All About Punjab National Bank Education Loan
Punjab National Bank has some different types of education loans for the students who want to go for the higher education. It can a be loan to study here in India or it can be a loan to study abroad in a foriegn country.
- PNB Saraswati: Regular Scheme for pursuing Higher studies in India & Abroad.
- PNB Kaamgar: Education Loan Scheme for pursuing Vocational Courses / Skill Development courses.
- PNB Pratibha: Collateral free Education loans at lower ROI to those students getting admission in of 103 premier institutions in India, as identified by Bank.
Quantum of the loan
- for studying in INDIA : maximum Rs.15 lakh
- Student Loans Up to Rs. 20 Lakh for education Abroad
Punjab National Bank Education Loan Rate of Interest
- Base Rate of Interest @ 10% on Punjab National Bank Education Loan
- 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%
The Punjab National Bank Education Loan covers the purposes of:
- 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.
Punjab National Bank Education Loan Eligibility Criteria:
- You need to be an Indian Resident
- You should be aged between 16 – 35 yrs.
- COLLATERAL is required for all loans greater than Rs. 7.5 Lakhs.
- All Loans require a co-applicant.
- Should have secured admission to a higher education course in recognized institutions
The Documents required for Punjab National Bank Education Loan are:
- Know Your Customer
- Age Proof
- Signature Proof
- Identity Proof
- Residence Proof
- Other Documents for Punjab National Bank Education Loan
- 2 Passport size photographs of the borrower, co-applicant(if any) or guarantor
- Marksheet of the most recent qualification
- Acceptance offer letter from the institute the borrower has applied
- List of expense to be done for the education (usually given by the institute to the borrower)
- 6 Month of bank statement,
- 2 month salary slip, if the person is a salaried employee
- 2 year of ITR if the borrower’s guarantor/co-applicant is self emplyed
- 2 Yrs Audited Balance Sheet / P& L if the guarantor/co-applicant is a self-employed professional.
Features And Benefits of Punjab National Bank Education Loan
- Repayment Maximum upto 15 years
- No Collateral Or Third Party Guarantee is required for Punjab National Bank Education Loan
- Loan available upto tenure of 7 years including moratorium period
- Repayment to start 1 year after course completion / 6 months after obtaining employment (whichever is earlier)
- Loans available for short duration/ job oriented courses also
- Avail the tax rebate, offered under section 80-E of the Income Tax Act 1961* for the entire interest amount paid towards your education loan.
Punjab National Bank Education Loan Fees And Charges
|Description Of Charges||Education Loans|
|Loan Processing Charges||Upto a maximum 1% of the loan amount|
|Prepayment (upto 6 months of repayment)||No pre-payment permitted|
Leading Education Loan Providers (Click to Apply)
- SBI Education Loan
- HDFC Education Loan
- BOI Star Education Loan
- ICICI Bank Education Loan
- IDBI Education Loan
- Canara Bank Education Loan
- Other Banks
|PNB Education Loan EMI Calculator||PNB Education Loan Interest Rates|
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