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Get your Education Loan Balance
Transfer at upto 1%
lower ROI*
Get your Education Loan Balance Transfer at upto 1% lower ROI
*Terms & conditions apply
Collateral free loans of up to ₹50 lakhs*
Competitive student loan interest rates
Extended tenure with flexible repayment options
Availability of top up loan for further studies
Collateral free loans of up to ₹50 lakhs*
Competitive student loan interest rates
Extended tenure with flexible repayment options
Availability of top up loan for further studies
Get your education loan transferred to IDFC FIRST Bank now, we have everything that you need. With our education loan balance transfer scheme, you can switch your existing high cost education loan to IDFC FIRST Bank, at lower interest rates in a hassle free manner, along with the attractive offers. Read More
Transferring your education loan to IDFC FIRST Bank will reduce your monthly EMI amount & help you save on interest repayments, which can be used to meet other necessities. With IDFC FIRST Bank’s flexible repayment options, you can choose to repay at your convenience & enjoy an extended tenure with no hidden charges involved.Read Less
Here are the key benefits, that you will enjoy with your education loan balance transfer to IDFC FIRST Bank:
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
You must consider certain critical eligibility factors for education loan balance transfer as below*
If you meet above conditions then you are eligible to apply for an education loan balance transfer at IDFC FIRST Bank
Student
Co-applicant
Collateral documents
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 |
Types of Charges | Charges |
EMI Bounce charges per presentation | ₹400 |
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) | ₹500 |
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.
Yes, you can carry out an education loan balance transfer from a Non-Banking Financial Company (NBFC) to IDFC FIRST bank.
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.
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.
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 upto INR 50 lakhs*
· 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 upto 1 Cr., with collateral*