Dhanalakshmi Bank Education Loan

Features of Dhanlaxmi Bank Education Loan

The following is the list of significant features of Dhanlaxmi Bank education loan:

1. Course duration is five and three years for courses within and outside India, respectively

1. Allows applicants to pay tuition as well as admission fees
2. Enables the applicant to purchase study materials, books, instrument, and equipment
3. Helps in making payment for the boarding charges and hostel fees
4. Allows the applicant purchase computer for the course
5. Helps in making for insurance premium for student borrowers
6. Funds the studies abroad, incidental charges, purchase of outfits, air travel expenses, etc

Funding for Other Expenses

1. Uniforms 
2. Examination 
3. library and laboratory fee 
4. Caution deposit 
5. Building fund or refundable deposits supported by Institution bills and receipts 
6. Up to 10% of the total tuition fees for the entire course 
7. Study tours 
8. Thesis 

1. Project work 

Collateral/Security Requirements

1. Up to Rs.4 lakh: No security
2. Loan amount between Rs.4 lakh and Rs.7.50 lakh: Documents of parents and co-borrower and collateral security will be taken in the form of suitable third-party guarantee
3. Loan amount more than Rs.7.50 lakh: Assignment of future income of the student tangible collateral security of full value of loan will be taken by the bank

Eligibility Criteria for Dhanlaxmi Bank Education Loan 

The following is the list of eligibility criteria to avail Dhanlaxmi Bank education loan: 

1. Age limit for non-employed and employed individual is up to 35 years and 45 years, respectively 
2. An Indian national who has secured admission in technical or professional course in a recognised university can apply for the loan 
3. Permanent employed individual with employment period more than three months and secured admissions in a reputed institute or wish to pursue higher professional qualifications are eligible to avail themselves of the loan 
4. The maximum loan amount for institutions within India, abroad, and for IIT’s, IIM’s and ISB’s are up to Rs. 10 lakh, Rs, 20 lakh, and Rs.40 lakh, respectively 
5. Frequency of repayment is monthly or quarterly 
6. Repayment of loan starts either six months after getting the job or one year after completing the course, whichever is earlier 
7. Repayment period for Indian and abroad courses are maximum of 12 years after the commencement of repayment. 

Note: Repayment of interest of the loan starts after disbursement of the first instalment of the loan.

Dhanlaxmi Bank Education Loan EMI Calculator

Your Equated Monthly Instalment can be calculated with the help of the BankBazaar Education Loan EMI Calculator (EMI). All pupils will benefit from your improved financial management thanks to this. Your EMI, total principal owed, and interest will all be calculated using the EMI calculator, a free online tool. Entering your selected loan amount, loan repayment duration, and applicable interest rate is all that is required.

The example given below is based on a loan amount of Rs.5 lakh, assuming the lowest Dhanlaxmi Bank education loan interest rate of 10.50% p.a., and a repayment tenure of 15 years.

Monthly EMI: Rs.10,747

Total interest due: Rs.1,44,817

Total amount payable: Rs.6,44,817

Dhanlaxmi Bank Education Loan Documents Required

Identity Proof 

The following is the list of documents that is a valid income proof and applicant need to submit any one of these: 

1. Passport 
2. Aadhaar Card 
3. Photo Credit Card 
4. Defense ID Card 

1. PAN Card 
2. Driving Licence 
3. Voter’s ID Card 
4. Central and State Govt. issued Photo ID Proof

Proof of Residence 

The following is the list of documents that is a valid proof of residence and applicant need to submit any one of these which is not more than three months old: 

1. Passport 
2. Adhaar Card 
3. Bank Account Statement 
4. Ration Card 
5. Telephone Bill 
6. Water Bill 
7. Electricity Bill 
8. Voter’s ID Card 
9. Letter from any recognized public authority

Proof of Income for Salaried Co-borrower

The following is the list of documents that is a valid income proof of salaried co-borrower: 

1. Salary Slips which is not more than 3 months old 
2. Bank Statements which are not more than 3 months old 
3. ITR 

1. Last two years Form-16 
2. Bank account statement of salary account for the last six months 

Proof of Income for Self-Employed Co-applicant

The following is the list of documents that is a valid income proof of self-employed co-applicant: 

1. Business address proof 
2. TDS certificate 
3. Form 16A if applicable 
4. Last two years IT returns for an IT payee 
5. Bank account statement for the last six months 
6. Certificate of qualification (for CA, doctor, and other professions) 

Student Applicant 

The following is the list of documents a student applicant must submit for KYC (Know Your Customer): 

1. Mandatory Passport submission 
2. Academic records of X, XII grade results. Graduation results semester wise. Entrance Exam results that formed the basis of admission 
3. Conditional application letter as proof of admission 
4. Cost of education 
5. Two passport size photographs 

Co-applicant 

Two passport size photographs are required for co-applicant to submit as KYC document to avail Dhanlaxmi Bank education loan 

Dhanlaxmi Bank Education Loan Scheme for Students

Details of the scheme are as given below:

1. Interest Rate Range: Based on the RLLR which is currently 8.50%
2. Processing Fees: Nil
3. Collateral: Up to Rs.4 lakh: None
4. Eligibility:
   1. For studies in India: Indian national, below or above 18 years of age
   2. For studies abroad:
      1. Indian national over 18 years of age along with the following:
      2. Copy of the result of the mandatory qualifying examination
      3. Proof of admission to the university or college
      4. Valid passport
      5. Copy of the visa or Form I-20

How to Apply for Dhanalakshmi Bank Education Loan

The procedure to apply for a loan online is mentioned below: 

Step 1: Visit https://www.dhanbank.com/education-loans/.

Step 2: Select 'Apply'. 

Step 3: On the next page, enter details such as your name, email ID, contact number, state, city, preferred branch, interest product, and captcha. 

Step 4: Click on 'Submit'. 

Step 5: A bank executive will contact you to process the request.

Eligible Courses Under the Education Loan

The following is the list of courses applicable to avail Dhanlaxmi Bank education loan: 

1. Graduate, post-graduate and diploma courses in: 

1. Engineering 
2. Medicine 
3. Computer science 
4. Dental science 
5. Pharmacy 
6. Veterinary science 
7. Agricultural science 

1. Post graduate courses in: 

1. General science 
2. Management 
3. Commerce 
4. Arts 

1. Post graduate diploma courses in computer application from: 

1. NIIT 
2. SSI 
3. BITECH 
4. APTECH 

List of Approved Institutes 

The following is the list of approved institutes for availing Dhanlaxmi Bank education loan: 

1. Pharmacy college 
2. Architecture college 
3. Medical college 
4. Law college 
5. Engineering college 
6. Bio-technology college 
7. Physical education college 
8. Management college 
9. B.ED college 
10. Science, Commerce, and Arts college 

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