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Education Loan - Get a Student Loan to Study Abroad or in India
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Education Loan EMI Calculator
Loan amount
₹
Interest rate (p.a.)
Course duration
Tenure (Months)
Mode of repayment
Education Loan for India & Abroad Studies with Flexible Repayment
Planning your higher studies but worried about finances? IDFC FIRST Bank's education loan helps turn your academic dreams into reality. Whether you're looking for a student loan in India or funding for abroad studies, we've simplified how to apply for education loan with our fully digital process.
An education loan from IDFC FIRST Bank covers all key expenses — from tuition fees and living expenses to books, laptop, travel, and insurance — so you can focus on your studies without financial stress. With flexible repayment options and tenure, funding your education is now simpler and worry-free.
Fees & Charges:
Education Loan Offerings
Higher Education Loan - International
Planning to study abroad? Get a collateral free education loan starting from 11.75% p.a.
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Higher Education Loan - India
Pursuing higher studies in India? Get a collateral free education loan starting from 11.25% p.a.
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School Fees Financing
Build the path of your child’s education with IDFC FIRST Bank School Fees Financing
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High Loan Amount
Get funding of up to ₹2 Crore* for studies in India or abroad.
Collateral-Free Options
Eligible students can get collateral-free loans up to ₹1 Crore*.
100% Financing
Finance up to 100% of your education expenses with our loan*.
Competitive Interest Rates
Enjoy attractive interest rates starting from 9.5% p.a.*
Flexible Loan Tenure
Repay comfortably with flexible tenures of up to 15 years*.
Comprehensive Expense Coverage
Your loan can cover tuition fees, living expenses, laptops, books, and more.
Financial Benefits
Save more with tax benefits under Section 80E, zero prepayment charges, and flexible repayment options.
How to Apply for an Education Loan?
Who can Apply for an Education Loan?
Applicants with a valid
Admission Letter from
their course/institute
Indian nationals
(including NRIs)
Applicants without
admission can opt for
a pre-admission sanction
Documentation Required for Education Loan:
Student
- Fully-filled application form
- Photo ID proof
- Proof of residence
- Passport-sized photograph
- Proof of admission / entrance exam score e.g. GRE, IELTS, GMAT etc.
- Fee structure document
- Salary slips of experienced candidates
- Visa copy for overseas education (Pre-visa documents in case visa not received)
- Academic documents
Co-applicant
- Fully-filled application form
- Last 6 months’ bank statements, if required
- Photo ID proof
- Proof of residence
- Passport-sized photograph
- Relationship proof
- Balance fund proof
- Residence ownership proof
- Collateral documents, if applicable
- Income proof, if applicable
Testimonials
"IDFC FIRST Bank Ltd. helped me avail an education loan from them in a simple, smooth, and seamless way. The team explained the procedure patiently, answered all my queries and were very flexible in accommodating my requests, which normally does not happen with other financial institutions. The team is proactive and courteous, all the documentation was hassle free and services were provided right at the doorstep."
Neha Dadhich
"Hello Guys, my name’s Siddhesh Wagh and I’m from Thane. My main motive behind this video is to thank to IDFC FIRST Bank and Ganesh sir who is my education loan assistant. Since childhood I always dreamt of completing my higher education abroad but due to the financial problem it is very difficult for the middle-class family student but IDFC FIRST Bank & Ganesh sir helped me to fulfil my dream by providing an unsecured loan. Ganesh sir has provided generous assistance throughout the loan process right from the application process to the disbursement of the loan; also IDFC FIRST Bank provides all this education loan services at your home from opening the bank account to signing the agreement. So, I would like to advise you all to grab this opportunity to fulfil your dream. Once again, thank you IDFC FIRST Bank & Ganesh sir."
Siddhesh Wagh
"I would like to appreciate the IDFC FIRST Bank Education Loan team, for immensely supporting me. I applied for a loan in month of March and I don't think I have to mention what March means for bank employees but still they supported me and answered each of my queries."
