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

Dhanlaxmi Bank Education Loan

The Dhanlaxmi Bank is a Private sector Bank. It was incorporated in 1927 at Thrissur, Kerala by a group of ambitious and enterprising entrepreneurs. Over the 92 years that followed, Dhanlaxmi Bank with its rich heritage has earned the trust and goodwill of clients. It is due to our strong belief in the need to seek innovation, deliver the best service and demonstrate responsibility, that we have grown from strength to strength. 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.

Dhanlaxmi Bank Logo

Read this full post on Dhanlaxmi 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 Dhanlaxmi Bank Education Loan it’s Process to Apply and full detailed Information.


Dhanlaxmi 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  Dhanlaxmi Bank
Founded on 1927
Headquarter Thrissur, Kerala, India
Type of Bank  Private Bank
Number of Employees 1,884(2018)
CEO Name Mrs T. Latha
Maximum Loan Amount  NA
Timeline for Loan Disposal Maximum 15 Working days
Annual Revenue ∇ 1,116 crore (US$160 million) (2018)
Processing Fees No Processing Fee will be charged
Other Subsidiaries
  • Dhanlaxmi Bank, Asset management arm
  • Dhanlaxmi Bank Limited
Category  Education Loan in India

Types of Dhanlaxmi Bank Education Loan

S.no. Scheme Description
1. Education loan 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.

How to Apply

Online

  • Visit official Web Site of Dhanlaxmi Bank (Click Here)
  • Find the Educational Loan Section Apply Now button
  • Fill online Application Form.

Offline

  • Visit the nearest Branch of Dhanlaxmi 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.
  • Parents can also apply jointly with the student and facilitate repayment through existing sources of income
  • 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

Documents Needed

  • Identity Proof
  • Residence Proof
  • 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.
  • Schedule of expenses for the course
  • Passport size photographs.
  • The student must produce 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.

Expenses Considered

  • Tuition and course fee
  • Examination, library and laboratory fees
  • 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
  • Any other expense in relation to the course – study tours, project work, thesis etc.

Return Policy and Repayment Period

  • 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.

Dhanlaxmi 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 Dhanlaxmi Bank Education Loan: Click Here

Dhanlaxmi Bank Education Loan Security

  •  Up to Rs. 4 Lacs
    • Co-obligation of parents
    • No security
  • Above Rs. 4 Lacs
    •Collateral in the form of a satisfactory guarantee
  • Approved shares/insurance policies with surrender value, national savings certificates, IVP, Bank deposits etc. or collateral security such as land or building, equivalent to loan amount accepted as security collateral

Contact Details

Head office  Dhanlaxmi Bank Ltd., Dhanalakshmi Buildings
Naickanal, Thrissur – 680 001 Kerala
Official website www.dhanbank.com
Apply for Loan  Click Here
Contact Number +91-487-6617000

 

Educational Loans FAQs

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 Dhanlaxmi 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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