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Education Loan

Punjab National Bank was India’s first ever Swadeshi bank which came into being on 12th April 1895. It was formed under the great vision of Lala Lajpat Rai, Mr. E. C. Jessawala, Mr. Kali Prossonna Rai, Lala Harkishan Lal and Sardar Dayal Singh Majithia. The bank started working with an authorized capital of Rs.2 lacs and initial deposits of Rs.20000. it showed their dedication towards nationalism for establishing the first Indian bank with the capital also invested by the Indians. The bank was awarded under the category of the most trusted bank in 2015 amongst the top 1000 banks of the world. The bank was also awarded as the most valuable Indian brand amongst the nationalized banks. The bank currently is operating with the network of 6635 branches and 8622 ATM’s across India.

Punjab National Bank is providing the meritorious students with the education loan so that they can pursue their dreams of higher studies. The various types of education loans offered by the bank are:
 

PNB Saraswati

Objectives for the loan are:-

  • Provides assistance to the students who want to pursue higher studies in India.
  • To provide loans to the students who are seeking admissions in the approved courses to complete graduate and post graduate degrees and PG diplomas conducted by the colleges and Universities which are recognized by UGC/Govt./AICTE/AIBMS/ICMR etc.
  • For the courses like ICWA, CA, CFA etc.
  • The courses which are conducted by the IIM’s, IIT’s, IISc’s, XLRI, NIFT, NID etc.
  • To support students who are doing regular diploma or degree courses in Aeronautical, pilot training, shipping, Nursing etc. The courses are needed to be approved by the Director General of Civil aviation/shipping/Indian nursing council or by any governing regulatory body.
  • The advance diploma in Banking Technology which is offered by PNB IIT Lucknow.
  • To help to complete the courses offered in India by any reputed foreign University.
  • To complete research programs offered by any designated academic authority or any regulatory body.

Purpose of the Loan:-

  • To pay the fees payable to the college/school/hostel.
  • To pay the examination/library and laboratory fees.
  • To pay the insurance premium payable for the student borrower if it is applicable.
  • The caution money, building fund, and any refundable deposits are paid but should be supported by institution bills and receipts.
  • The bank also pays for the purchase of books, instruments, uniforms, and equipments.
  • The loan is also provided for the purchase of computer at a reasonable cost if required for the completion of the course.
  • To pay for the expenses incurred on thesis, project work, or study tours.

Eligibility:- 

  • The borrower should be an Indian citizen.
  • The borrower should have procured admission in higher education courses in the recognized institutions of India through Entrance test or the merit based selection process which is conducted after the completion of 10+2 exams.
  • Some cases of management quota based admission are also considered.


Margin:-

  • The margin money upto Rs.4lacs is nil.
  • The margin money above Rs. 4lacs is 5%.
  • Scholarship obtained can be considered as margin money in some cases.
  • Margin can be paid on a year to year basis if the disbursement is made on a pro rata basis.

Rate of Interest:-

  • Loans up to Rs.4lacs are charged with an interest of base rate +2%.
  • Loans above Rs.4lacs but upto Rs.7.5lacs is charged with an interest of base rate +3%
  • Loans above Rs.7.5lacs the interest charged are base rate +2.5%.
  • Base rate +1% of interest is charged irrespective of the amount where 100% tangible collateral security is provided in the form of IP, enforceable SARFESAI act. And where liquid security is available.
  • Simple interest is charged even in the repayment holiday period.
  • No processing fees or upfront fees are charged for this loan.
  • Documentation charges are taken, Rs.270 is charged for the loan upto Rs.4lacs and Rs.450 is charged for the loan above Rs.4 lacs.

Security:-

  • For the loan upto Rs.4lacs parents and guardians have to be the joint borrower’s of the loan.
  • For the loans above Rs.4.lacs but upto Rs.7.5lacs the parents has to be the joint borrower beside this the collateral security is needed with a third party guarantee.
  • For the loans above Rs.7.5lacs parents and guardians have to be the joint borrower with a tangible collateral security value to be taken as assessed by the bank and also the future income has to be assigned for the repayment of the loan installments.

The repayment period is maximum of 15 years.

The holiday period for the loan can be only course period+1 year.

PNB Pratibha

This loan is provided to the students who want pursue higher studies and have secured admissions in the Premier Institutions in India.

