Why For/Purpose /Objective:
Development credit bank Educational Loan for providing financial support to deserving/ meritorious students for pursuing higher education in India and abroad. Read more on loans.
Loan type
Amortizing Term Loans in equal installments post moratorium period.
Borrower Segments:
(Students, parent/Guardian)
Individuals of Indian Nationality who have secured admission to recognized courses/universities in India or Abroad through entrance test/selection process
a) Salaried
b) Self Employed Professionals
c) Self employed Business
Courses eligible
- Post graduation courses from recognised universities
- Professional courses from reputed institutes:.
- Courses conducted by IIM, IIT, IISc, XLRI, NIFT, etc.
- Courses conducted by CIMA – London, CPA – USA, etc.,
- Courses in Universities which take admissions through TOEFL,GMAT,GRE,SAT exams.
- Only one course at a time will be financed
Loan Amount
Studies in India:
Minimum – Rs. 25,000
Maximum – Rs. 7,50,000
Studies abroad:
Minimum – Rs. 1,00,000
Maximum – Rs. 15,00,000
Expenses Considered
- Tuition and other fees
- Maintenance costs, books & equipments, uniform, etc.
- Caution fund/ building fund/ refundable deposit
- Travel expenses/passage money for studies abroad for the first time only
- Any other expense required to complete the course – like study tours, project work, thesis, etc.
All the above expense should be supported by institution bills/receipts
Tenor
Maximum 5 years after commencement of repayment for studies in India and 3 years for studies abroad
Moratorium period
The holiday period enjoyed by the borrower towards repayment of the loan. Moratorium period shall not exceed course duration + 6 months
Margins
Upto Rs. 4 lacs : Nil
Above Rs. 4 lacs: Studies in India: 5%
Studies abroad: 15%
Scholarship/assistantship to be included in margin
Security
- Upto Rs. 4 lacs: no security/collateral required
- Above Rs. 4 lacs upto 7.5 lacs: Collateral in the form of a satisfactory third party guarantee.
- Above 7.5 lacs: Collateral security upto 100% of the loan amount and guarantee of an earning acquaintance of the student for 100% of the loan amount.
Collateral can be in the form of:
- Land/ building/,govt. securities/Public Sector Bonds/ Units of NSC, KVP, LIC policy, shares/ debentures, bank deposit in the name of student/ parent/ guardian or any other third party for 100% of the loan.
- In case the loan is given for purchase of computer the same to be hypothecated to the Bank
Eligibility Criteria
- Repayment 6 months after completion of course
- Maximum Amount for India : Rs 500000
- Maximum Amount overseas: 75 % of the course fee.
Rate of Interest
India: Upto Rs200000………………….13.5%
Above Rs200000……………….. 15.5 %.
Overseas: Upto Rs 200000…………………. 13.5%,
Above Rs 200000…………………15.5 %.
Collateral and Third Party Guarantee required.
Repayment/Tenures:
3 to 5 years in India and maximum 4 years abroad.
Contact
Delhi Tel: 011- 64649057,
Bangalore Tel: 080- 65393942,
Chennai Tel: 044- 64520730,
Hyderabad Tel: 040- 64631172,
Kolkata Tel: 033- 64591798,
Mumbai Tel: 022- 67424150/ 65992025.
Website
www.dcbl.com
