Dhanalakshmi Bank Education Loan
The education loan from Dhanlaxmi Bank offers a comprehensive financial solution for a variety of higher education costs, including the purchase of textbooks and equipment needed for the program.
Everyone can now afford to attend college because of the loan's affordable interest rates and minimal documentation requirements.
Additional benefits include the lack of processing or prepayment costs, which makes it an affordable and practical option for students thinking about studying abroad or in India.
Eligibility Criteria for Dhanlaxmi Bank Education Loan
The following is the list of eligibility criteria to avail Dhanlaxmi Bank education loan:
A. For Higher Studies in India
Criteria | Details |
Nationality | Indian citizen. Minors can apply jointly with their parents. |
Eligible Courses | Graduate/postgraduate degrees or diplomas in Engineering, Medicine, Dental, Pharmacy, Agriculture, Veterinary, Arts, Science, Commerce, Management, and PG Diploma in Computer Applications from recognized institutes (e.g., NIIT, APTECH). |
Academic Requirements | Must have passed qualifying exams and meet admission eligibility for the chosen course. |
Course Duration | Up to 5 years |
Loan Coverage During Holidays | Additional 6 months or until employment, whichever is earlier. |
B. For Higher Studies Abroad
Criteria | Details |
Nationality & Age | Indian citizen must be 18 years or older. |
Eligible Courses | Undergraduate and postgraduate courses in Engineering, Biological & Natural Sciences, Computer Science, and Business Administration. |
Required Documents | Admission letter, valid passport, visa/Form I-20, and qualifying test results (TOEFL, GRE, GMAT, SAT, etc.). |
Academic Requirements | Must have passed qualifying exams with marks meeting admission requirements. |
Course Duration | Up to 3 years |
Loan Coverage During Holidays | Additional 6 months or until employment, whichever is earlier. |
Dhanlaxmi Bank Education Loan Interest Rate
Dhanlaxmi Bank's education loan interest rates are based on the Repo Linked Lending Rate (RLLR) and are floating rate. They vary according to the credit rating of the applicant. Interest rates are different for loans with and without subsidy as well. The current RLLR is 8.50% (effective from 25 February 2023).
Features of Dhanlaxmi Bank Education Loan
The following is the list of significant features of Dhanlaxmi Bank education loan:
- Course duration is five and three years for courses within and outside India, respectively
- Allows applicants to pay tuition as well as admission fees
- Enables the applicant to purchase study materials, books, instrument, and equipment
- Helps in making payment for the boarding charges and hostel fees
- Allows the applicant to purchase a computer for the course
- Helps in making insurance premium for student borrowers
- Funds for the studies abroad, incidental charges, purchase of outfits, air travel expenses, etc
Funding for Other Expenses
Additional financial support is also provided to cover various academic and institutional expenses beyond tuition fees which are as follows:
- Uniforms
- Examination
- library and laboratory fee
- Caution deposit
- Building fund or refundable deposits supported by Institution bills and receipts
- Up to 10% of the total tuition fees for the entire course
- Study tours
- Thesis
- Project work
Collateral/Security Requirements
- Up to Rs.4 lakh: No security
- 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
- 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
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
Year | Principal Paid (A) (Rs.) | Interest Paid (B) (Rs.) | Total Payment (A+B) (Rs.) | Outstanding Loan Balance (Rs.) |
2021 | 12,800 | 8,694 | 21,494 | 4,87,200 |
2022 | 81,665 | 47,299 | 1,28,964 | 4,05,537 |
2023 | 90,663 | 38,299 | 1,28,962 | 3,14,874 |
2024 | 1,00,655 | 28,309 | 1,28,964 | 2,14,220 |
2025 | 1,11,746 | 17,216 | 1,28,962 | 1,02,474 |
2026 | 1,02,473 | 4,996 | 1,07,469 | 0 |
Dhanlaxmi Bank Education Loan Documents Required
Given below are the documents which you require of get education loan from Dhanlaxmi Bank:
Category | Documents Required |
Proof of Identity | Any valid ID like Aadhaar, PAN, Passport, Voter ID, or Driving Licence |
Proof of Address | Recent proof such as utility bill, bank statement, Aadhaar, Passport, or ration card |
Proof of Income for Co-applicant | Salary slips, 6 months bank statement, Form 16, and ITR |
Proof of Income for Self-employed Co-applicant | Business proof, bank statement, ITR, and financial records |
Student Documents | Passport, marksheets, entrance score (if any), admission letter, fee details, and photos |
Fee Details | University fee structure |
Education loan offered by other banks in India
- Baroda UP Gramin Bank Education Loan
- Kerala Gramin Bank Education Loan
- Baroda Gujarat Gramin Bank Education Loan
- Karnataka Gramin Bank Education Loan
- Maharashtra Gramin Bank Education Loan
- YES Bank Education Loan
- Gyani (Education Loan) Nainital bank Ltd.
- CSB Bank Limited Education Loan
- IDFC FIRST Bank Education loan
- Kotak Mahindra Bank Education Loan
- DBS Education Loan
- Union Bank of India Education Loan
- UCO Bank Education Loan
- TMB Education Loan
- TJSB Education Loan
How to Apply for Dhanalakshmi Bank Education Loan
The procedure to apply for a loan online is mentioned below:
Step 1: Visit the official website of Dhanalakshmi Bank.
Step 2: Under the section ‘Loans’, click on ‘Education Loans’.
Step 3: Click on the option ‘Apply’.
Step 4: Fill in the details such as your name, email ID, contact number, state, city, preferred branch, interest product, and captcha code.
Step 5: After submitting the details, 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:
- Graduate, post-graduate and diploma courses in:
- Engineering
- Medicine
- Computer science
- Dental science
- Pharmacy
- Veterinary science
- Agricultural science
- Post graduate courses in:
- General science
- Management
- Commerce
- Arts
- Post graduate diploma courses in computer application from:
- NIIT
- SSI
- BITECH
- APTECH
List of Approved Institutes
The following is the list of approved institutes for availing Dhanlaxmi Bank education loan:
- Pharmacy college
- Architecture college
- Medical college
- Law college
- Engineering college
- Bio-technology college
- Physical education college
- Management college
- B.ED college
- Science, Commerce, and Arts college
FAQs on Dhanalakshmi Bank Education Loan
- What are the courses that are eligible under the Dhanlaxmi Bank education loan for courses abroad?
For the undergraduate courses the following courses are eligible: Natural and biological sciences, engineering, and computer sciences. For post-graduate courses, the courses that are eligible for the undergraduate level as well as business administration.
- What duration of courses are eligible for the Dhanlaxmi Bank education loan?
For studies in India, courses can have a duration of up to 5 years. For courses abroad, the duration of the course can be up to 3 years.
- What are the courses I can do in India that are eligible under Dhanlaxmi Bank's education loan scheme?
Graduate and post-graduate degree or certificate programs in engineering, computer science, medicine, pharmacy, dental science, agricultural and veterinary sciences are among the courses that are acceptable in India. General science, arts, management, and business courses from accredited universities and colleges are acceptable for the post-graduate level. Post-graduate certificates in computer applications from NIIT, BITECH, APTECH, SSI, and other reputable institutions are also acceptable.
- Is there a moratorium period for Dhanlaxmi Bank education loans?
Yes, there is a moratorium period for Dhanlaxmi Bank education loans which is equivalent to the duration of the course plus six months or getting employment, whichever is earlier.
- Are co-applicants allowed for the Dhanlaxmi Bank education loan?
Yes, parents can be the co-applicants of Dhanlaxmi Bank education loan.
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