PNB Education Loan Scheme
PNB Education Loan Scheme is a Scheme offered by the Punjab National Bank to provide education loans for the students who desire to set off for higher studies out of the country. The educational loan for learning in abroad by the PNB is labeled as ‘PNB Saraswati’. The bank grants education loan for upto Rs. 20 lakh for studies at overseas. In the below section we are communicating all about this Loan Scheme. The Courses listed and selected up for PNB education loan are stated below:
- Many Job oriented professional and technical courses are offered by reputed universities
- Post graduation courses such as MBA, MCA and MS
- Courses carry out by CIMA- London and CPA in USA
- Degree courses such as pilot training, shipping, aeronautical etc.
** The diploma courses other than these will not get an education loan from PNB.
Eligibility / Requirement to get loan from PNB
- The necessities for candidates to get education loan from PNB are:
- They must be an Indian civilian.
- It is necessary that they must have acquired admission in reputed institutes from abroad
Completed application form
- Driving license
- Voters ID card
- Electricity bill
- Telephone bill
- Proof of age, Academic records and certificates of the newest degree
- Passport size photograph, Proof of address, prospectus of the college, all Information about the liabilities of the parents and a Copy of passport and visa.
- Fee payable to the university
- Examination fee
- Travel expenses
- vigilance deposit
- Purchase of books etc.
There is no security needed to take education loan for upto Rs. 4 lakh.
The candidates taking loan between Rs. 4 lakh and Rs. 7.5 lakh must supply guarantee as security in the form of appropriate third party assurance.
For the loans above 7.5 lakh, the candidate must present physical collateral security proper worth suitable for bank to along with the obligation of prospect income of the student for payment of all the installments.
|Amount of Loan||Repayable under 3 yrs||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%)|
The students who are taking and also who desire to get the loan up to Rs. 7.5 lakh will get 10 years refund period. There payment time of the loan for above will be 15 years. The delay period to start repay the loan is 6 month to a year after finishing the course or after getting an occupation (whichever be the earliest).
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