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Education Loan
Dena Bank Education Loan For Study Abroad: A Detailed Overview
On this Page:
Learn how to get a Gap Certificate for education loans, its importance, and the steps to secure financing for your studies. Ensure a smooth loan application process with the right documents.
Ananya Ghai
A creative writer with over four years of expertise in the education industry. A passionate writer and a literature geek at heart, I thrive on weaving words that inspire, educate, and resonate with...
Updated on: 02 Dec 2024
| Reviewed By:
Aman
Aman Jain graduated from IIT Kanpur, and currently functions as the CMO at GyanDhan. He is deeply passionate about creating equality in higher education and has directly interacted with 2 Lakh...
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4.72K |
10 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...
Dena Bank Education Loan Interest Rate
BOB Education Loan is intended to meet the diverse needs of students with an interest rate that is competitive and flexible, especially under the Baroda Scholar study abroad program. :
Dena Bank Education Loan Details
| Features | Details |
|---|---|
|
Loan amount |
7.5 Lakh INR - 1.5 Cr INR |
|
9.70% - 11.15% (Floating) (0.20% concession for female applicants of non-premier institutes) |
|
|
Processing fee |
INR 10,000 + GST (Refundable) |
|
0 - 15% |
|
|
Property evaluation charges |
8,500 INR |
|
Course duration + 12 months |
|
|
Repayment tenure |
10 - 15 years |
Margin Money on Dena Bank Student Loan
Dena Bank's margin money for premier universities is zero. For the other universities, margin money up to Rs.4 lakh is zero while, for loan amounts above Rs.4 lakh, the margin money is 15%.
Dena Bank Education Loan Limit for Studying 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.
Moratorium Period in Dena Bank Study Loan
The Dena Bank moratorium period is up to 12 months after the course is completed. The maximum loan tenure for the Dena Bank foreign education loan can be up to 15 years for a loan amount exceeding INR 7.5 lakhs.
Documents Required for Education Loan in Dena Bank
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
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.
Read Also:
Frequently Asked Questions
What is Dena Bank education loan interest rate?
The interest rate depends on whether your institution is on the list of premier institutions and the loan amount you wish to borrow. For the premier list, the rate of interest is 9.7% and for non-premier institutes, the interest rate is 11.15 % up to 7.5 lakhs and 10.20% beyond 7.5 lakhs.
What are the documents required for a Dena Bank education loan?
Applicants' documents:
-
Identity Proof Documents: PAN/ Passport/ Driver’s License/ Voter ID card or government-issued identification document. -
Address proof: Aadhar Card, Utility Bill (electricity bill, water bill etc.)
-
Passport (in case of study abroad).
-
Previous academic records
-
10th and 12th mark sheet
-
Undergraduate score (semester-wise)
-
Entrance Exam Result (e.g. GMAT, GRE, TOEFL, etc. for abroad study)
-
Admission letter.
-
Brief statement of expenses
-
Two latest passport-size photographs
-
Loan A/C statement of one year (if applicable)
Co-applicant’s documents:
-
Identity Proof Documents: PAN/ Passport/ Driver’s License/ Voter ID card or government-issued identification document.
-
Address proof: Aadhar Card, Utility Bill (electricity bill, water bill etc.)
-
Legal documents of collateral or property
-
Income proof
-
Salary slips for salaried employees (last 3 months)
-
Last 2 years Form 16
-
Last 2 years IT return (for self-employed)
-
TDS certificate (Form 16A, if applicable)
-
-
Assets and liabilities statement
-
Two latest passport-size photographs
-
Loan A/C statement of one year (if applicable)
-
Qualification certificate in case of professional like C.A., doctor and other professional
-
Bank statement (last 6 months)
What is the processing time for Dena Bank education loan?
Typical processing time is 30-45 days, however, when you apply with Gyandhan, the processing time reduces considerably to 10-15 days only. Reach out to us for more information.
Does Dena Bank provide education loan without collateral?
Yes, for loans upto 4 lakhs, no security is required, however, loans above 4 lakhs need collateral.
Check Your Education Loan Eligibility
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