Ashish Bhanushali
"Hi I am Riddhi Bajaj and I’m pursuing my masters from National University of Singapore. For me the idea of transforming businesses with the result-oriented approach draws me to entrepreneurship. Being an independent woman, I am no stranger to my privileges, which is why I wish to make a difference in lives of those in need; especially women who do not get the same opportunities. IDFC First bank supported me in taking my first step towards turning this dream into a reality. Their super supportive team stepped in & helped me sail through this otherwise taxing process with ease. They guided me through all the steps with patience and honesty. I have nothing but immense gratitude for each & every one who made this possible. Thank you for everything."
Riddhi Bajaj
"I had dreamed of studying and becoming a successful person in my life. I always wanted to study abroad but coming from a normal family it was difficult for me to pay such a huge amount for paying my fees. After receiving an offer from my college in canada i came across IDFC bank educational loan. I applied for it and the people assisting me with the process were so understanding and helpful. Tanvi ma'am helped me with the process from start to end till my loan amount was credited to my account. She is still helping me out with all my queries. The total amount of 32,00,000 was sanctioned which covered all my expenses and i was able to achieve my dream. The tenure is 12 years and with really nominal rate of interest. I would like to thank you sincerely to tanvi ma'am and other people who have helped me along the way. I have a very positive experience with IDFC Bank and will always recommend IDFC bank for any financial requirements to my family and friends."
Priyal Khuman
Education Loan Blogs
Abroad Education Loan Interest Rates: What Affects Them and How to Choose Wisely
Pursuing higher education abroad is a dream for many—and while it's achievable, it's also expensive.
Secured vs. unsecured education loans for studying abroad
Planning to study abroad is exciting, but arranging funds for it can feel overwhelming.
Your Guide to Getting a Student Loan to Study Abroad
Studying abroad is a dream for many students—but let’s face it, international education comes with a significant cost.
No property? No problem: Study abroad loans without collateral explained
Studying abroad is aspiration for many—but let us be honest, it can be costly
Complete educational finance with the best education loan in India
The demand for education is on the rise, with over 65% of the population under the age of 35
Frequently Asked Questions on Education Loan
All
General
Features and Benefits
Interest Rates and Charges
Loan Application
Tax
What is an Education Loan?
An Education Loan is a sum borrowed by students to cover the financial requirements for completing their selected academic course. Education Loans are primarily provided by banks and NBFCs and can be used to cover college-related fees as well as other education related expenses such as living expenses, insurance costs, the purchase of computers and uniforms, and so on.
Why should I take an Education Loan ?
There are numerous benefits of availing an Education Loan, some of which are stated here :
Low interest rates - When compared to interest rates on other loans, Education Loan interest rates are often on the lower side.
Flexible repayment - Unlike Education Loans, most loans require monthly repayment of EMIs as well as interest. The Education Loan's moratorium / partial interest payment period is relatively long, lasting till the course is completed plus an additional grace period.
Tax advantages - Education Loans also provide appealing income-tax advantages. Under Section 80E of the Income Tax Act of 1961, the interest paid on an Education Loan is entirely deductible.
Improve credit history - Regular loan repayment can help students enhance their credit history. Building a great credit history through an Education Loan can be beneficial when attempting to achieve other life goals such as purchasing a home or a car through loans.
What are the steps involved in getting an Education Loan?
The following are the stages involved in getting an Education Loan:
• Determine the college expenses and total financial support you need.
• Research your options and consider which Education Loan is best suited to your needs.
• Some critical parameters to consider when selecting an Education Loan are: Education Loan interest rates, repayment terms, loan tenure, and eligible amount (secured & unsecured loans).
• Before applying for a loan, it is advisable to use an Education Loan EMI calculator to estimate the loan amount you can afford.
• Collect all essential documentation for an Education Loan and apply in accordance with the lending institution's guidelines.
• The lender will take some time to check the information given in accordance with the predetermined process.
• Lenders often assess the applicant's and co-applicant's ability to repay the loan, as well as their financial background, as well as the student's previous academic records and the reputation of the educational institution to which the student has applied.
What are the expenses covered under Education Loan?
The IDFC FIRST Bank Education Loan amount would cover the following course expenses:
College related expenses/ Cost of education:
• Tuition and fees payable to the institute
• Examination / library / laboratory fees
• Living expenditures (including Hostel fees)
Additional expenses:
• Travel expenses
• Purchase of computers, laptops, books, equipment, or uniforms
• General Insurance
• Life Insurance
Will my Student Loan cover additional expenses, if I choose to study in India?
