Educational Loan in Banks : Education Loan in Punjab National Bank – PNB

Education Loan in Punjab National Bank – PNB

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Education Loan in Punjab National Bank

The Scheme aims at providing financial assistance to deserving / meritorious students pursuing higher education in India or abroad. viz., Graduation courses – B.A., B.Com., B.Sc., etc., Post-Graduation courses, Masters & Ph.D; Professional courses, Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc., Computer Certificate courses of reputed Institutes accredited to Department of Electronics or institutes affiliated to University.

Courses like ICWA, C.A., CFA, etc., courses conducted by IIM, IIT, IISc, XLRI, NIFT, etc., Regular Diploma / Degree courses conducted by Colleges / Universities approved by UGC / Govt. / AICTE / AIBMS / ICMR, Regular Degree / Diploma courses like Aeronautical, Pilot training, Shippling etc. approved by DGCA/ etc., Courses offered by National Institutes and other reputed Private Institutes.

Students should approach the branch nearest to the place of domicile.

Interest is charged monthly on simple basis during the repayment holiday / moratorium period & concession of 1 % in rate of interest is allowed provided the same is serviced regularly during study period.

Punjab National Bank has tied up with Kotak Mahindra Insurance to provide life insurance cover for Student borrowers.

Punjab National Bank Education Loan Eligibility

Student Loan Eligibility

  • Should be an Indian National.
  • Secured admission to Professional / Technical courses in India or abroad through Entrance Test / Merit based Selection process.

Punjab National Bank Expenses considered for Education Loan

  • Fee payable to College / School / Hostel.
  • Examination / Library / Laboratory fee.
  • Purchase of books / equipments / instruments / uniforms.
  • Caution Deposit / Building Fund / Refundable Deposit supported by Institution Bills / Receipts subject to the condition that the amount does not exceed 10 % of the total tution fee for entire course.
  • Travel Expenses / Passage money for studies abroad.
  • Purchase of computers essential for completion of the Course.
  • Boarding and lodging expenses in recognised Boarding Houses / private accomodations.
  • Any other expense required to complete the course like study tours, project work, thesis etc.

Punjab National Bank Quantum of Finance

Need based finance, subject to repaying capacity of the parents / students with margin and the following ceilings:

  • For studies in India : Maximum Rupee 10.00 lacs.
  • For studies abroad : Maximum Rupee 20.00 lacs.

PNB Education Loan Margin

  • Upto Rupee 4.00 lacs : Nil
  • Above Rupee 4.00 lacs :
    1. Studies in India : 5 %
    2. Studies Abroad : 15 %

Collateral Security for Education Loan in Punjab National Bank

Upto Rs.4.00 lacs Co-Obligation of Parents. No Security.
Above Rs 4.00 lacs and Upto Rs 7.5 lacsCo-Obligation of Parents. 3rd party guarantee acceptable to the Bank.
Above Rs 7.5 lacsCo-Obligation of Parents. Collateral Security of suitable value along with Assignment of future income of the student for payment of installments.

The security can be in the form of land / building / Govt. Securities / Public Sector Bonds / Units of UTI, NSC, KVP, LIC Policy, Gold, Shares / Mutual Funds/ Debentures, Bank Deposit in the name of the student, parent / guardian or any other third party with suitable Margin.

The document should be executed by both the student and the parent / guardian.

Education Loan in PNB Bank Rate of Interest

  • Upto Rupee 4 lacs : BPLR – 2.00 %
  • Above Rupee 4 lacs : BPLR – 1.25 %
  • Term premia of 0.50 % p.a. shall be added for repayment period of 3 years & above.
  • The interest shall be debited monthly on simple basis during the Repayment holiday / Moratorium period.
  • Penal Interest upto Rupee 25000 / – Nil and above 25000 /- @ 2 % be charged on the outstanding amount for overdue period.
  • 1 % Interest concession for servicing of interest during the study period regularly is allowed at the time of start of repayment period of loan.

PNB Education Loan Repayment

Repayment Holiday / Moratorium

Course period + 1 year OR 6 months after getting job, whichever is earlier.

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.

Punjab National Bank Educational Loan Upfront Fee

  1. For Study in India – Nil.
  2. For Study abroad – @ 0.50 % with a maximum of Rupee 5000/- ( refundable on availment of the loan amount )

Documentation Charges for Education Loan in Punjab National Bank

  • Upto Rupee 4 lacsRupee 300 /- + Service Tax and Education Cess.
  • Above Rupee 4 lacsRupee 500 /- + Service Tax and Education Cess.

Additional Benefits provided to the students by PNB Bank

  • Reimbursement of related expenses such as admission fee, monthly fee, Boarding and lodging expenses in recognized Boarding Houses etc. already incurred by way of loan taken from own sources ( to meet the contingency ) by the applicant, if claimed within 3 ( three ) months of such payment and before consideration of the education loan by the PNB Bank.
  • Second time Education Loan can be sanctioned to the same student borrower for completion of next higher course.

Check List for Education Loan in PNB Bank

While applying for the education loan, the borrower is required to furnish the following information / papers :

  • PNB Bank Education Loan application on Bank’s format.
  • Passport size photograph.
  • Proof of Address( Permanent ) / ID Proof.
  • Proof of Age.
  • Proof of having secured pass marks in last qualifying examination.
  • Letter of admission in professional, technical or vocational courses.
  • Prospectus of the course wherein charges like Admission Fee, Examination Fee, Hostel Charges etc. are mentioned.
  • Details of Assets & Liabilities of parents.
  • In case education loan amount is above Rupee 4.00 lacs
    1. Detail of Assets & Liabilities of parents / co-obligants / guarantors.
    2. In case education loan is to be collaterally secured by mortgage of IP, Copy of Title Deed, Valuation Certificate and Non Encumbrance Certificate from approved Lawyer of the Bank to be obtained at the cost of the borrower.
  • Photocopy of Passport & Visa, in case of study abroad.
  • Any other document / information, depending upon the case and purpose of the loan.

The above checklist is only illustrative, not exhaustive. For details, please contact our nearest Branch Office.

The above checklist is only illustrative, not exhaustive. For details, please contact our nearest Branch Office.

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