IDFC Bank Abroad Education Loan

✓ Up to 1 Cr of Education Loan

✓ At starting interest rate of 8.5% P.A.

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Table of content

  1. IDFC First Bank Education loan- International
  2. Interest Subsidy Schemes for Education Loans
  3. Documents required for the IDFC Bank Higher Education Loan- International
  4. IDFC First Bank loan repayment process
  5. How to Apply for Education Loan from IDFC First Bank
  6. FAQ's
  7. Need Help? Ask Here!

India’s Largest Study Abroad Funding Expo (SAFE) 2024

- Explore 26,000+ International Scholarships

- Instant Education Loan-pre approval with the lowest interest rate in India

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.

IDFC First Bank Education loan- International

Loan Parameter 


  Loan Limit

75 Lacs collateral free loans and upto 1cr with collateral 

Expenses covered

Academic expenses

    1. Tuition fee for the course
    2. Fee for examinations
    3. Library & Laboratory charges
    4. Cost of books, uniforms, and equipment
    5. Living expenses (Accommodation fee included) 

Additional costs 

    1. Travel expenses
    2. Cost of  laptop or computer 
    3. Overseas Insurance premium
    4. Cost of medical insurance premium

Accepted Co-Borrower 

Parents, Siblings, Spouse, Parents-in-law 

IDFC First Bank Education loan interest rate

    • Secured/ Collateralized: 8.5%
    • Unsecured/ Non-Collateralized: 10-12%

Moratorium Period

The total duration of the course plus 1 year 

Repayment Duration

Including the moratorium period of 24 Months 

Repayment policies

-Interest payment is optional if the university is included in the prime list

-Simple interest is to be paid if the university is not on the prime list 

IDFC Education Loan Eligibility Criteria

-a citizen of India (Including NRI) 

-At the time the loan is initiated, the applicant must be at least 18 years old. 

-after obtaining the prerequisite requirements, being admitted to the desired institution 


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.

Stop waiting for the perfect moment, take the first step towards your higher education today

Interest Subsidy Schemes for Education Loans

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.

Get more value for your money - receive an automatic 0.5% reduction in ROI

Documents required for the IDFC Bank Higher Education Loan- International



Documents required for Applicant and co-signer 

    1. The IDFC application form, given to you by a financial officer from WeMakeScholars,
      • Has to be filled in 
      • 2 passport-size pictures 
      • Signed by the applicant
    2. Following as proof of identity
      • PAN card
      • Passport ( For studies overseas)
    3. Any of the following as proof of residence :
      • Passport
      • Voter ID
      • Aadhar card
      • Telephone bill
      • Electricity bill
      • Ration card
    4. Bank account statement

Note: Two distinct proofs are needed if the student's present and permanent addresses are different.

 5. Months bank account statement (Personal/ Salary)

 For salaried:

      • 1 yr salary credits

For self-employed:

      • 12 Month business transactions

 6. Liability and personal asset statement (Provided by a professional at the branch)    

All the documents should be self-attested.

 Applicant’s academic documents

1. Academic scorecards/ Marksheets of 10th, 12th, and undergraduate degree.

2. Admission proof for the course joined showing the total duration of the course. 

3. Fee structure of the course/ i20 for the USA (if available) 

4. Scorecards of any entrance exam taken (IELTS/ GRE/ GMAT)

5. University Ranking print-out from 

Financial co-applicant documents

If Salaried:

1. Salary slips provided for the last 3 months

2. Form 16 (for the previous 2 years)

3. Identity card of the employee

4. 2 years' worth of ITR filed

If Self-employed:

1. 3 years' worth of ITR filed 

2. P&L account and balance sheet for the last 3 years.

3. Address proof for business 


Other Documents

1. a letter declaring that the co-applicant would be paying for any additional costs not covered by the loan.

2. 11,800/- cheque as processing fee 

3. Other charges (Lawyer & Evaluator) are to be paid in the form of cheques.

4. Affidavit of the collateral owner on Rs. 20 or Rs. 100 stamp paper

Note: If there is more than one owner of the collateral, an affidavit from all of them is required.


Additional docs 

1. An invoice for travel and a Laptop is required if the loan is being asked for it.

2. Receipts for any transactions made in advance.

3. Any pending loan statements from last year.

4. Letter detailing the gap on 100-rupee stamp paper.

5. If required, a letter explaining the absence of ITRs of the co-applicant


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

Experience the difference a custom document list can make

IDFC First Bank loan repayment process

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.

Repayment cycle


Interest portion

Principal portion

Loan Outstanding

End of 1st year





End of 2nd year





End of 3rd year





End of 4th year





End of 5th year





End of 6th year





End of 7th year





End of 8th year





End of 9th year





End of the 10th year





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.

Don't get lost in the education loan disbursement process - let us guide you throughout the way

How to Apply for Education Loan from IDFC First Bank

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.
Don't let the loan process hold you back - get the support you need with WMS

Our Education Loan team will help you with any questions

Naresh Kumar
WeMakeScholars- supported by IT Ministry, Govt. of India.
Published: | Updated: