IDFC First Bank Education Loan Without Collateral through GoStudy

GoStudy is India’s paramount educational loan provider. GoStudy has partnered with IDFC First Bank to offer lowest interests on unsecured loans.

IDFC First bank partnered with GoStudy, with its comprehensive line of loan offerings, has already created a benchmark. IDFC First bank unsecured education loan through GoStudy is one of the best collateral-free loans in India for studying abroad. Powered by GoStudy, IDFC First bank covers all the necessary expenses associated with your education abroad. The interest rates are brilliantly crafted for students. IDFC First bank education loan for abroad without security through GoStudy is just what you need to set your career aspirations high.


9

Reasons to Opt For IDFC First Bank Education Loan Without Collateral through GoStudy

1

Collateral Free Loans Upto 75 Lacs

IDFC First Bank education loan without collateral through GoStudy can fetch you higher loan amounts of upto 75 lacs.

2

Faster Online Processing and Zero Hassles

The entire loan process is very fast, can be done online and comes with no such hassles for you.

3

Attractive Interest Rates

Interest rates for IDFC First bank unsecured education loans through GoStudy starts at 8.5% per annum which is absolutely pocket friendly.

4

Loan Sanction Before Admission

The loan amount is sanctioned even before the admission process and i20 VISA process for abroad studies.

5

18000+ Courses in More than 3200+ Universities

More than 18000+ courses are offered in selected 3200+ universities across the globe with IDFC First bank non collateral education loan through GoStudy.

6

100% Funding on Education

IDFC First bank offers 100% funding on your education and does not have any margins for collateral-free loans.

7

Loan Processing on Priority

GoStudy experts work in parallel with credit managers from partner financial institutions to ensure the loans are processed at a blazing speed and on priority

8

Experienced Education Loan Consultants

With GoStudy, you get access to highly experienced loan consultants, who will cater to your requirements on a personalized one-on-one basis.

9

We Are There Throughout

GoStudy will make sure we are there throughout the process, walking hand-in-hand and ensuring you get the best of everything!


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IDFC First Bank Unsecured Education Loan for Abroad Studies through GoStudy

Pursuing a career abroad and taking admission to dream universities is always preferred and dreamt of by meritorious aspirants. Streamlined technology and ease of funding have opened many untouched verticals for students to take advantage of. Admission to foreign universities, suitable accommodation, and taking care of miscellaneous expenses while settling abroad for studies have become much easier. But the problem is very few financial institutions come to the rescue when needed, and hence, students have to back off from their dreams of studying abroad. This is right where IDFC First Bank Education loan for abroad without collateral through GoStudy comes to assistance. Starting from the issuance of your VISA to handling admission charges, accommodation charges, etc IDFC First Bank education loans powered by GoStudy cover all the necessary costs for you. However, with IDFC First Bank education loans, this is where you can stay assured as they cover all the expenses.

The comprehensive line of loan products offered by GoStudy from IDFC First Bank is incredibly helpful for students before VISA approval when they need to prove their financial abilities. Moreover, with specially crafted loan schemes, all your lab equipment costs, gadget costs, etc., are covered under the loan scheme to make you completely secure whilst enrolling for abroad studies.

Experienced and professional financial consultants make the entire loan journey easier and smoother for you. Consider GoStudy as not just as a lending institution but as your financial buddy when you are far from your home to pursue your career dreams. When you go for an IDFC First Bank Education Loan without collateral through GoStudy, you will reckon it is a mature financial decision.

IDFC First Bank Unsecured Education Loan
IDFC First Bank Unsecured Education Loan Without Collateral

Interest Rates of Education Loan at IDFC First Bank for Abroad Studies through GoStudy

Interest rates are calculated amounts levied on all kinds of loans; the same goes with IDFC First Bank education loans without security through GoStudy. IDFC First Bank education loan for abroad studies comes with attractive interest rates for collateral loans and is deemed one of the best in the country. The interest rates of education loans at IDFC First Bank for abroad studies start as low as 8.25% up to 13.65%, depending on several factors. The credit score and worthiness of the loan applicant can significantly contribute to the interest rates levied on education loans from IDFC First Bank.

