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Education Loan Interest Rate
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Education Loan EMI Calculator
Loan amount
₹
Interest rate (p.a.)
Course duration
Tenure (Months)
Mode of repayment
Competitive Education Loan Interest Rates starting from 9.5%*
Smart financing starts with understanding the numbers. At IDFC FIRST Bank, we offer some of the most competitive education loan interest rates, making quality education affordable and accessible.
Our student loan interest rates start from 9.5%* p.a., with customized rates based on your loan amount, course, and collateral. Use our education loan interest rate calculator to estimate your monthly EMI and total interest payable
Fees & Charges:
Education Loan Interest Rate Offerings
High Loan Amount
Education loan available up to ₹1.5 Crore* for studies in India and abroad
Collateral-Free Options
Secure collateral-free loans up to ₹75 Lakhs* for select institutions
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100% Financing
Complete coverage of your education expenses with up to 100% funding*
Competitive Interest Rates
Attractive rates starting from 9.5% p.a.* with transparent pricing
Flexible Loan Tenure
Repayment period up to 15 years* to match your financial capacity
Comprehensive Expense Coverage
Coverage for Tution, Hostel, Laptop, Books and other related expenses
Financial Benefits
Income Tax Benefits under section 80E, Zero prepayment charges & Flexible repayment options
How to Apply for an Education Loan?
IDFC FIRST Mobile Banking App
Apply for and manage your education loan
anytime, anywhere.
Who can Apply for an Education Loan?
Applicants with a valid
Admission Letter from
their course/institute
Indian nationals
(including NRIs)
Aged 18 years or above
Applicants without
admission can opt for
a pre-admission sanction
Documentation Required for Education Loan:
Student
- Fully-filled application form
- Photo ID proof
- Proof of residence
- Passport-sized photograph
- Proof of admission / entrance exam score e.g. GRE, IELTS, GMAT etc.
- Fee structure document
- Salary slips of experienced candidates
- Visa copy for overseas education (Pre-visa documents in case visa not received)
- Academic documents
Co-applicant
- Fully-filled application form
- Last 6 months’ bank statements, if required
- Photo ID proof
- Proof of residence
- Passport-sized photograph
- Relationship proof
- Balance fund proof
- Residence ownership proof
- Collateral documents, if applicable
- Income proof, if applicable
Testimonials
"IDFC FIRST Bank Ltd. helped me avail an education loan from them in a simple, smooth, and seamless way. The team explained the procedure patiently, answered all my queries and were very flexible in accommodating my requests, which normally does not happen with other financial institutions. The team is proactive and courteous, all the documentation was hassle free and services were provided right at the doorstep."
Neha Dadhich
"Hello Guys, my name’s Siddhesh Wagh and I’m from Thane. My main motive behind this video is to thank to IDFC FIRST Bank and Ganesh sir who is my education loan assistant. Since childhood I always dreamt of completing my higher education abroad but due to the financial problem it is very difficult for the middle-class family student but IDFC FIRST Bank & Ganesh sir helped me to fulfil my dream by providing an unsecured loan. Ganesh sir has provided generous assistance throughout the loan process right from the application process to the disbursement of the loan; also IDFC FIRST Bank provides all this education loan services at your home from opening the bank account to signing the agreement. So, I would like to advise you all to grab this opportunity to fulfil your dream. Once again, thank you IDFC FIRST Bank & Ganesh sir."
Siddhesh Wagh
"I would like to appreciate the IDFC FIRST Bank Education Loan team, for immensely supporting me. I applied for a loan in month of March and I don't think I have to mention what March means for bank employees but still they supported me and answered each of my queries."
Ashish Bhanushali
"Hi I am Riddhi Bajaj and I’m pursuing my masters from National University of Singapore. For me the idea of transforming businesses with the result-oriented approach draws me to entrepreneurship. Being an independent woman, I am no stranger to my privileges, which is why I wish to make a difference in lives of those in need; especially women who do not get the same opportunities. IDFC First bank supported me in taking my first step towards turning this dream into a reality. Their super supportive team stepped in & helped me sail through this otherwise taxing process with ease. They guided me through all the steps with patience and honesty. I have nothing but immense gratitude for each & every one who made this possible. Thank you for everything."
Riddhi Bajaj
"I had dreamed of studying and becoming a successful person in my life. I always wanted to study abroad but coming from a normal family it was difficult for me to pay such a huge amount for paying my fees. After receiving an offer from my college in canada i came across IDFC bank educational loan. I applied for it and the people assisting me with the process were so understanding and helpful. Tanvi ma'am helped me with the process from start to end till my loan amount was credited to my account. She is still helping me out with all my queries. The total amount of 32,00,000 was sanctioned which covered all my expenses and i was able to achieve my dream. The tenure is 12 years and with really nominal rate of interest. I would like to thank you sincerely to tanvi ma'am and other people who have helped me along the way. I have a very positive experience with IDFC Bank and will always recommend IDFC bank for any financial requirements to my family and friends."
