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dhanalakshmi college of engineering vels university
Education Loan
Purpose
  • Loans for Indian nationals- meritorious students for pursuing higher education in India or abroad.
Eligible Courses
  • Studies in India
    • Graduation, Post-graduation including regular technical and professional Degree/Diploma courses conducted by colleges/universities approved by UGC/ AICTE/IMC/Govt./AIBMS/ICMR. Etc
    • Regular Degree/ Diploma Courses conducted by autonomous institutions like IIT, IIM, NIFT, IISc etc
    • Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. approved by Director General of Civil Aviation/Shipping.
    • Courses like ICWA, CA, CFA etc.
  • Studies abroad
    • Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities and Courses conducted by CIMA-London, CPA in USA etc.
Expenses considered for loan
  • Fees payable to college/school/hostel.
  • Examination/Library/Laboratory fees.
  • Purchase of Books/Equipment/Instruments/Uniforms, Purchase of computers- essential for completion of the course (maximum 20% of the total tuition fees payable for completion of the course).
  • Caution Deposit/Building Fund/Refundable Deposit (maximum 10% tuition fees for the entire course).
  • Travel Expenses/Passage money for studies abroad.
  • Fee payable to college for Indian School of Business.
Quantum of loan (maximum)
For Amount
Studies in India Rs. 10 lakhs
Studies Abroad Rs. 20 lakhs
Education Loan to Indian School of Business student Rs. 20 lakhs
Education Loan to the students of Premier Central Institutions such as IIMs, IITs etc Rs. 20 lakhs
Repayment
For Amount Tenure Moratorium
IBA Scheme Up to Rs. 7.50 lakhs Up to 10 Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier.
Rs. 7.50 lakhs & above Up to 15 years
Management Quota (Non IBA) Irrespective of loan amount Up to 10 years
Education Loan to the students of Premier Central Institutions such as IIMs, IITs etc Irrespective of loan amount Up to 7 years
Education Loan to Indian School of Business student Irrespective of loan amount Up to 7 years Repayment will commence after completion of 18 months or soon after the placement, whichever is earlier.
Margin
For Loan Amount Margin
IBA Scheme Up to Rs.4 lakhs Nil
Above Rs. 4 lakhs 5% (studies in India)
15% (Studies abroad)
Management Quota (Non IBA) Irrespective of loan amount 15%
Education Loan to Indian School of Business student Irrespective of loan amount 5%
Education Loan to the students of Premier Central Institutions such as IIMs, IITs etc Up to Rs.4 lakhs Nil
Above Rs. 4 lakhs 15%
Rate of interest
For Loan Amount Rate of interest
IBA Scheme For loans up to Rs.4 lakhs Base Rate + 1.80 = 12.00%
For loans Rs. 4 lakhs & above Base Rate + 2.25 = 12.45%
Management Quota (Non IBA) Irrespective of loan amount Base Rate + 2.55 = 12.75%
Education Loan to Indian School of Business student Irrespective of loan amount 11.75% ( Fixed)
Education Loan to the students of Premier Central Institutions such as IIMs, IITs etc Irrespective of loan amount 11.75% ( Fixed)
Processing charges
  • No processing / upfront charges
Security
For Loan Amount Security
IBA Scheme Up to Rs.4 lakhs No Security
Above Rs. 4 lakhs & up to Rs. 7.5 lakhs Collateral security in the form of suitable third party guarantee. The bank may, at its discretion, in exceptional cases, waive third party guarantee if satisfied with the net-worth / means of parent/s who would be executing the document as joint borrower(s).
Above Rs. 7.5 lakhs Tangible collateral security of suitable value acceptable to bank, along with the assignment of future income of the student for payment of installments.
Management Quota (Non IBA) Irrespective of loan amount Tangible collateral security, acceptable to bank, to the extent of 150% of loan amount, along with assignment of future income of the student for payment of installments.
Education Loan to Indian School of Business student Irrespective of loan amount Assignment of future income of the student for payment of installments.
Education Loan to the students of Premier Central Institutions Up to Rs. 10 lakhs Assignment of future income of the student for payment of installments.
Above Rs. 10 lakhs 100% tangible collateral security, along with the assignment of future income of the student for payment of installments.

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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