The interest rates for an IDFC First Bank education loan without collateral through GoStudy are pretty flexible and may periodically change over time depending on the applicant's profile, and the course pursued. Students who take the central government emergency fund schemes can also avail the interest concession of 1% on the EMI amount. Here is a short table to showcase the rate of interest levied:

Type of Education Loan

IDFC First Bank Education Loan Rate of Interest As Per Market

IDFC First Bank Education Education Loan Rate of Interest Through GoStudy

Secured Education Loan (USA) 9.5% 9.25%
Unsecured Education Loan (USA) 10.25% 10.00%
Secured Education Loan (Others) 9.5% 9.25%
Unsecured Education Loan (Others) 11.75% 11.50%

Further to this, the exclusive mathematical formula used to determine the EMI based on the interest rates of education loan at IDFC First Bank For Abroad Education is below mentioned:

EMI = [Principal Amount x Rate of Interest x (1 + Rate of Interest) Tenure*] / [(1 + Rate of Interest ) Tenure* - 1]

*Please note that the tenure of the loan is calculated in months.

What Costs Are Covered by IDFC First Bank Education Loan for Abroad Studies through GoStudy?

IDFC First Bank education loan without collateral through GoStudy covers 100% of the expenses while pursuing your career abroad. IDFC First bank education loans give coverage to all the major expenses ranging from admission to accommodation, food, travel, equipment, book cost, lab fees, uniforms, and gadgets. The loan amount can go up to 75 lacs depending on your profile, but anything above 25 lacs will come with a minimal processing fee. IDFC First Bank UNI App helps you to go for loans easily online. Below is the list of countries where an IDFC First Bank education loan for abroad without security through GoStudy is accepted, and all costs are under the loan scheme:

  • USA
  • Canada
  • Ireland
  • UK
  • France
  • Germany
  • Singapore
  • Australia
  • New Zealand
  • Austria
  • Belgium
  • Hungary
  • Italy
  • Poland
  • Spain
  • Switzerland
  • Denmark
  • Finland
  • Netherlands
  • Norway
  • Sweden
  • Japan

IDFC First Bank non-collateral education loan for abroad studies is a 100% funding program wherein all the costs are paid by IDFC First Bank, and you need not pay any margin fees up to the amount of 25 lacs. You are only required to pay the processing charges of 1% of the loan amount prior to the sanction of the loan if the amount exceeds 25 lakhs.

Under the revolutionary EWS scheme for financially weak students, the minimum amount of education loan you can apply for is 5 Lacs, and it can extend up to 50 lacs depending on your requirements. There isn’t any fixed limit or cap on the loan amount offered by IDFC First Bank education loan as it may depend on the criteria of individual aspirants. IDFC First Bank unsecured education loan through GoStudy not only ensures you get enrolled in the top universities abroad but that too in the most secure financial way.

Following are the lists of the Costs Covered by IDFC First Bank Education Loan through GoStudy:

Things covered under IDFC First Bank Education Loan through GoStudy

Costs Covered by IDFC First Bank Education Loan through GoStudy

Tuition Fees 0 - 65 Lakhs (Approx)
Living Cost 6 Lakhs - 15 Lakhs (Approx)
Travel Expenses 20,000 - 40,000 Rupee (Approx)
Others (Books/Uniforms/Computers) 80,000 - 1,50,000 Rupees (Approx)

IDFC First bank education loans without collateral through GoStudy

IDFC First bank education loans without collateral through GoStudy are distinct kinds of loans which are secured, partially secured, and unsecured loans. Unsecured loans may come at a higher rate of interest due to the unsecured nature of the loan, but they are ideal for students who do not have anything to pledge against the sanctioned loan amount. Moreover, IDFC First Bank Unsecured education loan through GoStudy offers unsecured loans at the best rate of interest and is pocket-friendly. The interest rate is just 8.25%, and the tenure is also flexible enough to help you repay on time. Under the Central government schemes, female students may also avail a discount or concession rate of 0.5% on the loan amount. The universities are categorized into three divisions: Tier A, Tier B, and Tier C, with Tier A representing the best universities in India and abroad. The moratorium period also makes it ideal for students as the tenure is as little as 12 months to a flexible time of 180 months. Moreover, you are entitled to tax exemptions and benefits under Section 80E of the IT Act when you take education loans from IDFC First Bank. The unsecured loan amount in case of an education loan from IDFC First bank is one of the best in the sub-continent and can go up to 50 lacs if your credit profile is strong and the university you are taking admission to is one of the best.

Creditworthiness is all that matters in the case of the IDFC First Bank education loan without collateral through GoStudy; hence, students with good credit profiles can easily approach the lender. A minimum CIBIL Score of 600+ is enough for you to fetch an education loan from IDFC with minimum hassles. Here are some documents listed below to start the loan process for availing IDFC First Bank unsecured education loan through GoStudy :

  • Unconditional/Firm/Confirmed Offer Letter
  • Co-Applicant’s Income Proof
  • PAN Card
  • Academic Documents
  • Other Relevant Academic Scores - GRE/GMAT
  • IELTS/TOEFL/PTE/English Language Scorecard
  • Valid Passport

A GRE score of 300 can also land you the best loan terms and interest rates while availing of unsecured education loans from IDFC First bank. It increases the confidence of the lender in you, who, in return, offers you comprehensive plans to save significant money.

