DCB Bank Education Loan

The DCB Bank Education Loan is specially designed to provide a loan amount of up to 10 Lacs to students for their higher education in India. It includes tuition fees, laboratory fees, examination fees, traveling allowances, medical expenses, and the cost of uniforms, books, and apparatus. Close relatives such as parents or parents-in-law, spouses, or siblings can be co-applicants. Standard interest rates vary between 12-14% for non-guaranteed loans; and 9-11% for guaranteed loans. This loan has a moratorium period, which is the period of the course duration plus one year and a repayment period of up to 60 months. Students should be Indian nationals; they should get admission to higher education institutions in India; and they should have completed their 10+2 or any other equivalent education. 

For any loan application with DCB, it is important that one has to provide all the relevant documents as required to help facilitate the process. The required documents are categorized into four main groups: identification, residential documents, age verification documents, and any other relevant financial documents. The valid proof of identity can be any photo identification, including a passport, voter ID, driving license, etc. Identity proof needs documents that support your identification such as a passport while proof of residence needs documents that support this including a passport. In other words, some documents can be produced to prove that a person is of a certain age or not, such as a birth certificate or PAN card.

To help you save time and prevent any potential sanction-related issues or delays, we can provide you with a personalized document checklist that considers your requirements and profile. 

Under these programs, the Indian government will pay the interest owed throughout the moratorium or grace period, which is equivalent to the course's duration plus 12 months.

Padho Pardesh

The applicant is a member of a religious minority, such as a Muslim, Christian, Sikh, Buddhist, Jain, or Zoroastrian and their family's annual income is less than 6 Lakhs.

Central scheme for interest subsidy for economically backward classes

The household income of the applicant is less than 4.5 lacs.

Dr. Ambedkar's central sector scheme

• This subsidy is available to students who fall under the Economically Backward Class (EBC) and whose family income is less than 8 lakhs per year.
• This subsidy is available to students from OBC populations who have a household income of fewer than 8 lakhs rupees.

The DCB bank offers students both Offline and Online modes for education loans. The offline procedure is for those who still like the classical methods, so, to get a DCP, one has to visit a branch and provide the necessary documents for their non-automated check and further issuance of the loan. However, the online application process is more helpful since it breaks down the application process, starting from the common application form to the loan sanction letter. Know more about both the methods of application by reading more:

DCB Bank education loan process (Offline)

• Visit the closest operating branch to you 
• Submit all the required documents at that branch 
• Your documents will be verified manually
• The loan amount will be sanctioned and disbursed after verification.

DCB Bank online loan application process through WeMakeScholars

Step 1: Fill in the Common Application form for education loans which would be available to you on our website.

Step 2: Your eligibility would be checked by our financial officer through a call. Provide them with all the information asked for.

Step 3: Choose a lender from all the lenders provided to you by your financial officer based on your eligibility and loan policies.

Step 4: Your financial officer will provide you with a list of documents that are to be submitted to the bank to start your loan process. Or you can safely upload the documents online on our secured document portal.

Step 5: As soon as your documents have been submitted you will be logged in. The result of your application will be given to you within 10-15 days in government banks and 2-6 days in private banks.

Step 6: Receive your sanction letter and sign the loan agreement after your loan has been sanctioned.

Issues faced by students when reaching out to a lender directly

• Very high-interest rates 
• Confusion about the whole process
• The very lengthy loan process
• No expertise is offered on complicated cases
• Credit issues cannot be tackled 
• Don’t have the tools to deal with a multi-city case.

Perks of applying through WeMakeScholars

• Negotiation on your behalf: Process your loan with us to make sure you get offered the best possible interest rate(around 0.5 % to 2% of the loan amount)as we are one of the biggest partners of most of the public banks, private banks, and NBFCs.
• Best customer service/support: Available to you from 9 AM to 9 PM to help you out with any issue you face during the loan process (Even post disbursement!)
• The cashback offered: Receive a cashback of 3000 Rs on multiple disbursements as you are rewarded for supporting the digital india campaign by processing your loan with WeMakeScholars
• Digitized application process: When you process your education loan with us, the entire process becomes a piece of cake as most of the process is done online. You can finish applying for your education loan without leaving the comfort of your house.

It is always important to consider details of loan repayment schedules so that one can manage the issues well. By analysing an example of the loan with certain characteristics you will be able to see in details how much of each of your future payments will go to the interest and how much to the principal. This amortization schedule gives a clear view on how the loan balance reduces as payment is made, showing the changes in the interest and principal components for the entire period of the loan repayment. 

Let’s assume you apply for a loan of 28 Lakhs with an interest rate of 10% and a tenure of repayment equal to 12 years. The amortization schedule would look as follows.

WeMakeScholars is committed to providing users with comprehensive and dependable services, and our post-sanction support is just one of the ways we strive to simplify the loan application process.