IDFC FIRST Bank Education Loan Programme
IDFC FIRST Bank
All that you need to know about IDFC FIRST Bank Education Loan Programme
About The Program:
Buddy4Study - IDFC FIRST Bank Education Loan Programme is a joint initiative of Buddy4Study and IDFC FIRST Bank to provide financial backing to aspiring students who have secured admission into higher educational institutions in India or abroad.
Under this programme, the students will be offered collateral-free* education loans up to INR 40 Lakh to pursue their higher studies at an institution of their choice. The rate of interest applicable under this education loan ranges from 9% to 12%, depending on the institute category and courses.
As part of this education loan programme, students can avail customized repayment plans, flexible tenures and income tax benefits that will help them in financing their academic dreams without worries.
Eligibility:
- Open for Indian students who are pursuing higher studies in India or abroad
- Should be 18 years old or above on the date of application.
- Admitted to the desired institution after completion of the pre-requisite qualifications
Benefits:
The candidates applying for IDFC FIRST Bank Education Loans will get the following benefits –
- Collateral-free loan amount of up to INR 40 Lakh (minimum loan amount of INR 1 Lakh)
- Education loan interest rates starting at 9% p.a.*
- Provision for easy and fast loan sanction via seamless application process
- Provision for multiple repayments is available
- No foreclosure/part payment charges
- Loans upto ₹1 Cr. available with collateral*
- 100% income tax benefit for interest paid under Section 80E of IT Act
- The education loan amount would include the following expenses towards the course:
- College-related expenses:
- Tuition and Fees payable to the institute
- Examination/library/laboratory fees
- Purchase of books/Equipment/uniforms
- Living expenses (including Hostel fees)
- Additional expenses:
- Travel expenses
- Purchase of computers/laptops
- Overseas Insurance
- Cost of health insurance
Deadline:
- 31-Mar-2025
Documents:
The following documents must be uploaded by the applicant at the time of application -
- Recent passport-size photograph
- Address proof (Aadhaar Card/Driving License/Passport/Voter ID Card/NREGA Job Card of parent/s, etc.)
- Admission proof (College ID card/admission letter/ bonafide letter from institute)
- Academic documents (10th and 12th marksheets | For PG courses, graduation final year mark sheet also required)
- Fee structure document
Important dates & deadlines?
-
21 Feb'25, 12:00 AM IST Registration Deadline
Rewards and Prizes?
Winner
First Runner Up
Second Runner Up
About IDFC FIRST Bank
IDFC FIRST Bank is a new-age Universal Bank in India built on the foundations of Ethical Banking, Digital Banking, and Social Good Banking. We are building a world-class bank in India.
As part of the Bank’s ethical banking approach, it applies a "Near and Dear" Test to its products, so that the employees of the Bank serve only such products they'd want for their own loved ones. It believes income earned unethically is not worth earning.
Therefore, the Bank avoids complicated descriptions, calculations, and legalese that customers don’t understand. It abolished all charges on Savings Accounts including for Debit Cards, IMPS, RTGS, NEFT, Cash Deposit, “Non-Home branch” access, Cash withdrawals at ATMs and at branches, 3rd party transaction charges at branches, SMS Alert, Cheque book, Demand Drafts, Pay-order, duplicate statement, and all such services that are usually charged in the market. It follows the principle that it won’t touch its customers’ bank accounts for one reason or other. It is the first and only bank in India till date to do so.
IDFC FIRST Bank is the first bank in India to offer monthly credit on savings accounts. The credit cards have no hidden charges. It offers Lifetime Free without minimum spend conditions, never-expiring rewards points, zero interest on cash withdrawal at ATMs, dynamic low APR, and much more. Fees if any are transparent and described neatly in a manner a common person can understand. Every product offered by the bank is highly customer-friendly, most often the best in the industry.
As part of technology-led banking, the Bank has built a modern technology stack and has built an advanced mobile app with 250+ features such as Goal based investing, MF investment assistance, electric-speed payments, Account Aggregator, MF Aggregator, Personal Finance Manager, Auto categorisation of spends, single app for personal and business banking, UPI on Credit Cards, travel and shop, bill and recharges, deals and reward redemptions, which offer great convenience to the customers. For business customers the Bank offers on-the-go bulk payments, ability to pay income tax, GST, customs duty, and connected banking with ERP solutions.
As part of the Social Banking theme, the Bank’s business model is naturally geared to social banking. It has developed unique capabilities for financing bottom of pyramid customers with consistently high asset quality. The Bank has financed over 40 million customers including 0.3 million SMEs, 0.9 million livelihood (cattle loans), 16 million lifestyle improvement loans (for laptops, washing machine, etc.), 1 million sanitation loans (toilets, water fittings), 6.5 million mobility loans (2-wheelers and cars), and home financing (over 100,000 homes), and 15 million loans to 4.3 million women-entrepreneurs. It also offers other retail and rural loans such as Kisan Credit Cards, harvest financing, gold loans etc.
IDFC FIRST Bank is a Universal Bank, and offers end to end Corporate Banking, Trade Finance such as issuance of LCs & BGs, SBLC, Packing Credit, Pre-shipment and Post-shipment Finance, Treasury products including risk hedging solutions like Forwards, Swaps, Options, and other Forex Solutions, SME Banking, Wealth Management, NRI banking, Cash Management, Nostro & Vostro account operations, Escrow facilities, Correspondent Banking, Fastag, Toll-acquiring, Dealer Finance and Purchase/Sales Invoice discounting.
ESG Goals: The Bank is incorporating ESG in every aspect of working and has high ESG scores. The Bank believes that to get an opportunity to create a new age, ethical and world class Bank for India is a great privilege for its employees.
Know more: IDFC FIRST Bank - Personal Banking, Loans, Accounts, Cards, Investment | IDFC FIRST Bank