Collateral for an Education Loan in IDFC First Bank through GoStudy

Collateral is a form of security that you keep with the bank or pledge against the sanctioned loan amount. This acts as a sense of security for the bank that if you cannot pay or Default, then the bank can procure back the loaned amount. This loan is applicable or ideal for you when your financial profile is a bit on the weaker side or the education institution/financial institution does not come under the scheme of offering unsecured loans. IDFC First Bank education loan without collateral through GoStudy is a brilliant alternative if you don't have anything to keep as collateral but still want a student loan. Collateral loans, however, can land you better interest rates, longer tenure, and comprehensive loan products.

Below is the list of accepted collateral for education loans in IDFC First Bank-

  • Property Title Deed and Registered Sale Agreement
  • Original Registration Receipt for the agreement mentioned above
  • Allotment Letter by Municipal Corporation/ Any Authorized Government body like MHADA, CIDCO, HUDA, JDA, GIDC ETC (if applicable)
  • Encumbrance Certificate (EC) to be submitted for the previous 30 years. This collateral document is generally known as Link Document.
  • Valid Copy of the municipality-approved building plan or plot layout.
  • Latest property tax bill or Latest electricity bill bearing the same address

The collateral loans are ideal for students with better financial backgrounds, although students with low credit scores can also opt for these loans as they are better in all terms.


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List of Institutions Abroad Accepting IDFC First Bank Education Loan through GoStudy

IDFC First Bank being one of the most predominant names in the educational loan sector, offers the best IDFC First Bank education loan through GoStudy for abroad without security for students to help them pursue their careers abroad. Furthermore, being a better name in the educational loan industry, IDFC First Bank education loan through GoStudy for abroad without security has tied up with major universities worldwide, offering a broad spectrum of programs for meritorious aspirants. IDFC First Bank education loan without collateral through GoStudy caters to more than 3,00,00,00 students annually and has tied up with top tier 3000+ universities in 25+ different countries.

Below is the List of the top 50 abroad Universities accepted by IDFC First Bank Education Loan

List of Universities accepted by IDFC First Bank Education Loan through GoStudy

GoStudy’s Pre Approved Education Loan Amount by IDFC First Bank

Syracuse University 60 Lakhs
George Washington University 65 Lakhs
New Jersey Institute of Technology 65 Lakhs
University of Florida 65 Lakhs

Co-Applicant for Education Loan in IDFC First Bank through GoStudy

Co-applicants are always helpful when you want to increase your loan approval chances and act as a sense of security to the lending institution as well. An education loan is a vast sum of money offered to the student for their abroad career, and therefore, a co-applicant with a good credit score and profile leaves a deep impact on the decision of sanctioning your IDFC First bank education loan without security through GoStudy. Keeping a co-applicant not only boosts the chances of getting the loan but also ensures you are financially secure.

Below is the list of co-applicants for education loans in IDFC First Bank that is accepted:

  • Parents
  • Parents-in-law
  • Spouse
  • Siblings
  • Maternal Uncles & Aunts
  • Paternal Uncles & Aunts

Eligibility Criteria for IDFC First Bank Education Loan through GoStudy

Eligibility criteria for IDFC First bank education loan without collateral are very simple and transparent. To start with the process, you need to have an unconditional offer of admission from the university of your choice abroad. This is very important, and the significance of the unconditional offer is that the admission offer cannot be denied, and the student has accomplished all the criteria for getting admission. Adding to this requirement, there are a few more requirements that the student needs to ensure prior to being approved for the IDFC First Bank unsecured education loan through GoStudy.

  • Students need to be Indian Citizens of 18 years of age.
  • Has a co-applicant or a co-borrower who is working anywhere in the world or self-employed in India who must be either one of a Parent, Parent-in-law, Spouse, Own Siblings, Maternal & Paternal Uncles, and Aunts.
  • Co-Applicants need to have fulfilled the minimum CIBIL score for education loans in IDFC First Bank, which typically tends to be upwards of 600+. However, this is subject to the discretion of the provider.

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Documents Required for IDFC First Bank Education Loan through GoStudy

Take your dreams to the next level and pursue a wonderful career abroad with the help of an IDFC First bank education loan without collateral through GoStudy with minimum documentation. The following checklist comprises the essential documents required for the IDFC First Bank education loan without security through GoStudy that every student needs to provide in order to qualify and pass.

