Dena Bank provides a specific loan that is aimed at providing financing for Chartered Accountants, Company Secretaries and Chartered Financial Analysts who are not employed elsewhere but have been income tax assessable for the past two years. This loan features low interest rates and fast approval times.
This loan is provided exclusively to CAs, CS and CFAs for purposes of business and aiding in ventures that generate income through legal professional means.
A specific loan meant for professionals in the streams that are defined by the bank, 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 loan can be a demand loan or a term loan with a limited working capital portion.
Based on the credit-worthiness of the applicant, Dena Bank can provide loans from a minimum of INR 2 lakhs to a maximum of INR 100 lakhs. The loan amount will include 20% amount as Working Capital.
Interest rates for this educational loan are to be linked with the base rate of the bank, and are as follows –
In case of Term Loans –
For working capital limits, the interest charged will be 11.20% per annum.
In case of female borrowers, there is a concession of 0.25% on the rate of interest.
Margin charged by Dena Bank on this loan is 25% of the project cost.
The above mentioned rates are 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 a secured loan that requires hypothecation of assets or mortgage of immovable property as security. Collateral might also be required if the applicant doesn’t have a satisfactory credit rating as per the bank.
The loan process involves minimal documentation and the term loan variant can be repaid within a tenure of 10 years.
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.
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