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 Date : 6/17/2018 
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Dena Vidya Laxmi Educational Loan Scheme

  For study in India and abroad.

Who is eligible
  Students who are Indian nationals having secured admission to professional / technical courses through selection test / Entrance test in India or Foreign Universities / Institutions.

Courses eligible
A. Studies in India
  School education including plus 2 stage
  Graduation courses
  Post Graduation courses
  Masters & Ph. D.
  Professional courses such as Engineering, Medical, Agriculture, Veterinary, Law, Dental, Managment, Computer etc.
  Computer certificate courses of reputed institutes accredited to the Dept. of Electronics (DOE) 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 institutes
  other courses leading to diploma / degree etc. conducted by college / universities by UGC / Govt. / AICTE / AIBMS / ICMR etc.
  Courses offered by National Institutes and other reputed Institutions.
B. Studies abroad
  Graduation for job oriented professional / technical courses offered by reputed Universities
  Post Graduation (MCA, MBA, MS etc.)
  Courses conducted by CIMA - LONDON, CPA in USA etc.


Quantum of Finance
For studies in India: Maximum Rs.7.50 lacs
For studies abroad : Maximum Rs.15 lacs

Expenses considered for loan
  Fee payable to Colleges / School / Hostel.
  Examination / Library / Laboratory fees.
  Purchase of books, equipments, instruments & uniforms.
  Caution deposits, building fund, refundable deposits supported by Institution Bills / Receipts.
  Travel expenses / passage money for studies abroad.
  Purchase of computers essential for completion of course.
  Any other expenses to complete the course like study tour, project work, thesis etc.

Nature of loan
  Term Loan

Upto Rs.4 lacs : NIL (for study in India & abroad)
Above Rs.4 lacs: 5% for study in India & 15% for study abroad.

Rate of Interest
Upto Rs.4 lacs : BPLR (at present 11%).
Above Rs.4 lacs : BPLR + 1%
  If loan is for a tenor of more than 3 years, tenor premium of
0.25% (i.e. 25 basis points) is added to BPLR.
  1% interest concession may be provided for loanees if interest is serviced during the study period.Penal interest: 2% to be charged for above Rs.2 lacs for overdue amounts & overdue period.

Upfront / Process fees

Upto Rs.4 lacs No collateral security
Above Rs. 4 lacs Collateral security of suitable value or co-obligation of parents / guardian / 3rd party guarantee along with the assignment of future income of the student for the payment of instalments may be obtained. Security can be in the form of land, building, Govt. security, NSC, KVP, LIC, Public Sector Bonds, UTI, Gold, Share / debenture, Bank deposits in the name of the student / parents / guardians / 3rd party with suitable margin.In case the loan is given for purchase of computers, the same to be hypothecated to Bank.

   Course period + 1 year OR 6 months after getting job, whichever
is earlier.

Repayment period
  5-7 years after start of repayment.The repayment of the loan can also be done in graded instalments. As and when salary of the loanee increases, the loan instalment can also be increased accordingly. Accrued interest during the repayment holiday period is added to the principle and repayment EMI is fixed.

Mode of disbursement
  Loan is disbursed in stages as per the genuine requirements/demands directly by way of PO/DD to Institutes, vendors of Book/ equipment's/ instrument.


Since the rules, regulations, eligibility conditions, repayments and interests rates etc. are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.

Head Office
Maker Towers E, 10th Floor
Cuffe Parade, Mumbai - 400 005
Gen: 022-2189151-55/9251-55, Fax: 022-218 9046(D)/215 5383


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