Dhanlaxmi Bank Education Loan

The Dhanlaxmi Bank Education Loan Scheme is a scheme that provides students with up to Rs. 20 lakhs for abroad studies. This loan encompasses tuition, instruments, books, accommodation, airfare, and a lot more. The acceptable co-applicants are parents, in-laws, siblings, or spouses of the principal borrower. Interest rate varies between 9% and 14%, depending on the presence of security. The moratorium period is the total course duration and half a year or until finding a job. This repayment period can take as long as 15 years from the start of the loan. For loans above Rs 7.5 lakhs, tangible collateral is compulsory. Take a look at the table given below:

Courses applicable

• Computer science, engineering, and natural and biological sciences undergraduate courses are the only ones that apply.
  It is possible for students to pursue Postgraduate programs in the aforementioned fields, as well as business administration, are offered; candidates must submit a report outlining the course's employment possibilities in the future.
• It is possible for students to pursue Postgraduate programs in the aforementioned fields, as well as business administration, are offered; candidates must submit a report outlining the course's employment possibilities in the future.

Academic requirements

• The applicant/student must have passed the qualifying test to be admitted to the chosen program of study.
• Along with evidence of admission to the institution or university, a copy of a current passport, and the results of any mandatory or qualifying exams, such as the GRE, AGRE,  SAT, GMAT, or TOEFL the applicant must also present these documents.

Dhanlaxmi Bank Education Loan for studies in India is up to 10 lakhs possibly more based on the profile of the student. The loan is for payment of tuition fees, hostel charges, books and equipment, and study tours. Interest rates are from 9% up to 14%, based on the type of collateral. The moratorium period is effective for the course duration plus six months or till the time of employment, with a repayment period of up to 15 years. The technical and professional courses that the students have enrolled in must be recognized by the government of India and the students must be above the age of eighteen years and must have cleared the entrance exams and must be genuine Indian citizens.

Courses applicable

• Postgraduate and graduate degree/diploma programs in engineering, dentistry, computer science, veterinary sciences, medicine, pharmacy, and agriculture.
• Programs in general science, management, and the arts for postgraduate students at famous schools and institutions
• a postgraduate degree in computer applications from a reputed university such as SSI, BITECH, NIIT, APTECH, etc.

Academic requirements

• Obtained admission to any of the authorized technical and professional programs offered by accredited Indian institutions only after Class XII.
• The applicant/student must have passed the qualifying test to be admitted to the chosen program of study.

Here is a list of documents that you need to submit with Dhanlaxmi bank to take an educational loan:

Application form

Education loan application form filled through WeMakeScholars Website with 2 passport size photos

Bank KYC details of the applicant and co-applicant/ guarantor

1. PAN Card or Passport of the student (if going abroad) as proof of identity
2. Permanent or Current address proof – Aadhar card/ Passport/ Electricity Bill/ Ration card/ Bank account statement/ Telephone Bill/ Voter ID Card 
3. If the co-applicant is salaried, then personal or salary bank account details of the last 6 months are required and it should also show salary crediting. If the co-applicant is self-employed they need to show 1 year business transactions.
4. Personal asset and liability statement verified by bank professional

Applicant academic documents

1. Confirmation of admission in the course
2. Scorecard of the qualifying competitive examination 
3. School marksheets and certificate of class 10th and 12th along with degree certificates
4. University’s fee structure given at the time of admission

Co-applicant’s Income documents

If Salaried

1. Past 2 year’s Form 16
2. Identity card of the company
3. Last 3 months salary slip
4. Recent Income Tax Return of past 2 years

If Self-earning

1. Business’s address proof
2. Profit & Loss account through last 3 years balance sheet
3. Income Tax Return of last 3 years

Other Documents

1. An affidavit with the student and co-applicant in bank’s standard format.
2. A declaration from co-applicant’s side stating that any other expense not covered in the loan will be borne by them

Additional docs (if applicable)

1. Account statement of previous loans running from last 1 year 
2. Receipts or proof of any payments made previously
3. Break certificate on Rs 100 stamp paper for the students who have gaps in academic degrees. 