Yes. Apart from the college-related expenses, our Student loans also cover travel expenses, purchase of computer/laptops and insurance costs for domestic as well as international courses.
What are the advantages of taking an Education Loan from IDFC FIRST Bank?
There are several advantages in availing student loans from IDFC FIRST Bank.
With our ALWAYS YOU FIRST principle, you will enjoy:
• Education Loans available up to ₹2 Crore*
• Collateral-free loans of up to ₹1 Crore*
• Up to 100%* financing
• Flexible repayment options
• Hassle-free education financing fulfilled at your doorstep
• Customized solutions tailored as per your needs
• Income tax benefits under section 80E
*T&C Apply
What is the maximum loan amount I can get?
IDFC FIRST Bank Education Loan is available up to ₹ 2 Crore*.
*T&C Apply
What is the loan period for IDFC FIRST Bank’s Education Loan?
IDFC FIRST Bank provides a flexible loan period of up to 15 years, making Education Loan payments simple.
Do I need to provide any margin money?
IDFC FIRST Bank offers up to 100%* financing. The amount of margin money is subject to the IDFC FIRST Bank's policy.
*T&C Apply
What kind of courses are funded by IDFC FIRST Bank's Student Loan for studying abroad?
IDFC FIRST Bank's Student Loan for studying abroad includes a wide range of courses at the undergraduate and postgraduate levels. Technical and professional courses given by accredited universities and autonomous institutions are included on the list. We sponsor education for executive, part-time, vocational, and diploma courses in addition to full-time studies.
Which countries are eligible for an Education Loan for study abroad?
IDFC FIRST Bank's Education Loan for studying abroad can be used to study in a variety of countries, including the United States, the United Kingdom, Canada, Australia, Germany, New Zealand, Singapore, and others. To obtain the complete list of countries, please contact an IDFC FIRST Bank representative.
What documents are required to apply for an Education Loan?
The following documents are required for an Education Loan:
Applicant:
• Fully filled application form
• Photo ID proof
• Proof of residence
• Passport sized photograph
• Proof of admission / entrance exam score e.g. GRE, IELTS, GMAT etc.
• Fee structure document
• Salary slips of experienced candidates
• Visa copy for overseas education (Pre-visa documents in case visa not received)
• Academic documents
Co-applicant:
• Fully filled application form
• Last 6 months’ bank statements, if required
• Photo ID proof
• Proof of residence
• Passport sized photograph
• Relationship proof
• Balance fund proof
• Residence ownership proof
• Collateral documents, if applicable
• Income proof, if applicable
How is the IDFC FIRST Bank's interest rate on an Education Loan calculated?
The IDFC FIRST Bank Education Loans are tied to the Repo rate.
(The repo rate is the rate of interest at which the government lends money to commercial banks. To compensate the numerous costs involved, banks charge a spread above the repo rate to arrive at the interest rate.)
Education Loan interest rates that are tied to the repo rate are subject to change anytime the repo rate changes.
How can I check my Education Loan EMI amount?
Click here to use our Education Loan EMI Calculator on our website to see how your EMI will be calculated.
Who is eligible for IDFC FIRST Bank’s Student Loan?
IDFC FIRST Bank's Student Loan eligibility conditions are as follows:
• You must be an Indian national (including an NRI)
• You must be 18 years old or older
• You must have obtained admission in the authorized institution/course
• If secured admission is not available, you can obtain a pre-admission sanction
How can I apply for an Education Loan from IDFC FIRST Bank?
We have simplified the procedure so that applicants can apply through various channels such as our website, branch, mobile application, and customer service.
You can also apply through FIRST UNI, IDFC FIRST Bank's one-stop shop for education financing. FIRST UNI provides individual support through a buddy and connects you with an expert counsellor for writing SOP, building resumes, test preparation, and much more.
Apply Now!
• IDFC FIRST Bank Website
• Customer Care: 1800 10 888
• IDFC FIRST Bank Branch Locator
What is the Education Loan process at IDFC FIRST Bank?
