FEDERAL BANK

Education Loan Scheme
The scheme entails students who are needy with a bright academic record so as to enable them to continue higher studies abroad,either in diploma / graduation or Post Graduation level in Arts, science, commerce, Management,Medicine and Engineering.

Eligibility :

Loans can be sanctioned to a student of Indian Origin for an approved course in an educational institution recognized by the Govt. or a university in India or Abroad.
Margin:

(i) It is nil for courses in India.

(ii) For foreign studies a minimum margin of 10% is necessary.

Loan Amount :

(i)Minimum of 50,000 to a maximum of 5 lakhs to pursue a course in India.

(Ii)Minimum of 2 lakhs to a maximum of 10 lakhs to pursue a course abroad.
Repayment:

The loan account would be considered as a term loan to facilitate fixable operation, future debts on account of recurring expenses in each semester or year can be made to the account.

The loan should be repaid within 12 months after the completion of the course or after the student gets a job, whichever is earlier.

Maximum period for course completion is 6 years and maximum peroid for repayment after course completion is 5 years, hence maximum peroid of the loan is 11 years while minimum period is 3 years.

Interest:
AMOUNT
RATE OF INTEREST
Up to 2 lakhs
Plr + IT
2 lakhs - 5 lakhs
Plr + 2 + IT
5 lakhs - 10 lakhs
Plr + 2 + IT