Federal Bank Education Loan is available through the banks schemes namely Federal Vidya Loan Scheme and Federal Special Vidya Loan Scheme The aim of these schemes by the bank is to provide financial assistance to all meritorious students who would like to pursue their dreams of higher studies in India or abroad. The Bank can rightly be called one of the most preferred options available to students for financial assistance. The finance can be utilized for most of the recognized courses. Federal Bank Education Loans are an effective means of securing a better future and successful life ahead.

Federal Bank Education Loan Interest Rate:

The Federal Bank Education Loan interest rate is competitive and attractive and can be availed for study in India and abroad.

Federal Bank Education Loan rate is 13.00 to 15.00%.

Loan taken up till the amount of Rs. 4 lacs the Federal Bank Education Loan rate  is 13.50%

Loan taken up till the amont of Rs. 15 lacs the Federal Bank Education Loan interest rate is 15.00%

Most students looking for Bank finance for higher education find Federal Bank Education Loan interest rate very competitive and attractive. .

Federal Bank Education Loan Eligibility And Expenses Covered:

Federal Bank Education Loan can be availed by any resident Indian. The loan can be availed for any graduation and post graduation courses. All Recognized Courses like:

• ·ICWA
• ·CA, CFA
• ·IIM
• ·IIT, IISc, XLRI, DOEACC

Loan is also offered for courses by UGC held programs that qualify for Federal Bank Education Loan eligibility.

The loan applicant has to pay margin money ranging from 5-15 % of the total loan amount applied for courses in India & Abroad.

Other Qualifications For Federal Bank Education Loan Eligibility Are:

• ·For Federal Bank Education Loan eligibility the candidate should be a Resident Indian.
• ·Admission to technical courses in India is possible through Federal Bank Education Loan eligibility.
• ·A co-applicant is required for full time courses.
• ·The maximum loan for studies in India is at the maximum is Rs.7.5 lacs
• ·The maximum loan for studies abroad is at the maximum is Rs. 15 lacs.

The Expenses Covered Under The Loan Are:

• ·Hostel and Library charges
• ·Caution deposit
• ·Money to go abroad
• ·Money for Study tours, Project work, Computer etc.
• ·College Fee

Federal Bank Education Loan Review And Documentation:

According to the Federal Bank Education Loan review the student would need to provide the following documents for the processing of the loan apart from Proof of Age, Signature, Identity and Residence:

• ·Fully completed loan application form along with Institutes Admission letter with Fee Break up.
• ·Two Photographs

Federal Bank Education Loan Review And Documentation For The Salaried Co- Borrower:

• ·Bank Statement for last 6 months.
• ·Income Tax Statement for the last two years
• ·A brief about the asset and liabilities possessed by the borrower
• ·Latest 2 Salary slips

Federal Bank Education Loan Review And Documentation For The Self Employed Individual:

• ·Bank Statement
• ·Income Tax Return
• ·Profit and Loss Account or Balance Sheet of the Company
• ·Proof of Qualification.

Federal Bank Education Loan Review And Application Procedure:

Federal Bank Education Loan application forms are available at all bank branches across India. The filled up forms can be then submitted along with the loan application at the branch and the loan will be disbursed in installments to the college or institute directly.

Federal Bank Education Loan Rate Repayment Option And Pre Closure Process:

The loan needs to be paid back in maximum 5 to 7 years from the date of disbursement of the loan. The student can avail a repayment holiday for a period of six months or till the person gets a job or whichever is earlier. The pre closure charges are 2% for amount above 2 lacs. Check at your nearest branch for late fee charges.

Federal Bank Education Loan Tax benefits: One can get tax benefits if any according to the Income Tax Act 1961 which varies yearly according to the changes made by the Government.

More details on Federal Bank Education Loan eligibility and Federal Bank Education Loan Rate etc. are on the official site at:

http://www.federal-bank.com/General_Loans_Loans.aspx?type=h