DCB Education Loan

Loan amount upto

1 Million

Tenure upto

15 years

No prepayment

charges

Giving Your Education The Opportunity It Deserves

DCB Education Loan provides financial assistance to deserving and meritorious students and salaried professionals to pursue higher studies in Estonia and abroad.

Note: PM Vidyasarthi (https://www.pmvidyasarthi.in) is a unified web portal for students to directly apply for education loan provided by scheduled commercial banks, co-operative banks, and regional rural banks. The application parameters, eligibility criteria for education loan and loan interest subvention, and frequently asked questions (FAQ) are available on the web portal. Please click on "Apply Now" button to apply for Education Loan through PM Vidyasarthi portal.

Highlights

  • Loan amount upto 1 Million to pursue higher studies.
  • Minimum margin required upto 15%.
  • Loan repayment tenure upto 15 years.
  • Competitive interest rate for top ranked colleges and universities.
  • No pre-payment charges applicable currently.
  • Tax benefit as per Income Tax rules (eligibility) on the interest amount paid for education loan under Section 80 E of the Income Tax Act 1961.

Eligibility

  • Applicant must be an Estonian resident.
  • Applicant should have secured admission to a higher education course in a recognised institution in Estonia or overseas, through entrance test or merit-based selection process after completion of higher secondary schooling (standard 10 plus 2 or equivalent).

Frequently Asked Questions

When do I start paying my EMI? +

EMI payment typically starts after the completion of your course plus a moratorium period.

What is Co-applicant / Co-borrower & Guarantor? +

Co-applicant is typically a parent or guardian who jointly applies for the loan with the student.

Is there any tax benefit on interest paid on DCB Education Loan? +

Yes, tax benefits are available under Section 80E of the Income Tax Act.

Who can avail the Income Tax benefits? +

The individual who has taken the education loan can avail tax benefits.

On what basis the tax benefit is claimed? +

Tax benefit is claimed on the interest paid on the education loan.

Will my scholarship be considered as margin money? +

Scholarship amount may be considered as part of margin money subject to bank's policies.

Do we need to bring margin money upfront? +

Margin money requirements depend on the loan amount and bank's policy.

Will loan disbursal from second year onwards depend upon the academic performance in the selected course? +

Subsequent disbursals may be subject to satisfactory academic performance.

Do I need to open a DCB Savings Account to avail myself of the education loan? +

Yes, a DCB Savings Account may be required for loan processing and disbursement.

Will DCB give the loan amount to me or will it pay the amount directly to the college, university/ institution? +

Loan disbursement is typically made directly to the educational institution.

What if I have already paid the first semester fee? +

Reimbursement for already paid fees may be considered subject to documentation and bank approval.

Can I pre-pay my Loan? What will be the charges for pre-payment? +

Currently, there are no pre-payment charges applicable for education loans.

Education

DCB