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Vidya Credit

Vidya Credit is the most convenient way of supporting your child's education. You can now easily fund most education-related expenses including fees, boarding & lodging, air travel, insurance premiums, and computers etc.
   
  • Pay admission and tuition fee
  • Purchase books, study material, equipment and instruments
  • Pay hostel fees and boarding charges
  • For studies abroad, fund expenses of air travel, incidental charges, purchase of outfits (clothing & other equipment)
  • Fund other education-related expenses such as examination, library and laboratory fee, uniforms, caution deposit, building fund or refundable deposits supported by Institution bills and receipts, up to 10% of the total tuition fees for the entire course
  • Purchase computers needed for the course.
  • Insurance premium for student borrower
  • Any other expense in relation to the course - study tours, project work, thesis etc.

For higher studies in India:

  • Students of Indian nationality (whether minor or major)
  • Parents can also apply jointly with the student and facilitate repayment through existing sources of income

Courses applicable:

  • Graduate and post-graduate degree/diploma courses in computer science, engineering, medicine, dental science, pharmacy, agricultural and veterinary sciences
  • Post-graduate courses in arts, general science, commerce, and management (from recognized colleges and universities)
  • Post graduate diploma in computer application from reputed institutes such as NIIT, APTECH, BITECH, SSI etc.

For studies abroad:

  • Indian National over 18 years of age
  • The applicant should produce a copy of the Result of Qualifying/ Mandatory examination such as TOEFL, SAT, GRE, AGRE, GMAT etc. together with a copy of valid passport, proof of Admission to the college or university and a copy of the Visa / Form I-20

Courses applicable (for courses abroad)

  • Under-graduate courses in biological & natural sciences, computer sciences, engineering
  • Post-graduate courses in the above disciplines and business administration (Applicants should submit a brief report on the prospects of the course.)

Academic background (for India and abroad)

  • Applicant/student should have passed the qualifying examination securing a position eligible for admission to the course opted for study.

Duration of course

  • Courses within India – 5 years
  • Courses abroad – 3 years

Holiday period

  • Duration of the course plus 6 months or getting a job, whichever is earlier
  • Up to Rs. 4 lakhs - No security
  • Above Rs. 4 lakhs - Collateral in the form of a satisfactory guarantee
  • Approved shares / insurance policies with surrender value, national savings certificates, IVP, Bank deposits etc. or collateral security such as land or building,  equivalent to loan amount accepted as security collateral
  • Photocopies of all certificates from previous examinations (SSC onwards)
  • A certificate from the College/University authorities stating that the student is continuing education, should be submitted every year.

Description of Charges Dhanlaxmi Bank Comments
Loan Processing Charges 2% or Min Rs. 1,000/- Applicable to studies abroad
Prepayment 6 EMIs  
Pre-payment charges 4% of the Principal Outstanding after repayment of 6 EMIs  
No Due Certificate / No Objection Certificate (NOC) Rs. 250/-  
Duplicate no due certificate / NOC Rs. 250/-  
Capability Certificate Rs. 250/- Applicable to studies abroad
Charges for late payment of EMI @ 24 % p.a on amount outstanding from date of default  
Stamp Duty & other statutory charges As per applicable laws of the state  
Cheque swapping charges Rs 500/- per event  
Loan Re-booking charges / Re-scheduling charges Not applicable  
Loan cancellation charges Not applicable  
Cheque Bounce Charges Rs. 500/- Per Cheque  
Legal / incidental charges At actual  

MediEquipment

MediEquipment helps medical practitioners acquire cutting edge technology and equipment for providing better health care to their patients. Promoters of diagnostic centres can use this loan to acquire equipment that helps provide world-class diagnostic services.
   
  • For project cost up to Rs. 10 lakhs, the promoter needs to contribute at least 25% of the project cost
  • For projects costing over Rs. 10 lakhs, the promoter would have to contribution 33.33% or more
  • Maximum loan tenure of 60 months, subject to fund flow and DSCR.
  • Qualified medical practitioners, including ayurvedic doctors
  • Diagnostic centres/clinics promoted by qualified doctors, either independently or together with entrepreneurs

Primary:

  • First charge on the fixed asset and other assets acquired out of the term finance availed from the bank finance.

Collateral:

  • 100% if collaterally secured by property OR
  • 50% if security is accepted by way of our Bank Deposit, NSC, LIP with surrender value and eligible for assignment, KVP and government bonds.
   

MediClinic Finance

Through MediClinic Finance, Dhanlaxmi Bank helps doctors set up their own medical practice and consultancy ventures by providing term loans at competitive interest rates and disbursements sizes.
   

Loan Amount:

  • Rs. 15 lakhs or 75% of the project cost, whichever is less
  • Also eligible for working capital requirements

Project Cost:

  • Need–based project costs not exceeding Rs. 20 lakhs including cost of land, building, furniture & fixtures and related equipment
  • Cost of land and building should be less than 50% of the total project cost.
  • Promoter must contribute at least 25% of project cost.
  • Maximum 5 years with an initial holiday not over 1 year (60+12 months)
  • Qualified doctors in any field of medicine who want to set up their professional medical practice/consultancy ventures

Ready Money Loan

Ready Money provides cash for technology, equipment and infrastructure needs for your business and funds for covering emergency personal needs as well. It helps you unlock the value of current investments and provide immediate liquidity.
   

For business needs:

  • Investments in fixed assets such as business premises, furniture and fixtures, IT systems, interior decoration, machinery, equipments, construction of factory and office buildings or repairs and renovations
  • Working capital requirements for trade, manufacturing, and service sectors
  • Infusion of long term working capital, tiding over mismatches in cash flow, payment of taxes and duties
  • Set up and expansion costs of small business
  • Earnest money deposits for undertaking contract works
  • Set up costs for professional practice of doctors, chartered accountants, etc.
  • Agriculturists/planters for asset creation/periodical agricultural operations
  • Purchase of vehicles

For personal needs:

  • Children’s education or marriage
  • Acquiring consumer items
  • Investments in permitted securities (in accordance with relative RBI guidelines)
  • Acquiring movable assets such as vehicles
  • Medical and travel expenses
  • Loan amount between Rs. 1 lakh and Rs. 3 crores
  • Loan amount restricted to a maximum of 4 times of net take home pay for employed persons, and 50% of net income as per latest IT returns filed in other professionals and self employed.
  • EMIs/quarterly/half-yearly/annual/bullet repayment – depending on the nature of identified cash flow.
  • Over 21 years of age, provided loan repayment is completed before attaining 65 years of age
  • Proprietorship firms, partnership firms and limited liability companies that are in existence for at least five years
  • Professionals such as doctors, dentists, chartered accountants etc. practicing for at least three years
  • Permanent employees with a minimum of three years of service in central and state governments, profit making public sector undertakings, blue chip private sector companies, reputed institutions
  • Planters with a minimum land holding of 10 acres and paying agricultural income tax.
  • Trusts and societies are not eligible.
  • 200% by way of RE
  • Loan/advance up to 75% of the assessed/market value of other securities like Government bonds/securities, gold, life insurance policies etc.
  • Post-dated cheques covering  instalment payments
   
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