Development Bank of Singapore (DBS) Limited is a Singapore-based multinational banking and financial services corporation. DBS has a presence in over 18 markets and more than 280 branches across the globe. The bank is known for its technological transformation and has been named “World’s Best Digital Bank” by Euromoney.
‘Digibank’ powered by DBS is a bank that fits in your smartphone, with almost all the features present at an offline bank. It allows you to complete daily transactions like withdrawing and transferring money along with setting financial goals. DBS also provides financial assistance for education through Digibank. Read on to know more about DBS education loans.
Features & Benefits of DBS Education Loan:
- Easy process: Applying for an education loan with DBS is a hassle-free process. The bank allows you to submit a loan application sitting in the comfort of your home.
- Competitive interest rates: The education loan offered by DBS is at student-friendly interest rates.
- Flexible repayment: DBS allows you to choose loan repayment options and tenures, making the entire process convenient.
- Tax reductions: DBS education loans come with reduced tax liability under Section 80 C of the Income Tax Act.
Eligibility Criteria for DBS Education Loan:
The following eligibility criteria should be met in order to avail DBS Education Loan:
- The applicant should be an Indian national.
- The minimum accepted age of the applicant is 18 years up to the age of 35 years.
- The applicant should be pursuing a graduate / PG / PG diploma degree.
- The applicant should have secured an admission in a recognised institute.
- A co-applicant is mandatory for a full-time course.
- The co-applicant can be a parent/guardian with a good credit history and stable income.
- Depending on the loan amount, tangible / intangible collateral or guarantor would be required.
Documents Required for DBS Education Loan:
To avail the education loan at DBS, you need to submit the following documents along with two passport-sized photographs:
- You need to submit any one of the below-mentioned documents as identity proof:
- PAN Card
- Aadhaar Card
- Driving Licence
- Voter ID
- Aadhaar Card
- Driving Licence
- Voter ID
- Income Tax returns for the past two years
- Salary slips (last three months)
- If self-employed, financial statements of the last two years along with an office address (certified by CA)
- Class 12 passing marksheet/certificate
- Graduation marksheet
- CAT, GMAT, GRE, TOEFL or IELTS score report (if applicable)
- Admission confirmation letter from the university
DBS Education Loan EMI Calculator:
DBS education loan EMI calculator allows you to predict the payable EMI amount by entering the loan amount and tenure in the given formula.
The formula used for an EMI calculator is
[P x R x (1 + R) ^ n] / [(1 + R) ^ n - 1]
P= principal loan amount,
R= applicable rate of interest,
n= number of monthly instalments.
Using a DBS education loan EMI calculator helps you estimate the monthly EMI expenses well in advance and plan your finances accordingly.
DBS Education Loan FAQs:
- In whose favour is the education loan disbursed- the university or the applicant?
- Can I avail a loan from DBS even if I do not have an account with DBS bank?
- Will I get an income tax deduction on my DBS education loan?
- Is it possible to get an education loan transferred to another bank with lower interest rates?
- When can I start repaying my DBS education loan?
Mostly, hostel fees and tuition are disbursed directly to the university. Other components of the loan, like travel expenses, lab equipment, etc., can be claimed by the applicant.
Yes, you can avail a loan from DBS even if you do not have an account with the bank. Earlier it was mandatory to have an account to make the loan sanction process easy, but it is no longer required.
Yes, you can avail the benefit of income tax deduction on your DBS education loan interest under Section 80E of the Income Tax Act.
Yes, you are allowed to transfer your education loan to another bank if you want to avail the benefit of a lower rate of interest.
DBS allows you to plan your repayment schedule. In most cases, you can start repaying six months after you secure a job or a year after course completion, whichever is earlier.