Dena Bank is a subsidiary of the Bank of Baroda and was founded in 1938. It was merged with the Bank of Baroda on 1st April 2019. Since then, education loans provided to students to study abroad by Dena Bank were ceased. Now, students can instead avail of the education loans provided by the Bank of Baroda to study overseas. If you want to know about Dena Bank Education Loan for studying abroad then you need to go through the Bank of Baroda scholar scheme which is all about giving loans to students for pursuing their dreams to study abroad.
Let us know in detail about the Dena Bank education loan for studying abroad!
| Institution | Dena (Devkaran Nanaji) Bank |
| Founded in | 1938 |
| Merged with | Bank of Baroda |
| Eligibility for education loan | Non-working – up to 35 years Working employees – up to 45 years |
| Who can apply? | Candidates with secured admission in professional or technical courses. Candidates who are working professionals for at least 3 years and have secured admission to a recognised institution to pursue higher studies. |
Applying for Dena Bank Loan Online
To apply for a Dena bank education loan for studying abroad students can apply either through online mode or by visiting the nearby branch in person, according to their convenience. Students need to submit the completed application form along with the required educational and loan documents. If the student wants to apply through online mode then they will be provided with the required assistance by the Dena bank lender.
Also Read: List of top international student loans
Documents required for Dena Bank Education Loan
The documents required for availing Dena Bank education loan for studying abroad are:
- From student-
- Address proof – Driving license/ Aadhar card/ Piped gas bill/ copy of passport/ Electricity bill/ Water bill/ Recent copy of telephone bill
- Identity proof – Passport/ Driver’s license/ PAN card/ Voter ID card
- Passport (in case of the student is going to study abroad)
- 12th result
- 10th result
- Past academic record
- Undergraduate degree mark sheet (if required)
- Entrance exam results ( GMAT, GRE, CAT, CMAT, JEE, NEET, CET for Indian Institutions)
- Entrance exam results ( GMAT, GRE, TOEFL, etc. for studying abroad)
- Statement of cost or expenses.
- Proof of admission – Admission letter or conditional letter.
- 2 passport-size photographs.
- If the student has availed of any previous loans, then loan a/c statement of one year.
- From Co-applicant-
- Address proof – Electricity bill/ Water bill/ Recent copy of telephone bill/ Piped gas bill/ Copy of passport/ Driving license/ Aadhar card.
- Identity proof – PAN card/ Voter ID card/ Passport/ Driver’s license.
- Loan a/c statement of 1 year, if the co-applicant has availed loan previously.
- 2 passport-size photographs.
- Legal documents about collateral.
- Income proofs
- Documents related to collateral-
- Occupancy proof
- A latest property tax receipt.
- Registered sale contract
- If the property is built, then the approved plan/map of the property.
- Documents representing the ownership history of the property for the last 30 years.
Must Read: The PNB education loan program
Dena bank provides education loans for studying in India as well as abroad. The interest differs on the basis of whether the university student wanting to apply is listed or unlisted and also if the student is a boy or a girl. The following table represents some of the important details regarding Dena Bank education loan for studying abroad-
| Maximum loan value | For listed universities – Rs. 80 lakh For unlisted universities – Rs. 60 lakh |
| Interest rate | Listed universities: boys – 8.25%, girls – 7.75% Unlisted universities: boys – 8.9%, girls – 8.4% |
| Loan tenure | For an amount up to Rs. 7.5 lakh – moratorium period + 10 years Above Rs. 7.5 lakh – moratorium period + 15 months |
| Moratorium period | 6 months after the course is completed. |
| Margin money | Listed universities – NIL Unlisted universities – up to Rs. 4 lakh – NIL & above Rs. 4 lakh – 10% |
| Processing fee | Rs. 10,000 + GST (Rs. 10,000 refundable); Additional property valuation charge of Rs.7,500, in case of real estate collateral. |
Also Read: Prodigy Finance education loan
FAQs
Ans- State Bank of India is considered best for taking education loans for studying abroad.
Ans- If the university is listed then the interest rate for boys is 8.25% and for girls is 7.75%. On the other hand, if the university is unlisted then the interest rate for boys is 8.9% and for girls is 8.4%.
Ans- If the loan amount is up to 4 lacks, then collateral security is not required according to the rules. On the other hand, if the amount exceeds the amount stated by the bank then collateral will be required along with the third-party guarantee.
Ans- Yes, a student can avail bank loan to study abroad. There are education loans provided by banks with the help of which students can pursue their higher education without any financial hurdles.
To help students pursue their higher education and pursue their dreams without any difficulty Dena Bank provides education loans to students for studying both in India and abroad. The interest rate differs for boys and girls and also on the basis of whether the university is listed or not. Education loans help students to pursue professional, vocational, and technical courses at universities and institutions in India and abroad.
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