{"id":7489,"date":"2023-10-09T12:32:33","date_gmt":"2023-10-09T07:02:33","guid":{"rendered":"https:\/\/fly.finance\/blog\/?p=7489"},"modified":"2024-01-23T17:10:52","modified_gmt":"2024-01-23T11:40:52","slug":"vidya-lakshmi-education-loan-federal-bank","status":"publish","type":"post","link":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-education-loan-federal-bank\/","title":{"rendered":"Vidya Lakshmi Education Loan Federal Bank: Check Out All Details Here"},"content":{"rendered":"\n<p><strong>Vidya Lakshmi Education Loan Federal Bank: <\/strong>The Vidya Lakshmi portal was developed with the objective of helping students get <a href=\"https:\/\/leverageedu.com\/discover\/indian-education-loans\/what-is-education-loan-in-india\/\"><strong>education loans<\/strong><\/a>. The portal, introduced in 2015, has partnered with 44 banks and provides around 138 loan schemes for meritorious students to choose from. Some of these schemes also provide a concession in the interest rate for female students.<\/p>\n\n\n\n<p>A lot of students have benefited from the <a href=\"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-education-loan\/\"><strong>Vidya Lakshmi Portal Education Loan<\/strong><\/a>, and this blog has been written to help students understand and <a href=\"https:\/\/fly.finance\/blog\/education-loan\/how-to-apply-for-education-loan-through-vidya-lakshmi-portal\/\"><strong>apply for the Vidya Lakshmi Education Loan<\/strong><\/a> from the Federal Bank.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Name of the Scheme<\/strong><\/td><td><strong>Federal Special Vidya Loan Scheme<\/strong><\/td><\/tr><tr><td>Objective of the scheme<\/td><td>To aid students pursuing higher education in India and abroad<\/td><\/tr><tr><td>Repayment Period<\/td><td>Up to 15 years<\/td><\/tr><tr><td>Maximum Moratorium Period<\/td><td>Course period + 1 year<\/td><\/tr><tr><td>The maximum amount that can be approved for an applicant<\/td><td>Studies in India &#8211; Maximum up to INR 10 lakhs<br>Studies Abroad &#8211; Maximum up to INR 20 lakhs<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><h2 id=\"table-of-contents\">Table of contents<\/h2><ul><li><a href=\"#h-advantages-of-taking-vidya-lakshmi-education-loan-from-the-federal-bank\" data-level=\"2\">Advantages of Taking Vidya Lakshmi Education Loan from the Federal Bank<\/a><\/li><li><a href=\"#h-process-of-applying-through-vidya-lakshmi-portal\" data-level=\"2\">Process of Applying through Vidya Lakshmi Portal<\/a><\/li><li><a href=\"#h-minimum-eligibility-criteria\" data-level=\"2\">Minimum Eligibility Criteria<\/a><\/li><li><a href=\"#h-documents-required\" data-level=\"2\">Documents Required<\/a><\/li><li><a href=\"#h-interest-rates-for-vidya-lakshmi-education-loan-from-federal-bank\" data-level=\"2\">Interest Rates for Vidya Lakshmi Education Loan from Federal Bank<\/a><\/li><li><a href=\"#h-expenses-covered\" data-level=\"2\">Expenses Covered<\/a><\/li><li><a href=\"#h-faqs\" data-level=\"2\">FAQs<\/a><\/li><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-advantages-of-taking-vidya-lakshmi-education-loan-from-the-federal-bank\"><span id=\"advantages-of-taking-vidya-lakshmi-education-loan-from-the-federal-bank\">Advantages of Taking Vidya Lakshmi Education Loan from the Federal Bank<\/span><\/h2>\n\n\n\n<p>There are several advantages of opting for this loan scheme such as:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The scheme provides a maximum amount of loan of up to INR 20 Lakhs for studies abroad and an amount of INR 10 Lakhs for studies in India.<\/li>\n\n\n\n<li>The bank does not charge any processing fee for studies in India and charges only 0.25% of the loan amount (subject to a maximum of INR 2500) for studies abroad.<\/li>\n\n\n\n<li>The moratorium period under this loan scheme is the course period + 1 year.<\/li>\n\n\n\n<li>The loan is comprehensive and covers tuition fees, hostel fees, the cost of books, etc.<\/li>\n\n\n\n<li>The loan repayment period is up to 15 years.<\/li>\n\n\n\n<li>Reimbursement of laptop costs is also available.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/canara-bank-vidya-lakshmi-education-loan\/\"><strong>Canara Bank Vidya Lakshmi Education Loan: Important Details<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-process-of-applying-through-vidya-lakshmi-portal\"><span id=\"process-of-applying-through-vidya-lakshmi-portal\">Process of Applying through Vidya Lakshmi Portal<\/span><\/h2>\n\n\n\n<p>The process of applying for an education loan on the Vidya Lakshmi portal is very simple. Here are the steps for the same:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Start the online application process through the Vidya Lakshmi Portal by logging in.