Collateral documents (Optional)

Collateral documents will be required to be submitted by students if they are taking an education loan with collateral. A special collateral documents checklist will be shared with you by your financial officer as per your eligibility.

Only self-attested documents are acceptable.

However, this is a list of general documents that are mandatorily required by the Dhanlaxmi bank. There could be a requirement of some special documents as well that you might come to know when you get in touch with your financial officer. Instead of going to the bank to submit the documents, upload them directly to WeMakeScholars documents portal, as it is safe, fast and reliable.

To apply for an education loan from Dhanlaxmi bank follow the below given instructions

Step 1 Request a callback or fill the common application form to start your loan application.

Step 2 Give details about your loan profile to your financial officer, who will call you back

Step 3 Choose from the lender options suggested by your financial officer as per your eligibility

Step 4 As per the documents checklist, upload your documents on WeMakeScholars documents portal.

Step 5 Collect your loan sanction letter from the bank within 7 days after you submitted your documents.

This is the most convenient and hassle free method to apply and get your education loan sanctioned so quickly. Because if your will approach the bank directly to get your loan sanctioned you will face the following issues:

• Delay in processing
• Incomplete documents checklist
• Insufficient information about loan products
• Post sanction disbursement issues
• Improper customer support
• No negotiation support

We your process your education loan with WeMakeScholars, you will not only avoid the above listed issues, you will also enjoy the following benefits:

• Expert guidance - Our trained financial officer will analyze your loan profile and suggest you the best loan deals as per your eligibility, and guide you throughout your loan sanction process.
• Consistent availability - We are available at your service from 9 AM to 9 PM, from the start of your loan process to the repayment of your last EMI, even when you are in a 12 hour different time zone.
• Minimal Processing time - We provide the quickest loan sanctioning services, through us education loan from private bank & NBFCs is sanctioned within 2-6 days and from government bank it takes only 15-20 days to get the loan sanctioned,
• Digitized application process - Digitizing the entire loan application process we are way ahead of our competitors, helping 1000’s of students daily to get their loans sanctioned.
• Cashback offer - You stand a chance to win up to Rs 3,000 as cashback from us, at the time of your loan disbursement.

We are the leading education loan processing partner and have expertise in getting education loans sanctioned within deadline. Request a callback, or fill a common application form, that will connect you to 14+ public and private banks in India, so that you can compare and get the best education loan deal.

Dhanlaxmi bank allows students to repay their education loan within a repayment period of 15 years starting immediately after the moratorium period. 

If a student has taken an abroad education loan from Dhanlaxmi bank of amount Rs 75 lacs for 15 years of duration at an 11% rate of interest. Their repayment schedule as per the WeMakeScholars education loan EMI calculator will be as follows:

However, students can choose to repay their education loan even before their repayment period ends, in the following ways:

• Paying Part-payment or Prepayment
• Keeping short repayment durations
• Transferring education loans to a different bank

To seamlessly process your education loan at every stage of your loan sanctioning, request a callback or fill out the common application form.

Dr. Ambedkar Interest subsidy scheme for OBC and EBC students

Only students belonging to OBC and EBC sections of society are eligible to apply for interest subsidy during the moratorium period of their abroad education loan, under this scheme.

NOTE

• Annual family income of students should be below Rs 8 lacs annually.
• Student must have secured admission in PhD, masters or MPhil course

Padho Pardesh Scheme

Only EWS category students adhering to the eligibility criteria of students are eligible to get interest amount subsidy, under this scheme.

NOTE

• Student's family income should be below Rs 6 lacs annually.
• Students belonging to religious minority community are eligible
• Only admissions in masters, MPhil or PhD courses is eligible
• Income certificate proof will be required to prove eligibility

Central Scheme for Interest Subsidy (CSIS)

The scheme helps eligible students to take benefit by not paying interest amount during the moratorium period of their education loan.

NOTE

• Student must belong from EWS category
• Family income of student must be below 4.5 lacs annually