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