Federal Bank Vidya loan scheme
Federal bank is providing educational loans for higher education in India and foreign countries. The loan amount for Federal bank educational loan is from Rs. 0.50 lakhs to Rs. 25 lakhs. The students can pay there admission fee, entrance fee, caution deposit etc from this education loan. The educational loans for studying in colleges with in India doesn't need margin but for studying in foreign collages a 10% margin is applicable.
The minimum education loan period is 3 years which includes the course time and repayment time. The maximum Federal bank education loan time is 11 years in which maximum of 6 years is allowed for the course and the next 5 years is for repayment. The educational loan should be repaid in equal monthly installments when the student gets a job or within 12 months after the course completion.
Conditions and documents for Federal Bank education loan
1) Personal guarantee of two persons who are employed with a basic monthly income of Rs.5000 is required for educational loans upto Rs. 1 lakh.
2) Collateral security is required for educational loans above Rs. 1 lakh.
3) If the age if guardian is above 60, then an additional person with same eligibility is required as a guarantor.
You can get more details from the official website of Federal bank: http://www.federalbank.co.in