Dhanlaxmi Bank Education Loan

Dhanlaxmi bank is private sector bank in India, that offers student loans of upto Rs 20 lacs and Rs 10 to students to pursue their higher education in abroad and India respectively, at interest rates starting from 9%.

Dhanlaxmi bank, is regulated by the RBI and follows the Indian Banking Association (IBA) guidelines to offer the following student loan schemes:

• Dhanlaxmi Bank Education Loan Schemes for Abroad studies
• Dhanlaxmi Bank Education Loan Schemes for studies in India

Let’s understand each of these separately in detail

As per the scheme, students can get a loan of upto Rs 20 lacs from the bank according to the following loan parameters mentioned below:

Courses applicable

• Computer science, engineering, and natural and biological sciences undergraduate courses are the only ones that apply.
  It is possible for students to pursue Postgraduate programs in the aforementioned fields, as well as business administration, are offered; candidates must submit a report outlining the course's employment possibilities in the future.
• It is possible for students to pursue Postgraduate programs in the aforementioned fields, as well as business administration, are offered; candidates must submit a report outlining the course's employment possibilities in the future.

Academic requirements

• The applicant/student must have passed the qualifying test in order to be admitted to the chosen program of study.
• Along with evidence of admission to the institution or university, a copy of a current passport, and the results of any mandatory or qualifying exams, such as the GRE, AGRE,  SAT, GMAT or TOEFL the applicant must also present these documents.

The loan amount offered by Dhanlaxmi bank to students taking admission to India, to pursue their higher education is upto Rs 10 lacs, however, getting a higher loan amount is also possible. The other loan parameters are mentioned below: 

Courses applicable

• Postgraduate and graduate degree/diploma programs in engineering, dentistry, computer science, veterinary sciences, medicine, pharmacy, and agriculture.
• Programs in general science, management, and the arts for postgraduate students at famous schools and institutions
• a postgraduate degree in computer applications from a reputed university such as SSI, BITECH, NIIT, APTECH, etc.

Academic requirements

• Obtained admission to any of the authorized technical and professional programs offered by accredited Indian institutions only after Class XII.
• The applicant/student must have passed the qualifying test to be admitted to the chosen program of study.

Here is a table mentioning Dhanlaxmi bank’s education loan processing fees. Take a look

Processing fees are charged by the bank, not WeMakeScholars, all our student-friendly services related to education loan sanctioning are totally FREE of cost for students as we are funded and supported by the IT Ministry, Government of India under the Digital India Campaign. 

To take advantage of our services and get your education loan sanctioned without any hassle, request a callback or fill out the common application form to start your loan process with WeMakeScholars.

Here is a list of documents that you need to submit with Dhanlaxmi bank to take an educational loan:

Application form

Education loan application form filled through WeMakeScholars Website with 2 passport size photos

Bank KYC details of the applicant and co-applicant/ guarantor

1. PAN Card or Passport of the student (if going abroad) as proof of identity
2. Permanent or Current address proof – Aadhar card/ Passport/ Electricity Bill/ Ration card/ Bank account statement/ Telephone Bill/ Voter ID Card 
3. If the co-applicant is salaried, then personal or salary bank account details of the last 6 months are required and it should also show salary crediting. If the co-applicant is self-employed they need to show 1 year business transactions.
4. Personal asset and liability statement verified by bank professional

Applicant academic documents

1. Confirmation of admission in the course
2. Scorecard of the qualifying competitive examination 
3. School marksheets and certificate of class 10th and 12th along with degree certificates
4. University’s fee structure given at the time of admission

Co-applicant’s Income documents

If Salaried

1. Past 2 year’s Form 16
2. Identity card of the company
3. Last 3 months salary slip
4. Recent Income Tax Return of past 2 years

If Self-earning

1. Business’s address proof
2. Profit & Loss account through last 3 years balance sheet
3. Income Tax Return of last 3 years

Other Documents

1. An affidavit with the student and co-applicant in bank’s standard format.
2. A declaration from co-applicant’s side stating that any other expense not covered in the loan will be borne by them

Additional docs (if applicable)

1. Account statement of previous loans running from last 1 year 
2. Receipts or proof of any payments made previously
3. Break certificate on Rs 100 stamp paper for the students who have gaps in academic degrees. 

Collateral documents (Optional)

Collateral documents will be required to be submitted by students if they are taking an education loan with collateral. A special collateral documents checklist will be shared with you by your financial officer as per your eligibility.

Only self-attested documents are acceptable.

However, this is a list of general documents that are mandatorily required by the Dhanlaxmi bank. There could be a requirement of some special documents as well that you might come to know when you get in touch with your financial officer. Instead of going to the bank to submit the documents, upload them directly to WeMakeScholars documents portal, as it is safe, fast and reliable.

Dhanlaxmi Bank allows students to take education loan insurance at a cost of 1% - 2% of the loan amount. Taking an education loan insurance reduces the risk for both applicants and the bank, as in case of any mis-happening with the applicant during the course of study resulting in their inability to pay the loan, the insurance takes care of the due loan amount. 

