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Punjab and Sind Bank Education Loan

Punjab & Sind Bank (PSB) offers education loans for its customers starting at the rate of 8.30% p.a. At present, the bank offers 3 different education loan schemes on the basis of the education that an applicant wants to pursue.

PSB Education Loan Interest Rates

Name of Scheme Maximum Loan Amount Rates of Interest (EBLR)
PSB Education Loan More than Rs.7.5 lakh 8.60% p.a. to 9.10% p.a.
PSB Excellence Education Loan Up to Rs.20 lakh 8.30% p.a.
PSB Skill Education Loan Up to Rs.1.5 lakh 10.10% p.a.

Compare PSB Education Loan Schemes for Students

1) PSB Education Loan Scheme

  • Rate of Interest: 8.60% to 9.10% p.a.
  • Processing Fee: No processing fee is charged for availing an education loan through PSB. However, you will be required to deposit an amount of Rs.2,000 in the savings account which can be withdrawn after the loan is availed. This amount is forfeited as the processing fee in case the loan is not availed.
  • Collateral:
    • Up to Rs.4 lakh: No requirement for collateral. However, the parents of the applicant have to be joint borrowers.
    • More than Rs.4 lakh and up to Rs.7.5 lakh: The parents of the applicant have to be joint borrowers. In addition to that, a suitable third-party guarantee has to be provided. However, if the loan is eligible for Credit Guarantee Fund Scheme for Education Loan (CGFSEL), the third-party guarantee will be waived.
    • More than Rs.7.5 lakh: The parents of the applicant have to be joint borrowers.
  • Loan Repayment Tenure: Up to 15 years.
  • Eligibility: Indian Nationals

2) PSB Excellence Education Loan Scheme

  • Rate of Interest: 8.30% p.a.
  • Processing Fee: No processing fee is charged for availing an education loan through PSB. However, you will be required to deposit an amount of Rs.2,000 in the savings account which can be withdrawn after the loan is availed. This amount is forfeited as the processing fee in case the loan is not availed.
  • Collateral: The parents of the applicant have to be joint borrowers. No requirement for collateral.
  • Loan Repayment Tenure: Up to 10 years.
  • Eligibility: Indian Nationals

3) PSB Skill Education Loan Scheme

  • Rate of Interest: 10.10% p.a.
  • Processing Fee: No processing fee is charged for availing an education loan through PSB. However, you will be required to deposit an amount of Rs.2,000 in the savings account which can be withdrawn after the loan is availed. This amount is forfeited as the processing fee in case the loan is not availed.
  • Collateral: The parents of the applicant have to be joint borrowers. No requirement for collateral security.
  • Loan Repayment Tenure: Up to 7 years.
  • Eligibility: Indian Nationals

PSB Education Loan EMI Calculator

As a borrower, you can easily find out the Equated Monthly Instalment (EMI) amount that you will be required to pay in case you avail a PSB Education Loan under any of the schemes. BankBazaar Education Loan EMI Calculator will show you the exact figures on the basis of the information that you provide. All you have to do is pull the slider to set the desired loan amount and repayment tenure and type the rate of interest in the field provided in the calculator. Once the information is furnished, simply click on the ‘Calculate’ button to find out the EMI amount as well as all other relevant information in regard to the loan.

Here’s an example to illustrate this better:

If you want to avail an education loan of Rs.10 lakh under the PSB Education Loan scheme, for a tenure of 15 years, and at an interest rate of 9.00% p.a., the amortisation table for your loan can be furnished as follows:

Loan Amount: Rs.10 lakh

Interest payable: Rs.8,25,680

Total amount payable: Rs.18,25,680.

Year Principal Paid (A) Interest Paid (B) Total Payment (A+B) Outstanding Loan Balance
2021 24,510 66,773 91,283 9,75,490
2022 35,353 86,360 1,21,713 9,40,137
2023 38,668 83,042 1,21,710 9,01,468
2024 42,296 79,415 1,21,711 8,59,172
2025 46,265 75,448 1,21,713 8,12,908
2026 50,604 71,108 1,21,712 7,62,304
2027 55,351 66,361 1,21,712 7,06,953
2028 60,542 61,167 1,21,709 6,46,410
2029 66,222 55,489 1,21,711 5,80,188
2030 72,435 49,277 1,21,712 5,07,753
2031 79,231 42,485 1,21,716 4,28,523
2032 86,662 35,050 1,21,712 3,41,861
2033 94,794 26,920 1,21,714 2,47,070
2034 1,03,684 18,028 1,21,712 1,43,387
2035 1,13,409 8,303 1,21,712 29,977
2036 29,977 451 30,428 0

How to Apply for PSB Education Loan

To apply for an education loan through the Punjab and Sind Bank, you can follow the steps mentioned below:

Offline:

  • Visit the nearest PSB branch office along with the required documents.
  • Fill up the necessary forms and submit and verify the documents.

Alternatively, you can also call the PSB toll free number 1800 419 8300 and place your query for the loan.

Online

  • Visit the official website of the bank and log in to the portal using the ‘Internet Banking Login’ button in the top-right corner of the screen.
  • Navigate to the desired loan product and follow the on-screen instructions.

PSB Education Loan Documents Required and Application Form

In general, you will be required to provide the following documents to avail an education loan.

What Makes You Eligible for an Educational Loan?

  • Application form
  • Passport-sized photographs
  • Proof of identity such as passport, voters’ ID card, PAN card, etc.
  • Proof of address such as Aadhaar card, driving licence, passport, etc.
  • Proof of admission of the applicant
  • Academic records

The documents mentioned above are indicative. You might be required to provide other documents as well as per the requirement of the bank.

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