IDFC First Bank is a renowned and leading private bank operating in India. The bank offers up to 1% lower rate of interest on your existing education loan. You can get up to INR 50 lakhs without collateral and through this, you can easily convert your existing secured loan to unsecured loan and get your collateral freed. IDFC First Bank Loan Transfer services are available provided that you have a good credit score and the EMI payments shall be regular in the books of the existing lender/bank. Let’s check all the major features, eligibility and processes of IDFC First Bank Loan Transfer.
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IDFC First Bank Student Loan Transfer
IDFC First Bank offers a loan transfer facility subject to the terms and conditions and the eligibility criteria. The bank offers collateral-free loans of up to INR 50 lakhs at competitive interest rates for education loans. You can also get your total loan repayment period extended as it offers flexible repayment options.
- You can also get a top-up loan from IDFC First Bank if you want to study further.
- The maximum amount of loan (with collateral) is up to INR 1 crore.
- You will get complete income tax benefits as per section 80 (E).
- The bank approves loans for more than 4000 universities abroad and more than 30,000 courses.
- The loan is approved quickly as the application process is online.
Getting a balance transfer on an education loan? Check here to know how to apply for education loan refinance
IDFC First Bank Loan Transfer: Eligibility Criteria
The bank has prescribed some essential eligibility criteria for education loan transfer as directed by the Reserve Bank of India. Before applying for the loan, you must ensure that you fulfil all the essential eligibility criteria mentioned by the bank. Check the details below:
- The student must be an Indian citizen
- The loan shall be a first-time transfer i.e. no other bank has taken over the loan earlier.
- The credit score of the applicant for the education and personal loan category must be good i.e. above 700.
How to Apply for IDFC First Bank Loan Transfer?
IDFC First bank loan application process is completely online. You can simply visit the official website of the bank and apply for the loan. The bank has mentioned all the loan-related details on the page like eligibility, documents required, features, terms and conditions etc. Always check the complete details of the loan agreement before applying for the loan. Check the steps to apply online below:
- Visit the official website of the bank
- Go to the personal banking page and click on education loans
- On the next page, click on ‘Education Loan Balance Transfer’
- Check all the details and then click on the ‘Apply Now’ button
- Enter all the details carefully and submit the documents
- Wait for the verification and approval
Confused about the banks for loan refinance? Read this blog and check some of the best banks for education loan refinance
Documents Required for Education Loan Transfer
You have to submit all the documents mentioned by the bank for the education loan balance transfer. The documents will be required for both the applicant and the co-applicant. Check the list below:
| Documents | Applicant | Co-Applicant |
| Photograph | ✅ | ❌ |
| PAN Card | ✅ | ✅ |
| Aadhaar Card/Driving License/Passport | ✅ | ✅ |
| Exam scorecard | ✅ | ❌ |
| UG Scorecard | ✅ | ❌ |
| PG Scorecard | ✅ | ❌ |
FAQs on IDFC First Bank Loan Transfer
The interest rate offered by IDFC First Bank for education loan transfers is up to 1% less than your existing interest rate on an education loan.
You can apply online for IDFC First Bank Loan Transfer by visiting their official website. Go to the personal banking section and apply for an education loan transfer.
The bank doesn’t allow loan transfer if it has already been refinanced by any bank. The application shall be a ‘first-time loan takeover’ application.
Balance transfer on loans reduces the overall cost of the loan as you get lower interest rates and flexible repayment periods. Always check and compare the cost of the loan before finalising the bank or lender.
The bank has specified clearly that the credit score of the applicant must be good. A credit score above 700 is usually considered a good credit score. You may not get the loan approval if your credit score is 620. Contact the bank for such queries before applying for the loan as credit enquiry may reduce your score further.
Read all the terms and conditions specified by IDFC First Bank for education loan transfer. Compare the overall terms, cost of loan, repayment period etc before applying for the same.
To know more about loan transfer, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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