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    Dena Bank IBA Model Loan for Vocational Education and Learning

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    13.00% - 14.00% Fixed
    1% One time fee
    15,000 - 1L
    1-3 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Eligibility Criteria
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    Dena Bank IBA Model Loan for Vocational Education and Learning

    Overview about Dena Bank IBA Model Loan for Vocational Education and Learning

    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.

    Usage of Dena Bank IBA Model Loan for Vocational Education and Learning

    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 –

    1. Tuition or course fees
    2. Examination, library, laboratory fees
    3. Caution deposit
    4. Purchase of books, equipment and instruments

    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.

    Eligibility Criteria for Dena Bank IBA Model Loan for Vocational Education and Learning

    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 -

    1. Students applying for this loan must be Indian citizens and must have secured admission into a course run or supported by a ministry, department or organisation of the government or a company, society or organisation supported by National Skill Development Corporation or State Skill Missions or State Skill Corporations, preferably leading to a certificate, diploma, degree or the like issued by a government organisation or an organisation recognised or authorised by the government to do so
    2. The eligible courses will be the ones which have a minimum tenure of 2 months to a period of 3 years and along with the courses mentioned above, courses approved by State Level Bankers Committee (SLBC) / State Level Co-ordination Committee (SLCC) are permissible courses
    3. No minimum age limit has been specified for applying for the loan. However if the student is a minor, a related guardian can apply for the loan on his/her behalf and the bank needs to be notified when the student attains majority

    Types of Financing under Dena Bank IBA Model Loan for Vocational Education and Learning

    The financing modes allowed under this educational loan is a term loan.

    Loan limits under Dena Bank IBA Model Loan for Vocational Education and Learning

    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 –

    1. Course duration up to 3 months – INR 20000
    2. Course duration from 3 months to 6 months – INR 50000
    3. Course duration from 6 months to 1 year – INR 75000
    4. Course duration above 1 year – INR 150000

    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 Dena Bank IBA Model Loan for Vocational Education and Learning

    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.

    Documentation required during applying for Dena Bank IBA Model Loan for Vocational Education and Learning

    The standard list of required documents for applying for this loan are mentioned as follows –

    1. Educational qualification certificates
    2. Government approved identity and address proof

    Features of Dena Bank IBA Model Loan for Vocational Education and Learning

    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 –

    1. For loans up to INR 50000 – Repayment within 2 years
    2. For loans from INR 50000 till INR 100000 – Repayment within 2 years to 5 years
    3. For loans more than INR 100000 – Repayment within 3 years to 7 years

    Applying for Dena Bank IBA Model Loan for Vocational Education and Learning

    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.

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