Federal Bank Special Vidya Loan

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Federal Bank Special Vidya Loan is available for the meritorious students who are provided with an opportunity to pursue education with the financial support from the bank. Loan can be availed for higher studies in India and Abroad excluding vocational training ND skill development study courses.

Eligibility :

Should be an Indian National
Secured admission to professional/technical courses through Entrance test/ Merit based selection process
Secured admission to foreign university / institutions (for studies abroad)
Course & Institution should have necessary approval/recognition

Loan Details

Coverage of Expenses

Fee payable to College / School, Hostel, Tuition, Examination, Library, Lab
Cost of books, equipments, instruments, Uniform, Travel expenses, Computer (if essential for the course)
Expenses for study tours / project work / thesis etc
Caution deposit, Amount payable towards building fund, refundable deposit etc supported by bills / receipts but cannot exceed 10% of the tuition fee.

Quantum

For Studies in India - Up to 10 Lakh
For Studies Abroad - Up to 20 Lakhs

Quantum of finance is subject to repaying capacity of the parents / students. Satisfactory performance of the student necessary for continued disbursal.

Margin:

Up to Rs 4.00 L No Margin is applicable.
Above Rs 4 Lakhs
- For studies in India : 5%
- For Studies Abroad : 15%

Co-obligants:

Documents should be executed by the student and parent / guardian as joint borrowers.

Documents Required :

Proof of Identity (Passport / Voters ID card/ Driving License/PAN Card)
Address Proof (Ration card Tel/ Electricity Bill/ Lease agreement/ Passport/Trade license /Sales Tax certificate)
Offer letter / Admission letter
Basic Qualification & mark-list
Proof of Fees structure

Security

No security is needed Up to Rs 4 Lakhs.
Third party guarantee acceptable to bank / collateral security for loans up to 7.50 Lakhs.
Above Rs 7.50 Lakhs, collateral security with stipulated margin is required

Loan Period

Moratorium period + 5 to 7 years.
(Moratorium period will be period of the course + one year / 6 months after getting job, whichever is earlier)

Repayment of the loan is made as Equated Monthly Installments (EMI).

You can use any one of the ways to repay the loan:

Cheques
Standing instructions at your branch
FedNet - Internet Banking
Automated Payment through ECS
Mobile Banking

Rate of Interest

For interest rate check out this link, Federal Bank Interest Rate

Contact Details

The Federal Bank Limited
Federal Towers, Aluva - 683 101, Kerala, India
Telephone No. : +91-484-2623620 to 29
Fax No. : +91-484-2622672
E-mail : Contact Now

Click here for the nearest bank branches

Note : Since the rules, regulations, eligibility conditions, repayments and interests rates etc. are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.

Tags

Study Abroad Loan , Federal Bank Education Loan

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