IDFC FIRST Bank's Education Loan application procedure is as follows:
Step 1 - Simple application and documentation
1. Submit your request for an Education Loan on the IDFC FIRST Bank website, in person at a branch, or by calling the customer service number.
2. Submit your and your co-applicant's documents to your Relationship Manager, as applicable.
Step 2 - Quick Approvals
Wait for loan approval; each lender has a specific process for sanctioning an Education Loan that includes verification of the information provided.
Step 3 - Disbursement
Plan your disbursement once your loan has been accepted in accordance with the requirements of your academic session or VISA application.
When is the most suitable time to apply for an Education Loan?
It is recommended that you apply for an Education Loan well before the start of the academic session, even before your admission is confirmed, especially if you are studying abroad. It is preferable to keep a significant time frame available to avoid last-minute problems. You can determine your loan eligibility ahead of time and obtain a conditional sanction letter, which serves as financial assurance proof for the university, making your admission procedure easier.
Can I apply for an Education Loan before my acceptance has been confirmed?
Yes, you can apply for an IDFC FIRST Bank Education Loan even if your admission has not yet been confirmed. If your application is approved, you can receive a conditional sanction based on your academic profile.
Do I need a co-applicant for my Education Loan?
Yes, a co-applicant is required to avail IDFC FIRST Bank’s Education Loan
Who can be my co-applicant?
Your co-applicant can be your parents, brother, sister, spouse, parents-in-law, grandparents, or maternal/paternal uncle/aunt.
Can an NRI resident or working in another country be added as a co-applicant on my Education Loan?
Yes, you can include your NRI parent/relative living overseas on your Education Loan structure as long as that person meets the remainder of the criteria for becoming a co-applicant as specified in the IDFC FIRST Bank policy.
Does my work experience factor into the approval of an Education Loan?
Yes, your work experience is one of the numerous factors that the Bank analyses when evaluating your profile for approval, particularly for applicants interested in pursuing executive education.
What effect does the reputation of the institute (college or university) have on the approval of an Education Loan?
When it comes to Education Loans, the reputation of the institute does make a difference. A higher rated college/university may provide you with better loan approval possibilities in terms of lower interest rates, greater loan amounts without collateral, flexible repayment alternatives, and a longer loan period.
Can I reapply next year if IDFC FIRST Bank rejects my Education Loan application this year?
Yes, you can reapply for an IDFC FIRST Bank Education Loan. The case will be reassessed in accordance with IDFC FIRST Bank's policy.
Do I get any tax benefit on my Education Loan?
Yes, you can deduct interest paid on your Education Loan under Section 80E of the Income Tax Act of 1961.
How can I calculate how much money I'll save due to the tax benefit?
To calculate your tax savings, click here.
What is Section 80E of the Income Tax Act of 1961?
Section 80E of the Income Tax Act provides a tax benefit for people who take out Education Loans for higher education. It allows you to deduct the interest amount charged on an Education Loan EMI from your taxable income. According to Section 80E, the total interest paid on an Education Loan in a given fiscal year can be claimed as a deduction.
Who is eligible for tax exemption under Section 80E of the Income Tax Act of 1961?
Section 80E of the Income Tax Act states:
• This deduction is only available to individuals. It is not available to Hindu Undivided Families (HUFs) or any other type of taxpayer.
• The Education Loan should be used for the higher education of the individual, spouse, or children, or for a student whom the individual is the legal guardian.
• Parents can simply claim this deduction for loans obtained for their children's higher education.
• Loans should be taken from a bank or a recognized financial institution; loans taken from friends or relatives are not eligible for deduction.
• The loan should be availed to pursue higher education.
What is the maximum exemption amount under Section 80E of the Income Tax Act?
There is no upper limit for exemption under section 80E; you can claim the entire interest amount paid on your Education Loan in a fiscal year as a deduction. Please refer to the most recent Income Tax Department guidance on Section 80E deductions.
What are the different IDFC FIRST Bank Education Loan repayment options?
IDFC FIRST Bank provides flexible repayment alternatives for student loans. According to IDFC FIRST Bank's policy, the repayment modes are applicable based on credit assessment. There are several repayment options available, including:
• Immediate EMI - Begin repaying your loan as soon as the loan is disbursed.
