You are currently viewing Federal Bank Education Loan Interest Rate
Federal Bank

Federal Bank Education Loan Interest Rate

Federal Bank offers a range of education loans tailored to support students in pursuing higher education both in India and abroad. These loans are designed to cover various expenses, including tuition fees, examination fees, library and laboratory charges, travel expenses for overseas studies, caution deposits, and the purchase of books and equipment.

ALSO READ: IDFC First Bank Savings Account Opening

Special Vidya Loan Federal Bank

The Special Vidya Loan is aimed at providing financial support to meritorious students. Eligible expenses under this scheme include fees payable to educational institutions, examination fees, library and laboratory fees, travel expenses for studies abroad, caution deposits, and the purchase of books and equipment. Students can avail loans up to ₹10 lakhs for studies in India and up to ₹20 lakhs for studies abroad.

Federal Bank Scholars Loan

The Fed Scholars Loan is designed for students aspiring to join India’s premier institutions such as AIIMS, IIM, IIT, XLRI, JIPMER, and BITS. Under this scheme, students can avail loans up to ₹20 lakhs without any collateral security, with a repayment period of up to 15 years. Additionally, eligible students may receive subsidies, and there is no processing fee for this loan.

Federal Career Solutions Loan

This loan provides financial assistance to deserving young individuals pursuing higher education, vocational training courses, pilot training, skill upgradation, and diploma or degree courses in fields such as aviation, hospitality, and travel management. The loan amount can go up to ₹75 lakhs for studies in India and up to ₹100 lakhs for studies abroad. The repayment period includes a moratorium period (course duration plus six months or three months after securing a job. Whichever occurs earlier, the borrower then follows a repayment tenure of up to 10 years.

Interest Rates and Repayment

Federal Bank offers competitive interest rates on its education loans. The repayment period typically includes a moratorium period (course duration plus one year). Followed by a repayment tenure of up to 15 years. Interest rates may vary based on the specific loan scheme and the applicant’s profile. For detailed and up-to-date information on interest rates. It is advisable to visit Federal Bank’s official website or contact the nearest branch.

Application Process

Students can apply for an education loan through the Vidya Lakshmi Portal. Which allows applicants to submit a common educational loan application form to multiple banks. Alternatively, applicants can submit their applications directly at the nearest Federal Bank branch. Required documents typically include proof of identity. Address proof, photographs, mark sheets of qualifying examinations, proof of admission, and evidence of course expenses.

In conclusion, Federal Bank structures its education loan schemes to provide comprehensive financial support to students aiming for higher education. With flexible repayment options, competitive interest rates, and coverage of a wide range of educational expenses. These loans serve as a valuable resource for students to achieve their academic and professional goals.

Thinkreload

Welcome to thinkreload, where curiosity meets clarity. We are a passionate explorer of ideas and knowledge. With a background in Past, Present and Future I delve into topics that ignite the mind and provoke thought. Join me on a journey of discovery as we unravel complex concepts, explore diverse perspectives, and challenge conventional wisdom.

Leave a Reply