What is IDFC FIRST Bank Education Loan

IDFC FIRST Bank offers student / education loans to help Indian students fund undergraduate, postgraduate, professional, or vocational courses — whether in India or abroad. You can borrow funds for tuition, living expenses, travel, study-related expenses (books, laptop, insurance, etc.) under their scheme

Key Features & Terms

Who Can Apply (Eligibility)

• Indian national (including NRIs, as per bank policy for certain loans).
• Must have secured admission in a recognized institute/course (domestic or abroad). Pre-admission sanction possible in some cases.
• Co-applicant required (typically parent/guardian), along with requisite documentation.

Why Students Often Choose IDFC FIRST Bank Loan

• High loan amount & good funding — up to ₹2 crore — helpful for expensive courses abroad.
• Collateral-free option (subject to eligibility) — beneficial for students whose families don’t have assets to pledge.
• Covers full spectrum of expenses — not just tuition, but living costs, travel, study materials, etc.
• Flexible repayment and moratorium options — you can pay after course completion or only interest while studying.
• Tax deduction on interest paid under Section 80E — helps in reducing tax burden for parent/co-applicant.
• Long repayment tenure (up to 15 years) — spreads EMI burden, easier on budget after course completes.
• Flexibility to transfer existing student loans from other lenders — useful if you find better interest/terms.
• Online & streamlined application/disbursement process — convenient and less paperwork.

What PayStudy adds when you take IDFC FIRST Bank loan via them

• One-stop platform for multiple loan options: PayStudy lets you compare loan offers from several banks and NBFCs, which helps you pick the best one (e.g. unsecured vs secured, interest rate, loan amount) including IDFC FIRST.
• Simplified & fully-digital application process: Instead of visiting bank branches and filling many forms, you submit documents via PayStudy’s online portal, saving time and effort.
• Faster approvals & disbursement — especially helpful for abroad-study loans: PayStudy claims to facilitate quick loan sanction (7–10 working days if documents are in order).
• No service charge to student: Their stated policy is that they do not charge students service fee for loan facilitation.
• Transparent offers & better visibility: You can see different loan offers (max amount, interest rates, secured/unsecured, repayment terms) side-by-side — helps make informed decision.
• Support with documentation & follow-ups: For many students, gathering and submitting documents (identity, admission proof, fee structure, co-applicant income proof) is tedious — PayStudy assists in documentation & liaising with bank/NBFC.
• Access to unsecured / high-value loan options: Through PayStudy you may find unsecured loan offers (or high-value secured ones) from IDFC FIRST suited to your profile without you having to chase multiple banks.