Dena Bank Education Loan: Application, Eligibility, Interest Rate, Documents & Much More.

Dena Bank Education Loan

The Dena Bank was nationalized in July 1969 along with 13 other major banks and is now a Public Sector Bank constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970. Under the provisions of the Banking Regulations Act 1949, in addition to the business of banking, the Bank can undertake other business as specified in Section 6 of the Banking Regulations Act, 1949. If you want Education Loan to pursue higher studies from Abroad or India, You are at the right place to collect every aspect of information related to Education Loan in India.

Dena Bank Logo

Read this full post on Dena Bank Education Loan for information Like Eligibility, How to apply, Interest Rates, Documents Needed, Different aspects of Education Loan, Interest Rates, Return Policy, General Instructions etc. Throughout the article, we will share information regarding Dena Bank Educational Loan it’s Process to Apply and full detailed Information.


Dena Bank Education Loan


The major aim of the bank is to ensure anywhere and any time banking for the customer with the latest state-of-the-art technology. The Bank is very serious about its Education Loan Facility and by developing an effective customer-centric relationship it promises to emerge as a world-class education Loan provider. Before we share further, let us first have a brief review of the Bank.

Brief Review

Profile Description
Name of Bank  Dena Bank
Founded on 26 May 1938
Headquarter Mumbai, Maharashtra
Type of Bank  Private Bank
Number of Employees 13,906 (2016)
CEO Name Karnam Sekar
Maximum Loan Amount  Rs 25.0 Lakhs
Timeline for Loan Disposal Maximum 15 Working days
Annual Revenue ∇ 10,645.73 crore (US$1.5 billion)
Processing Fees Rs.1000/- for studies abroad which are refundable on availing the limit.
Other Subsidiaries
  • Dena Bank Asset Management Arm
Category  Education Loan in India

Types of Dena Bank Education Loan

S.no. Scheme Description
1. Vidya Laxmi Educational Loan Scheme Ensure a bright future for your children. Provide them with the best of higher education in India or abroad. Avail Dena Vidya Laxmi Educational Loan.
The loan amounts up to Rs.15 Lacs for studies in India and Rs.25 Lacs abroad.
2. BA Model Skill Loan Scheme/Kaushal Wrin Yojana Skill Loan, who run by Industrial Training Institutes (ITIs), Polytechnics or in a school recognized by central or State education Boards or in a college affiliated to recognized university, training partners affiliated to National Skill Development Corporation (NSDC)/Sector Skill Councils, State Skill Mission, State Skill Corporation, preferably leading to a certificate/diploma/degree issued by such organization as per National Skill Qualification and other courses.
Loans will be in the range of Rs. 5,000/- to Rs. 150,000/-.

How to Apply

Online

Offline

  • Visit the nearest branch of Dena Bank to get offline Education Loan form.
  • You may also download the form from official web handle.
  • Submit the Application Form to Nearest Branch along with document needed.

Eligibility

  • The applicant should be an Indian national.
  • It has secured admission to a higher education course in recognized institutions in India or Abroad
  • Simply walk in with the mark sheet of the qualifying exam and proof of admission.
  • The student who secured admission in a course run by Industrial Training Institutes (ITIs), Polytechnics or in a school recognized by central or State education Boards or in a college affiliated to the recognized university, training partners affiliated to National Skill Development Corporation and other courses.

Documents Needed

  • Mark sheet of last qualifying examination for school and graduate studies in India
  • Academic Records: 10th Result, 12th Result, Graduation result-semester Wise (if Possible) Entrance Exam Result through which admission is being taken
  • Proof of admission: Offer Letter or Admission Letter from the Institution.
  • Passport size photographs
  • Proof of Identity
  • Application form
  • The brochure detailing the course fee charged by the Institute

Expenses Considered

  • Tuition and course fee
  • Examination, library and laboratory fees
  • Caution deposit
  • Cost of books, Uniforms, Equipment and other instruments.
  • Travel Expenses
  • Purchase of computer needed to complete the course at a reasonable rate.
  • Any other expense to complete the course like study tours, project work, thesis etc

Return Policy

  • In the case of Federal Bank Education loan, repayment will start after the completion of course period +1 year (moratorium period) or 6 months after securing a job, whichever is earlier.
  • Repayment up to Maximum of 15 years

Dena Bank Education Loan EMI Calculator

EMI Calculator is used for calculating the periodic payment amount due on a loan. For calculating EMI one must input data like Amount, Interest Rate, tenure, Processing Fee etc.

