Buddy4Study - IDFC FIRST Bank Education Loan Programme

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About the Program


Buddy4Study - IDFC FIRST Bank Education Loan Programme is a joint initiative of Buddy4Study and IDFC FIRST Bank to provide financial backing to aspiring students who have secured admission into higher educational institutions in India or abroad.

Under this programme, the students will be offered collateral-free* education loans up to INR 40 Lakh to pursue their higher studies at an institution of their choice. The rate of interest applicable under this education loan ranges from 9% to 12%, depending on the institute category and courses. 

As part of this education loan programme, students can avail customized repayment plans, flexible tenures and income tax benefits that will help them in financing their academic dreams without worries.

*Conditions Apply

  • Buddy4Study - IDFC FIRST Bank Education Loan Programme
    • Open for Indian students who are pursuing higher studies in India or abroad
    • Should be 18 years old or above on the date of application.
    • Admitted to the desired institution after completion of the pre-requisite qualifications

    The candidates applying for IDFC FIRST Bank Education Loans will get the following benefits –

    • Collateral-free loan amount of up to INR 40 Lakh (minimum loan amount of INR 1 Lakh)
    • Education loan interest rates starting at 9% p.a.*
    • Provision for easy and fast loan sanction via seamless application process
    • Provision for multiple repayments is available
    • No foreclosure/part payment charges 
    • Loans upto ₹1 Cr. available with collateral*
    • 100% income tax benefit for interest paid under Section 80E of IT Act
    • The education loan amount would include the following expenses towards the course:

                  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


    Note: Special consideration for students pursuing professional courses from NIRF/top educational institutions (lesser interest rate depending on course and institution, quick loan disbursal, etc.)


    The following documents must be uploaded by the applicant at the time of application - 

    • Recent passport-size photograph
    • Address proof (Aadhaar Card/Driving License/Passport/Voter ID Card/NREGA Job Card of parent/s, etc.)
    • Admission proof (College ID card/admission letter/ bonafide letter from institute) 
    • Academic documents (10th and 12th marksheets | For PG courses, graduation final year mark sheet also required) 
    • Fee structure document
    How can you apply?
    • Click the ‘Apply Now’ button below.
    • Login to Buddy4Study with your registered ID and land onto the ‘Application Form Page’.
      • If not registered on Buddy4Study - Register at Buddy4Study with your Email/Mobile/Gmail account.
    • You will now be redirected to the ‘Buddy4Study - IDFC FIRST Bank Education Loan programme’ application form page.
    • Click on the ‘Start Application’ button to begin the application process.
    • Fill the required details in the online application form.
    • Upload relevant documents.
    • Accept the ‘Terms and Conditions’ and click on ‘Preview’. 
    • If all the details filled in by the applicant are correctly showing on the preview screen, click on the ‘Submit’ button to complete the application process.

In case of any queries, please reach out to:

+91-11-430-92248 (Ext: 123) (Monday to Friday - 10:00AM to 06:00 PM (IST))

Frequently Asked Questions
  • Who is eligible for IDFC FIRST Bank’s education loan?

    IDFC FIRST Bank’s eligibility criteria for education loans:

    • You should be an Indian National (Including NRI)
    • You should be 18 years old or above  
    • You should have secured admission in the desired Institution/Course
    • In case secured admission is not available, you can get a pre-admission sanction
  • What are the expenses covered under IDFC FIRST Bank’s education loan?

    The loan amount would include the following expenses towards the course: 
    College-related expenses:

    • Tuition and Fees payable to the institute
    • Examination/library/laboratory fees
    • Purchase of books/Equipment/uniforms
    • Living expenses (including Hostel fees) 

    Additional expenses:

    • Travel expenses 
    • Purchase of computers/laptops 
    • Overseas Insurance
    • Cost of health insurance
  • Do I need to provide any margin money?

    IDFC FIRST Bank provides up to 100% financing. The quantum of margin money is subjected to the institute classification done in the IDFC FIRST Bank’s policy.

  • Do I need to provide collateral to get the loan?

    Collateral is not mandatory to avail IDFC FIRST Bank’s education loan. Collateral requirement is decided on the basis of requested loan amount, institute classification and applicant’s profile.

