Federal Bank Students Personal loan

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Federal Bank's student loans are here to ensure money doesn't stand in the way of your dreams. There are three different types of loans—Special Vidya Loan, Federal Career Solutions Loan, and Fed Scholars Loan—and there's something for everyone. Whether you're heading off to college in India or abroad, aiming for top-notch institutions, or need to upgrade your skills, these loans cover it all. They offer good amounts of money, eas y payback plans, and don't always ask for security. So, Federal Bank has your back if you're a student with big aspirations or someone looking to boost your career with more education. There is no need to worry about the cost; focus on your goals and let these loans help you get there.

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Table of Content

1. Federal Bank Personal Loan for Students Highlights

2. Federal Bank Personal Loan for Students Fees and Charges

3. Compare Federal Bank Students Loan from other Banks

4. Federal Bank Personal Loan for Students Documents Required

5. Federal Bank Personal Loan for Students Eligibility Criteria

  • 5.1 Federal Career Solutions Loan Eligibility
  • 5.2 Fed Scholars Loan Institutions
  • 5.3 Special Vidya Loan Eligibility
    • Read more
    Written By
    Utsah Sharma
    Utsah Sharma
    Utsah Sharma is a seasoned financial expert with a Master’s Degree in Commerce specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & Loan products. Drawing on her experience, she has established herself as a trusted voice, providing invaluable insights and guidance to seasoned investors and beginners. She is committed to breaking down the complexities of everything finance.
    Reviewed By
    Piyush Bothra
    Piyush Bothra
    Chief Financial Officer, Square Yards
    Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

    Federal Bank Personal Loan for Students – Highlights

    Features Special Vidya Loan Federal Career Solutions Loan Fed Scholars
    Who Are Eligible? Indian nationals with admission through entrance/selection Indian citizens with proof of course admission, aged 18-45, net worth minimum double the loan amount Students admitted to premier institutes like IITs, IIMs, AIIMS, etc.
    Maximum Loan Amount Up to Rs. 20L abroad Up to Rs. 75L in India, Up to Rs. 100L abroad  Up to Rs. 20L
    Loan Tenure Course period + 15 years Course period + 6 months/job + max 120 months Moratorium + up to 15 years
    Margin Up to Rs 4L: None, Above Rs 4L (India): 5%, Above Rs 4L (Abroad): 15% Up to Rs 10L: None, Above Rs 10L: 5%
    Upfront Fee N/A N/A N/A
    Collateral/Security Up to Rs 4L: None, Rs 4L – Rs 7.5L: Third-party guarantee, Above Rs 7.5L: Collateral required N/A N/A

    Federal Bank Personal Loan for Students – Fees and Charges

    Loan Type                           Margin  Quantum of Finance Security Required  Repayment Period   
    Special Vidya Loan  Nil up to 4L; 5% for >4L (India), 15% for >4L (Abroad) Based on repaying capacity No security up to 4L Course period + 1 year + 15 years
    Federal Career Solutions Loan Nil up to 10L; 5% for >10L 75% of estimate Hypothecation of purchased assets/equipment; collateral for higher amounts Course period + 6 months/job + max 120 months
    Fed Scholars  Nil up to 10L; 5% for >10L Moratorium period + max 15 years  

    Compare Federal Bank Students Loan from other Banks

    Name of Bank Interest Rate (p.a.) Processing Fees
    SBI 8.15% p.a. to 11.75% p.a.
    • Up to Rs.10,000
    • No charged required for loan amount below Rs.20 lakh
    • Loan amount above Rs.20 lakh: Rs.10,000 (plus taxes)
    Central Bank of India  8.10% p.a. to 10.60% p.a.
    • Nil for studies in India 
    • 1% of loan amount for studies abroad (Max: Rs. 15,000) 
    PNB 9.20% p.a. onwards
    • Nil for studies in India 
    • 1% of loan amount for studies abroad (Max: Rs. 10,000) 
    Canara Bank  9.25% p.a. onwards
    • 0.50% of the loan amount up to Rs.10,000 (for collateral security coverage of 100% and above)
    • 0.50% of the loan amount up to Rs. 20,000 (for collateral security coverage of less than 100%)
    IDFC FIRST Bank  10% p.a. to 15% p.a.
    • Up to 1.5% of the loan amount
    IDBI Bank  11.10% p.a.
    • Nil for studies in India 
    • 1% of the loan amount (Maximum: Rs.5,000) for studies abroad
    Bank of Baroda 8.55% p.a. onwards
    • No processing for charges up to Rs.7.50 lakh
    • 1% of loan amount up to Rs.10,000 for charges above Rs. 7.50 lakh
    Bank of India  10.95% p.a. to 11.75% p.a.
    • No processing fee for studies in India
    ICICI Bank  9.40% p.a. onwards
    • Up to 2% + GST
    Axis Bank 13.70% p.a. to 15.20% p.a.
    • 2.00% of the loan plus GST
    HDFC Bank 9.50% p.a.
    • Nil for studies in India 
    • 1% for studies abroad

