Dena Vidya Laxmi Education Loan Scheme
Courses approved :
a. Studies in India :
School education including plus 2 stages.
BA, B.COM. B.Sc., etc.
Post Graduation courses:
Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.
Computer certificate courses of reputed institutes accredited to Dept. of Electronics or institutes affiliated to university.
Courses like ICWA , CA , CFA etc.
Courses conducted by IIMS, IISc, IIT, and XLRI,NIFT etc.
Courses offered in India by reputed foreign universities.
Evening courses of approved institutes.
Other courses leading to diploma/ degree etc. Conducted by colleges, universities approved by UGC/ Govt/AICTE/ AIBMS/ICMR etc.
Courses offered by National Institutes and other reputed private institutions. [Banks may have the system of appraising other institution courses depending on future prospects/recognition by user institutions.]
b. Studies abroad:
For job oriented professional technical courses offered by reputed universities.
MCA, MBA , MS , etc.
Courses conducted by CIMA- Loan on, CPA in USA etc.
The student should be:
An Indian National,
Have secured admission to professional/ technical courses through Entrance Test /Selection process.
Secured admission to foreign university/Institutions.
Up to Rs.4 lakh . No Margin
Over Rs.4 lakh - In India ..5%
Studies Abroad 15%
(Relaxation of loans upto Rs.50, 000/-for SC/ST)
Amount of loan:
Need based finance subject to repaying capacity of the parents/students with margin and the following ceilings.
Studies in India - Maximum Rs.7.50 lacs.
Studies abroad - Maximum Rs.15 lacs.
Rate of Interest:
Upto Rs.4 lacs: PLR
Above Rs.4 lacs: PLR + 1%
Period of loan :
Repayment holiday/ Moratorium: Course period + 1 year or 6 months after getting job, whichever is earlier.
Completion of course may be permitted for a maximum period of 2 years. If the student is not able to complete the course for reasons beyond his control, Sanctioning Authority may, at his discretion, consider such extensions as may be deemed necessary to complete the course.
The accrued interest during the repayment holiday period to be added to the principal and repayment in Equated Monthly Installments (EMI) is fixed.
1% interest concession may be provided for loaners if interest is serviced during the study period when repayment holiday is specified for Interest/repayment under the scheme.
No processing/upfront charges are charged by the bank on Educational loans.
Delhi Tel: 5724837, 5730400, Bangalore Tel: 6345563, Chennai Tel: 4310542, 4330438, Hyderabad Tel: 5505081, Kolkata Tel: 2472278, 2473860, Mumbai Tel: 2181231, 2189155.
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