Federal Bank Special Vidya Loan Scheme
Federal Bank is providing special education loan for meritorious students to study in India and foreign countries. The special education loan is not provided for studying vocational training and skill development courses. The maximum loan provided for Federal bank special education loan is up to 10 lakhs for studying in India and up to 20 lakhs for studying in foreign countries. The students who got selection in professional/technical courses through entrance or merit tests conducted by colleges in India or abroad are eligible for applying special education loan. The college/institution and the course selected for studying should have recognition for getting this loan from Federal Bank.
Margin and repayment of Federal bank special education loan
No margin is required for loans up to 4 lakh and 5% margin is required for educational loans above Rs.4 lakhs in India and 15% margin is required for educational loans above 4 lakhs in foreign countries. No repayment is needed during the period of course and 6 moths/1 year after getting the job. The repayment should be done as equal monthly installments in 5 to 7 years after 1 year/6 months from getting the job. No security guarantee is needed for Federal bank special education loans up to 4 lakhs but third party guarantee or collateral security is needed for educational loans above Rs. 7.50 lakhs. The third party guarantee or security should be acceptable to the bank also.
For more details on Federal bank special vidya loan check the official website: http://www.federalbank.co.in