Priyal Khuman
Education Loan Blogs
Abroad Education Loan Interest Rates: What Affects Them and How to Choose Wisely
Pursuing higher education abroad is a dream for many—and while it's achievable, it's also expensive.
Secured vs. unsecured education loans for studying abroad
Planning to study abroad is exciting, but arranging funds for it can feel overwhelming.
Your Guide to Getting a Student Loan to Study Abroad
Studying abroad is a dream for many students—but let’s face it, international education comes with a significant cost.
No property? No problem: Study abroad loans without collateral explained
Studying abroad is aspiration for many—but let us be honest, it can be costly
Complete educational finance with the best education loan in India
The demand for education is on the rise, with over 65% of the population under the age of 35
Frequently Asked Questions on Education Loan Interest Rate
All
General
Features and Benefits
Interest Rates and Charges
Loan Application
Tax
How is Education Loan interest rate calculated?
IDFC FIRST Bank’s Education Loans are benchmarked to the Repo rate. Repo rate is the interest rate at which government lends money to the commercial banks. Banks charge a spread over the repo rate to arrive at the interest rate in order to cover the various costs involved. Education loan interest rates that are linked to repo rate are subjected to change, whenever there is a change in the repo rate.
What are the expenses covered under student loans?
The education loan amount includes the following expenses:
1. College-related expenses:
• Tuition and fees payable to the institute
• Examination/ library/ laboratory fees
• Purchase of books/ equipment/ uniforms
• Living expenses (including hostel fees)
2. Additional expenses:
• Travel expenses
• Purchase of computers/laptops
• Overseas insurance
• Cost of health insurance
Can I apply for a loan if I do not have an earning co-applicant?
At IDFC FIRST Bank, we believe in your potential and provide loans based on your future income. However, co-applicants’ income is required for assessment on a case-to-case basis as per the IDFC FIRST Bank’s policy.
Is there a moratorium period provided? If yes, how will my repayments be determined?
The maximum moratorium period offered is the course duration and additional 12 months as a grace period. It is subject to the institute classification done in IDFC FIRST Bank’s policy. The interest accrued during the moratorium period will be added to the outstanding loan amount at the time of repayment commencement. The EMI will be determined on the combined amount.
Who is eligible to avail of tax exemption under Section 80E?
According to Section 80E:
• Individuals can claim tax emption under Section 80E. Hindu Undivided Families (HUFs) and companies cannot use the feature.
• Parents can also claim deduction for loans taken for their children’s higher education.
What are the advantages of IDFC FIRST Bank student loans?
There are several advantages in availing of student loans from IDFC FIRST Bank. You can enjoy:
• Income tax benefits under section 80E
• Flexible repayment options
• Customized solutions tailored to your needs
• Up to 100% financing
• Hassle-free education financing fulfilled at your doorstep
How to apply for IDFC FIRST Bank’s education loan?
You can apply for an education loan with IDFC FIRST Bank offline and online. You can visit the bank’s branch or apply on the website or mobile application. The online process is faster, as you can apply and verify your documents within hours.
How to calculate your EMI on Education Loans?
The calculation of education loan EMI depends on the repayments terms, based on which the lending institution has sanctioned the loan. This is subject to the lending institution’s policy. Repayments terms are broadly categorized in two segments. The first repayment begins immediately after the disbursement and the second repayment starts after the moratorium period, i.e the duration of the programme/course with has an additional grace period of 6-12 months. Also, in the second repayment, lenders offer repaying only the interest component during the moratorium period either fully or partially.
The unpaid interest amount accrued during the moratorium or in the partial interest payment period will be added to the outstanding principal loan amount once repayment starts.. Then the EMI will be determined on the combined amount. In case of full interest payment period, the EMI will be determined on the outstanding principal amount.
Sample Calculation for Immediate repayment commencement -
The calculation of your education loan EMI amount is -
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where:
P = Principal amount of the loan
R = Monthly interest rate
N = Number of monthly installments (tenure)
For example, if the parameters are -
Principal (P) = Rs 25,00,000 (25 lakhs)
Rate of Interest (R) = 8% per annum
Tenure (N) = 10 years
Then,
Monthly Interest Rate = (8/12) / 100 = 0.0067
EMI = [25,00,000 x 0.0067 x (1+0.0067)^120] / [(1+0.0067)^120-1] = Rs 30,332 per month