Dhanlaxmi bank offers best interest rates on education loans. Get details on Documents, Process, Eligibility & Security.
Education loan is the most convenient way of supporting your child’s education. You can now easily fund most education-related expenses including fees, boarding & lodging, air travel, insurance premiums, and computers etc.
- Pay admission and tuition fee
- Purchase books, study material, equipment and instruments
- Pay hostel fees and boarding charges
- For studies abroad, fund expenses of air travel, incidental charges, purchase of outfits (clothing & other equipment)
- Fund other education-related expenses such as examination, library and laboratory fee, uniforms, caution deposit, building fund or refundable deposits supported by Institution bills and receipts, up to 10% of the total tuition fees for the entire course
- Purchase computers needed for the course.
- Insurance premium for student borrower
|Education loan||Rate of Interest||Processing charges|
|With Interest Subsidy: Base rate+2.00%
Without interest subsidy: Base rate + 3.75%
|1% + Service Tax|
Eligibility required for loans:
For higher studies in India:
- Students of Indian nationality (whether minor or major)
- Parents can also apply jointly with the student and facilitate repayment through existing sources of income
- Graduate and post-graduate degree/diploma courses in computer science, engineering, medicine, dental science, pharmacy, agricultural and veterinary sciences
- Post-graduate courses in arts, general science, commerce, and management (from recognized colleges and universities)
- Post graduate diploma in computer application from reputed institutes such as NIIT, APTECH, BITECH, SSI etc.
For studies abroad:
- Indian National over 18 years of age
- The applicant should produce a copy of the Result of Qualifying/ Mandatory examination such as TOEFL, SAT, GRE, AGRE, GMAT etc. together with a copy of valid passport, proof of Admission to the college or university and a copy of the Visa / Form I-20
Courses applicable (for courses abroad)
- Under-graduate courses in biological & natural sciences, computer sciences, engineering
- Post-graduate courses in the above disciplines and business administration (Applicants should submit a brief report on the prospects of the course.)
Academic background (for India and abroad)
- Applicant/student should have passed the qualifying examination securing a position eligible for admission to the course opted for study.
Duration of course
- Courses within India – 5 years
- Courses abroad – 3 years
- Duration of the course plus 6 months or getting a job, whichever is earlier
Documentation required for loan:
- Photocopies of all certificates from previous examinations (SSC onwards)
- A certificate from the College/University authorities stating that the student is continuing education, should be submitted every year.
|Description of Charges||Dhanlaxmi Bank||Comments|
|Loan Processing Charges||Nil|
|No Due Certificate / No Objection Certificate (NOC)||Rs. 250/-|
|Duplicate no due certificate / NOC||Rs. 250/-|
|Capability Certificate||Rs. 250/-||Applicable to studies abroad|
|Charges for late payment of EMI||@ 24 % p.a on amount outstanding from date of default|
|Stamp Duty & other statutory charges||As per applicable laws of the state|
|Cheque swapping charges||Rs 500/- per event|
|Loan Re-booking charges / Re-scheduling charges||Not applicable|
|Loan cancellation charges||Not applicable|
|Cheque Bounce Charges||Rs. 500/- Per Cheque|
|Legal / incidental charges||At actual|