What are the terms and conditions apply on Federal Bank student loan? From where can I get application forms getting Federal Bank student loan? Can I download application from direct from Federal Bank website for it?

The Special Vidya Loan for Education by Federal Bank has speedy loan approval. It can be availed for higher studies in India & Abroad excluding vocational training & skill development study courses. The loan amount is up to Rs.10 Lakhs for studies in India and Rs.20 Lakhs abroad. There is no security is needed Up to Rs 4 Lakhs and the repayment can be made in easy EMIs

Terms & 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-obligates:

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 stipulated margin is required