Education Loans from Federal Bank
Federal Bank offers a range of education loans to different segments of the student population. As of November 2020, the bank offers three education loans, each for a particular student segment or purpose. The Federal Bank Education Loans come at competitive interest rates and a relatively high quantum of loan as compared to other loan schemes in the same category.
The three education loans from Bank of Baroda are:
- Special Vidya Loan (for Higher Study in India and Abroad)
- FED Scholars Loan (for Higher Study at Premier Institutions)
- Career Solutions Loan (for Executive, Skill Enhancement and Vocational Courses)
In addition, the bank offers one Government of India Interest Subsidy Schemes on education loans.
We give you a brief intro to education loans and the interest subsidy scheme offered by the bank below. In addition, you have the option to click further and read in detail about each loan and the subsidy scheme on a specific page of their own. This specific page has been made specifically for you to get all the information you need on that loan in an uncluttered and easy-to-read format.
Federal Bank Special Vidya Education Loan
The Federal Bank Student Loan Scheme helps students who want to pursue higher studies in India and abroad afford the cost of the course and related expenses. This loan scheme is based on the Indian Banks Association (IBA) Model Education Loan schemes. The maximum loan amount you can get for studying in India is Rs. 10 lakh and the maximum loan amount you can get for studying abroad is Rs. 20 lakh.
Features of Federal Bank Special Vidya Education Loan
Why this Loan?
- It is designed to help students fulfil their dreams of pursuing higher education in India or abroad
- This loan is disbursed as a series of payments over the required number of years and not as a lump sum
- The Federal Bank Special Vidya Education Loan can be taken for all institution fees as well as related expenses including purchase of books, laptops, hostel fees, lab fees, examination fees, etc.
- Collateral-free loan is available for loan amount up to Rs. 4 lakh
Federal Bank FED Scholar Education Loan
This Federal Bank study loan helps students finance their education and realise their dreams of pursuing higher education at a prestigious institute in the country. The bank offers collateral free loans of up to Rs. 20 lakh under this loan scheme. Let’s look at its different features:
Features of Federal Bank FED Scholar Education Loan
Why this Loan?
- The loan is meant to help students who have secured admission into a higher education course in a Premier Institute in India through Entrance Test or Merit-based Selection Process
- This loan is disbursed as a series of payments over the required number of years and not as a lump sum
- The Federal Bank FED Scholar Loan can be taken for all expenses directly related to the course including for fees, purchase of books, laptops, hostel fees, lab fees, examination fees, etc.
- You can get a collateral-free loan of up to Rs. 20 lakh under this scheme
Federal Bank Career Solutions Education Loan
This Federal Bank study loan helps students finance their skill-development and vocational courses. The bank offers up to Rs. 75 lakh for studying in India and Rs. 1 crore for studying abroad. Applicants can apply for loans up to 75% of the estimated course expenses. Let’s look at its different features:
Features of Federal Bank Career Solutions Education Loan
Why this Loan?
- The loan is meant to help students who have secured admission into a skill development or vocational course in a recognised institution in India or abroad
- This Federal Bank Career Solutions Education Loan is disbursed as a series of payments over the required number of years and not as a lump sum
- The loan can be taken for all expenses directly related to the course including for fees, purchase of books, laptops, hostel fees, lab fees, examination fees, etc.
Federal Bank Government of India Interest Subsidy Scheme
Federal Bank offers one Government of India Interest Subsidy Scheme on education loans for meritorious and deserving students. The scheme is:
- Central Scheme of Interest Subsidy for Education Loan
Reference Facts
- Federal Bank Website: www.federalbank.co.in
- Headquarters: Kochi, Kerala
- Call Centre Toll-Free Number: 1860 267 6161