Education loan from PNB
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
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
Travel expenses from the home country to the host country
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
Between Rs 4 lakh and Rs 7.50 lakh
Above Rs 7.50 lakh
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).
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