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Development Credit Bank Educational Loan Scheme
Posted Date: 18 Apr 2008 Resource Type: Articles/Knowledge Sharing Category: Educational Loans
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Posted By: Bala Member Level: Diamond
Rating:  Points: 5
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Development Credit Bank Educational Loan Scheme
Purpose
Educational Loans for providing financial support to deserving/ meritorious students for pursuing higher education in India and abroad.
Loan type
Amortizing Term Loans in equal installments post moratorium period
Borrower Segments
The student
The parent/guardian
Individuals of Indian Nationality who have secured admission to recognized courses/universities in India or Abroad through entrance test/selection process
a) Salaried
b) Self Employed Professionals
c) Self employed Business
Courses eligible
a) Studies in India
b) Studies Abroad
Post graduation courses from recognised universities
Professional courses from reputed institutes:.
Courses conducted by IIM, IIT, IISc, XLRI, NIFT, etc.
Courses conducted by CIMA – London, CPA – USA, etc.,
Courses in Universities which take admissions through TOEFL,GMAT,GRE,SAT exams
Only one course at a time will be financed
Loan Amount
a) Studies in India
b) Studies abroad
Minimum – Rs. 25,000
Maximum – Rs. 7,50,000
Minimum – Rs. 1,00,000
Maximum – Rs. 15,00,000
Expenses Considered
Tuition and other fees
Maintenance costs, books & equipments, uniform, etc.
Caution fund/ building fund/ refundable deposit
Travel expenses/passage money for studies abroad for the first time only
Any other expense required to complete the course – like study tours, project work, thesis, etc.
All the above expense should be supported by institution bills/receipts
Tenor
Maximum 5 years after commencement of repayment for studies in India and 3 years for studies abroad
Moratorium period
The holiday period enjoyed by the borrower towards repayment of the loan. Moratorium period shall not exceed course duration + 6 months
Margins
a) Upto Rs. 4 lacs
b) Above Rs. 4 lacs
Nil
Studies in India: 5%
Studies abroad: 15%
Scholarship/assistantship to be included in margin
Security
Upto Rs. 4 lacs: no security/collateral required
Above Rs. 4 lacs upto 7.5 lacs: Collateral in the form of a satisfactory third party guarantee.
Above 7.5 lacs: Collateral security upto 100% of the loan amount and guarantee of an earning acquaintance of the student for 100% of the loan amount.
Collateral can be in the form of:
Land/ building/,govt. securities/Public Sector Bonds/ Units of NSC, KVP, LIC policy, shares/ debentures, bank deposit in the name of student/ parent/ guardian or any other third party for 100% of the loan.
In case the loan is given for purchase of computer the same to be hypothecated to the Bank
Interest Rate
Fixed
Repayment during moratorium period
he borrower has to repay the interest accrued during the moratorium period on a monthly basis.
Applicant/Co-applicant
Student
Parent/guardian of the student borrower
Disbursement
Disbursement of the loan will be made in stages as per the demand directly to the college/institution.
Student should furnish to the bank after every semester, suitable evidence of his satisfactory progress in the course of his studies. Satisfactory performance will be a pre-requisite for availability of finance for the subsequent years. Bank will have the option to discontinue disbursement of sanctioned loan or recall it at any time if the progress of the student is not satisfactory.
Mode of repayment
Post Dated cheques
Standing Instructions, if the customer has bank account with DCB
For more details, visit http://www.dcbl.com/
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Responses
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| Author: Shinu 31 May 2008 | Member Level: Gold Points : 2 | I was looking for information on loans. I have been interested in this and happy to read more about it.Thanks for the information
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