  • Do I need a co-applicant?

    Yes, co-applicant is required to avail IDFC FIRST Bank’s education loan except in few cases, which are decided on the basis of IDFC FIRST Bank’s policy criteria.

  • Can I apply for loan if I do not have an earning co-applicant?

    At IDFC FIRST Bank, we believe in your potential and provide loan on the basis of your future income. However, co-applicant’s income is required for assessment on case to case basis as per the IDFC FIRST Bank’s policy.

  • Who can be my co-applicant?

    Parents, brother, sister, spouse, parents-in-law and grandparents can be your co-applicant.

  • What is the loan period for IDFC FIRST Bank’s education loan?

    IDFC FIRST Bank offers flexible tenure, thus ensuring easy repayment of education loan.

  • What are the documents required to apply for a study loan?

    S. No




    Fully filled application form

    Last 6 months’ bank statements


    Photo Id proof 

    Photo Id proof 


    Proof of residence 

    Proof of residence 


    Passport sized photograph

    Passport sized photograph


    Proof of admission

    Relationship proof


    Fee structure document

    Balance fund proof 


    Salary slips of experienced candidates

    Residence ownership proof 


    Visa copy in case of oversees education

    Collateral documents


    Academic documents

    Income proof 


  • Who is eligible to avail tax exemption under Section 80E?

    According to Section 80E:

    • Only an individual can claim this deduction. It is not available to HUF or any other kind of taxpayer.
    • The loan should be taken for the higher education of self, spouse or children or for a student for whom the individual is a legal guardian.
    • Parents can easily claim this deduction for the loan taken for the higher studies of their children
  • How much time does it take for loan approval?

    IDFC FIRST Bank’s education loan is approved within 48 hours*.

  • Can I pre-pay my loan? What will be the charges for pre-payment?

    Yes, there are no charges for pre-payment of your loan.

  • What are the advantages of taking an education loan from IDFC FIRST Bank?

    There are several advantages to availing an education loan from IDFC FIRST Bank.        

    • With our ALWAYS YOU FIRST principle, you will enjoy:
    • Up to 100% financing
    • End-to-end digital process
    • Entrance test score-based benefits
    • Door step services
    • Customized solution
    • Income tax benefits under section 80E 
    • Flexible collateral requirements
  • How will my EMI be calculated?

    Your EMI consists of two components, the principal amount and the interest rate charged on the principal. The factors that determine the EMI are the amount you borrow, the rate of interest applied and the loan tenure. The EMI is to be paid on monthly basis over the tenure of the loan.

  • Is the education loan from IDFC FIRST Bank fixed or floating?

    We offer floating education loans to our customers. Please feel free to reach out to any IDFC FIRST Bank representative and we will provide you with the necessary information. Please use our education loan EMI calculator, which will help you ascertain the cost of the loan, your EMI amount, and other parameters.

  • What is an education loan and what can I do with it?

    An education loan enables you to fund your dream education by meeting the financial requirements of the course. Education loans are intended to cover the course fees and any charges related to the education like your study material, accommodation charges, travel expenses, equipment costs, etc. 

  • Is it possible for self-employed individuals to get an education loan?

    Yes, self-employed individuals can also avail education loans. We give education loans to sole proprietors, self-employed individuals, partnership firms and directors of the companies, given the respective eligibility criteria are met as per the IDFC FIRST Bank’s policy.

  • Is there any verification carried out to assess my education loan eligibility?

    We carry out certain verifications to ascertain the suitability of your application as per the bank’s policy. These are case-specific and might involve telephonic or in-person discussions to gather more information required for processing your application. We also carry out verification for your residence or office address and any additional checks as per the Know Your Customer (KYC) guidelines of the bank.


1. Source of Information: Buddy4Study app compiles details on scholarships/fellowships from government websites and private scholarship sources. Links to the official sources accompany each listing detail pages.

2. Non-affiliation: The Buddy4Study app is not associated with any government entity in India or elsewhere. When featuring government scholarships, we rely on publicly accessible information from central and state government websites in India.

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