PNB Education Loan Scheme : Punjab National Bank

Organization : Punjab National Bank
Service Name : PNB Education Loan Scheme
Applicable State/UT: All India

Website : https://www.pnbindia.in/
Apply Online : https://www.pnbnet.org.in/ONLINELOAN/edu/addFresh.html?appType=fresh

‘PNB Saraswati’

Education loan scheme for students pursuing Higher Education in India.

Related : PNB School/College Fee Payment For Students : www.statusin.in/18075.html

Objective:
To provide financial support to meritorious students for pursuing higher education in India.

Students who secure admission in Institutes as under:
** Approved courses leading to Graduate/ Post Graduate degree and PG Diplomas conducted by recognized colleges/ universities recognized by UGC/ Govt. / AICTE/ AIBMS/ ICMR etc.
** Courses like ICWA, CA, CFA etc.
** Courses conducted by IIMs, IITs, IISc, XLRI. NIFT, NID etc.
** Regular Degree/Diploma courses like Aeronautical, pilot training, shipping Nursing or any other discipline approved by Director General of Civil Aviation/Shipping/ Indian Nursing Council or any other regulatory body as the case may be.

** Advance Diploma in Banking Technology offered by PNB IIT Lucknow.
** Approved courses offered in India by reputed foreign universities.
** Research Programmes recognized by designated academic authority/ regulatory body.

Purpose :
** Fee payable to college/ school/ hostel
** Examination/ Library/ Laboratory fee.
** Insurance premium for student borrower, if applicable.
** Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts.
** Purchase of books/ equipments/ instruments/ uniforms.
** Purchase of computer at reasonable cost, if required for completion of the course.
** Any other expense required to complete the course – like study tours, project work, thesis, etc.

Eligibility :
** Should be an Indian national.
** Should have secured admission to a higher education course in recognized institutions in India through Entrance Test/ Merit Based Selection process after completion of HSC(10 plus 2 or equivalent).
** Cases of Management Quota may be considered on merit basis;

Quantum of Finance :
Need based Finance subject to repaying capacity of the parents/students ( after completion of course) ;
Reimbursement of fees paid within six months may be permitted on individual merits of the case.

Margin :
Up to Rs. 4 lac – NIL
Above Rs. 4 lac – 5%
Scholarship/ assistantship may be considered in margin.
Margin may be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis.

Rate of Interest :
Loan upto Rs 4 lac – Base Rate+2%
Loans above Rs 4 lac upto Rs 7.50 lac – Base Rate+3%
Loans above Rs 7.50 lac – Base Rate+2.50%
Base Rate+1% to be charged for all loans, irrespective of amount, where 100% tangible collateral security in the shape of IP, enforceable under SARFEASI act, and/or liquid security is available.
Simple interest be charged during the Repayment holiday/ Moratorium Period
Processing Charges/ Upfront fee NIL

Documentation Charges :
Rs.270/- for loans upto Rs. 4 lac and Rs.450/- for loans above Rs.4.00 lac (exclusive of service tax and education cess) Subject to change from time to time.

Security :
** Up to Rs. 4 lac: Parent(s)/guardian as a joint borrower(s).
** Above Rs. 4 lac and upto Rs. 7.50 lac: Besides the parent(s)/ guardian executing the documents as joint borrower(s), collateral security in the form of suitable third party guarantee.
** Above Rs.7.50 lac: Parent(s)/ guardian as a joint borrower(s). Tangible collateral security of suitable value acceptable to bank alongwith the assignment of future income of the student for payment of installments.

Repayment (Maximum) :
For loans upto Rs.7.50 lac – upto 10 years
For loans above Rs.7.50 lac – upto 15 years

Repayment Holiday/ Moratorium :
Course period + 1 year or 6 months after getting job, whichever is earlier.

Prepayment Charges : Nil

Above are only salient features of the scheme. For details please contact nearest branch