<\/li>\n\n\n\n<li>While filling out the application form, select Federal Bank as the lender.<\/li>\n\n\n\n<li>After selecting the bank, mention the required loan amount.<\/li>\n\n\n\n<li>Provide the necessary details and the supporting documents.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-minimum-eligibility-criteria\"><span id=\"minimum-eligibility-criteria\">Minimum Eligibility Criteria<\/span><\/h2>\n\n\n\n<p>The minimum eligibility criteria for availing of this loan are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The student should be an Indian national.<\/li>\n\n\n\n<li>The student should have secured admission to higher education courses in a recognised institution in India or abroad through an Entrance test\/Merit based selection process after completion of HSC\/ Graduation.<\/li>\n\n\n\n<li>Only the students interested in studying in India or abroad are eligible.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-education-loan-bank-of-baroda\/\"><strong>Vidya Lakshmi Education Loan Bank of Baroda: A Detailed Guide<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-documents-required\"><span id=\"documents-required\">Documents Required<\/span><\/h2>\n\n\n\n<p>Below is the <a href=\"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-documents-required\/\"><strong>list of documents<\/strong><\/a> that you need to submit while applying for the education loan:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>PAN card<\/li>\n\n\n\n<li>Aadhaar card<\/li>\n\n\n\n<li>Voter\u2019s ID\/Passport\/Driving License for Identification<\/li>\n\n\n\n<li>Telephone Bill \/ Electricity Bill for residential proof<\/li>\n\n\n\n<li>Application form<\/li>\n\n\n\n<li>Passport size photographs<\/li>\n\n\n\n<li>Offer letter<\/li>\n\n\n\n<li>A valid passport and visa<\/li>\n\n\n\n<li>Academic mark sheets from Xth standard to highest education<\/li>\n\n\n\n<li>Income proof of the guarantor\/ Income certificate<\/li>\n\n\n\n<li>Collateral security documents<\/li>\n\n\n\n<li>Assets and liabilities statement of co-applicant and guarantor<\/li>\n\n\n\n<li>Sources of funds to repay the amount of the loan<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-interest-rates-for-vidya-lakshmi-education-loan-from-federal-bank\"><span id=\"interest-rates-for-vidya-lakshmi-education-loan-from-federal-bank\">Interest Rates for Vidya Lakshmi Education Loan from Federal Bank<\/span><\/h2>\n\n\n\n<p>The interest rates charged on the Federal Bank Vidya Lakshmi Education Loan depend on the loan amount and the details about the same are listed below:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Loan Amount<\/strong><\/td><td><strong>For Male Borrowers: (Floating)<\/strong><\/td><td><strong>For Female Borrowers: (Floating)<\/strong><\/td><\/tr><tr><td>Upto INR 4 lakhs<\/td><td>10.72% to 15.32%<\/td><td>10.72% to 15.32%<\/td><\/tr><tr><td>Between INR 4 lakhs to INR 7.5 lakhs<\/td><td>10.72% to 15.32%<\/td><td>10.72% to 15.32%<\/td><\/tr><tr><td>Above INR 7.5 lakhs<\/td><td>10.72% to 15.32%<\/td><td>10.72% to 15.32%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-expenses-covered\"><span id=\"expenses-covered\">Expenses Covered<\/span><\/h2>\n\n\n\n<p>This education loan<strong> <\/strong>covers both the university and accommodation fees. The below-mentioned list will help you in understanding the <a href=\"https:\/\/leverageedu.com\/blog\/expenses-covered-in-education-loan\/\"><strong>expenses covered <\/strong><\/a>under the loan.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Fees payable to college\/hostel, examination fees&nbsp;<\/li>\n\n\n\n<li>Library and laboratory fees<\/li>\n\n\n\n<li>Travel expenses\/ passage money for studies abroad<\/li>\n\n\n\n<li>Insurance premiums for students, if applicable<\/li>\n\n\n\n<li>Caution deposit, Building fund\/ refundable deposit supported by institution bills\/receipts<\/li>\n\n\n\n<li>Expenses incurred on purchase of books\/types of equipment\/ instruments\/ uniforms<\/li>\n\n\n\n<li>Purchase of computers<\/li>\n\n\n\n<li>Any other expenses required to complete the course like study tours, project work, thesis, etc.