For more information about education loan insurance, ask your financial officer

The loan margin kept by Dhanlaxmi Bank on education loans for India and abroad is as per the following table:

For example, if a student takes an education loan of Rs 50 lacs to study abroad, then as per the 15% loan margin, they will have to arrange Rs 7.5 lacs on their own. The bank will only provide Rs 42.5 lacs as an education loan. 

Many times, students find it difficult to arrange funds for their loan margin and get stranded in the middle of their loan sanctioning process. But we can help you reduce your loan margin by implementing certain strategies. Get in touch with your financial officer to arrange funds for your loan margin.

To apply for an education loan from Dhanlaxmi bank follow the below given instructions

Step 1 Request a callback or fill the common application form to start your loan application.

Step 2 Give details about your loan profile to your financial officer, who will call you back

Step 3 Choose from the lender options suggested by your financial officer as per your eligibility

Step 4 As per the documents checklist, upload your documents on WeMakeScholars documents portal.

Step 5 Collect your loan sanction letter from the bank within 7 days after you submitted your documents.

This is the most convenient and hassle free method to apply and get your education loan sanctioned so quickly. Because if your will approach the bank directly to get your loan sanctioned you will face the following issues:

• Delay in processing
• Incomplete documents checklist
• Insufficient information about loan products
• Post sanction disbursement issues
• Improper customer support
• No negotiation support

We your process your education loan with WeMakeScholars, you will not only avoid the above listed issues, you will also enjoy the following benefits:

• Expert guidance - Our trained financial officer will analyze your loan profile and suggest you the best loan deals as per your eligibility, and guide you throughout your loan sanction process.
• Consistent availability - We are available at your service from 9 AM to 9 PM, from the start of your loan process to the repayment of your last EMI, even when you are in a 12 hour different time zone.
• Minimal Processing time - We provide the quickest loan sanctioning services, through us education loan from private bank & NBFCs is sanctioned within 2-6 days and from government bank it takes only 15-20 days to get the loan sanctioned,
• Digitized application process - Digitizing the entire loan application process we are way ahead of our competitors, helping 1000’s of students daily to get their loans sanctioned.
• Cashback offer - You stand a chance to win up to Rs 3,000 as cashback from us, at the time of your loan disbursement.

We are the leading education loan processing partner and have expertise in getting education loans sanctioned within deadline. Request a callback, or fill a common application form, that will connect you to 14+ public and private banks in India, so that you can compare and get the best education loan deal.

Students prefer transferring their education loan to enjoy the following benefits:

• Lower rate of interest
• Easy repayment policies
• Wider coverage of loan scheme

To transfer your education loan to Dhanlaxmi bank follow the below given steps:

Step 1 Ask for the pending loan amount from your present lender, take receipt and statements.

Step 2 Talk to your financial officer at WeMakeScholars, and mention that you need to transfer your existing loan to Dhanlaxmi Bank

Step 3 Submit your documents in Dhanlaxmi bank as per the documents checklist provided by your financial officer

Your will be informed as soon as your loan transfer is approved, post that you will have to repay the loan of outstanding amount to Dhanlaxmi bank as per their repayment policies

Dhanlaxmi bank education loan EMI calculator exists on their website but we suggest students to use WeMakeScholars education loan EMI calculator, because

• WeMakeScholars education loan EMI calculator is highly accurate and provides exact figures as per the current rate of interest.
• It provides a strategic edge over other as students can choose their loan parameters after calculating their EMI
• It provides detailed analysis of the repayment cycle, so that student can plan their repayment schedule accordingly
• This helpful education loan EMI calculator is free of cost.

Dhanlaxmi bank allows students to repay their education loan within a repayment period of 15 years starting immediately after the moratorium period. 

If a student has taken an abroad education loan from Dhanlaxmi bank of amount Rs 75 lacs for 15 years of duration at an 11% rate of interest. Their repayment schedule as per the WeMakeScholars education loan EMI calculator will be as follows:

However, students can choose to repay their education loan even before their repayment period ends, in the following ways:

• Paying Part-payment or Prepayment
• Keeping short repayment durations
• Transferring education loans to a different bank

To seamlessly process your education loan at every stage of your loan sanctioning, request a callback or fill out the common application form.

Dr. Ambedkar Interest subsidy scheme for OBC and EBC students

Only students belonging to OBC and EBC sections of society are eligible to apply for interest subsidy during the moratorium period of their abroad education loan, under this scheme.

NOTE

• Annual family income of students should be below Rs 8 lacs annually.
• Student must have secured admission in PhD, masters or MPhil course

Padho Pardesh Scheme

Only EWS category students adhering to the eligibility criteria of students are eligible to get interest amount subsidy, under this scheme.

NOTE

• Student's family income should be below Rs 6 lacs annually.
• Students belonging to religious minority community are eligible
• Only admissions in masters, MPhil or PhD courses is eligible
• Income certificate proof will be required to prove eligibility

Central Scheme for Interest Subsidy (CSIS)

The scheme helps eligible students to take benefit by not paying interest amount during the moratorium period of their education loan.

NOTE

• Student must belong from EWS category
• Family income of student must be below 4.5 lacs annually