Purpose of the Loan:

  • To pay the fees payable to the college/school/hostel.
  • To pay the examination/library and laboratory fees.
  • To pay the insurance premium payable for the student borrower if it is applicable.
  • The caution money, building fund, or any refundable deposits are paid but should be supported by institution bills and receipts.
  • The bank also pays for the purchase of books, instruments, uniforms, and equipments.
  • The loan is also provided for the purchase of computer at a reasonable cost if required for the completion of the course.
  • To pay for the expenses incurred on thesis, project work, or study tours.

Eligibility:- 

  • The student borrower should be an Indian Citizen.
  • The student must have secured admission in any regular full time degree or diploma courses offered by Premier Institutes which includes: Business schools, Engineering colleges, medical colleges and any other reputed colleges.

Quantum of Finance:- 

  • The amount of finance is need based and is subject to the repaying capacity of the parents and students (after getting employment).
  • If the fees paid is reimbursed within the six month it can be considered to be the merits of an individual.

Margin:-

  • The margin money upto Rs.4lacs is nil.
  • The margin money above Rs. 4lacs is 5%.
  • Scholarship obtained can be considered as margin money in some cases.
  • Margin can be paid on a year to year basis if the disbursement is made on a pro rata basis.

Rate of Interest:- 

  • The base rate on interest is always fluctuating
  • The simple interest is charged even on the repayment holiday period
  • The processing fees and the upfront fees are nil
  • Documentation charges are taken, Rs.270 is charged for the loan upto Rs.4lacs and Rs.450 is charged for the loan above Rs.4 lacs
  • Security in this loan is the co-obligation of the parents or guardians who are the co-borrowers of the loan
  • The repayment period is maximum of 15 years
  • The holiday period for the loan can be only course period +1 year

PNB Udaan

This loan is provided to the meritorious students who want to commence their higher studies in abroad.

Objective of the loan:-

  • To provide loan to the students who want to complete their graduation in any job oriented professional or technical courses offered by any recognized Universities.
  • To complete the Post –graduation in courses like MCA, MBA, MS etc.
  • To obtain degree or diploma in courses like aeronautical, pilot training, shipping etc. Provide they are completed from any recognized Universities and are under the recognized regulatory body in abroad, and is done to obtain employment in abroad only.

The student doing any other courses other than aeronautical, pilot training or shipping the loan amount has to be backed up by any liquid security value of which should account for 125% of the loan taken and can be in the form of NSC’s, FDR’s or life Insurance policies having the sufficient surrender value along with the proper financial credentials of the family members who is a guarantor or a joint borrower.

Purpose of the loan:-

  • To pay the fees payable to the college/school/hostel.
  • To pay the examination/library and laboratory fees.
  • To pay for the travelling expenses or passage money for studying abroad.
  • To pay the insurance premium payable for the student borrower if it is applicable.
  • The caution money, building fund, or any refundable deposits are paid but should be supported by institution bills and receipts.
  • The bank also pays for the purchase of books, instruments, uniforms, and equipments.
  • The loan is also provided for the purchase of computer at a reasonable cost if required for the completion of the course.
  • To pay for the expenses incurred on thesis, project work, or study tours.


Eligibility:-

  • The borrower should be an Indian citizen.
  • The borrower should have procured admission in higher education courses in the recognized institutions abroad through Entrance test or the merit based selection process which is conducted after the completion of 10+2 exams.


Quantum of Finance:-

  • The amount of finance is need based and is subject to the repaying capacity of the parents and students (after getting employment).
  • If the fees paid is reimbursed within the six month it can be considered to be the merits of an individual.


Margin:-

  • No margin money till Rs 4 lacs
  • 5% margin money above Rs 4 lacs
  • Scholarship obtained can be considered as margin money in some cases.
  • Margin can be paid on a year to year basis if the disbursement is made on a pro rata basis.


Rate Of Interest:-

  • Base rate for top 200 recognized Universities of the world based on “Times Higher Education Ranking” depends totally upon the rate prevailing at the time of sanctioning of loan

For Other Universities:-

  • Loans upto Rs.4lacs is charged with an interest of base rate +2%.
  • Loans above Rs.4lacs but upto Rs.7.5lacs is charged with an interest of base rate +3%
  • Loans above Rs.7.5lacs the interest charged is base rate +2.5%.
  • Base rate +1% of interest is charged irrespective of the amount where 100% tangible collateral security is provided in the form of IP, enforceable SARFESAI act. And where liquid security is available.
  • Simple interest is charged even in the repayment holiday period.
    Upfront fees is charged @1% with a minimum of Rs.10000is charged for this loan and is refunded at the time of availing the loan.

