization schedule.

We also offer assistance with the loan disbursement process, helping you to understand the terms and conditions of the loan and the repayment schedule, and answering any questions you may have. You can check WeMakeScholars' education loan EMI Calculator for your financial planning.

Offline education loan application process

Step 1:  Go to your nearest IDFC first bank and fill in the loan application form provided to you

Step 2: Your eligibility for the loan product is checked. If you meet the criteria, your loan is approved.

Step 3: Then you will be asked to provide all the necessary documents for the application of a loan, and submit all the required documents.

Step 4: After which your loan is processed and the amount will be disbursed into your account.

Online education loan application process

Step 1: Complete the Common Application form by filling in your details.

Step 2: You will receive a call from one of our financial officers asking for your basic details to check your eligibility for the loan.

Step 3: Choose from all the lenders provided to you by your financial officer as per the eligibility criteria and policies of the bank.

Step 4: Submit all the documents from the document checklist provided to you by your financial officer. 

Step 5: Your application will be logged in from the moment you submit your documents. You will be informed of your application status within 15-20 days in public banks and 2-6 days in Pvt banks 

Step 6: After your loan has been sanctioned you can receive the sanction letter and sign the loan agreement 

Issues while approaching the lenders directly

• Prolonged processing time
• The application process is not well explained.
• No room for negotiation
• For the necessary documentation, no checklist is provided.
• If issues emerge after disbursement, no assistance is provided.

As WeMakeScholars is funded by the Ministry of IT, Govt of India, under the Digital India campaign, All the services are free of cost! We don’t charge anything for the services being provided.  

Benefits of applying through WeMakeScholars

• Negotiation on your behalf: When you process your loan with us, we make sure to get you the best possible rate of interest available in the market (0.5% to 2% lower than the bank’s average).
• Best customer service/support: You can contact us anytime from 9 AM to 9 PM about any queries you have during the loan process. You can contact the WeMakeScholars team for any of the doubts you have, even during the repayment period. 
• 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.
• Transparency: One of the main reasons to go with WeMakeScholars is for the transparency we provide to the students regarding the whole loan process. Each step of this procedure is clearly explained by our Financial officers. We make sure the students are clearly aware of and understand the whole process before we start processing their loans.