Dena Bank Education Loan For Study Abroad: A Detailed Overview

The interest rate of Dena Bank abroad education loan is:

• 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.

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%. 

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.

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.

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

1. From Student -
   • Identity Proof: PAN/ Passport/ Driver’s License/ Voter ID card.
   • Address: Recent copy of Telephone Bill/ Electricity Bill /Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card.
   • Passport Mandatory (in case of study abroad).
   • Past Academic Record.
   • 10th Result
   • 12th Result
   • Under Graduate Result Semester Wise (If required)
   • Entrance Exam Result (e.g. GMAT, GRE, TOEFL, etc. for abroad study)
   • Entrance Exam Result (e.g. CAT, CMAT, JEE, NEET, CET, GMAT, GRE, etc. for domestic institutes)
   • Proof of Admission: Admission Letter. A conditional admission letter is also applicable.
   • Statement of cost/expenses.
   • 2 passport-size photographs.
   • Loan A/C statement of one year, if there is any previous loan from other Banks/ Lenders.
2. From Co-applicant - 
   • Identity Proof: PAN/ Passport/ Driver’s License/ Voter ID card.
   • Address: Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card.
   • 2 passport-size photographs.
   • If any previous loan from other Banks/ Lenders, then Loan A/C statement of one year.
   • Legal documents of the collateral/ Property documents
   • Income proofs
3. Collateral Documents Required - 
   • Registered sale deed
   • If the property is a built one, then approved plan/map
   • Link or chain documents, showcasing the ownership history of the property for the last 30 years
   • A latest property tax receipt
   • Occupancy proof

Read more about: Documents Required for Education Loan