Education Loan

Dena Bank Education Loan For Study Abroad: A Detailed Overview

Dena Bank Education Loan For Study Abroad: A Detailed Overview

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Read about Dena Bank education loan for study abroad. Know the interest rate, eligibility criteria, margin money, repayment tenure, and more.

Education loan Study abroad
GyanDhan
Gurbani Kaur Suri
Updated on:  04 Sep 2023  | Reviewed By: 
Aman 
| 3.6K | 4  min read

Founded in 1938, Dena Bank is now a fully owned subsidiary of Bank of Baroda. Dena Bank was amalgamated with the Bank of Baroda on 01st April 2019. Dena Bank education loan to study overseas also ceased to exist and students can now apply for Bank of Baroda education loan to finance their foreign education. When founded, Dena Bank was named Devakaran Nanjee Banking Company - named after its founder Devkaran Nanjee. After being incorporated as a public company, it was renamed Dena (Devkaran Nanjee) Bank.

To know about Dena Bank study loans, students can read about the Bank of Baroda Scholar scheme that provides education loans to students who want to pursue foreign education.

Let's explore the features and details of the current abroad education loan product...

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What is Dena Bank education loan interest rate? 

The interest rate of Dena Bank abroad education loan is:

  • list items Listed Universities - 8.25% for boys, 7.75% for girls,
  • list items Unlisted Universities - 8.9% for boys, 8.4% for girls. Interest rates are linked to MCLR.

Dena Bank Education Loan Details

Loan Tenure

Up to Rs.7.5 lakh: Moratorium period + 10 years
Above Rs.7.5 lakh: Moratorium period + 15 years

Interest Rate

Listed Universities: 8.25% for boys, 7.75% for girls,
Unlisted Universities: 8.9% for boys, 8.4% for girls. Interest rates are linked to MCLR.

Moratorium Period

6 months after the course completion

Margin Money

Listed Universities: NIL
Unlisted Universities: Up to Rs.4 lakh - NIL, Above Rs.4 lakh - 10%

Processing Fee

 Rs.10,000 + GST (Rs.10,000 refundable); Additional property valuation charge of Rs. 7,500, in case of Real Estate collateral  

 

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What is the margin money on the Dena Bank education loan?

Dena Bank margin money for premier universities is zero. For the other universities, margin money up to Rs.4 lakh is zero while, for loan amount above Rs.4 lakh, the margin money is 10%. 

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How much loan can be taken from the Dena Bank education loan to study abroad?

The maximum loan amount that can be taken from Dena Bank to study in any of the listed institutes is INR 80 lakhs. To study in an unlisted university or college, the maximum loan amount that can be availed of as a Dena Bank study loan for overseas is INR 60 lakhs.

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What is the moratorium period in the Dena Bank study loan?

The Dena Bank moratorium period is up to 6 months after the course gets completed. The maximum loan tenure for Dena Bank foreign education loan can be up to 15 years for loan amount exceeding INR 7.5 lakhs.

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What are the documents required for a Dena Bank education loan?

For a loan amount above INR 7.5 Lakhs, Dena Bank only offers a loan with collateral. The documents required are:

Read more about: Documents Required for Education Loan

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At what locations in India can a student avail of a Dena Bank education loan?

An education loan from Dena Bank can be taken from any branch in proximity to your place of residence. 

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How can GyanDhan help you with your abroad education loan?

GyanDhan, India’s first education loan financing marketplace, assists students to get the best education loan product for overseas education from government banks- SBI, private banks- ICICI Bank & Axis Bank, and NBFCs HDFC Credila. You can check your loan eligibility now and free help in getting a foreign education loan at the lowest interest rate with faster process and higher chances of loan approval.

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