Federal Bank Education Loan

Federal Bank

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

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

Contact:

• 040-24752468, 040-24752999, 1800-420-1199

Website: www.federalbank.co.in/Education Loan