Punjab National Bank Education Loan

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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.

  1. PNB Saraswati: Regular Scheme for pursuing Higher studies in India & Abroad.
  2. PNB Kaamgar: Education Loan Scheme for pursuing Vocational Courses / Skill Development courses.
  3. 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

  1. for studying in INDIA : maximum Rs.15 lakh
  2. Student Loans Up to Rs. 20 Lakh for education Abroad

Punjab National Bank Education Loan Rate of Interest

  1. Base Rate of Interest @ 10%
  2. Loan upto Rs 4 lac – Base Rate + 2%
  3. Loans above Rs 4 lac upto Rs 7.50 lac – Base Rate + 3%
  4. Loans above Rs 7.50 lac – Base Rate + 2.50%

The Punjab National Bank Education Loan covers the purposes of:

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

Punjab National Bank Education Loan Eligibility Criteria:

Punjab National Bank Education Loan

  1. You need to be an Indian Resident
  2. You should be aged between 16 – 35 yrs.
  3. COLLATERAL is required for all loans greater than Rs. 7.5 Lakhs.
  4. All Loans require a co-applicant.
  5. Should have secured admission to a higher education course in recognized institutions

The Documents required are:

  1. Know Your Customer
    1. Age Proof
    2. Signature Proof
    3. Identity Proof
    4. Residence Proof
  2. Other Documents
    1. 2 Passport size photographs of the borrower, co-applicant(if any) or guarantor
    2. Marksheet of the most recent qualification
    3. Acceptance offer letter from the institute the borrower has applied
    4. List of expense to be done for the education (usually given by the institute to the borrower)
    5. 6 Month of bank statement,
      1. 2 month salary slip, if the person is a salaried employee
      2. 2 year of ITR if the borrower’s guarantor/co-applicant is self emplyed
      3. 2 Yrs Audited Balance Sheet / P& L if the guarantor/co-applicant is a self-employed professional.

PNB Education Loan Features And Benefits

  1. Repayment Maximum upto 15 years
  2. No Collateral Or Third Party Guarantee
  3. Loan available upto tenure of 7 years including moratorium period
  4. Repayment to start 1 year after course completion / 6 months after obtaining employment (whichever is earlier)
  5. Loans available for short duration/ job oriented courses also
  6. 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 ChargesEducation Loans
Loan Processing ChargesUpto a maximum 1% of the loan amount
Prepayment (upto 6 months of repayment)No pre-payment permitted

Leading Education Loan Providers (Click to Apply)

  1. SBI Education Loan
  2. HDFC Education Loan
  3. BOI Star Education Loan
  4. ICICI Bank Education Loan
  5. IDBI Education Loan
  6. Canara Bank Education Loan
  7. Other Banks

PNB Education Loan EMI CalculatorPNB Education Loan Interest Rates
PNB Education Loan EMI CalculatorPNB Education Loan Interest Rates

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