Federal Bank's special Vidya Loan | Fusion - WeRIndia

In an age of global education and boundless opportunities, the Federal Bank is extending its support to Indian students aspiring to study in coveted overseas destinations like the USA, the UK, and more.

With the Special Vidya Loan scheme, the bank offers a financial lifeline to make higher education dreams a reality.

Loan Features:

• Loan Limit: The Special Vidya Loan covers educational expenses up to a generous amount of ₹20 lakhs.
• Expenses Covered: This loan encompasses various essential components, including hostel fees, caution deposits, study tours, books, stationery, and tuition fees.
• Accepted Co-Applicant: Parents or guardians can serve as co-applicants, sharing the responsibility of supporting the student’s educational journey.
• Interest Rate: The interest rate for the Special Vidya Loan starts from 12.55%, making it a competitive option for students seeking financial assistance.
• Moratorium Period: To provide flexibility, the bank offers a moratorium period, which extends up to the course duration plus an additional 12 months.
• Repayment Duration: Students can comfortably repay the loan over a span of 15 years.
• Repayment Policy: During the moratorium period, no repayment is required. After this period, students can choose to repay the loan through monthly instalments.
• Loan Margin: Federal Bank’s approach to loan margin is student-friendly, with a 0% margin for loans up to ₹4 lakhs and a modest 15% margin for loans exceeding ₹4 lakhs.

Eligibility Criteria:

• The Special Vidya Loan is exclusively available to Indian students.
• Applicants must have secured admission to a professional or technical program.
• The chosen college or university should hold the necessary accreditation or recognition.

Security Requirements:

• Loans up to ₹4 lakhs do not necessitate any security.
• For loans up to ₹7.5 lakhs, a third-party guarantee or collateral security is an acceptable option.
• Loans exceeding ₹7.5 lakhs require collateral with a value, including the margin.

Federal Bank’s Special Vidya Loan empowers students to unlock global educational opportunities without financial constraints.

Whether it’s the dream of pursuing an advanced degree in the USA, studying at a prestigious UK institution, or venturing into the educational excellence of Canada or Germany, this scheme makes it possible.

This initiative not only eases the financial burden on students and their families but also contributes to the growth and development of the nation by nurturing skilled and educated individuals.

Federal Bank’s support is a testament to its commitment to fostering quality education and promoting the aspirations of India’s youth.

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