Dena Vidya Laxmi Education Loan Scheme

Courses approved

a. Studies in India :

• School education including plus 2 stage.
• Graduation courses : BA, B.COM., B.Sc.,etc.
• Post Graduation courses : Masters & PhD.
• Professional 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 IIM, IISc, IIT, XLRI NIFT etc.
• Courses offered in India by reputed foreign universities.
• Evening courses of approved institiutes.
• 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 institiutions.]

b. Studies abroad :

• Graduation: For job oriented professional technical courses offered by reputed universities.
• Post graduation: MCA, MBA, MS, etc.
• Courses conducted by CIMA- Loanon, CPA in USA etc.

Eligibility: 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.

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.

Margin :

Inland (studies in India)
Upto Rs. 4 lacs : Nil
Above Rs. 4 lacs : Studies in India : 5%

Studies Abroad : 15%

- Scholarship/assistantship to be included in margin.
- Margin may be brought in on year-to-year basis as and when dibursements are made on a pro-rata basis.

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.

The loan to be repaid in 5-7 years after commencement of repayment. If the student is not able to complete the course within the scheduled time, extension of time for

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 Instalments(EMI) is fixed.
• 1% interest concession may be provided for loanees if interest is serviced during the study period when repayment holiday is specified for Interest/repayment under the scheme.
• PROCESSING CHARGES : No processing/upfront charges are charged by the bank on Educational loans.

Contact :
Delhi Tel: 5724837, 5730400
Bangalore Tel: 6345563
Chennai Tel: 4310542, 4330438
Hyderabad Tel: 5505081
Kolkata Tel: 2472278, 2473860
Mumbai Tel: 2181231, 2189155