Studies in India |
Eligibility for Education Loan |
- Must be an Indian National.
- Secured admission to Professional/ Technical courses through Entrance Test/ Selection Process.
|
| Eligible Courses for Education Loan |
- Graduation, Post-graduation including technical / professional courses from recognized universities.
|
| Quantum of Finance |
| Maximum of Rs. 10.00 lacs for studies in India |
| Margin |
- Upto Rs.4,00,000/- -- NIL
- Above Rs.4,00,000/- -- 5%
|
Studies in Abroad |
Eligibility |
- Must be an Indian National.
- Secured admission to foreign university/institutions.
|
| Eligible Courses for Education Loan |
- Graduation : For job oriented professional / technical courses offered by reputed universities
- Post-Graduation - MCA, MBA, MS, PhD etc.
- Courses conducted by CIMA-London, CPA in USA etc.
|
| Quantum of Finance |
| Maximum of Rs. 20.00 lacs for studies in abroad. |
| Margin |
- Upto Rs.4,00,000/- -- NIL
- Above Rs.4,00,000/- -- 15%
|
Common aspects for Indian and Abroad studies |
Expenses considered for Education Loan |
- Fee payable to college/school/hostel
- Payment of course fees
- Purchase of books/equipments/instruments/uniforms and computer/laptops
- Examination/Library/Laboratory fee
- Other expense that are required to complete the course - like study tours, project work, thesis, etc.
|
| Security |
- Upto 4.00 lacs - Co-obligation of Parents. No security.
- From Rs. 4.00 lacs to Rs.7.50 lacs - Co-obligation of Parents. Third party guarantee acceptable to the Bank.
- Above Rs. 7.50 lacs - Co-obligation of Parents. Collateral Security of suitable value along with Assignment of future income of the student for payment of installments.
|
| Rate of Interest |
| Upto 4.00 lacs |
- Interest rates are linked with BPLR
- 10.50% for PNB Vidya Lakshya Purti Scheme and 10.50% for PNB Sarvottam Shiksha Scheme
|
| Above 4.00 lacs |
- Interest rates are linked with BPLR
- 11.25% for PNB Vidya Lakshya Purti Scheme and 11.00% for PNB Sarvottam Shiksha Scheme
|
| Repayment |
- The Principal and interest is to be repaid in 5-7 years after commencement of repayment. If the student is not able to complete the course within the scheduled time, extension of time for completion of course may be permitted for a maximum period of 2 years.
|
| Holiday period |
- Course period + 1 year OR 6 months after getting job, whichever is earlier.
|
| Documentation Charges |
- Upto Rs.4 lacs - Rs.300/- + Service tax & education cess
- Above Rs.4 lacs - Rs.500/- + Service tax & education cess
|
| For more details visit Punjab National Bank official website: pnbindia.in |