FEDERAL CAREER SOLUTIONS LOAN
Federal Career Solutions Loan
How far would you go to get your dream career? The job market is tough today and hence it is necessary that you have the adequate knowledge and skills to build up your career. We nourish your career dreams with our Career Solutions Loan.The loan is aimed to provide financial assistance to the needy and deserving young people to pursue higher education, vocational training courses, Pilot trainings, skill up gradation, diploma or degree courses offered in aviation, hospitality and travel management, executive development etc.
- Features & Benefits
- Documents Required
- Terms & Conditions
- Repayment options
- Interest Rates & Charges
- Quicker processing
- Loan can be availed for higher studies in India & Abroad excluding vocational training & skill development study courses.
- Loan amount up to Rs.75 Lakhs for studies in India and Rs.100 Lakhs abroad
- Minimal paperwork
- Repayment can be made in easy EMIs
Who can apply?
- Applicant should be an Indian citizen
- Proof of admission to the proposed course/ programme
- Age- Minimum 18 years & maximum 45 years
- Net worth -Minimum double the loan amount (combined with co-obligants)
To avail the loan, you can choose any of these:
- Proof of Identity (Passport / Voters ID card/ Driving License/PAN Card)
- Address Proof (Ration card Tel/ Electricity Bill/ Lease agreement/ Passport/Trade license /Sales Tax certificate)
- Photograph of applicant & guardian
- Mark list of qualifying examination
- Proof of income of guardian
- Details of admissible expenditure of course
- Evidence for selection to the course of study
Quantum of Finance
Quantum of finance is 75% of estimate
- Age of guardian not to cross 60 during the currency of loan (if post retirement income justifies there is relaxation). If age crosses 60, an additional guarantor with same eligibility. Guardian can be father, mother, brother, sister, etc.
- Initial expenses will be released at the time of admission other exp at the beginning of each semester/year.
- Cost of computer for home assignment also can be included.
- Periodical interest should be serviced during the course period and subsequent cushion period.
- The outstanding balance at the end of moratorium period shall be repaid in equated monthly instalments over a period of maximum 10 years.
- If the borrower is discontinuing the educational programme, the loan shall be closed immediately.
- Even if the student fails for the course and is not in a position to obtain degree or diploma within the period of completion of the course, the repayment of loan should be made.
- Moratorium period – course period + 6 months or 3 months after getting job, whichever is earlier.
- Repayment period – maximum 120 months
- Parent / Guardian should join the loan documents in all cases as joint borrower.
- In case of married person joint borrowers can be either spouse/parents/parents-in-law.
Hypothecation of the assets/equipments such as computers, Camera etc procured through the loan proceeds. Loan amount shall be collaterally secured by any one or more of the following securities with stipulated margin:
|Pledge of Bank's own deposit||10%|
|NSC (Present Value)||10%|
|Units of UTI (US 64 & GUIS) value||10%|
|Shares/Debentures(quoted above par)||50% (Present value or the average for the last twelve weeks whichever is lesser)|
|LIC (Surrender Value)||10%|
|Pledge of Gold ornaments of 22 Ct.fineness||10%|
|Equitable Mortgage of Land||50%|
Repayment of the loan is made as Equated Monthly Installments (EMI).
You can use any one of the ways to repay the loan:
- Standing instructions at your branch
- FedNet - Internet Banking
- Automated Payment through ECS
- Mobile Banking
Please visit the Interest Rates page for details.