::: Dena Bank :::

Dena Bank

Name of the Scheme: Dena Vidya Laxmi Education Loan Scheme

Courses approved:

To the poor and needy to undertake basic education.
To the meritorious students to pursue higher/professional/technical education

Eligibility Criteria for Education Loan Scheme

Courses Eligible

Studies in India -

School education including +2 stage.
Graduation courses: BA, B.COM. B.Sc.,etc.
Post Graduation courses: Masters & PhD.
Professional courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.
Computer certificate courses of reputed institutes accredited to Dept. of Electronics or institutes affiliated to university.
Courses like ICWA, CA, CFA etc.
Courses conducted by IIM, IISc, IIT, XLRI NIFT etc.
Courses offered in India by reputed foreign universities.
Evening courses of approved institutes.
Other courses leading to diploma/ degree etc. conducted by colleges

Courses offered by National Institutes and other reputed private institutions. [Banks may have the system of appraising other institution courses depending on future prospects/recognition by user institutions.
Studies abroad -

Graduation: For job oriented professional technical courses offered by reputed universities.
Post graduation: MCA, MBA, MS, etc.
Courses conducted by CIMA- Loan on, CPA in USA etc.

Eligibility :

The student should be:

An Indian National
Have secured admission to professional/ technical courses through Entrance Test /Selection process.
Secured admission to foreign university/Institutions.

Amount of loan :

Need based finance subject to repaying capacity of the parents/students with margin and the following ceilings.

Studies in India - Maximum Rs. 7.50 lakhs.
Studies abroad - Maximum Rs. 15 lakhs.

Margin :

Up to Rs. 4 lakhs: Nil

Above Rs. 4 lakhs: Studies in India: 5%

: Studies Abroad: 15%

- Scholarship/assistantship to be included in margin.

- Margin may be brought in on year-to-year basis as and when disbursements are made on a pro-rata basis.

Rate of Interest :

Up to Rs. 4 lakhs : PLR

Above Rs. 4 lakhs : PLR + 1%

Period of loan

Repayment holiday/ Moratorium: Course period + 1 year or 6 months after getting job, whichever is earlier.

The loan to be repaid in 5-7 years after commencement of repayment. If the student is not able to complete the course within the scheduled time, extension of time for Completion of course may be permitted for a maximum period of 2 years. If the student is not able to complete the course for reasons beyond his control, Sanctioning Authority may, at his discretion, consider such extensions as may be deemed necessary to complete the course.

The accrued interest during the repayment holiday period to be added to the principal and repayment in Equated Monthly Installments (EMI) is fixed.
1% interest concession may be provided for loanees if interest is serviced during the study period when repayment holiday is specified for Interest/repayment under the scheme.
PROCESSING CHARGES: No processing / upfront charges are charged by the bank on Educational loans.