FEDERAL BANK

Loan scheme: Federal Vidya Loan Scheme
Eligibility: Student must be of Indian nationality and offered admission in any of the approved courses in an Educational Institution recognized by the government or any University in India or Abroad.

Courses Approved :
A - Category:- Academic courses such as Diploma, Graduate/Post-Graduate courses in Arts, Science and Commerce etc.,
B - Category:- Professional courses such as Diploma, Graduate/Post-Graduate courses in Engineering, Medicine, Dental Science, Agricultural Science, Veterinary Science, Computer Science, Nursing, Pharmacy, Business administration, Law etc.,

Type of Loan

The loan account shall be operated as a term loan. To facilitate flexibility in operation, future debits on account of recurring expenses in each semester/year can be made to this account

Margin : The margin is nil for courses in India. For foreign studies a minimum margin of 10% is to be insisted on

Amount of Loan (Rs. in Lakh) :

In India: Minimum(0.50), Maximum (5.00)
Abroad: Minimum(0.50), Maximum (10.00)

Rate of Interest :
Upto Rs.5 lakh : 13.5 %
Above Rs.5 lakh : 14.5 %

Period of Loan

Period of the loan consists of the period required for the completion of the course and that means for repayment of the loan. The repayment should begin within 12 months from the completion of the course or after the student secures employment whichever is earlier.

Maximum period of the loan : 11 years
Minimum period of the loan : 3 years

For updated information please visit :http://www.federalbank.co.in/Content/DisplayContentDetails.aspx?id=478