Student Education loans in India

Here know the complete information about Student Education Loans offered by Punjab National Bank India.

Punjab National Bank


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

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