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  • Federal Bank Career Solutions is Rated as "Great!" by 9 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    Federal Bank Career Solutions

    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.

    Federal Bank Career Solutions Reviews

    • Federal Bank Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      It was a amazing service with the Federal Bank when i got the personal loan. The processing and the documentation was very simple and it was transparent. The customer service executive was friendly in approach. I got the loan amount of 50000 rupees and it got disbursed with in 10 mints of time and they have offered me 12% as the Rate of interest.
      Was this review helpful? 7
      , namakkal
      Reviewed on Aug 30, 2017
    • Federal Bank Personal Loan
      "Need to improve on customer service"
      0.5 2.0/5 "Expected more"
      I have closed the personal loan with the Federal bank and the interest rate was around 12% to 13%, also their services were not good. The response was also not really good, also there were no proper resolution used to provide by the Federal bank.
      Was this review helpful? 3
      , pune
      Reviewed on Jul 06, 2017
    • Federal Bank Personal Loan
      "Very Good"
      0.5 4.0/5 "Great!"
      I got the personal loan with the Federal bank and the rate of interest was around 13%. As I am an employer, I got the loan amount within fifteen days of time and the response is good one with them and they need to optimize the turn around time.
      Was this review helpful? 2
      , ahmednagar
      Reviewed on May 23, 2017
    • Federal Bank Personal Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I had taken a personal loan from Federal bank, the interest rate was 13% which is higher than the other banks in the market. The processing fee was 1%. But the personal loan process went smooth and the documentation part was simple. Customer service is also quite good.
      Was this review helpful? 3
      , pune
      Reviewed on Apr 15, 2017
    • Federal Bank Personal Loan
      "Flawless..."
      0.5 5.0/5 "Blown Away!"
      No problem as the Federal bank gave better response. I applied for home loan and I was out of station for few months so I canceled decision of loan. They gave instant calls and that shows their service. They told me that the rate would be 10% for the home loan.
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 07, 2015
    • Federal Bank Personal Loan
      "Best"
      0.5 5.0/5 "Blown Away!"
      I had an experience for the personal loan with the federal bank of india.The rate of interest was 13.25% and am really happy with the rate of interest.The service is really good with them.Within two days of time that I got the loan with them.
      Was this review helpful? 5
      , ahmedabad
      Reviewed on Jun 27, 2015
    • Federal Bank Personal Loan
      "Average"
      0.5 2.0/5 "Expected more"
      Pre closure option is there with Federal bank and it is possible after one year. Overall, they took two weeks of time to process my personal loan. I paid Rs.4200 for EMI amount monthly in the date of 5th. I am not that much satisfied with Federal bank because the rate and charge is somewhat high.
      Was this review helpful? 7
      , kolhapur
      Reviewed on Nov 09, 2014
    • Federal Bank Personal Loan
      "Amazing"
      0.5 5.0/5 "Blown Away!"
      It was a amazing service with the Federal Bank when i got the personal loan. The processing and the documentation was very simple and it was transparent. The customer service executive was friendly in approach. I got the loan amount disbursed with in 12 days.
      Was this review helpful? 7
      , kochi
      Reviewed on Oct 04, 2014
    • Federal Bank Personal Loan
      "Marvelous experience"
      0.5 5.0/5 "Blown Away!"
      An year ago I have taken a personal loan from Federal bank of India. It was a loan against my fixed deposit and easy for me to avail the loan because my dad is an employee of the bank. I was really impressed that the loan got processed on the same day and I got the loan amount on the very next day. Best part is the rate of interest was 10.5% and nil processing fees.
      Was this review helpful? 4
      , chennai
      Reviewed on Jul 28, 2014
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