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Federal Bank Education Loan

Federal Bank aims to give the opportunity of education to every student in India. With the various loans that the bank offers, it provides financial support to all students pursuing higher education. These education loans can be availed for courses in India and also abroad.

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Eligibility Criteria for Various Fed Loans

The eligibility criteria for various Fed Loans are as listed below: 

Special Vidya Loan

  1. You should be an Indian national.
  2. You need secured admission to a professional institution.
  3. Your course/institution should be recognised.
  4. Course certificate needs to be issued by the University.
  5. Do note that for this category of loans, vocational training and skill development courses will not be eligible. 

Fed Scholars

  1. You should be an Indian national.
  2. You should have secured admission the institution.
  3. Management Quota seats will not be considered.

Federal Career Solutions Loan

  1. You should be an Indian citizen.
  2. You need a proof of admission to the institution.
  3. You should be minimum 18 years old and a maximum of 45 years old.
  4. Your net worth should be at least double the loan amount.

Documents Required for Federal Bank Education Loan

The below-listed documents are required to apply for Federal Bank education loan: 

  1. Proof of Identity: Passport, Voter ID card, Driving License, PAN Card, etc. 
  2. Proof of Address: Ration card, Telephone/Electricity Bill, Lease agreement, Passport, Trade license, Sales Tax certificate, etc. 
  3. Offer Letter/Admission Letter 
  4. Basic Qualification & Marksheet   
  5. Proof of Fee Structure 

Federal Bank Education Loan Interest Rates

Schemes

Loan Amount

Interest Rates

Special Vidya Loan

  1. Up to Rs.10 lakh for studies in India
  2. Rs.20 lakh abroad

12.55% p.a. onwards

Fed Scholars

Up to Rs.20 Lakhs

12.55% p.a. onwards

Federal Career Solutions Loan

  1. Up to Rs.75 lakh for studies in India
  2. Rs.100 Lakhs abroad

12.55% p.a. onwards

Compare Federal Bank Education Loan Schemes for Students

Loan

Security and Margin

Tenure

Special Vidya Loan

  1. No security is needed up to Rs 4 lakh
  1. Minimum paperwork 
  2. Loans are accessible for advanced education both within India and abroad, excluding vocational training and skill development study programs. 
  3. Loan up to Rs. 10 lakh for studies in India  
  4. Loan up to Rs.20 lakh for studies on foreign shores 

Moratorium period+ 5 to 7 years

Fed Scholars

  1. For loan up to Rs.20 lakh, no collateral security is required. 
  2. Repayment during moratorium period is not required 
  3. Processing fee is zero 
  4. Repayment period is of 15 years 
  5. Zero processing fee 
  6. Eligible students can avail themselves of subsidy 
  7. Expenses incurred during the course (in which loan is availed) can be considered for reimbursement  

Total Loan period = Moratorium Period (course period + maximum 1 year) + maximum 15 years.

Federal Career Solutions Loan

  1. Minimal paperwork 
  2. Loans are accessible for advanced education both within India and abroad, excluding vocational training and skill development study programs. 
  3. Loan up to Rs. 75 lakh for studies in India  
  4. Loan up to Rs.1o0 lakh for studies on foreign shores 
  1. Moratorium period - course period + 6 months or 3 months (after you get a job, whichever is earlier)
  2. Repayment period - maximum 120 months

Federal Bank Education Loan EMI Calculator

Before you take a loan, it is important for you to have an idea about the EMI amount that you will have to pay every month. Federal Bank offers an online EMI calculator on its website through which you can take a more informed decision as to whether you should take a loan or how much loan you should take.

Pluto Money also offers Education Loan EMI calculator which you can determine the EMIs.

How to Apply for Federal Bank Education Loan?

There are multiple ways to apply for the Federal Bank Education Loan. They are as follows: 

  1. By calling the Federal Bank branch: You can call the Federal Bank contact centre executives at 18004251199 or 18004201199. 
  1. By visiting the nearest Federal Bank branch: You can visit any Federal bank branch and apply for an education loan. 
  1. Through Vidyalakshmi portal: You can also apply for the loan via the Vidya Lakshmi Portal of Federal Bank using Application ID. 

FAQs

How many marks are required for an education loan?

You will need at least 60% marks and above to be eligible for an education loan.
What are the different methods to pay the EMIs on Federal Bank education loan?

You can pay the EMIs via. Cheques, Standing Instructions at your Federal bank branch/automated payment through ECS, Through the bank's internet banking facility called FedNet, Mobile Banking
What documents are known as identity proof?

You can submit Passport, Voters ID card, Driving Licence or PAN Card as identity proof.
If I have to go abroad and study, will I be eligible for an education loan from Federal Bank?

Yes, you can get up to Rs.20 lakh as education loan from Federal Bank if you want to study abroad.
For a fed scholar's loan, do I need a security?

No security is needed for a Fed Scholars loan.
How much is the maximum duration of education loan?

The repayment duration of an education loan is the moratorium period + 15 years. The moratorium period is equivalent to the course period + 1 year.