Apply For Student Education Loan In India| Federal Bank

Apply For Student Education Loan In India| Federal Bank

Frequently Asked Questions- Education Loans

What is an Education Loan?

Education loan is a loan provided by main banks in India to assist students obtain their tutorial goals by enabling them to pay for larger research corresponding to commencement and put up commencement programs, each in India and abroad. Apart from the schooling charges, different elements of bills corresponding to hostel fees, gear purchases and different course associated bills might also be coated by the schooling loan. Education Loans from Federal Bank gives Flexible compensation choices, Lower rate of interest and Quick and quick approvals.

What is the utmost quantity for Education Loan?

Loan quantity as much as Rs.10 Lakhs for research in India and Rs.20 Lakhs overseas could be availed as Education Loan.

What are the charges payable / bills coated beneath Education Loan?

  • Fee payable to College / School, Hostel, Tuition, Examination, Library, Lab
  • Cost of books, gear, devices, Uniform, Travel bills, Computer (if important for the course)
  • Expenses for research excursions / challenge work / thesis and so on
  • Caution deposit, Amount payable in direction of constructing fund, refundable deposit and so on supported by payments / receipts however can not exceed 10% of the schooling price.

What would be the most interval for Education Loan?

Moratorium interval+ 15 years is the compensation interval (Moratorium interval shall be course interval + one yr)

What is Vidya Lakshmi Portal?

Vidya Lakshmi Portal has been developed and maintained by NSDL e-Governance Infrastructure Limited (NSDL e-Gov) beneath the steerage of Department of Financial Services (Ministry of Finance), Department of Higher Education (Ministry of Human Resource Development) and Indian Banks’ Association (IBA). Students can apply for academic loans and likewise view and monitor the functions by accessing the Portal.

READ:   Federal Student Loan Consolidation Guide for All 17 Types of Loans

What are options of Vidya Lakshmi Portal?

  • Common academic loan utility kind for students.
  • Student can apply to a most of three Banks by way of Vidya Lakshmi portal utilizing single utility kind.
  • Information about Education loan schemes of Banks.
  • Facility for Banks to obtain students’ loan utility.
  • Facility for Banks to add loan processing standing.

What is the eligibility standards for Special Vidya Loan?

  • Eligibility standards for Special Vidya Loan, the schooling loan scheme provided by Federal Bank are as follows:
  • Applicant ought to be an Indian National
  • Applicant shall have secured admission to skilled/technical programs by way of Entrance take a look at/choice course of
  • Course & Institution ought to have mandatory approval/recognition
  • Course certificates ought to be issued by University / Govt.Dept / a physique shaped by enactment of Parliament
  • Vocational Training and Skill growth research programs is not going to be eligible.

What is the safety required for Education Loan?

For Special Vidya Loan, the schooling loan scheme provided by Federal Bank:

  • No safety is required Up to Rs 4 Lakhs.
  • Third celebration assure acceptable to bank / collateral safety for loans as much as 7.50 Lakhs.
  • Above Rs 7.50 Lakhs, collateral safety with stipulated margin is required