Dena Bank Education Loan

Overview of Dena bank Education Loan:

Dena Bank was founded in 1938 from the family of Devkaran Nanjee. The bank had been nationalized by the government of India in 1969. These days, it's a major public sector bank in India with over 1,400 branches spread throughout the nation. The bank offers services across various sectors such as personal banking, corporate banking, SME banking, international banking etc..

Dena Bank provides many different loans to people needing financial support, including loans. Dena Bank Education Loan will make certain you have a bright future by providing the financial assistance required to pursue higher education courses in India or abroad.

Features and Benefits of Dena Bank Education Loan:

Goal of This loan:

The aim of this Dena Vidya Laxmi Educational Loan Scheme will be to aid pupils who come from low income households to pursue higher studies in India or overseas.Expenses Known for Dena Bank Education Loan:

The costs covered from the loan include:

• Hostel fees, school or college fees.
• Examination, laboratory, or library fees.
• Money spent on purchasing books, uniforms, computers, instruments and equipment.
• Travel expenses or passage fare.
• Expenses involving study tours, thesis writing, projects etc.

Number of Education Loan:

The maximum loan amount provided is Rs.10 lakhs for researching in India and Rs.20 lakhs for analyzing in overseas nations.

Interest Rates:
The Rates of Interest for Dena Bank Education Loan are as follows:

During the moratorium period only simple interest is charged on the loan amount. The students get a concession of 1 percent on the interest rate once the payments for the interest charged are created on time, during the repayment holiday period.

For the subsequent institutes, the actual rate related is the base rate. The base rate changes from time to time, depending on RBI's guidelines. Currently the base rate is 10.25percent and therefore the interest rate for these institutions can also be 10.25%

In India:

IITs, BITS, NITs, IISc, MIT (Engineering)

IIMs, XLRI Jamshedpur, ISB Hyderabad, JBIMS Mumbai and also NMIMS Mumbai (Management)

CMC Vellore, PGIMER Chandigarh, AIIMS New Delhi, Dr.Ram Manohar Lohia Hospital New Delhi, VMM College & Hospital Safdarganj, Armed Forces Medical Sciences (Medical Science)

IIFT New Delhi, Delhi School of Economics and also NID Ahmedabad.

Abroad:

Colleges of Cambridge, UK; University of Oxford, Imperial College London, UCL at UK, University of Toronto, University of Edinburgh, McGill University, Harvard University, MIT, Yale University, Upenn, USA, University of Chicago, Columbia University; Stanford University, Caltech at USA, Princeton University, Cornell University, University of Michigan, Duke University Johns Hopkins University, Northwestern University, UCB, ETH Zurich, University of Tokyo and Also HKU at Hong Kong.

The applicants do not have to provide collateral security or cover any margin for the above institutions, irrespective of the loan amount.

Processing Fees:
The lender doesn't charge any processing fee for pursuing schooling in India but for pursuing education abroad, there's a processing fee of Rs 1000 (refundable).

Repayment Tenure:

The moratorium period is 6 months from the time of being employed or the length of the course and one year (whichever is sooner ).

Margin:

Dena Bank Education Loan Referral Courses:

The eligible classes for Dena Bank Education Loan are as follows:Graduation, Post-Graduation, Experts, Professional and PHD classes, together with vocational training and education programmes (in India).Job oriented specialized or skilled graduation classes and post-graduation classes like MS, MBA, MCA etc., are provided by recognized universities overseas.Courses which are conducted by CPA-USA, CIMA-London etc..

Dena Bank Education Loan Eligibility and Documentation:

The eligibility criteria for Dena Bank Education Loans are as follows:

• You ought to be a citizen of India.
• You ought to have been chosen to get a specialized or professional class at a recognized school / institution / college in India or overseas.

The documents required for applying for Dena Bank Education Loan are as follows:

• Proof of Identity
• Admission letter of college, institute or university (in India or abroad)
• Brochure detailing the course fee charged by the institute
• Application form

Subsidy Scheme:

The Government of India provides an Interest Subsidy strategy for economically weaker students. The features of this strategy are as follows:

•  The scheme only applies to Technical / Professional courses in India which are provided by colleges, institutes or universities accepted by the Mo HRD Government of India.

• The subsidy is appropriate only during the moratorium period of the loan and also for courses starting after April 1, 2009.

• Only pupils with overall family income of less than Rs 4.5 lakhs per annum qualify for this scheme.

• The students will have to give income proof issued by competent government recognized and authorized by State or Central Government.

• Students who are expelled from the institution or discontinue the class due to reasons aside from medical reasons are not eligible for this strategy.

Please contact the division manager at your closest Dena Bank branch for additional particulars regarding the subsidy scheme.