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Federal Bank Ltd.
Federal Vidya Loan Scheme
Purpose: The purpose
of the loan is to make available financial assistance to the needy and deserving
students of bright academic record so as to enable them to continue higher
studies in India or Abroad either in diploma/graduation or post-graduation level
in Arts, Science, Commerce, Management, Medicine and Engineering.
Eligibility: Under
this scheme the loan can be sanctioned to any student of Indian nationality who
intends to join any of the approved courses in an Educational Institution
recognised by the government or any University in India or Abroad.
Courses Approved:
A - Category:- Academic courses such as Diploma, Graduate/Post-Graduate
courses in Arts, Science and Commerce etc.,
B - Category:-
Professional courses such as Diploma, Graduate/Post-Graduate courses in
Engineering, Medicine, Dental Science, Agricultural Science, Veterinary Science,
Computer Science, Nursing, Pharmacy, Business administration, Law
etc.,
Type of Loan:
The
loan account shall be operated as a term loan. To facilitate flexibility in
operation, future debits on account of recurring expenses in each semester/year
can be made to this account.
Margin:
The margin
is NIL for courses in India. For foreign studies a minimum margin of 10% is to
be insisted on.
Amount of
Loan:
(Rs in Lakhs)
|
Place of
studies |
Minimum |
Maximum |
|
In India |
0.50 |
5.00 |
|
Abroad |
0.50 |
10.00 |
Rate of
Interest:
|
Upto Rs.5
lakhs |
13.5 % |
|
Above Rs.5
lakhs |
14.5
% |
Period of
Loan:
The period of the loan consists of the period required for the
completion of the course and that meant for repayment of the loan. The repayment
should begin within 12 months on the completion of the course or after the
student secures employment whichever is earlier.
|
Maximum period of the
loan |
11
Years |
|
Minimum
period |
3
Years |
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