Overview:
Dhanlaxmi bank was established in 1927 in Thrissur, Kerala and has been growing rapidly since then. With several branches all over India, Dhanlaxmi Bank focuses on customizing their services and personalizing customer relationships. Dhanlaxmi Bank Education Loan Scheme is one of the best options for students to pursue their dreams of higher education in India or abroad. The loan amount covers additional expenses like hostel fees, laboratory charges, travel etc.
Features and Benefits of Dhanlaxmi Bank Education Loan Scheme:
Purpose of the loan:
Not only can students pay their admission fees and tuition fees, but they can also purchase books, equipment, instruments and study material required during their course of study with the loan amount provided by Dhanlaxmi Bank. The hostel fees and boarding charges can be covered by the loan amount too. Students pursuing higher education in foreign countries can make use of the loan amount for expenses like travel, incidental charges, basic necessities etc. Other education related expenses like library charges, examination fees and laboratory fees can be funded by Dhanlaxmi Bank education loan. Study tours, thesis, project works and insurance premium can be paid using the loan amount.
Security:
1. Upto Rs. 4 lakh - No security is required
2. Above Rs. 4 lakh - Satisfactory guarantee is required from the student, parents or guardian in the form of collateral security. Shares, Insurance policies, IVP, bank deposits, land or building can be considered as security as long as their value is equal to the amount of educational loan granted to the student
Dhanlaxmi Bank Education Loan interest rates for studies in India and abroad:
The interest rates for Dena Bank Education Loan are as follows:
|
Abroad |
India |
Rate of Interest |
With interest subsidy: Base rate + 2 percent, which comes up to 13.50 percent |
With interest subsidy: Base rate + 2 percent, which comes up to 13.50 percent |
Without interest subsidy: Base rate + 3.75 percent, which comes up to 15.25 percent |
Without interest subsidy: Base rate + 3.75 percent, which comes up to 15.25 percent |
Note: The Base rate is 11.50 percent
Eligible Courses:
India:
1. Degree and Diploma courses for graduation and post-graduation comprising of the following disciplines - medicine, engineering, science, commerce, humanities, agriculture, pharmacy, veterinary science etc.
2. Post graduate diploma courses in computer application from several renowned institutions such as APTECH, NIIT, SSI, BITECH etc.
Abroad:
1. Under-graduate courses in engineering, computer science, biological science etc.
2. Post-graduate courses for all the courses mentioned for undergraduate courses along with business management courses
Eligibility:
For higher education in India, students must be residents of India. For studying in foreign countries, the student must be above 18 years of age and should hold Indian citizenship. The student should also produce documents to prove his result at qualifying examinations such as SAT, TOEFL, GRE, GMAT, AGRE etc. The duration of the course in India should be within 5 years and the duration of the course abroad should be within 3 years.
Documentation:
The student must produce photocopies of all education certificates, starting from SSC till the latest educational qualification. The college or university authorities should issue a certificate every year stating the continuation of the student's education.
Fees and Charges:
Description of Charges |
Dhanlaxmi Bank Charges |
Comments |
Prepayment |
Nil |
|
Processing charges |
Nil |
|
Pre-payment charges |
Nil |
|
No Objection Certificate (NOC) |
Rs. 250 |
|
Duplicate no due certificate |
Rs. 250 |
|
Cheque swapping |
Rs. 500 per event |
|
Late EMI charges |
24% per annum on outstanding amount |
|
Capability certificate |
Rs. 250 |
Applicable to studies in foreign countries |
Stamp Duty and other statutory charges |
According to state laws |
|
Loan cancellation |
Not applicable |
|
Loan re-scheduling |
Not applicable |
|
Cheque bounce |
Rs. 500 |
|
Incidental charges |
At actual |
|
Dhanlaxmi Bank Education Loan FAQs:
1. Are there any prepayment charges applicable?
There are no prepayment charges applicable on Dhanlaxmi Bank educational loans.
2. What should be the eligibility criteria of the Dhanlaxmi education loan for pursuing studies in India?
The student should be a resident of India and must produce proof of qualifying entrance exam conducted by the respective college.
3. Are there any late EMI charges applicable on Dhanlaxmi Bank education loans?
Yes. In case, the student delays to pay the monthly instalment, 24 percent would be charged on the outstanding amount.
4. What are the processing charges?
The processing charges for Dhanlaxmi Bank education loan is nil.
5. What documents are to be produced while applying for Dhanlaxmi Bank education loan?
The student must produce photocopies of all education certificates, starting from SSC till the latest educational qualification.