Question 1

What will be my interest rate if I want an INR 45 Lakh loan from IDFC First?

Accepted Answer

If you withdraw a loan of INR 45 Lakh from IDFC First Bank, your monthly EMI will be INR 46,990, and your post-moratorium amount will be INR 73,548. You can use the IDFC loan calculator to find the exact amount.

Question 2

Is IDFC First a good bank for education loans?

Accepted Answer

Yes, IDFC First is a great choice for applying for an education loan. They offer secured loans up to INR 1.5 Cr at the lowest ROI. However, if you want your loan to be processed within 7 days, contact Student Cover.

Question 3

Is IDFC First Bank RBI-approved?

Accepted Answer

Yes, IDFC First Bank is RBI-approved. It received in-principle approval in 2014 to operate as a full-time private bank.

Question 4

What Expenses Does the IDFC First Bank Education Loan Cover?

Accepted Answer

IDFC First Bank covers up to 100% of education finances. Apart from that, it also covers additional college expenses, including laptops, books, stationery, and other miscellaneous expenses.

Question 5

What is a Non-collateral Loan?

Accepted Answer

A non-collateral loan is one you get without mortgaging any property. However, you must present proof of income and other essential documents from your co-borrowers to ensure repayment in case you fail to do so. Use the IDFC EMI calculator to know more about EMI on your non-collateral loan.

Question 6

What is a Collateral Loan?

Accepted Answer

A collateral loan is one you get by mortgaging property, like a home or land. These loans are usually secured, and thus carry a lower interest rate. Use the EMI calculator of IDFC First to calculate the applicable interest rate.

Question 7

What is the repayment procedure for the IDFC Education Loan?

Accepted Answer

You can repay the loan using EMI, Simple Interest, or Compound Simple Interest. You will also get a moratorium period of 12 months post course completion and a tenure of up to 15 years. Visit Student Cover for an IDFC loan and apply as soon as possible.

Question 8

What documents do I need to produce to receive an education loan?

Accepted Answer

You need a fully-filled application form, photo ID proof, proof of residence, a passport-sized photograph, a fee structure document, salary slips (for experienced candidates only), a visa copy for overseas education, pre-visa documents in case the visa is not received, and academic documents.

Question 9

Does IDFC First cover the lifestyle cost for students?

Accepted Answer

IDFC First covers everything involved in foreign education and sustainability. Therefore, it covers overall education and lifestyle costs while studying abroad.

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