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Federal Bank
 
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Disclaimer:

Since the rules, regulations, eligibility conditions, repayments and interests rates etc are revised by the banks from time to time. students and parents are advised to check thoroughly the terms and conditions of educational loan scheme of respective bank on offer at the time of application.

Federal Bank Limited

 

Special Vidya Loan Scheme

Key features:

  • Speedy loan approval
  • Loan can be availed for higher studies in India & Abroad excluding vocational training & skill development study courses.
  • Loan amount up to Rs.10 Lakhs for studies in India and Rs.20 Lakhs abroad
  • No security is needed Up to Rs 4 Lakhs.
  • Minimal paperwork.
  • No repayment during Moratorium period
  • Repayment can be made in easy EMIs
  • With Special Vidya Loan, Meritorious students are provided with an opportunity to pursue education with the financial support from the bank.

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

Terms & Conditions:

Quantum of Finance:

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

Items covered under loan:

  • 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.

Margin:

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

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)

Co-obligants:

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

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

Repayment options:

  • 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

Interest Rates & Charges:

Overnight MCLR 9.1% (p.a) w.e.f Jul 01,2016
One Month MCLR 9.43% (p.a) w.e.f Jul 01,2016
Three Months MCLR 9.57% (p.a) w.e.f Jul 01,2016
Six Months MCLR 9.57% (p.a) w.e.f Jul 01,2016
One Year MCLR 9.52% (p.a) w.e.f Jul 01,2016
Educational Loan 1.20% to 5.80%
Base Rate 9.63% (p.a) w.e.f Dec 01,2015
Benchmark Prime Lending Rate (For loans existing as on 30.06.2010 till next renewal) 17.75% (p.a) w.e.f Nov 07,2011

Central Government Interest Subsidy Scheme is also available

Contact: Hyderabad : 040-24752468, 040-24752999, 1800-420-1199

Website:www.federalbank.co.in


 


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