Dhanlaxmi Bank Education Loan Rate of Interest
The loan is provided with flexible repayment terms and affordable rate of interest to ease the loan liability.
- No collateral or security for loan up to INR 4 lakhs
- No processing or Prepayment charges
- Simple documentation requirements
- Interest charged only on the amount used
Rate of Interest is charged on basis of base rate set as per the guielines of RBI
- The base rate is 11.50%
- Interest Rate with subsidy is 2% more than the base rate, which ends to 13.50% per annum
- Interest Rate without subsidy is 3.75% more than the base rate, ending to 15.25% per annum
CALCULATE YOUR EDUCATION LOAN EMI
1,000 per month
1,000
1,000
Looking for admission for India and Abroad?
Dhanlaxmi Bank Education Loan Eligibility
- Indian National. A student must be an Indian citizen or must have an Indian passport
- Age Limit. Student must be 18 years old to avail education loan
- Entrance Exam/ Merit Based. He/ she should have secured admission through an entrance exam or on merit basis
- English Proficiency Test. For studying abroad, an aspirant must have qualified any english proficiency test such as GRE, TOEFL, SAT, GMAT, etc.
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| Bank / Financer |  Change bank |  Change bank |  Change bank |  Change bank |  Change bank |
| Applicable Rate of Interest | With Subsidy: 13.50% Without Subsidy: 15.25% | Up to INR 7.50 Lacs: 10.55% Above INR 7.50 Lacs: 10.80% | up to INR 7.5 Lacs: MCLR + 2.00% above INR 7.5 Lacs: 2.60% | Upto 4 Lacs- 16.50% Upto 7.5 Lacs- 17.50% Above 7.5 Lacs- 15.50% | |
| Max Loan with Collateral | For India: 10 Lacs For Abroad: 20 Lacs | For India: 10 Lacs For Abroad: 20 Lacs | For India: 10 Lacs For Abroad: 20 Lacs | For India: 10 Lacs For Abroad: 20 Lacs and beyond based requirement | |
| Max loan without collateral | For India: 10 Lacs For Abroad: 20 Lacs | For India: 10 Lacs For Abroad: 20 Lacs | For India: 10 Lacs For Abroad: 20 Lacs | For India: 10 Lacs For Abroad: 20 Lacs and beyond based requirement | |
| Processing Fee | Nil | Up to INR 4 Lacs: Nil Above INR 4 Lacs: INR 5000 | Nil | Nil | |
| Repayment Period | N.A. | 15 years | 15 years | 7 years | |
| Loan for top institutions | No | Yes, SBI Scholar Loan Scheme | Yes, PNB Pratibha | No | |
| Margin | For India: 5% For Abroad: 15% | For loan above INR 4 Lacs In India: 5% In abroad: 15% | Up to INR 4 Lacs - NIL Above INR 4 Lacs - 5% | Upto loan 4 Lacs: No margin Above 4 Lacs: for India: 5% for Abroad: 15% | |
| Age Limit | 18 years | no age limit | No age limit | No | |
| Loan Security | Up to INR 4 Lacs: Not required For the loan above INR 4 Lacs:collateral security such as insurance policies, shares, IVP, land, bank deposits, building, and more. | Upto 7.50 Lacs: Only Parent/ Guardian as co-borrower. No Collateral Security or third party guarantee Above INR 7.50 Lacs: Tangible security along with parents as co borrower | Upto INR 7.50 Lacs: Parent(s)/guardian be made joint borrower (s). No tangible Security and /or 3rd party guarantee is required. Above INR 7.50 Lacs: Parent(s)/guardian be joint borrower(s). Tangible collateral security of suitable value acceptable to bank. | Third party guarantee Collateral security Additionally, assignment of LIC policy in favor of bank amounting 100% of education loan amount Assignment of Future salaries in favor of Axis Bank | |
| Eligibility concession for SC/ST | No | No | 50% for SC/ST, and;60% for General category. | No | |
| Processing Time | N.A. | 20 days | 15 days | 14 Days | |
| Prepayment charges | Nil | Nil | Nil | Nil | |
| Penal charges | Nil | Penal interest @ 2% to be charged for loans above Rs.4 lacs for the overdue amount and overdue period | Nil | @ 2% per month on the overdue installment/s | |
| Mandatory insurance cover | Not mandatory | Yes | yes | yes | |
| Travel expeneses | Yes | yes | yes | yes | |
| Bank transfter allowance | No | available | available | No such clause mentioned | |
