Education loan from PNB
None, 17 Apr 2015
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The Punjab National Bank provides various schemes to issue education loan to students who want to go abroad for higher studies. The educational loan to study abroad by the PNB is called PNB Saraswati. The bank provides education loan for upto Rs. 20 lakh for studies abroad.

Courses covered for PNB education loan

The Punjab National Bank provides student loan for the below given courses:

  • Job oriented professional courses offered by reputed universities

  • Job oriented technical courses offered by reputed universities

  • Post graduation courses such as MBA, MCA and MS

  • Courses conducted by CIMA- London and CPA in USA

  • Diploma and degree courses such as pilot training, shipping, aeronautical etc. provided by recognised regulatory bodies abroad. The diploma courses other than these will not get an education loan from PNB.

Eligibility to take education loan from PNB

The eligibility criteria for education loan from PNB are:

  • The candidate must be an Indian citizen

  • The candidate must have obtained admission in a reputed university/ institute abroad

Application checklist for education loan from PNB

  • Completed application form

  • Passport size photograph

  • Proof of address

    a)      Passport

    b)      Driving license

    c)       Voters ID card

    d)      Electricity bill

    e)      Telephone bill

  • Proof of age

  • Academic transcripts and certificates of the latest degree

  • Prospectus of the university/college the applicant is going to join which explains the tuition fee, examination fee and hostel fee

  • Information about the assets and liabilities of the parents or guarantor

  • Copy of passport and visa

Expenses considered for the education loan from PNB

  • Fee payable to the university/ college

  • Examination fee

  • Travel expenses from the home country to the host country

  • Caution deposit

  • Purchase of books etc.

Security needed to take education loan from PNB

There is no security needed to take education loan for upto Rs. 4 lakh. However, the guardian or parent must be the co-borrower. The candidates taking loan between Rs. 4 lakh and Rs. 7.5 lakh must provide collateral security in the form of suitable third party guarantee. For the loans above 7.5 lakh, the candidate must provide tangible collateral security suitable value acceptable to bank along with the assignment of future income of the student for payment of installments.

Interest rate for education loan by PNB

  Amount of Loan

Repayable in less than 3 yrs

Repayable in 3 yrs & above

Upto Rs 4 lakh

BR+3.00% (13.25%) 

BR+2.50%+TP (13.25%) 

Between Rs 4 lakh and Rs 7.50 lakh

BR+4% (14.25%) 

BR+3.50%+TP (14.25%) 

Above Rs 7.50 lakh

BR+2.00% (12.25%) 

BR+2.00%* (12.25%) 

Loan repayment

Sudents who are taking the loan upto Rs. 7.5 lakh will get 10 years repayment period. The repayment period of the education loan above that is 15 years. The moratorium period to start repaying the loan is six month to one year after completing the course or getting a job (whichever is first).

 

Click here to get information about more education loan providers. 

 

Also Read:

Download free Education Loan E-Book to know all about student loans

Steps to take education loan
Study abroad Education loan: How it works to your advantage
Education loan to study abroad
Education loan from SBI

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