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Dena Bank Education Loan 2017-2018 | Eligibility, Application Process & Interest Rate

Dena Bank Education Loan

The Dena Bank is one of the most reputed public sector banks India with its headquarters at Mumbai. The actual name of the bank is Devakaran Nanjee which was adopted with a new name called Dena Bank is nationalized by the government of India in the year 1969. It has a wide range of family with more than 1700 branches across India.

There are mainly three types of education loans in Dena Bank Namely:

  • Dena Vidya Laxmi Educational Loan.
  • Padho padesh Scheme.
  • Kaushal wrin yojana.

Theme/Purpose of Dena Bank Educational Loans

The main objective of the Dena Bank Vidya Laxmi Education Loan is to give helping hands to the economically backward students who are unable to perform their higher studies. It is applicable for the students who have secured entree in alleged universities/institute for the purpose of higher education through entrance exam or merit-based selection process. The main purpose of Padho Pardesh Scheme is to provide subsidy on the rate of interests for minority students in order to pursue their master’s degree in Abroad. Also, the income of the applicant family should be below 4.5 lacs per annum in order to avail education loan under Padho Pardesh Scheme. Under Kaushal wrin Yojana or IBA model skill loan, scheme bank provides an education loan for vocational courses and training. It will be the best opportunity for the students who are interested towards vocational training.

Dena Bank Education Loan

Dena Bank Education Loan Eligibility

The students who are in need of financial support from the Dena Bank for pursuing further studies should reach out all the edibility criteria as mentioned below without any issues

Students Eligibility

  • The applicant must be an Indian National
  • The candidate should obtain admission in a professional/technical course in an Indian or Foreign University after the successful completion of HSC or SSC
  • The students who do not write any admission test will be allowed only if they have at least 50% in their previous academics.
  • Simply walk-in with the relevant marks memo of secured admission proof.

Eligible Courses

  • Graduation courses like B.A, B.COM, B.SC etc
  • Post Graduation courses namely masters, Ph.D etc.
  • Professional or technical courses as follows Engineering, Medicine, Law, Veterinary, Ayurvedic, Pharmacy, Management, Computers etc.
  • Courses conducted by IIM, IIT etc
  • Some other well-known courses like CA, ICWA, CFA etc.
  • For Abroad study students the eligible courses include MBA, MCA, MS etc
  • All the degree/diploma courses which are conducted by authority of UGC/Govt/AICTE etc.
  • Also, courses conducted by chartered institute of management accountant CIMA, London and certified public accountants in the USA are eligible for abroad studies.

Documents required for Dena Bank Education Loan / Application Process

The contenders should carry below mentioned documents while applying for Education Loan without any fail

  • Identity proof: aadhar card, voter id, driving license, passport etc
  • Admission letter of college or university of institute of India/Abroad
  • Application form and the catalog has given by the institute which comprises of detailed information regarding course fee.

Quantum of the Loan

Need based finance to meet the expenses worked out taking into account margins stipulated subject to following cases:

  • For the students who have secured admission in a rated institution conducted by IIM, IIT etc for the full-time courses, maximum loan amount for studies in India will be 15 lakhs and 25 lakhs for abroad studies.
  • In other hands the students who have secured admission in accredited universities through common entrance test which is not conducted by IIM, IIT etc the maximum loan limit for studies India will be 10 lakhs and for abroad studies it will be up to 20 lakhs.

Expenses considered for Dena Bank Education Loan

The contenders who are availing the Dena Bank loan should aware of all the expenses covered under the specified scheme which is detailed in below

  • Building Fund
  • Fee payable to college/School
  • Examination Fee
  • Library Fee
  • Fee payable for traveling
  • Purchase of books/equipment/instruments etc
  • Any other sources required for essential completion, of course, like Purchase of computer, laptop, Industrial tours etc.
  • Fee payable for uniform etc.

Dena Bank Education Loan Margin

The margin will be varied based on the quantum of loan as follows

  • For the loans up to 4 lakhs: No Margin
  • For the loans above 4 lakhs: There will be a margin of 5% for Indian Studies and 15% for abroad studies.

Dena Bank Education Loan Rate of Interest

Up to 4 lakh loans: The interest rates will be 9% which will be repayable in 3 years and 9.5% for the repayment period more than 3 years. Above 4 Lakh loans: The rate of interest under this category would be 12% for the repayment period of 3 years and 12.5% for more than 3 years of repayable time. Also, there will be a 1% concession if interest is serviced as and when due during the study period when repayment holiday is specified. During the moratorium period, the interest charged is simple interest.

Dena Bank Education Loan  Repayment

The repayment period is maximum up to 15 years for all the mentioned loans. All loans up to 7.5 lacs have come under credit guarantee schemes operated by national credit guarantee trust company Ltd. The repayment period will become into existence after the end of moratorium period. During moratorium period there will be extra one year span after getting employment whichever is earlier.

Subsidy Scheme

The government of India offers interest subsidy scheme for economically weaker students for Dena Bank Education Loan. The subsidy will be applicable for the students who got admission in govt recognized universities/institutes. Applicable students should provide income proof for availing subsidy. It will not apply if any of the students failed to complete the course successfully.

Dena Bank Education Loan Processing Fee

The bank does not charge any processing fee on Indian studies whereas for abroad studies it charges 1000/- which will be refunded after the 6 months of loan sanctioning.

Others

  • Available Loans: Dena Bank Home Loan, Dena Bank Personal Loan, Dena Bank Car Loan etc
  • Value added services: Free admit card
  • All the other terms and conditions are applicable to revised Kaushal wrin Yojana and vocational courses for both Indian studies and abroad studies.

We tried our level best to bring all the detailed information regarding Dena Bank Education Loan in one place. Hope you people get satisfied with this article. Still, if you have any doubts regarding Dena Bank Education Loan feel free to drop a comment on our website. We will respond as soon as possible. For more details and updates about education loans stay in touch with us also you can bookmark our page.

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