Federal Career Solutions Loan
Features & Benefits
How far would you go to get your dream career? 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.The 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.
Eligibility
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:
- Call our contact centre executives
- Please visit any of our branches
- Apply through PM-Vidyalaxmi Portal and contact branch with Application ID.
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)
- 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 & Conditions
Quantum of Finance
Quantum of finance is 75% of estimate
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 10 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
- Moratorium period – course period + 6 months or 3 months after getting job, whichever is earlier.
- Repayment period – maximum 120 months
Co-obligants
- Parent / Guardian should join the loan documents in all cases as joint borrower.
- In case of married person joint borrowers can be either spouse/parents/parents-in-law.
Security
Hypothecation of the assets/equipments such as computers, Camera etc. procured through the loan proceeds. Loan amount shall be collaterally secured by any one or more of the following securities with stipulated margin:
| Security | Margin |
|---|---|
| Pledge of Bank's own deposit | 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.
Education and Career Loans
Special Vidya Loan Carve out a bright future with our Special Vidya Loan. With college fees increasing every year, many have no option but to opt for education loans. Special Vidya Loan aims at providing financial support from the bank to meritorious students for pursuing higher education in India and abroad. Fee payable to college/school/hostel, Examination fee, Library fee, Laboratory fee, Travel expenses/ passage money for studies abroad, Caution deposit, Purchase of books/ equipments/ instruments/ uniforms etc are covered under this scheme. Loan amount up to Rs.10 Lakhs for studies in India and up to Rs.20 Lakhs in abroad can be availed.
Fed Scholars Aspiring to join India's Premier Institutions ? Fed Scholars loan will provide financial support to deserving and meritorious students for pursuing various regular courses in select premier institutes like AIIMS, IIM, IIT, XLRI, JIPMER, BITS etc. Loan up to Rs.20 Lakhs without any collateral security under this scheme with a longer repayment period of 15 years. Subsidy available for eligible students and there is no processing fee.
Career Solutions Loan How far would you go to get your dream career? 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. The 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.
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