| Top up loan availability | No | yes | available | unavailable | |
| Interest Subsidy Schemes | CSIS Skill loan Padho Pardesh | Padho Pardesh CSIS Skill Loan Scheme | Padho Pardesh CSIS Skill Loan Scheme | CSIS | |
| Tax benifit | Yes | yes | yes | yes | |
| Concession/benefits | No processing fee charged No prepayment or penal charges 0.50% concession to girl students | Concession to girl students 1% concession if interest is serviced during moratorium period including course period | 0.5% concession to girl students 0.5% concession if interest is serviced during moratorium period including course period Online application | There is no processing fee charged No pre- payment charges are applied No pre- closure charges are applied Loan Disbursal period is 15 working days from the date of final submission of documents |
How to apply for Dhanlaxmi Bank Education Loan ?
Dhanlaxmi Bank Education loan application form can be available online or offline at Bank branches.
Visit the official website Dhanlaxmi Bank Education Loan.
Click on Apply Now
Fill out the form with your details.
Upload the mandatory documents required.
Submit the form and take out a print out of the application.
Visit the bank's branch for further formalities.
For offline procedure, student can visit the bank and ask for application form for education loan. The bank representative will then be able to guide you with all necessary details and information about margin money, interest rates, and eligibility criteria about the suitable loan for you.
Dhanlaxmi Bank Education Loan Details
For Abroad: 20 Lacs
For Abroad: 15%
For the loan above INR 4 Lacs: the student, parent, or guardian needs to produce satisfactory guarantee in the form of collateral security. Those may include insurance policies, shares, IVP, land, bank deposits, building, and more.
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Expenses covered under Dhanlaxmi Bank Student Loan Scheme
- Tuition Fee including hostel fee
- Examination/ library/ laboratory fee
- Cost of books, equipment?s, instruments or uniforms
- Cost of computer (if required)
- Caution deposit/ building fund/ refundable deposit
- Insurance premium of student (if applicable)
- Travel Expenses (for abroad)
- Miscellaneous expenses
Courses Covered Under Dhanlaxmi Bank Student Loan Scheme
In India
Diploma, graduation, post-graduation degree, and post-graduation diploma in engineering, medical, agriculture, dental science, veterinary, pharmacy, IT, computer science, and science.
Post-graduation degree courses in arts, general science, commerce, management.
Post-graduation diploma course in computer application.
Courses Covered Under Dhanlaxmi Bank Student Loan Scheme
In Abroad
Undergraduate courses in biological sciences, natural sciences, engineering, and computer sciences
Post-graduate course in business administration.
Courses that are offered by CIMA, London and CPA, USA
Pilot Training, Shipping, aeronautical etc. diploma/ degree courses
Education Loan Documents Required ?
Admission letter with all essential details
Attested copies of age proof, residence proof and birth date
Self-attested passport size photograph
Copies of qualifying courses
Income proof and/or copy of income tax return file
Details of collateral security along with government approved valuation certificate (if any)
Bank account statement of the applicant.
Copy of passport, visa and Form I-20 for abroad courses
Interest Subsidy Schemes
Central Scheme of Interest Subsidy (CSIS)
Formulated by the Govt. of India, a scheme to assist the students belonging to the economically weaker section.
Skill Loan Scheme
The bank offers 'Skill Loan Scheme' for students who aspire to gain knowledge and specialized training in one specific field.
Padho Pardesh
Formulated under the Prime Minister's 15 point programme, this subsidy scheme benefits the students of the minority community who want to study abroad. Such students are provided 100% interest subsidy.
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