  • KYC of student
  • Educational Documents of the student
  • Course Details & Fee Structure of the University of choice
  • Unconditional/Firm/Confirmed Offer Letter
  • Co-Applicant’s KYC
  • Co-Applicant’s Proof of Income
  • Income Tax Returns of Student - 3 Years (If Applicable)
  • Income Tax Returns of Co-Applicant - 3 Years
  • Proof of Birth Documents
  • Proof of Relationship with Co-Applicant
  • Bank Statement for Months of Co-Applicant
  • Collateral Documents

Income Proof for Salaried Co-applicant/ Guarantor:

  • Salary Certificate or Salary Slip for the last 3 months
  • Copy of IT Returns for the last 2 financial years or Copy of Form 16 for the last 2 years, acknowledged by IT Dept.
  • Bank statement for the recent 6 months (in case of Salary Account)

Income Proof for Self-employed Co-applicant/ Guarantor:

  • Business address proof (If applicable)
  • IT returns for the last 2 years (if Income Tax payee)
  • TDS Certificate (Form 16A, if applicable)
  • Certificate of qualification (for Doctor/ C.A. and other professions)
  • Bank statement for the latest 6 months

Although the aforementioned checklist comes with all the documents, additional documents may be required from the bank’s end in the case of individual students.

Process & Procedures For IDFC First Bank Education Loan through GoStudy

The process for obtaining an IDFC First bank education loan without collateral through GoStudy is very simple and it starts with the student informing the financial institution about the loan requirements. They should provide all the details of the amount of loan required, the details of the courses, universities, identity of the co-applicant, and any other relevant information.

Then the bank does its round of verifications, and once the checks are done, the bank will issue a formal loan offer letter with all the required documents for the loan to be processed.

The processing fee for IDFC First bank unsecured education loan is NIL; however, for amounts above 25 lacs, a minimum charge of 1% and GST is applied to the loan amount. Final charges may vary depending on the lending institution’s sole discretion.

Finally, the loan amount is disbursed to the bank account of the applicant or co-applicant. The approval time may be 7 to 10 days, and within 2 days of approval, the funds are released.

IDFC First Bank Education Loan through GoStudy Sanction & Disbursement

The sanction process of IDFC First bank education loan without collateral is completely hassle-free and takes no time. This letter is offered after the sanction of the loan and mentions all the intricate details such as loan amount, charges, interest, moratorium, co-applicant details, and all other major details.

Once the sanction letter is received and the agreement is signed between the lending institution and the applicant parties, the amount of money is transferred in INR to the university of your choice. The course fee will go to the university account as agreed by the applicant, and the other fees will be transferred to the student’s account or to the co-applicants account.

Moratorium Period for GoStudy Partnered IDFC First Bank Education Loan

IDFC First bank education loan without collateral through GoStudy follows the full moratorium period as directed by RBI. During the moratorium period, the student needs to start paying partial interest of a small amount, which starts 6 months after the course ends. The tenure ranges from 12 months to a period of 20 years. GoStudy makes it possible for you to opt for the least moratorium period interest rate. It is always advisable to check the moratorium period details and charges before signing the loan agreement.

GoStudy Partnered IDFC First Bank Education Loan Repayment

The repayment terms of an IDFC First bank education loan without collateral through GoStudy can be between a time period of 12 months to a period of 180 months or 15 years (20 years in some cases). You can always choose the repayment option that is the most convenient for you, and you have full freedom for that. Only in certain cases, where the financials are a bit shady, the bank will choose the best repayment options for you. Some repayment options for IDFC First education loan for abroad studies are:

  • Partial Simple Interest
  • Simple Interest
  • EMI
  • A full Moratorium period is offered by IDFC.

GoStudy Partnered IDFC First Bank Education Loan EMI Exemption under Section 80E of IT Act

According to section 80E of the IT Act, candidates can apply for tax exemption and reduction on the complete EMI to be paid when they are opting for the education loan. This is applicable to the student, spouse, children, or any legal guardian who has taken up the responsibility of the education loan.

Although there is no specific cap on the tax benefit under the scheme, however, the period of 15 years or the entire interest repayment period taken, whichever falls earlier, comes under the scheme. In order to claim all the benefits of the tax exemption, students should repay back the amount within the mentioned stipulated time.


DOWNLOAD Simple & detailed comparison sheet of all Education Loan offered by all government & private banks and NBFC’s to study abroad.

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