Federal Bank Abroad Education Loan

Federal Bank offers education loans to students planning to pursue their higher education in study haven countries like the USA, the UK, Canada, Germany, etc. It offers an education loan of amount upto Rs 1 Cr at rate of interest starting from 11.95%.

Federal Bank’s special vidya loan scheme is one of the flagship education loan schemes offered by the Federal bank. All features of the scheme, you can find in the table below:

The document checklist for Federal Bank education loan included a list of the following  basic documents:

Application form 

- Online loan application form filled on WeMakeScholars website (hardcopy) with 2 photographs of the applicant (passport size)

Basic documents for student and co-applicant or Guarantor

- Address Proof – Voter ID Card/ Telephone Bill/  Passport/ Electricity Bill/ Ration card/ Aadhar Card/ Bank account statement. (2 different proofs will be required if the permanent and current residence is different)
- Identity Proof –  Passport of the student (if going abroad) and PAN Card and 
- Last 6 month’s personal and salary bank account statements, for salaried co-applicant. For self-employed co-applicant, 1-year business transactions.
- Statement of Assets and Liability of the applicant (verified by the bank personnel)

Only self-attested documents will be acceptable.

Academic documents of the applicant

- Proof of secured admission in the course
- Fee breakdown as given by the university or college
- Certificates and academic marksheets of class 10th, 12th, Degree
- Entrance exam score card - IELTS, TOEFL, GRE etc (whichever applicable)

Co-applicant Income documents

If Salaried

- Salary slips of last 3 months
- Employers Identity card
- Form 16 of the last 2 years.
- ITR of last 2 years

If applicant is self-employed

- Balance sheet of last 3 years showing Profit & Loss account 
- ITR of last 3 years
- Business address proof 

Other Documents

Legal agreement with the co-applicant and student in the bank's standard format that will be shared with you by your financial officer.
Declaration that remaining expenses, except for those covered in loan will be paid by the co-applicant in format that will be given by your financial officer to you.

Additional docs (if applicable)

- Receipts of payments made previously if any.
- Gap certificate on Rs. 100 stamp paper, showing the reason for break or failure in studies.
- Last 1 years bank account statements for pending loan

Collateral documents (Optional)

Collateral documents checklist depends on the city in which the student is residing, you should ask your financial officer for a special collateral documents checklist as per your eligibility.

Collecting and submitting the necessary documents to banks is truly a monumental undertaking, but, students who process their education loan with WeMakeScholars are given a comprehensive document checklist; all they have to do is gather the listed papers and submit them all at once to the appropriate lending bank to promptly begin the process. Your finance officer will provide you with this document checklist. Fill out the common application form or ask for a callback to contact your financial officer.

The Federal Bank has a loan repayment tenure of 15 years. A monthly EMI is often all that is required to pay back the education loan up, until the conclusion of the repayment period. Students may, however, choose to repay their Federal Bank education loan even early by employing the following strategies:

- Part-payment or Prepayment
- Selecting shorter repayment terms
- Considering refinancing their student loan

During the entire process of repayment your assigned financial officer will be available to help you in case you face any difficulties or issues with the bank regarding your loan repayment. To contact your financial officer and prepare for a quick and easy sanctioning procedure for your education loans, request a callback or complete the common application form.

The Federal Bank has expertise in giving loans to consumers, particularly loans for higher education. But even after making the loan process as smooth as possible, students will face the following issues if the approach the bank directly to get their loan sanctioned:

- Delay in Process
- Lot of documentation
- Incomplete information about loan schemes and products
- No proper document checklist
- No negotiation supports is available

WeMakeScholars is funded and supported by the Ministry of Electronics and Information Technology, under the Digital India Campaign, we are India’s leading education loan partner of 14+ public and private banks along with NBFCs.

We do not charge anything from the students, our student-friendly services regarding education loan sanctioning are entirely free of cost.

Here are the other reasons why you should choose WeMakeScholars:

Minimal Processing time - Your education loan sanctioned within 15-20 days of submitting your documents in bank

Expert guidance - Complete analysis support to compare among the education loan products

Negotiation support - Our financial officers, if required, negotiate with the Karnataka bank team to bend the bank policies to get your education loan sanctioned. 

Digitized application process - We empower you to apply and get your education loan sanctioned via online application

Consistent availability  - We are available round the clock to update and assist you at any and every step of your loan application process

Cashback offer - You can get up to Rs 3,000 as a cashback at the time of your disbursement from us. 

Tax benefits - We make sure that you save maximum tax by informing you about the 
tax saving schemes of the government of India.

Being the leading education loan processing partner, we assure you of our services, so far we have been able to help more than 2000 students get their education loan sanctioned within their deadline. If you too are unsure about your funding options for your abroad education and are looking for an education loan,  get in touch with your financial officer at WeMakeScholars or fill the common application form, to start your education loan process today itself