Special Vidya Loan for NRIs
Features & Benefits
Education is indeed a basic need like food, clothing and shelter. Never miss an opportunity to learn and grow for want of finance. Carve out a bright future with our Special Vidya Loan.
Who can apply ?
- Applicant should be an Indian National
- Applicant shall have secured admission to professional/technical courses through Entrance test/selection process
- Loans will not be sanctioned for applicants who secured admission through NRI quota
- Course & Institution should have necessary approval/recognition
- Course certificate should be issued by University / Govt.Dept / a body formed by enactment of Parliament
Vocational Training and Skill development study courses will not be eligible.
To avail the loan, you can choose any of these:
- Download the application form and submit it your branch
- Call our contact centre executives
- Please visit any of our branches
Documents Required
- 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 Fees structure
Terms and Conditions
Quantum of Finance
- Quantum of finance is subject to repaying capacity of the parents / students.
- Satisfactory performance of the student necessary for continued disbursal.
Items covered under loan
- Fee payable to College / School, Hostel, Tuition, Examination, Library, Lab
- Cost of books, equipments, instruments, Uniform, Travel expenses, Computer (if essential for the course)
- Expenses for study tours / project work / thesis etc.
- Caution deposit, Amount payable towards building fund, refundable deposit etc supported by bills / receipts but cannot exceed 10% of the tuition fee.
Margin
- Up to Rs 4.00 L No Margin is applicable.
- For studies in India above Rs 4 Lakhs - 5%
- For Studies Abroad above Rs 4 Lakhs - 15%
Loan Period
- Moratorium period + 5 to 7 years
- Moratorium period will be period of the course + one year / 6 months after getting job, whichever is earlier
Co-obligants
- Documents should be executed by the student and parent / guardian as joint borrowers.
Security
- No security is needed Up to Rs 4 Lakhs.
- Third party guarantee acceptable to bank / collateral security for loans up to 7.50 Lakhs.
- Above Rs 7.50 Lakhs, collateral security with required margin is required.
Other NRI Loans
Federal Bank provides you with loan against your deposits with the bank to meet your urgent and unforeseen personal expenses.
When urgent expenses knock your door, meet them with instant funds. Whatever be your need, get the money you need without hassles.
Education is indeed a basic need like food, clothing and shelter. Never miss an opportunity to learn and grow for want of finance.
The job market is tough today and hence it is necessary that you have the adequate knowledge and skills to build up your career. We nourish your career dreams with our Career Solutions Loan.
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