Federal Bank Education Loan

Get a Federal Bank Education Loan with or without collateral. Interest starts at 11.25%, and the EMI plan is simple to calculate and manage.

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The requirement of documents may differ for each scheme, but here we have provided a list of general documents required for the Federal Bank education loan: Section 1: Application form Student loan application form (hardcopy) filled out on the Subraxo website with 2 passport-size photographs Section 2: Basic documents for Applicant (student) and co-applicant and/or Guarantor Identity proof – Passport of the applicant (if going abroad), PAN Card 6 months' latest bank statement of personal and salary account of the applicant, showing salary crediting or if self-employed, 1 year's business transactions At least 2 proof of address – Electricity Bill/ Passport/ Ration card/ Bank account statement/ Voter ID Card/ Telephone Bill/ Aadhar card. Personal asset and liability statement (approved by the bank professional) All the documents should be self-attested. Section 3: Applicant Academic Documents Certificates and study marksheets- 10th, 12th, Degree Proof of admission in the course (mentioning the total duration of the course) Scorecard of the entrance examination The fee structure given by the college or university's side Section 4: Co-applicant Income documents If Salaried ID card of the company Last 2 years from 16 Last 3 months' salary slip ITR of last 2 yrs If Self-employed Address proof of business Last 3 years' balance sheet Profit & Loss account of last 3 years (only if self-employed) ITR of last 3 yrs Section 5: Other Documents A letter mentioning other expenses, apart from those covered in loan expenses, will be borne by the co-applicant as per the format provided by your financial officer at Subraxo Notarised joint affidavit wit

The Federal Bank provides a moratorium period of course duration plus 6 months or 3 months after getting a job. And then the education loan repayment period starts, which can last upto 15 years at maximum. Suppose a student gets an education loan of Rs 25 lacs at a 12% rate of interest for 15 years. Then the repayment schedule table of that student will look like the following: Repayment Cycle EMI Interest portion Principal portion Loan Outstanding Start of loan EMI 34505 28750 5755 2869245 End of year 1 34505 28084 6420 2802014 End of year 2 34505 27270 7235 2719772 End of year 3 34505 26353 8152 2627100 End of year 4 34505 25319 9186 2522674 End of year 5 34505 24154 10351 2405005 End of year 6 34505 22841 11664 2272412 End of year 7 34505 21361 13143 2123003 End of year 8 34505 19695 14810 1954645 End of year 9 34505 17816 16689 1764936 End of year 10 34505 15700 18805 1551166 End of year 11 34505 13315 21190 1310285 End of year 12 34505 10627 23878 1038854 End of year 13 34505 7599 26906 733000 End

The application process to take an education loan from the Federal Bank is: Step 1: Reach out to Subraxo by requesting a callback or filling out a common application form Step 2 : Give all your education loan details to your assigned financial officer over a call Your financial officer will analyse your loan profile and suggest the best lenders to get your loan sanctioned. Step 3: As per your eligibility and bank policies, choose your lender and tell your financial officer. Step 4 : Submit all your documents to the bank, or upload them on the Subraxo documents portal according to the document checklist given by your financial officer. Step 5: Sit back and relax, your financial officer will take care of everything else. If required, take follow-ups from them from time to time. Step 6: Within 1 week, collect your loan sanction letter from private banks or NBFCs and within 15-20 days from the government bank. The application process is not as simple as it looks if you go directly to the banks to get your education loan sanctioned. The following is the list of issues if you go directly to the banks : No clear idea about the eligibility for an education loan Lack of proper customer service No particular list of required documents Unavailability of correct information Issues in legal and valuation reports Lots and lots of documentation Multiple visits to the banks are delaying the process Find out how easy it can be to fund your education - apply for your education loan through Subraxo and experience the benefits. Reach out today