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Dena Bank provides a specific loan that is aimed at providing financing for students interested in getting enrolled in courses that fall within the educational category. This loan features low interest rates and fast approval times.
This loan is provided exclusively to students for pursuing courses that are approved under the IBA model of loans. The loan will cover the following expenses throughout the course –
In case funding is to be required for lodging purposes or other substantial grounds, the same can be also included, based on the discretion of the bank.
A specific loan meant for students, the eligibility criteria to be met in order for the institution to be able to sanction the loan include the following -
The financing modes allowed under this educational loan is a term loan.
Based on the credit-worthiness of the applicant, Dena Bank can provide loans up to a maximum of INR 1.5 lakhs. The limits as per statutory norms will be decided as per the following criteria –
In case of courses that have a durations of more than 1 year, the officials of the bank might choose to relax the upper limit of the loan available and offer additional funding.
Interest rates for this educational loan are to be linked with the base rate of the bank, and will be charged via simple interest till the period of repayment. The rates are as per November 2015.
No margin is charged by Dena Bank on this loan as of November 2015.
The standard list of required documents for applying for this loan are mentioned as follows –
This educational loan from Dena Bank is an unsecured loan that requires no guarantors or collaterals and is a really good financing option for students aiming to pursue any new course which would aid in employment.
The loan process involves minimal documentation and its repayment period will be as per the loan amounts availed. The following list illustrates how the repayment period is considered –
Through Dena Bank’s website the forms can be downloaded, filled and submitted along with relevant documents at a local branch. Additionally, one could call or mail Dena Bank requesting an executive assistance for application process.
One can also apply for Dena Bank IBA Model Loan for Vocational Education and Learning through BankBazaar, wherein eligibility charts, EMI calculators and infographics can guide one through the application process.