Features & Benefits
Career Solutions Loan is aimed to provide financial assistance to the needy and deserving young people to pursue higher education, vocational training courses, Pilot trainings, skill up gradation, diploma or degree courses offered in aviation, hospitality and travel management, executive development etc.
How to apply ?
Who can apply?
- 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-obligants)
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
- Photograph of applicant & guardian
- Mark list of qualifying examination
- Proof of income of guardian
- Details of admissible expenditure of course
- Evidence for selection to the course of study
Terms and Conditions
Quantum of Finance
Other conditions
- Age of guardian not to cross 60 during the currency of loan (if post retirement income justifies there is relaxation). If age crosses 60, an additional guarantor with same eligibility. Guardian can be father, mother, brother, sister, etc.
- Initial expenses will be released at the time of admission other exp at the beginning of each semester/year.
- Cost of computer for home assignment also can be included.
Repayment conditions
- Periodical interest should be serviced during the course period and subsequent cushion period.
- The outstanding balance at the end of moratorium period shall be repaid in equated monthly instalments over a period of maximum 5 years.
- If the borrower is discontinuing the educational programme, the loan shall be closed immediately.
- Even if the student fails for the course and is not in a position to obtain degree or diploma within the period of completion of the course, the repayment of loan should be made.
Loan Period
Co-obligants
Security
| Security | |
|---|---|
| Security | Margin |
|
Pledge of Bank's own deposit |
10% |
|
NSC (Present Value) |
10% |
|
Units of UTI (US 64 & GUIS) value |
10% |
|
Shares/Debentures(quoted above par) |
50% (Present value or the average for the last twelve weeks whichever is lesser) |
|
LIC (Surrender Value) |
10% |
|
Pledge of Gold ornaments of 22 Ct.fineness |
10% |
| Equitable Mortgage of Land | 50% |
Repayment options
Repayment of the loan is made as Equated Monthly Installments (EMI).
You can use any one of the ways to repay the loan:
- Cheques
- Standing instructions at your branch
- FedNet - Internet Banking
- Automated Payment through ECS
- Mobile Banking.
Interest Rates & Charges
Please visit the Interest Rates page for details.
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.
Career Solutions Loan
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