  • If you want to calculate EMI for Dena Bank Education LoanClick Here

Dena Bank Education Loan Security

  • No security
  • Co-obligation of parents together with collateral security
    in the form of suitable third party guarantee.
  • All the loan under the Scheme will be covered under Credit Guarantee Scheme managed & operated by National Credit Guarantee Trust Company Ltd (GTC). Guarantee Fee @ 0.50% of the amount outstanding will be paid by Bank.

Contact Details

Head office  Dena Corporate Centre, C-10, G Block, Bandra-Kurla Complex
Bandra [E]. Mumbai- 400 051
Official website www.denabank.com
Apply for Loan  Click Here
Contact Number (022) 26545035

 

Dena Bank Student Loans FAQs

We hope that the information furnished above will guide you to get the best educational loan for your studies. In case of any doubt regarding the loan procedure and other related terms, read our FAQ’s session.

Q1. Who can be my co-borrowers?

Ans. Your parents/guardian can be a co-borrower as well as the spouse in case of a married applicant. The co-borrower should have a steady source of income and a good credit history in order to improve the applicant’s chances of a successful loan application.

Q2. How long does it take to process Educational Loan?

Ans. Generally, the time taken for the education loan to process is somewhat between 7-10 working days. Often, the whole process can be easily completed within 3 to 5  Working days, once the student fulfils all documentation.

Q3. What all expenses will be covered by education loans?

Ans. Apart from the tuition fees, other aspects of expenses such as hostel charges, equipment purchases and other course-related expenses may also be covered by the education loan.

Q4. What are the courses for which an education loan can be availed?

Ans. An education loan can be availed for all courses recognized by the UGC in case of India and all regular courses abroad. Each lender has its own list of educational institutions and courses that they would provide a loan for whether overseas or within India.

Q5. Can a student avail another loan for further studies?

Ans. Yes, this is possible. You can borrow a loan for a bachelor’s degree followed by one for master’s without repaying the first loan. This loan can be taken as a top-up loan against the already existing loan; however, it is subject to the lending bank’s discretion and the internal rules and regulations of the lender.

Q6. Do education loans have any Income Tax benefits?

Ans. Loan borrowers can avail tax benefits on interest paid on education loan under Sec 80E of the Income Tax Act. This benefit is available over and above the Rs. 150,000 deduction allowed under Section 80C. Tax benefits can be availed once the borrower starts paying the interest on the education loan. Further, the deduction is available until the borrower pays off the full interest amount on the loan or for a maximum period of 8 years, whichever is earlier.

Q7. Why do banks require an insurance policy?

Ans. Banks usually prefer that students avail a life insurance policy equivalent to, or more than, the loan amount. The policy acts as a security feature and forms a part of the collateral. In case of the untimely demise of the borrower, the bank recovers the outstanding loan amount from the student’s life insurance policy and the remaining amount, if any, is paid out to the beneficiary of the policy.

Q8. Is any incentive available for a girl student applying for education loan?

Ans. Banks generally provide a 0.5% concession on the applicable education loan interest rate to girl students pursuing higher education in India and abroad.

Q9. Are there any special privileges for students of SC/ST category who avail education loans?

Ans. Yes, eligibility criteria and loan margins on education loan are relaxed for Scheduled Caste/Scheduled Tribe students availing education loans in India. The eligibility criteria are lowered from first/second class to pass class for SC/ST category students seeking education loan for graduate and postgraduate studies, while, margin money is sometimes lowered than the regular percentage or nil.

Q10. Where can I avail on a Dena Bank education loan?
Ans. The loan is available from all branches in metro/urban areas as well as those having personal banking divisions.

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