Special Vidya Loan Federal Bank

Special Vidya Loan Scheme
Purpose/ Objective
Meritorious students are provided with an opportunity to
pursue education with the financial support from the
bank with affordable terms and conditions. Can be
availed for higher studies in India & Abroad excluding
vocational training & skill development study courses.
Loan Amount
Up to Rs 10 Lakhs for studies in IndiaUp to Rs 20 Lakhs
for studies abroad
Eligibility
Open for Indian Nationals who have secured admission
to professional / technical courses through Entrance
test / merit based selection process or have secured
admission to foreign university / institutions (for studies
abroad). Course & Institution should have necessary
approval / recognition. And the bank nearest to the
residence of the borrower must be Federal Bank.
Quantum of finance
Need based finance and subject to repaying capacity of
the parents / students Fee payable to college / school /
hostel for tuition / examination / library / lab etc Cost of
books, equipments, instruments, uniform, travel
expenses, computer (if essential for the course),
expenses for study tours / project work / thesis, etc.
Caution deposit, amount payable towards building
fund, refundable deposit etc supported by bills / receipts
but cannot exceed 10% of the tuition fee
Margin
Up to Rs 4.00 L No Margin is applicable. and
For studies in India above Rs 4 Lakhs - 5%
For Studies Abroad above Rs 4 Lakhs - 15%
Period
Moratorium period + 5 to 7 years
(Moratorium period – period of the course + one year / 6
months after getting job, whichever is earlier)
Rates & Charges
Please refer rates & charges page
During moratorium period only simple interest will be
charged
Repayment
No repayment during moratorium period.
Equated Monthly Installments in 5 to 7 years after
moratorium period
Co-obligants
Documents should be executed by the student and
parent / guardian as joint borrowers.
Security
No security is needed Up to Rs 4 Lakhs.
Third party guarantee acceptable to bank / collateral
security for loans up to 7.50 Lakhs.
Above Rs 7.50 Lakhs collateral security with required
margin is required Single premium insurance policy on
the life of the student to be taken covering the loan
amount and period.
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