IDFC First Bank Education Loan for Studying Abroad

Dreaming of studying abroad but worried about managing your finances? IDFC FIRST Bank simplifies the process with its flexible and student-friendly education loans tailored for international studies. Offering interest rates ranging from 8.5% to 12%, these loans are designed to support students aiming for top universities across the USA, UK, Germany, Canada, Australia, and Ireland. With competitive rates, quick approvals, and convenient repayment options, IDFC FIRST Bank ensures you can focus on achieving your academic goals—without financial stress standing in the way.

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.

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

• Secured loans
• Unsecured 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 abroad loans: This loan product is for students who wish to pursue higher studies in foreign countries. 

As mentioned earlier, IDFC First Bank places a higher priority on students' dreams. They offer an education loan for the following courses, allowing students to choose their preferred course.

COURSES TO STUDY ABROAD:

• Undergraduate courses.
• Master's 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: For study abroad, you picked your course and university, but you 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 a loan sanction without an admission letter will depend on the type of course you choose, 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, a 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 abroad, 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 for 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 we also see that you are charged a nominal fee 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.

In conclusion, the IDFC FIRST Bank education loan for abroad studies stands out as a reliable and student-friendly financing option for those pursuing higher education overseas. With competitive interest rates, flexible repayment options, and coverage for a wide range of courses and expenses, it caters to diverse student needs. Whether you’re aiming for universities in the USA, UK, Canada, Australia, Germany, or Ireland, IDFC’s loan products simplify the process of funding your education.

By understanding the eligibility criteria, required documents, and loan benefits, students can make informed financial decisions. Applying through trusted platforms like WeMakeScholars can further streamline the application process and help you secure better terms. Ultimately, IDFC FIRST Bank empowers students to focus on their global academic journey—without letting financial constraints hold them back.