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  • Dhanalakshmi Bank Education Loan

    Dhanalakshmi Bank Education Loan
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    Overview:

    Dhanlaxmi bank was established in 1927 in Thrissur, Kerala and has been growing rapidly since then. With several branches all over India, Dhanlaxmi Bank focuses on customizing their services and personalizing customer relationships. Dhanlaxmi Bank Education Loan Scheme is one of the best options for students to pursue their dreams of higher education in India or abroad. The loan amount covers additional expenses like hostel fees, laboratory charges, travel etc.

    Features and Benefits of Dhanlaxmi Bank Education Loan Scheme:

    Purpose of the loan:

    Not only can students pay their admission fees and tuition fees, but they can also purchase books, equipment, instruments and study material required during their course of study with the loan amount provided by Dhanlaxmi Bank. The hostel fees and boarding charges can be covered by the loan amount too. Students pursuing higher education in foreign countries can make use of the loan amount for expenses like travel, incidental charges, basic necessities etc. Other education related expenses like library charges, examination fees and laboratory fees can be funded by Dhanlaxmi Bank education loan. Study tours, thesis, project works and insurance premium can be paid using the loan amount.

    Security:

      • Upto Rs. 4 lakh - No security is required
      • Above Rs. 4 lakh – Satisfactory guarantee is required from the student, parents or guardian in the form of collateral security. Shares, Insurance policies, IVP, bank deposits, land or building can be considered as security as long as their value is equal to the amount of educational loan granted to the student

    Dhanlaxmi Bank Education Loan interest rates for studies in India and abroad:

     

    Abroad

    India

    Rate of Interest

    With interest subsidy: Base rate + 2 percent, which comes up to 13.50 percent

    Without interest subsidy: Base rate + 3.75 percent, which comes up to 15.25 percent

    With interest subsidy: Base rate + 2 percent, which comes up to 13.50 percent

    Without interest subsidy: Base rate + 3.75 percent, which comes up to 15.25 percent

    • The Base rate is 11.50 percent

    Eligible Courses:

    India

    • Degree and Diploma courses for graduation and post-graduation comprising of the following disciplines - medicine, engineering, science, commerce, humanities, agriculture, pharmacy, veterinary science etc.
    • Post graduate diploma courses in computer application from several renowned institutions such as APTECH, NIIT, SSI, BITECH etc.

    Abroad

    • Under-graduate courses in engineering, computer science, biological science etc.
    • Post-graduate courses for all the courses mentioned for undergraduate courses along with business management courses

    Eligibility:

    For higher education in India, students must be residents of India. For studying in foreign countries, the student must be above 18 years of age and should hold Indian citizenship. The student should also produce documents to prove his result at qualifying examinations such as SAT, TOEFL, GRE, GMAT, AGRE etc. The duration of the course in India should be within 5 years and the duration of the course abroad should be within 3 years.

    Documentation:

    The student must produce photocopies of all education certificates, starting from SSC till the latest educational qualification. The college or university authorities should issue a certificate every year stating the continuation of the student’s education.

    Fees and Charges:

    Description of Charges

    Dhanlaxmi Bank Charges

    Comments

    Prepayment

    Nil

     

    Processing charges

    Nil

     

    Pre-payment charges

    Nil

     

    No Objection Certificate (NOC)

    Rs. 250

     

    Duplicate no due certificate

    Rs. 250

     

    Cheque swapping

    Rs. 500 per event

     

    Late EMI charges

    24% per annum on outstanding amount

     

    Capability certificate

    Rs. 250

    Applicable to studies in foreign countries

    Stamp Duty and other statutory charges

    According to state laws

     

    Loan cancellation

    Not applicable

     

    Loan re-scheduling

    Not applicable

     

    Cheque bounce

    Rs. 500

     

    Incidental charges

    At actual

     

    Dhanlaxmi Bank Education Loan FAQs:

    1. Are there any prepayment charges applicable?
    2. There are no prepayment charges applicable on Dhanlaxmi Bank educational loans.
    3. What should be the eligibility criteria of the Dhanlaxmi education loan for pursuing studies in India?
    4. The student should be a resident of India and must produce proof of qualifying entrance exam conducted by the respective college.
    5. Are there any late EMI charges applicable on Dhanlaxmi Bank education loans?
    6. Yes. In case, the student delays to pay the monthly instalment, 24 percent would be charged on the outstanding amount.
    7. What are the processing charges?
    8. The processing charges for Dhanlaxmi Bank education loan is nil.
    9. What documents are to be produced while applying for Dhanlaxmi Bank education loan?
    10. The student must produce photocopies of all education certificates, starting from SSC till the latest educational qualification.

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