Federal Bank

Federal Bank’s Educational Loan - Special Vidya

Objective of the Scheme :

Federal Bank provides financial support to meritorious students for pursuing higher education in India and abroad. Meritorious Students under management Quota are eligible for Education Loan.

Eligibility of the Student  :

The student should be an Indian National

The student  should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test / Merit Based Selection process after completion of HSC ( 10 plus 2 or equivalent ).

Liability of Finance :

Expenses allotted for the 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.

Quantum of Finance :

  • 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. 
  • For studies in India above Rs 4 Lakhs - 5%
  • For Studies Abroad above Rs 4 Lakhs - 15%

Processing Fee / Mortgage Charges : NIL

Moratorium :

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

Rate of Interest :

  • Base Rate  +  2.75%  to   Base Rate  +   4.28%
  • During moratorium period only simple interest will be charged.

Repayment Period of the Loan :

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

For more Details, Kindly refer the following link :

http://www.federalbank.co.in/special-vidya-loan

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