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Introducing the First-in-industry IDFC FIRST Bank's Super Account
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You gain a dedicated partner committed to helping you reach your full potential and achieve new heights
Know More- Account with Auto-Sweep FD
- Account for all Domestic businesses
- Account for Importers & Exporters
- Account for Start-ups
- Accounts for Trusts/Associations/Societies/Clubs
- Account for Merchants
- Account for Agri Traders
- Account for Self-employed professionals
- Special Purpose Accounts e.g. SNRR, RERA, EEFC
BRAVO (Auto Sweep)
Convert the idle funds in your current account into a fixed deposit with the BRAVO feature.
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Streamline your export process with digital convenience with IDFC FIRST Bank's Export Solutions
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Make more than one online payment in just a few clicks with IDFC FIRST Bank Bulk Payments
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Unlock features, exclusively available
only on the IDFC FIRST Bank app
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Collateral free loans of up to ₹1 Crore*
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Competitive student loan interest rates
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Extended tenure with flexible repayment options
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Availability of top up loan for further studies
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Collateral free loans of up to ₹1 Crore*
-
Competitive student loan interest rates
-
Extended tenure with flexible repayment options
-
Availability of top up loan for further studies
Education Loan Balance Transfer
Stuck with a high-interest loan? It’s time to make a smart move! With our education loan balance transfer, you can switch to IDFC FIRST Bank and enjoy lower interest rates, reduced EMIs, and flexible repayment options.Read More
Transferring your loan means more savings and less stress—freeing up money for other essentials while ensuring a smooth repayment journey. Our process is quick, hassle-free, and completely transparent, with no hidden charges. Whether you’re looking to transfer your student loan to another bank, need a student loan balance transfer, or want to transfer student loans to a lower interest rate, we’ve got you covered. Make the switch today and start saving with IDFC FIRST Bank!Read Less
Benefits with balance transfer to IDFC FIRST Bank
Here are the key benefits, that you will enjoy with your education loan balance transfer to IDFC FIRST Bank:
Transfer your existing education loan at up to 2% lower ROI*
Loan available up to ₹2 Crore with collateral*
Collateral-free loans of up to ₹1 Crore*
Income tax benefits under section 80E
Availability of a Top-Up loan for further studies
An extended tenure with flexible repayment options
30k+ courses funded globally, across 4000+ universities
Faster loan sanction via seamless application process
How does it work?
The process to transfer your education loan to IDFC FIRST Bank is quite straightforward. All you need to ensure is a proper withdrawal of documents from previous financing institution & submit to IDFC FIRST Bank. After the required documents are submitted, the process of education loan balance transfer will be initiated.
You will need a quote from your previous financial institution with below details:
Balance principal amount
Tenure completed
Rate of interest
Sanction Letter / Repayment schedule or Statement of Account
ELIGIBILITY
Factors for eligibility
You must consider certain critical eligibility factors for education loan balance transfer as below*
- The loan transfer should be a 'first-time takeover’, meaning it should be the first occasion when you are applying for your education loan balance transfer
- You must have a good credit score
If you meet above conditions then you are eligible to apply for an education loan balance transfer at IDFC FIRST Bank
Documentation
Student
- Photo ID proof
- Proof of residence
- Passport sized photograph
- Proof of admission
- Fee structure document
- Salary slips of experienced candidates
- Visa copy
- Academic documents
Co-applicant
- Photo ID proof
- Proof of residence
- Passport sized photograph
- Income related documents
Collateral documents
- Property documents
- FD documents
FEES & CHARGES
Find out about our minimal and transparent fees & charges
Education Loan Charges
Charges
| Types of Charges | Charges |
| Processing fees | Up to 1.5 % of the loan amount |
| Stamping Charges | As per actuals |
| Cancellation charges | 1% of the loan amount + interest accrued from date of disbursal till receipt of cancellation request Cancellation request to be received within 30 days or 1st EMI presentation date, post which cancellation will be treated as foreclosure |
| Foreclosure / Prepayment charges** | NIL |
| Loan re-scheduling charges (per re scheduling) | NIL |
| Part Payment charges | NIL |
| Initial Money Deposit Charges | NA |
EMI related charges
| Types of Charges | Charges |
| EMI Bounce charges per presentation | 7.5% of EMI bounced with minimum charge of Rs. 400 & maximum of Rs. 1000 (excluding GST) |
| Late payment/ Penalty charges/ Default interest/ Overdue (per month) | 2% per month of the unpaid EMI or ₹300, whichever is higher |
| EMI Pickup/ Collection charges | ₹350 |
| Cheque swap charges (per swap) | NIL |
Other charges
| Types of Charges | Charges |
| Duplicate No Objection Certificate Issuance charges | ₹500 |
| Physical repayment schedule | ₹500 |
| Physical statement of account | ₹500 |
| Document retrieval charges (per retrieval) | ₹500 |
*Applicable only for individual borrowers
GST, as applicable, will be levied on all service charges. The above Schedule of Charges is subject to be revised from time to time by the Bank, as will be updated on the official website of the Bank.
FREQUENTLY ASKED QUESTIONS
Can I transfer an education loan from NBFC to IDFC FIRST Bank?
Yes, you can carry out an education loan balance transfer from a Non-Banking Financial Company (NBFC) to IDFC FIRST bank.
Can I avail tax benefits on an education loan?
Yes. Section 80E of the Income Tax Act, 1961 relates to the deduction of interest paid on the education loan from your taxable income in a particular financial year.
What are the key factors that lenders consider for approving an education loan?
A lender considers applicant & co-applicant’s capacity to repay the loan along with students past academic records and reputation of the educational institution the student has applied for.
Why should I do my education loan balance transfer to IDFC FIRST Bank?
There are several advantages in getting your loan transferred to IDFC FIRST Bank.
With our ALWAYS YOU FIRST principle, you will enjoy:
· Collateral free loans of up to ₹1 Crore*
· Flexible repayment options
· Customized solution tailored as per your needs
· Upto 100% financing
· Income tax benefits under section 80E
· Application to approval in less than 10 mins. through a superior, digital loan process*
· Hassle-free education financing fulfilled at your doorstep
· Loans available up to ₹2 Crore with collateral*
