Federal Bank Students Personal loan

Federal Bank's student loans are here to ensure money doesn't stand in the way of your dreams. There are three different types of loans—Special Vidya Loan, Federal Career Solutions Loan, and Fed Scholars Loan—and there's something for everyone. Whether you're heading off to college in India or abroad, aiming for top-notch institutions, or need to upgrade your skills, these loans cover it all. They offer good amounts of money, eas y payback plans, and don't always ask for security. So, Federal Bank has your back if you're a student with big aspirations or someone looking to boost your career with more education. There is no need to worry about the cost; focus on your goals and let these loans help you get there.

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Amrita Sinha
Amrita Sinha
Amrita Sinha comes with a background in journalism and mass communication, drawing from her roots in journalism, she has found her voice in the world of finance. As an accomplished writer, she specialises in Financial Services, Mutual Funds, Loan Assessments, Banking & Loan Products. She has established herself as a reliable expert in the field, offering valuable advice to those looking to navigate the various aspects of personal finance.
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Amit Prakash Singh
Amit Prakash Singh
Co-Founder, Square Yards & Chief Business Officer, Urban Money
Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

Federal Bank Personal Loan for Students – Highlights

Features Special Vidya Loan Federal Career Solutions Loan Fed Scholars
Who Are Eligible? Indian nationals with admission through entrance/selection Indian citizens with proof of course admission, aged 18-45, net worth minimum double the loan amount Students admitted to premier institutes like IITs, IIMs, AIIMS, etc.
Maximum Loan Amount Up to Rs. 20L abroad Up to Rs. 75L in India, Up to Rs. 100L abroad  Up to Rs. 20L
Loan Tenure Course period + 15 years Course period + 6 months/job + max 120 months Moratorium + up to 15 years
Margin Up to Rs 4L: None, Above Rs 4L (India): 5%, Above Rs 4L (Abroad): 15% Up to Rs 10L: None, Above Rs 10L: 5%
Upfront Fee N/A N/A N/A
Collateral/Security Up to Rs 4L: None, Rs 4L – Rs 7.5L: Third-party guarantee, Above Rs 7.5L: Collateral required N/A N/A

Federal Bank Personal Loan for Students – Fees and Charges

Loan Type                           Margin  Quantum of Finance Security Required  Repayment Period   
Special Vidya Loan  Nil up to 4L; 5% for >4L (India), 15% for >4L (Abroad) Based on repaying capacity No security up to 4L Course period + 1 year + 15 years
Federal Career Solutions Loan Nil up to 10L; 5% for >10L 75% of estimate Hypothecation of purchased assets/equipment; collateral for higher amounts Course period + 6 months/job + max 120 months
Fed Scholars  Nil up to 10L; 5% for >10L Moratorium period + max 15 years  

Compare Federal Bank Students Loan from other Banks

Name of Bank Interest Rate (p.a.) Processing Fees
SBI 8.15% p.a. to 11.75% p.a.
  • Up to Rs.10,000
  • No charged required for loan amount below Rs.20 lakh
  • Loan amount above Rs.20 lakh: Rs.10,000 (plus taxes)
Central Bank of India  8.10% p.a. to 10.60% p.a.
  • Nil for studies in India 
  • 1% of loan amount for studies abroad (Max: Rs. 15,000) 
PNB 9.20% p.a. onwards
  • Nil for studies in India 
  • 1% of loan amount for studies abroad (Max: Rs. 10,000) 
Canara Bank  9.25% p.a. onwards
  • 0.50% of the loan amount up to Rs.10,000 (for collateral security coverage of 100% and above)
  • 0.50% of the loan amount up to Rs. 20,000 (for collateral security coverage of less than 100%)
IDFC FIRST Bank  10% p.a. to 15% p.a.
  • Up to 1.5% of the loan amount
IDBI Bank  11.10% p.a.
  • Nil for studies in India 
  • 1% of the loan amount (Maximum: Rs.5,000) for studies abroad
Bank of Baroda 8.55% p.a. onwards
  • No processing for charges up to Rs.7.50 lakh
  • 1% of loan amount up to Rs.10,000 for charges above Rs. 7.50 lakh
Bank of India  10.95% p.a. to 11.75% p.a.
  • No processing fee for studies in India
ICICI Bank  9.40% p.a. onwards
  • Up to 2% + GST
Axis Bank 13.70% p.a. to 15.20% p.a.
  • 2.00% of the loan plus GST
HDFC Bank 9.50% p.a.
  • Nil for studies in India 
  • 1% for studies abroad

Federal Bank Personal Loan for Students – Documents Required

Here is a list of documents that you need while applying for your selected Federal bank student loan:

Federal Career Solutions and Fed Scholars

  • 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 Fee structure

Special Vidya Loan Eligibility

  • 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 the list of qualifying examination
  • Proof of income of guardian
  • Details of admissible expenditure of course
  • Evidence for selection to the course of study

Federal Bank Personal Loan for Students – Eligibility Criteria 

Federal Bank offers more than one form of loan to cater the needs of all kinds of students. 

Federal Career Solutions Loan Eligibility

  • 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-obligates)

Fed Scholars Loan Institutions

Available for students in premier institutes like: 

Name  Location 
All India Institute of Medical Sciences (AIIMS) Delhi, Bhopal Campus, Raipur Campus
Armed Forces Medical College (AFMC) Pune
Bangalore Medical College (BMC) Bangalore
Birla Institute of Technology & Sciences(BITS) – Pilani

BITS (Pilani) 

Goa
Christian Medical College (CMC) Ludhiana, Vellore
Department of Industrial & Management Engineering, IIT Kanpur
Dept of Management Studies, IIT Delhi
Indian Institute of Foreign Trade (IIFT) Delhi, Kolkata Campus
Indian Institute of Management(IIM) Ahmedabad, Kashipur, Ranchi, Rohtak, Udaipur, Bangalore, Indore, Kolkata, Kozhikode, Lucknow, Raipur
Indian Institute of Technology Kanpur, Mandi, Patna, Roopnagar, Roorkee, Bhubaneshwar, Chennai, Delhi, Gandhinagar, Indore, Kharagpur, Guwahati, Mumbai, Varanasi
Indian School of Business(ISB) Hyderabad, Mohali Campus
Jawaharlal Institute of Post-Graduate Medical Education and Research (JIPMER) Pondicherry
Kasturba Medical College (KMC) Manipal
King Edward Medical College (KEMC) Mumbai
Marine Engineering & Research Institute Kolkata
Madras Medical College (MMC)  Chenna
Post Graduate Institute of Medical Education & Research (PGIMER) Chandigarh
S P Jain Institute of Management and Research (SPJIMR) Mumbai
SJSOM, IIT Mumbai
Xavier Institute of Management (XIM) Bhubaneswar
Xavier Labour Relations Institute (XLRI) Jamshedpur

Special Vidya Loan Eligibility

  • Applicant should be an Indian National
  • The applicant shall have secured admission to professional/technical courses through the Entrance test/selection process
  • Course & Institution should have the necessary approval/recognition
  • University / Govt should issue course certificate. Dept / a body formed by the enactment of Parliament.

Vocational Training and Skill development study courses will not be eligible.

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