Education and Career Forum

Hello friends, can anyone of you please let me know about the details of education loan scheme of Development Credit Bank? I have heard about education loan scheme for my MS course in Abroad but don’t know much more about this. Kindly tell me about this scheme.

Yes, Development Credit Bank (DCB) offers education loans for studying abroad, including for an MS degree. Here are some key details of the loan scheme:

Eligibility: Indian nationals who have secured admission in a recognized university/institution abroad for a specific course of study are eligible for the loan.

Loan amount: The maximum loan amount offered is Rs. 30 lakhs, although it may vary based on the individual's profile and the institution/course chosen.

Margin: The margin for the loan is up to 15% of the total cost of education, which includes tuition fees, living expenses, travel expenses, etc.

Interest rate: The interest rate on the loan varies from 10.50% to 13.50%, depending on the loan amount, applicant's profile, and other factors.

Repayment: Repayment of the loan starts six months after the completion of the course or getting a job, whichever is earlier. The loan can be repaid over a period of up to 10 years.

Documents required: Generally, the applicant needs to submit documents such as admission letter, fee structure, mark sheets, identity proof, address proof, etc.

You can visit the official website of DCB or approach the nearest branch for more information and to apply for the loan.