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-education-loan-bank-of-baroda\/\"><strong>Vidya Lakshmi Education Loan Bank of Baroda: A Detailed Guide<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs\"><span id=\"faqs\">FAQs<\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1696588557114\"><strong class=\"schema-faq-question\">What is the quantum of finance under the scheme?<\/strong> <p class=\"schema-faq-answer\">-Studies in India &#8211; Maximum up to INR 10 lakhs\u00a0<br\/>-Studies Abroad &#8211; Maximum up to INR 20 lakhs.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1696588577149\"><strong class=\"schema-faq-question\">What is the moratorium period?<\/strong> <p class=\"schema-faq-answer\">The moratorium under this loan scheme is the course period + 1 year.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1696588577895\"><strong class=\"schema-faq-question\">What is the eligibility for Vidya Lakshmi Education Loan from Federal Bank?<\/strong> <p class=\"schema-faq-answer\">The minimum eligibility criteria to get an education loan from the Federal bank are:<br\/>-The student should be an Indian national.<br\/>-The student should have completed HSC (10 plus 2 or equivalent)<br\/>-The student should have secured admission to a higher education course in recognised institutions in    India or abroad.<\/p> <\/div> <\/div>\n\n\n\n<p>This blog was all about the details of applying for an education loan from the Federal Bank through the Vidya Lakshmi Portal. Hope this blog was able to give you an idea about the different aspects of Federal Bank\u2019s Vidya Lakshmi Education Loan Scheme.<\/p>\n\n\n\n<p>The students should note that all the information provided above has been taken from the Vidya Lakshmi Portal and the same may change over time, especially the interest rates. Hence, it is recommended that the students visit the Vidya Lakshmi Portal and the bank\u2019s website from time to time to learn about the interest rates and other details before applying for the loan.&nbsp;<\/p>\n\n\n\n<p>To know more about the Vidya Lakshmi Education Loan, the best <a href=\"https:\/\/fly.finance\/international-bank-account\"><strong>international bank accounts for students<\/strong><\/a>, forex and banking experience for global students or <a href=\"https:\/\/fly.finance\/blog\/money-transfer\/\"><strong>international money transfers<\/strong><\/a>, reach out to our experts at 1800572126 to help ease your <a href=\"https:\/\/leverageedu.com\/\"><strong>study abroad<\/strong><\/a> experience. Follow our social media handles on <a href=\"https:\/\/twitter.com\/flydotfinance\"><strong>Twitter<\/strong><\/a>, <a href=\"https:\/\/www.linkedin.com\/company\/flyfinance\/\"><strong>LinkedIn<\/strong><\/a> and <a href=\"https:\/\/instagram.com\/flydotfinance\"><strong>Instagram<\/strong><\/a>.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-pale-ocean-gradient-background has-background\"><tbody><tr><td><strong>Related Blogs<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/vidya-laxmi-portal-uco-bank-education-loan\/\"><strong>Vidya Lakshmi Portal UCO Bank Education Loan &#8211; A Complete Guide<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-education-loan-bank-of-baroda\/\"><strong>Vidya Lakshmi Education Loan Bank of Baroda: A Detailed Guide<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/canara-bank-vidya-lakshmi-education-loan\/\"><strong>Canara Bank Vidya Lakshmi Education Loan: Important Details<\/strong><\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Vidya Lakshmi Education Loan Federal Bank: The Vidya Lakshmi portal was developed with the objective of helping students get education loans. The portal, introduced in 2015, has partnered with 44 banks and provides around 138 loan schemes for meritorious students to choose from. Some of these schemes also provide a concession in the interest rate &#8230; <a title=\"Vidya Lakshmi Education Loan Federal Bank: Check Out All Details Here\" class=\"read-more\" href=\"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-education-loan-federal-bank\/\" aria-label=\"Read more about Vidya Lakshmi Education Loan Federal Bank: Check Out All Details Here\">Read more<\/a><\/p>\n","protected":false},"author":26,"featured_media":7550,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-7489","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Vidya Lakshmi Education Loan Federal Bank: Check Out All Details Here<\/title>\n<meta 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