The loan disbursement process at IDFC FIRST Bank is designed to be efficient and student-friendly, ensuring that funds are available when needed for educational expenses. Here’s an overview of the process: 

Loan Agreement and Documentation: 

After loan approval, the applicant must sign the final loan agreement. 

Provide original KYC documents for the student, co-applicant, and guarantor (if applicable). 

Complete and submit two original copies of the ECS (Electronic Clearing Service) mandate form, duly signed and stamped by your bank. One copy is retained by the bank for records. 

The co-applicant may need to provide 5-6 post-dated cheques as a security measure to cover monthly interest payments. 

Disbursement Request: 

Submit a formal disbursement request form, signed by both the applicant and co-applicant. 

Provide the university’s acceptance letter and a detailed fee structure. 

If applicable, include documentation for accommodation expenses, such as on-campus housing fees or an off-campus rent agreement. 

Offer estimates for living costs, including food, clothing, study materials, and other miscellaneous expenses. 

Disbursement Execution: 

Upon verification of all submitted documents, the bank issues a disbursement letter detailing the amount, date, and method of disbursement. 

Funds are typically transferred directly to the university’s account to cover tuition and related fees. 

For off-campus accommodation or other approved expenses, the disbursed amount may be credited to the student’s personal bank account. 

By adhering to this structured process and ensuring all necessary documentation is provided, students can experience a smooth and timely disbursement of their education loan, facilitating their academic pursuits without financial hindrances.