    Federal Bank Personal Loan for Students – Documents Required

    Here is a list of documents that you need while applying for your selected Federal bank student loan:

    Federal Career Solutions and Fed Scholars

    • Proof of Identity (Passport / Voters ID card/ Driving License/PAN Card)
    • Address Proof (Ration card Tel/ Electricity Bill/ Lease agreement/ Passport/Trade license /Sales Tax certificate)
    • Offer letter / Admission letter
    • Basic Qualification & mark-list
    • Proof of Fee structure

    Special Vidya Loan Eligibility

    • Proof of Identity (Passport / Voters ID card/ Driving License/PAN Card)
    • Address Proof (Ration card Tel/ Electricity Bill/ Lease agreement/ Passport/Trade license /Sales Tax certificate)
    • Photograph of applicant & guardian
    • Mark the list of qualifying examination
    • Proof of income of guardian
    • Details of admissible expenditure of course
    • Evidence for selection to the course of study

    Federal Bank Personal Loan for Students – Eligibility Criteria 

    Federal Bank offers more than one form of loan to cater the needs of all kinds of students. 

    Federal Career Solutions Loan Eligibility

    • Applicant should be an Indian citizen
    • Proof of admission to the proposed course/ programme
    • Age- Minimum 18 years & maximum 45 years
    • Net worth -Minimum double the loan amount (combined with co-obligates)

    Fed Scholars Loan Institutions

    Available for students in premier institutes like: 

    Name  Location 
    All India Institute of Medical Sciences (AIIMS) Delhi, Bhopal Campus, Raipur Campus
    Armed Forces Medical College (AFMC) Pune
    Bangalore Medical College (BMC) Bangalore
    Birla Institute of Technology & Sciences(BITS) – Pilani

    BITS (Pilani) 

    		 Goa
    Christian Medical College (CMC) Ludhiana, Vellore
    Department of Industrial & Management Engineering, IIT Kanpur
    Dept of Management Studies, IIT Delhi
    Indian Institute of Foreign Trade (IIFT) Delhi, Kolkata Campus
    Indian Institute of Management(IIM) Ahmedabad, Kashipur, Ranchi, Rohtak, Udaipur, Bangalore, Indore, Kolkata, Kozhikode, Lucknow, Raipur
    Indian Institute of Technology Kanpur, Mandi, Patna, Roopnagar, Roorkee, Bhubaneshwar, Chennai, Delhi, Gandhinagar, Indore, Kharagpur, Guwahati, Mumbai, Varanasi
    Indian School of Business(ISB) Hyderabad, Mohali Campus
    Jawaharlal Institute of Post-Graduate Medical Education and Research (JIPMER) Pondicherry
    Kasturba Medical College (KMC) Manipal
    King Edward Medical College (KEMC) Mumbai
    Marine Engineering & Research Institute Kolkata
    Madras Medical College (MMC)  Chenna
    Post Graduate Institute of Medical Education & Research (PGIMER) Chandigarh
    S P Jain Institute of Management and Research (SPJIMR) Mumbai
    SJSOM, IIT Mumbai
    Xavier Institute of Management (XIM) Bhubaneswar
    Xavier Labour Relations Institute (XLRI) Jamshedpur

    Special Vidya Loan Eligibility

    • Applicant should be an Indian National
    • The applicant shall have secured admission to professional/technical courses through the Entrance test/selection process
    • Course & Institution should have the necessary approval/recognition
    • University / Govt should issue course certificate. Dept / a body formed by the enactment of Parliament.

    Vocational Training and Skill development study courses will not be eligible.

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