IDFC First Bank EMI Payment for Education Loan: IDFC First Bank provides education loans up to INR 1 crores and collateral-free loans up to INR 50 lakhs. Students can apply for the same and avail benefits of faster education loan sanction via the bank’s seamless application process.
On successful loan approval, the borrowers are obligated to start the repayment after the moratorium period of course duration plus 1 year. Let’s get into the details of IDFC First Bank EMI payment for education loans.
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IDFC First Bank EMI Payment for Education Loan
IDFC First Bank provides convenient and flexible repayment options to borrowers, including EMI payments for education loans up to 15 years. Students can use the user-friendly online banking portal or the mobile application to start with EMI payments. The auto-debit facility or the standing instructions opted by the borrowers allow them to streamline the payment process and not miss the deadlines.
- The borrowers must prioritise EMI payments on education loans.
- It is advisable to not take any new loans as this might impact the IDFC First Bank EMI payments for education loans.
- The EMI payments can be started immediately after the IDFC First Bank disbursement process or after the holiday period.
Also Read: Know all about the best forex cards for Indian students in the UK to overcome the hassles of money management while studying abroad.
How to Make IDFC First Bank EMI Payments for Education Loans?
The borrower can make IDFC First Bank EMI payments for education loans online through net banking/ debit card/Paytm wallet or other wallets/ UPI. You can choose any of the mentioned options at your convenience. You can also visit the nearest bank branch to make payments offline.
Online Payment
- Visit the official website of IDFC First Bank.
- Navigate to the ‘Payments’ section and click on ‘Pay Loan EMI’.
- Enter details like account number and contact details.
- Choose the payment option and enter the captcha code.
- Click on proceed.
- You will be directed to the bank site page, enter your details
Offline Payment
- Visit the nearest located IDFC FIRST Bank Branch.
- Kindly carry your LAN- Loan Account Number for payment.
- Provide the LAN, applicant’s name, date of birth, and registered mobile number.
- Initiate payment via (cash/ cheque/ DD/ Debit Card mode) and enter (email /SMS) for the online receipt.
- Visit the nearest Navopay retailer.
- Carry the Loan Account Number with you.
- Provide the same to the Navopay retailer.
- Make the payment through cash, and make sure to collect the receipt.
Also Read: Learn all the important details of using SIPs to repay education loans efficiently and plan the repayment of the loan on time.
Modes of IDFC First Bank Education Loan Repayment
There are three different modes of education loan repayment offered by IDFC First Bank. These include EMI- Equated Monthly Installments, paying the Simple Interest (SI) during the study period, and repayment after the moratorium. Let’s discuss all these methods in detail-
Equated Monthly Instalments (EMIs)
EMI is one of the most common modes of repayment of education loans offered by IDFC First Bank. In this mode, the borrower repays the education loan amount with the interest accrued monthly. The EMI amount remains constant throughout the loan repayment period unless there is a change in interest rates.
- EMI consists of the principal amount and interest amount.
- This is a systematic mode of repayment of loans over a fixed period.
- Borrowers can choose for auto-debit mode or standing instructions from the bank to avoid missing deadlines.
IDFC First Bank EMI Payment for Education Loan
For example- Rahul took an IDFC First Bank Education loan to study abroad of INR 50 lakhs at 11.25% p.a. for 15 years and his course duration is 3 years. If he chooses the EMI payment option, his monthly instalment will be INR 57,617, which he is required to pay on a fixed date of every month.
SI- Pay Only Simple Interest While You Study
Some education loans offer the option to pay only the simple interest while the applicant is studying. This means that during the course duration, the borrower pays the interest accrued on the loan amount. The payment of the principal amount begins after the study period ends.
- The mode of repayment provides relief to borrowers who are not financially stable during their studies.
- It helps the borrower to focus more on studies without worrying about the full loan repayments.
IDFC First Bank SI Payment for Education Loan
Considering the above example, SI payment in this case will be INR 66,188.
Repayment After Moratorium Period
The Moratorium Period refers to the holiday period during which the applicant is not obligated to start the education loan repayment. This is a grace period provided by the lenders which is usually the course duration plus 12 months. Interest is accrued during the moratorium period and the borrower is required to pay it back when starting with the repayment.
- Since the interest is accrued and the borrower isn’t making payments during this time, the loan balance continues to increase, so it is better to start EMI payments immediately after disbursement.
IDFC First Bank Repayment after Moratorium
The EMI amount post-moratorium will be INR 1,03,585 (the example remains the same) if the borrower starts the education loan repayment after the moratorium period.
FAQs
EMI Payment for IDFC First Bank can start immediately after the education loan disbursement or the moratorium period of course duration plus 1 year. The bank offers convenient and flexible payment options with repayment of up to 15 years.
Students can use the user-friendly online banking portal or the mobile application to start with EMI payments. The auto-debit facility or the standing instructions opted by the borrowers allow them to streamline the payment process and not miss the deadlines.
The borrower can make IDFC First Bank EMI payments for education loans online through net banking/ debit card/Paytm wallet or other wallets/ UPI. You can choose any of the mentioned options at your convenience. You can also visit the nearest bank branch to make payments offline or make payments with the Navopay retailer.
The majority of loans for education instalments usually start 12 months after graduation. You may choose to pay interest on loan(s) only partially, thus keeping significant sums off at the end of the meeting period.
There are three different modes of education loan repayment offered by IDFC First Bank. These include EMI- Equated Monthly Installments, paying the Simple Interest (SI) during the study period, and repayment after the moratorium. Borrowers must choose the one that aligns with their financial plans.
IDFC First Bank offers education loans up to INR 1 crore to study abroad. Borrowers can also take collateral-free loans up to INR 50 lakhs at competitive interest rates ranging from 9.00% p.a. to 15.00% p.a.
This was all about IDFC First Bank EMI Payment for Education Loans. To know more about education loans, 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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