• Simple Interest (SI) - Begin repaying accrued simple interest immediately, while you study.
• Partial Simple Interest (PSI) - Begin repaying a portion of accrued simple interest immediately, while you study.
• Moratorium - Do not pay anything for the defined moratorium period.
During what period is moratorium/partial Simple Interest (SI) and Simple Interest (SI) applicable on my student loan, and how is my EMI calculated afterward?
The moratorium/partial Simple Interest (SI) period for student loans is defined as the course duration plus a 12‑month grace period after course completion.
What happens during this period?
Interest (as per your sanction—partial SI or full SI) accrues on the outstanding principal during the moratorium/grace period.How is this handled at the end of the moratorium?
The total interest accrued during this period is added to your original principal to form the revised principal.How is the EMI calculated?
Your EMIs start after the moratorium ends and are calculated on the revised principal (i.e., Original Principal + Accrued Interest during moratorium), at the applicable interest rate and chosen repayment tenure.
Can I foreclose on my Education Loan? If so, what will the charges be?
Yes, you can foreclose your Education Loan at IDFC FIRST Bank without incurring any additional charges.
Is it possible to get a part-closure on an Education Loan with IDFC FIRST Bank?
Yes, IDFC FIRST Bank Education Loans offer a part-payment option at no extra cost.
What type of collateral does IDFC FIRST Bank accept?
We accept a variety of collaterals, as detailed in the IDFC FIRST Bank policy. Real estate properties such as houses and flats, as well as commercial properties such as office buildings and shops, are examples of assets that can be pledged to obtain a loan. Fixed Deposits, which are more liquid assets, are also accepted as collateral.
Is it necessary for me to offer collateral in order to obtain an Education Loan?
No it is not mandatory to offer collateral to obtain an Education Loan from IDFC FIRST Bank. The collateral requirement, on the other hand, is determined based on the requested Education Loan amount, institute classification, and applicant profile.
I already have an Education Loan with another Bank. Is it possible to transfer it to IDFC FIRST Bank?
Yes. You can use our Balance Transfer option to transfer your existing Education Loan to IDFC FIRST Bank.
Can I transfer an Education Loan from another financial institution/NBFC to IDFC FIRST Bank?
Yes, an Education Loan balance transfer from a Non-Banking Financial Company (NBFC) to IDFC FIRST bank is possible.
What are the benefits of transferring my Education Loan to IDFC FIRST Bank?
Transferring your Education Loan to IDFC FIRST Bank has several advantages.
You can take advantage of benefits such as:
• Enjoy up to 2%* lower rate of interest
• Education Loans up to ₹2 Crore*
• Collateral-free loans of up to ₹1 Crore*
• Up to 100%* financing available
• Flexible repayment choices
• Hassle-free doorstep education financing
• Customized solutions tailored to your specific need
• Income tax benefits under Section 80E
*T&C Apply
What are the current education loan interest rates in India for 2025?
At IDFC FIRST Bank, education loan interest rates start from 11.25% p.a.*. Rates may vary based on the applicant’s profile, course selected, and university ranking. Use our EMI calculator to see personalized estimates.
Rates are indicative and subject to change; T&C apply.
How do education loan interest rates vary for studying abroad vs. in India?
Education loan interest rates start from 11.25% p.a.*, with rates varying based on your study destination. Abroad loans (e.g., for USA, UK, or Canada) may see slight variations based on higher loan amounts (up to ₹2 Cr) and forex risks, potentially adding a small spread. Factors like institute reputation and collateral can influence the final rate.
Is there a way to get a lower education loan interest rate through balance transfer?
Yes, transferring your existing education loan to IDFC FIRST Bank can reduce your interest rate by up to 2%. This applies to loans for India or abroad studies, with benefits like extended tenure and tax benefit U/s 80 E.
Subject to eligibility; apply online for seamless processing.
Can I get a lower interest rate without providing collateral?
Yes, IDFC FIRST Bank offers collateral-free education loans up to ₹1 Cr., with competitive interest rates, making higher education more accessible without the need for security.
What factors influence the interest rate on my education loan?
Key factors include the loan amount, course type, prospect university, applicant’s profile, and whether the loan is secured or unsecured.
*Terms & Conditions Apply