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dhanalakshmi college of engineering thangavelu engineering eollege
Pursue your dream education course in India and abroad with Education Loan
Features of Education Loans for education in India
Service at your doorstep
Preferential rates for top ranked universities / institutes

Benefits of Educational Loan In India
  • Avail tax benefits under section 80(E) of income tax Act 1961
  • Flexible repayment options
  • Option to avail insurance cover for your loan
Eligibility Criteria for securing Education Loan for Indian Education
  • You need to be a Indian resident
  • You should be aged between 16 - 35 years.
  • If you are taking a loan of more than Rs. 7.5 Lakh, a collateral security will be required.
  • Co applicant: A co-applicant is required for all full time courses. Here are a few points to be noted about co-applicants:
    • o Primary Co-Applicants: Parents, Spouse, Siblings
    • o Secondary Co-Applicants: Father-In Law, Mother-In-Law, Brother-In-Law, Paternal / Maternal Uncle / Aunt
Here is an exhaustive list of the documents that you will need for the Education Loan:
Category Applicant (Student)
Academic Institute Admission Letter with Fee break-up
SSC,HSC,Graduation Marksheets
KYC(Know Your Customer) Age Proof
Signature Proof
Identity Proof
Residence Proof
Income Documents Salaried
Latest 2 Salary Slips carrying date of joining details
Latest 6 Months Bank Statement of the Salary Account.
Self Employed
Last 2 Year ITR with Computation of Income
Last 2 Years Audited Balance Sheet
Last 6 Months Bank Statement
Proof of Turnover (Latest Sales / Service Tax Return)
Self Employed - Professional
Last 2 Year ITR with Computation of Income
Last 2 Years Audited Balance Sheet / P& L
Last 6 Months Bank Statement
Others Proof of Qualification
Completed Application Form
Latest Photograph (Signed Across)
Documentation ( Post Sanction ) Is there any documentation required post the sanction of the loan?
Loan Agreement Completed Loan Agreement to be Signed by Applicant and Co-applicant *
Repayment Instructions PDCs / ECS or SI Mandate
3 Security PDCs in case of ECS and SI mode of repayment
* Stamp duty to be paid by the customer as per the relevant state laws.

Here are the documents you need to submit for subsequent disbursements:
  • Subsequent Disbursement Request Letter From Applicant and Co-Applicant/s
  • University Fee Demand Letter
  • Applicant's Academic Progress Report (Previous Semester)
  • Revised Repayment Instructions - PDCs / ECS / SI plus 3 security PDCs in case of ECS and SI mode of repayment.
Fees & Charges
Here is an exhaustive list of all the fees and charges to be paid for the education loan:
Description of Charges Education Loan
Loan Processing Charges Nil
Pre-payment charges Upto 4% of the Principal Outstanding
if loan is foreclosed / part prepaid during Moratorium Period .
Nil charges if loan is foreclosed / part prepaid any time during Repayment Period.
No Due Certificate / No Objection Certificate (NOC) Nil
Duplicate of No Dues Certificate/NOC Nil
Solvency Certificate Not applicable
Charges for late payment of EMI @ 24 % p.a. on overdue/unpaid EMI amount
outstanding from EMI due date
Credit assessment charges Not applicable
Non standard repayment charges Not applicable
Cheque swapping charges Nil
Loan Re-Booking / Re-Scheduling Charges Upto Rs. 1000/-
Bounce Cheque Charges Upto Rs. 450/- per Bouncing
Legal / incidental charges At actual
Stamp Duty & other statutory charges As per applicable laws of the state
Loan cancellation charges Nil cancellation charges. However,
interest for the interim period (date of disbursement to date of cancellation),
CBC/LPP charges as applicable would be charged.
*Terms & conditions apply
Charges which are in nature of fees are inclusive of service tax.
Disclaimer:
     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.
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