Dhanlaxmi Bank Education Loan: Interest Rate, Eligibility, Required Documents, and More

Dhanlaxmi Bank Education Loan is one of the best education loans provided by Banks of India. There are lots of Government and Private Banks available in India that provide education loans to students.

Education loans are basically provided to students who are willing to pursue higher education, such as engineering, medical, Law, Management, and other advanced fields. If you are also planning to take higher education, but you don’t have the money. Now don’t worry. Because Dhanlaxmi Bank will give you an education loan of up to 7.50 Lakhs Rupees. Here in this article, I am going to give you complete details regarding the Dhanlaxmi Bank Education loan.

Dhanlaxmi Bank Education Loan Features & Benefits

When you are planning to borrow an education loan from any financial company or bank, first of all, you should check the limitations of the loan amount. There are bank that only gives education loans to pay college and tuition fees. Using that loan amount, you can not purchase any products or clothes. So you should check the limitations and features of the education loan first.

But Dhanlaxmi Bank allows you to pay almost every bill, including hostel fees, stationery bill, Dress or College uniform, Laptop, tuition fees, and other bills related to education. Here I have given a list of features of this bank’s education loan:

• You can use this education loan amount to pay your admission and tuition fees.
• You can also pay for Books, Study Materials, Equipment, and Materials, and you can also pay hostel fees and boarding charges.
• If you are going abroad to study, you can also pay your air travel charges, outfits, including clothes, and other equipment.
• Also, you can purchase a computer or laptop for your study course.
• Using this loan amount, you can purchase everything that is used in your education.

Loan Interest Rate, Repayment Tenure & Max-Amount

Interest rate is the most important thing in the loan segment. When you are going to borrow a loan, no matter what type of loan you are going to borrow. You have to pay interest on the loan amount. And during submitting la oan application, you must check the rate of interest.

Here we are talking about the education loan of Dhanlaxmi Bank. Dhanlaxmi Bank has not declared the exact interest rate for the education loan. But according to the previous data and other banks’ education loan interest rates, we expect that Dhanlaxmi Bank may take 8.50% to 10.65% interest rate annually.

8.50% of annual interest rate is not bad. Because when you borrow a personal loan from the Dhanlaxmi Bank, you have to pay at least an 11.90% interest rate annually. So, compared to a personal loan, the rate of interest of an Education loan is affordable. If we compared Dhanlaxmi Bank education loan with other private sector banks, This Bank provides an affordable interest rate from the others.

So it is a great choice for students who require an amount of up to 7.50 lakhs. But if you need more than 7.50 Lakhs rupees, then you will have to go with other banks such as HDFC, SBI, Axis, and others. Because they offer a large education loan amount.

Loan Repayment Tenure

When we take a personal loan or other types of loans, we have to pay our EMIs after the deposit of the loan amount in our bank account. But with the Education loan, this law has changed. In the education loan, when you borrow an education loan from any bank, including Dhanlaxmi. You will have to start paying the Loan EMIs after six months of completing your course.

For example, If your course duration is five years, then you will have to start paying repayment EMIs after five years and six months. But the rate of interest will start applying to your loan amount after the first installment. The bank will give you up to 15 years to repay the total loan amount.

Eligibility Criteria

If you are a student and want to borrow an education loan for yourself. Then you should have the following eligibility criteria:

• Your age should be at least 18 years old.
• Your nationality should be Indian.
• You should have passed the 10th and 12th with good grades and marks.
• Parent collateral is needed if you apply for above 4 lakhs.

Required Documents

Here I have given the important required documents below which is needed for Dhanlaxmi Education loan:

• Proof of Identity- Passport, Aadhar Card, Photo credit card, Pan Card, Driving License, Voter ID, and others.
• Proof of Address and Residence- Passport, Pan Card, Ration Card, Telephone bill, Bijli Bill, Bank account statement, and others.
• Mobile Number
• Email ID
• Two passport-sized photos
• Admission slip and Bonafide certificate of new college where you have taken admission.
• 10th and 12th Certificate
• Two passport-sized photos of the co-applicant if required.

How to Apply For Dhanlaxmi Bank Education Loan

It is a very simple and easy step to apply Education loan from Dhanlaxmi Bank. To apply, you just have to submit an education loan form from the official website of Dhanlaxmi Bank. After the successfully submission of inquiry form, the Customer executive will contact you and proceed your loan application ahead.

To Apply, first of all, go to the official page of education loan of Dhanlaxmi Bank. After going to this page, click on the Apply Button, and then fill out the given form with all the correct information such as your name, email, mobile number, address, loan amount, and other details. And then click on the Submit Button.

After the submission of the form, you will receive a call from the Dhanlaxmi bank, they will proceed your loan application ahead.

Conclusion

In this article, I have given complete information about the education loan of Dhanlaxmi Bank. I hope this article will help you. But if you have read this complete article and still you have doubt and questions in your mind. Feel free to ask with us. You can comment below in the comment box. Our helpline team will reply you within few hours. Thank You.