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Federal Vidya Loan Scheme
Purpose
The purpose of the loan is to make available financial assistance to the needy and deserving students of bright academic record so as to enable them to continue higher studies in India or Abroad either in diploma/graduation or post graduation level in Arts, Science, Commerce, Management, Medicine and Engineering
Eligibility
Under this scheme the loan can be sanctioned to any student of Indian nationality who intends to join any of the approved courses in an Educational Institution recognised by the government or any University in India or Abroad
Courses Approved
A - Category: Academic courses such as Diploma, Graduate/Post Graduate courses in Arts, Science and Commerce
B - Category: Professional courses such as Diploma, Graduate/Post Graduate courses in Engineering, Medicine, Dental Science, Agricultural Science, Veterinary Science, Computer Science, Nursing, Pharmacy, Business administration, and Law
Type of Loan
The loan account shall be operated as a term loan. To facilitate flexibility in operation, future debits on account of recurring expenses in each semester/year can be made to this account
Margin
The margin is nil for courses in India. For foreign studies a minimum margin of 10% is to be insisted on
Amount of Loan (Rs. in Lakh)
Place of Study Minimum Maximum
In India 0.50 5.00
Abroad 0.50 10.00
Rate of Interest
Upto Rs.5 lakh: 13.5 %
Above Rs.5 lakh: 14.5 %
Period of Loan
Period of the loan consists of the period required for the completion of the course and that means for repayment of the loan. The repayment should begin within 12 months from the completion of the course or after the student secures employment whichever is earlier
Maximum period of the loan
11 years
Minimum period of the loan
3 years For updated information please visit Federal Bank Limited |
