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  • Federal Bank Career Solutions

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  • Federal Bank provides a specific loan that is aimed at providing financing for needy and deserving interested in getting enrolled in courses that fall within the educational and training category except vocational training and skill development based course. This loan features low interest rates and fast approval times.

    Usage of Federal Bank Career Solutions

    This loan is provided exclusively to students for pursuing courses that are approved by the bank. The loan will cover the following expenses throughout the course –

    1. Tuition or course fees
    2. Examination, library, laboratory fees
    3. Caution deposit
    4. Purchase of books, equipment and instruments

    In case funding is to be required for lodging purposes or other substantial grounds, the same can be also included, based on the discretion of the bank.

    Eligibility Criteria for Federal Bank Career Solutions

    A specific loan meant for students, the eligibility criteria to be met in order for the institution to be able to sanction the loan include the following -

    1. Students applying for this loan must be Indian citizens.
    2. The minimum age in order to avail this loan is 18 years and maximum age being 45 years.
    3. The student must provide the proof of admission to the course of program in order to avail the loan.
    4. The minimum net worth of the loanee should be at least the double of the loan amount. The loanee can also combine his/her net worth with the co-obligant’s net worth in order to meet the requirement.

    Types of Financing under Federal Bank Career Solutions

    The financing modes allowed under this educational loan is a term loan.

    Loan limits under Federal Bank Career Solutions

    Based on the credit-worthiness of the applicant, Federal Bank can provide loans up to a maximum of INR 75 lakhs (courses in India) and INR 100 lakhs (courses outside India).

    Interest rates for Federal Bank Career Solutions

    Overnight MCLR 8.75% per annum
    One Month MCLR 8.85% per annum
    Three months MCLR 9.0% per annum
    Six months MCLR 9.1% per annum
    One year MCLR 9.2% per annum

    Documentation required during applying for Federal Bank Career Solutions

    The standard list of required documents for applying for this loan are mentioned as follows –

    1. Identity proof such as voter id card, passport, driving licence, PAN Card, etc.
    2. Proof of address such as electricity bill, passport, lease agreement, etc.
    3. A photograph of the guardian and the applicant.
    4. Proof of selection to the course or the study programme.
    5. Detail of the admissible expenditures related to the course.
    6. The guardian’s proof of income.
    7. The mark sheet of the qualifying examination.

    Features of Federal Bank Career Solutions

    Some of the key features of Federal Bank Career Solutions are:

    • This educational loan from Federal Bank is a secured loan and a really good financing option for students aiming to pursue any new course which would aid in employment.
    • The loan process involves minimal documentation and its repayment can be made in easy EMIs. You can also repay the loan via cheques, net banking, mobile banking, etc.
    • The moratorium period under this loan is course period + 6 months, or 3 months after getting a job, whichever falls earlier.
    • The maximum repayment period on availing this loan is 120 months.

    Applying for Federal Bank Career Solutions

    Through Federal Bank’s website the forms can be downloaded, filled and submitted along with relevant documents at a local branch. Additionally, one could call or mail Federal Bank requesting an executive assistance for application process. A person interested in availing this loan can also visit Federal Bank’s nearest branch.

    One can also apply for Federal Bank Career Solutions through BankBazaar, wherein eligibility charts, EMI calculators and infographics can guide one through the application process.

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