DBS Bank Education Loan

DBS Bank offers education loans for overseas education up to Rs. 20 Lakhs but the amount can be further enhanced with a better co-applicant and course. These include study costs like tuition, admission, library, laboratory, books, and laptop costs and living costs like accommodation, food, travel, insurance, and miscellaneous. Accepted co-applicants are parents. The interest rates vary between 9-14%, the moratorium period is for the course duration plus one year, and the repayment period of up to 15 years. For secured loans, the acceptable type of collateral should be worth 125% of the loan requested amount.

Tip: If you have the ability to pay interest in the moratorium period, then do so, as it will reduce your interest by 1%. For more such tips talk to your Financial officer at WeMakeScholars.

Countries Eligible for an Education Loan from DBS Bank

DBS bank offers customized education loan schemes for the following countries.

• France
• New Zealand
• The Netherlands
• Germany
• Singapore
• Australia
• The USA
• Switzerland
• Canada
• The UK
• Ireland
• Dubai
• Italy
• Sweden

Education loans available to study in India for students up to Rs. 10 Lakhs have interest rates starting from 9% to 14% per annum from DBS Bank. It includes tuition, admission, laboratory, library fees, books, and/or computer and other required equipment for studies, lodging, food, transportation, medical insurance, and other personal expenses. Accepted co-applicants are parents. The moratorium period is the sum of the course duration and one year and the repayment period is up to fifteen years. Collateralized loans require collateral of 125% of the loan amount; the borrower is eligible for a 1% interest reduction if interest is paid during the moratorium period.

Tip: Choose a professional or technical job-oriented course to avail of maximum funding from the DBS bank. For more such tips, talk to a financial officer from WeMakeScholars. 

The Indian government is keen on promoting higher education among students and hence has provided certain subsidy schemes to waive off the interest on students loan in the moratorium period.

Dr. Ambedkar Central sector scheme

The scheme was started for OBC and EBC students having exceptional academic backgrounds.

Eligibility:

The income of the applicant’s family should not be more than 8 lacs per annum.
The applicant should be pursuing overseas education in the Master, M.Phil. or Ph.D. level.
The education loan scheme must be in line with Indians Banks Association(IBA) guidelines.

Padho Pardesh scheme

The scheme was introduced to provide interest subsidies to students who have taken an abroad education loan

• The students should belong to a religious minority community(Sikhs, Jains, Muslims, Christians, Buddhists, or Zoroastrians).
• His/her family income should be less than 6 lacs per annum.

Note: The scheme has been discontinued by the government. However, the beneficiaries before 31st march will continue to receive interest subsidy.

Central Scheme for Interest Subsidy for Economically Weaker Sections

As the name suggests, the scheme is for Economically Weaker Sections of society(EWS) provided they meet the following eligibility criteria.

• The family income of the student should be less than 4.5 lacs per annum
• The education loan scheme should be under IBA guidelines

Find below the documents that you will require to process the DBS bank education loan

- WeMakeScholars' financial officer will provide you DBS bank education loan form which you will need to fill out along with your signature and 2 photographs
Applicant’s Documents:
- Proof of Identity: Aadhar, passport(if going abroad), and PAN card
- Residence proof: Aadhar card, Voter ID card, Telephone or electricity bill, bank account statement or Ration card.
Co-applicant's documents:
- Last 6 months' payslips for salaried
- 1-year business transactions for self-employed
Applicant’s academic documents
- 10th, 12th, and degree mark sheets
- Admit proof with the total duration of the course
- Fee structure
- IELTS, GRE, GMAT scorecard
- Ranking of the university
Documents for salaried financial co-applicant
- Last 3 months' payslips
- Balance sheet, and profit and loss account of the last 3 years
- Proof of address of the business
Other documents
- A letter stating, the leftover expenses apart from the loan will be taken care off by the co-applicant(ask your WeMakeScholars financial officer for the format)
- Notarised joint affidavit with co-applicant and the student in the format provided by WeMakeScholars financial officer.
Additional documents
- Payments receipt if any made to the university
- Loan account statement of any pending loan
- Explain in a Rs 100 stamp paper, the reason for any gap that you have had in your studies
Collateral documents
- The collateral documents are only needed if you are going for a collateralized loan. Also, the list of required documents varies with state and so talk to your financial officer from WeMakeScholars to have an accurate list of documents including the collateral documents. 

Follow the below step-by-step guide to process an education loan from DBS bank through WeMakeScholars

Step 1- Request a callback from WeMakeScholars
Step 2- WeMakeScholars financial officer will connect to you in the least time possible and will ask for your details and requirements and will check your education loan eligibility.
Step 3- He/She will then send you a document uploading link and will connect you to suitable lenders who can provide you with the best education loan offers.
Step 4- Upload your documents in the link provided by your financial officer to take your education loan process forward. 
Step 5- Your process will be taken further by the assigned lenders. All this while your WeMakeScholars financial officer will be in touch with you to track the process and also to clear any confusion that you might have.
Step 6- You will have the sanction lender in your hand within the time promised by your WeMakeScholars financial officer.

Why should you not go directly through banks?

Going directly through banks may result in several disadvantages listed below

• You won’t be able to understand the process of an education loan clearly
• A completely accurate list will be a distant dream
• You will have a lot of hidden charges
• The process of your education loan will be longer than usual
• Fewer chances of an education loan sanction

 Follow the below example to learn to calculate your EMI!

Let’s say you have taken an education loan of 20 lacs at an interest rate of 11.5% per annum for a course duration of 2 years. You have a moratorium period of 3 years, and a repayment duration of 10 years.

The below table says how much you will pay yearly!

Let us help you calculate your EMIs, in case you aren’t able to do so. Request a callback from WeMakeScholars today!