Documentation charges are taken, Rs.270 is charged for the loan upto Rs.4lacs and Rs.450 is charged for the loan above Rs.4 lacs it excludes the service tax and education cess and is Subject to change from time to time.

Security:-

  • For the loan upto Rs.4lacs parents and guardians have to be the joint borrower’s of the loan.
  • For the loans above Rs.4.lacs but upto Rs.7.5lacs the parents has to be the joint borrower beside this the collateral security is needed with a third party guarantee.
  • For the loans above Rs.7.5lacs parents and guardians have to be the joint borrower with a tangible collateral security value to be taken as assessed by the bank and also the future income has to be assigned for the repayment of the loan installments.

The repayment period is maximum of 15 years.

The holiday period for the loan can be only course period+1 year.

PNB Honhaar

This loan is provided to pursue the higher studies in Delhi.

Purpose of the Loan:-

  • To pay the fees payable to the college/school/hostel.
  • To pay the examination/library and laboratory fees.
  • To pay the insurance premium payable for the student borrower if it is applicable.
  • The caution money, building fund, or any refundable deposits are paid but should be supported by institution bills and receipts.
  • The bank also pays for the purchase of books, instruments, uniforms, and equipments.
  • The loan is also provided for the purchase of computer at a reasonable cost if required for the completion of the course.
  • To pay for the expenses incurred on thesis, project work, or study tours.
  • While computing the loan amount the fees waiver, scholarships etc. is taken into account.
  • If the scholarship amount is included in the loan it should be assured that it gets credited to the loan account when it is received by the Government.

Eligibility:- 

  • Student availing loan should be an Indian Citizen.
  • The student has completed his class 10 and 12 from Delhi are eligible for this scheme to avail loan for degree or and diploma courses to be done in Delhi.
  • The student must have obtained admission any higher education course or skill development courses including bachelors or master or doctoral degrees through entrance exams or merit based selections after the completion of higher secondary exams.

Quantum of loan:-

The loan amount allowed totally depends upon the needs of the borrower but is limited to the maximum of Rs.10 lacs.

Margin:-

The margin amount for this loan is nil.


Rate of Interest:-

  • The rate of interest on this loan is base rate +2%.
  • Simple interest is charged on the repayment holiday period.

The processing fees and upfront fees for this loan are nil.

Documentation Charges:

Documentation charges are taken, Rs.270 is charged for the loan upto Rs.4lacs and Rs.450 is charged for the loan above Rs.4 lacs it excludes the service tax and education cess.

Security:- 

  • The security for the loan amount is upon the joint borrower’s who can be parents or the guardians.
  • The repayment period is of 15 years.
  • The holiday period for the loan can be only course period+1 year.
  • The Prepayment charges for the loan are nil.

PNB Kaushal

This type of loan is provided to the students who want to purse the skill development courses and have attained admission in the skill development courses of no minimum course duration.

Purpose of the loan:-

  • To pay for the tuition fees and course fees.
  • To pay for the library/laboratory or examination fees.
  • To pay the caution deposit.
  • For the purchase of books, instruments and equipments.
  • Any other required expenditure which is compulsory for the completion of the course.

Eligibility:-

  • The student should be an Indian national.
  • The student have secured admission in a course conducted by industrial training institutes or in any recognized universities like NSDC, sector skill councils etc.

Quantum of Finance:-

The loan sanctioned is totally need based subject to the ceiling of Minimum of Rs.5000/- and maximum of Rs.150000/-.

The margin money charged is NIL.


Rate of Interest:-

  • The rate of interest is Base rate +2%.
  • Simple interest is charged during the repayment holiday period.

The processing fees, upfront fees, and the documentation fees is NIL.

Repayment Term:-

  • For the loans upto Rs.50000 it is upto 3 years.
  • For the loans between Rs.50000 Rs.1lac it is upto5 years.
  • For the loans above Rs.1lacs it is upto 7 years.


Repayment holiday:-

  • For the courses of duration upto 1 year it is 6 months from the completion of course.
  • For the courses of more than one year it is 1 months from the completion of course.

The prepayment charges for the loan are NIL.

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