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  • Punjab National Bank Education Loan

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    About PNB Education Loan:

    Established in 1894, Punjab National Bank (also known as PNB) is one of India’s oldest and third largest public sector bank which caters to over 80 million customers. In an effort to help brighten the future of our nation, PNB offers multiple education loans and schemes to students and individuals, who wish to pursue higher education in India and abroad. Under education loans, PNB offers four distinct kinds of loans which are PNB Udaan, PNB Kaamgar, PNB Pratibha and PNB Saraswati.

    Customers availing these loans also have the choice to opt for schemes like CSIS (Central Scheme for Interest Subsidy), Concessional Education Loans to Persons with Disabilities (PwDs) and Padho Pardesh (Education loan scheme for overseas studies to students belonging to minorities) to ease their loan liability.

    Features / Benefits of Punjab National Bank Education Loans:

    Following are the highlighting features of the various education loans offered by PNB.

    PNB Saraswati:

    The PNB Saraswati education loan is provided to student applicants who wish to pursue higher education in India.

    Expenses Covered:

    This loan covers all course related expenses and fees for college/school/hostel, examinations/library/laboratory, caution deposit/building fund/refundable deposit (supported with relevant bills/receipts), books & equipment, course related travel, and insurance premium for student borrower.

    Quantum of Loan:

    Applicants can avail this loan for a maximum amount of Rs 10 lakhs.

    Repayment Period:

    Loans up to Rs 7.50 lakhs must be repaid in a maximum period of up to 10 years and loans exceeding Rs 7.50 lakhs must be repaid within a maximum period of up to 15 years, in equal monthly installments (EMIs). Applicants will be entitled to repayment holiday period of either ‘course duration + 1 year’ OR ‘6 months after getting a job’, whichever occurs earlier.

    Interest Rate:

    Amount of Loan

    Repayable in Less Than 3 Years (BR@10%)

    Repayable in 3 Years & Above

    Up to Rs 4 lakh

    BR + 3.00%

    BR + 2.50% + Term Premium (TP@0.50%)

    Over Rs 4 lakh & up to Rs 7.50 lakh

    BR + 4.00%

    BR + 3.50% + TP

    Over Rs 7.50 lakh

    BR + 2.00%

    BR + 2.00%

    Margin of Loan:

    No margin will be applicable on loans taken up to Rs 4 lakh. For loans above Rs 4 lakh, a margin of 5% is applicable.

    Security:

    • Up to Rs 4 lakh: Parents / guardians must be joint borrowers and no other security is required.
    • Above Rs 4 lakh & up to Rs 7.5 lakh: In addition to parents/guardians becoming joint borrowers, collateral security in the form of a suitable third party guarantee is required.
    • Above Rs 7.5 lakh: Tangible collateral security of suitable value acceptable to the bank must be put as security, in addition to parents/guardians becoming joint borrowers.

    PNB Kaamgar:

    This loan is provided to individuals who, after completion of Std. X, wish to pursue any employment oriented skill development courses offered by any recognized institute.

    Expenses Covered:

    The loan covers all course related expenses/fee for tuition/course, examinations/library/laboratory, caution deposit, books & equipment and any other reasonable expenditure incurred towards completion of course.

    Quantum of Loan:

    For courses:

    • Up to 3 months – Rs 20,000
    • Above 3 to 6 months – Rs 50,000
    • Above 6 months to 1 year – Rs 75,000
    • Above 1 year – Rs 1,50,000

    Processing Fee:

    There is no processing fee attached with this loan.

    Repayment Period:

    • For courses up to 1 year, loan must be repaid in 2 to 5 years & for courses over 1 year, loan must be repaid in 3 to 7 years.
    • Loan Repayment Holiday / Moratorium period for courses up to 1 year will be 6 months from completion of course and for courses above 1 year, this period will be 12 months from completion of course.
    • No pre-payment penalty will be charged.

    Interest Rate:

    Amount of Loan

    Repayable in Less Than 3 Years (BR@10%)

    Repayable in 3 Years & Above

    Up to Rs 4 lakh

    BR + 3.00%

    BR + 2.50% + Term Premium (TP@0.50%)

    Over Rs 4 lakh & up to Rs 7.50 lakh

    BR + 4.00%

    BR + 3.50% + Term Premium (TP@0.50%)

    Over Rs 7.50 lakh

    BR + 2.00%

    BR + 2.00%

    Margin of Loan:

    There is no margin applicable on the PNB Kaamgar Education Loan.

    Security:

    Parents/guardians must file the loan documents with the student as the joint borrower. Other than that, no collateral security / third party guarantee is needed.

    PNB Pratibha:

    This loan is specifically provided to students who wish to pursue higher education in any of India’s premier colleges/institutions like IITs, IIMs, NITs, etc.

    Quantum of Loan:

    The quantum of loan amount ranges from Rs. 7.50 lakhs up to Rs 15 lakhs for various categories of colleges/universities/institutes in India.

    Interest Rate:

    Repayment Term

    Rate of Interest (BR@10.00%)

    3 years & more

    BR + 1.50% + Term Premium

    Less than 3 years

    BR + 1.50%

    Margin of Loan:

    No margin is applied if the loan taken is up to Rs 4 lakhs. If loan amount exceeds Rs 4 lakh, a margin is 5% is applicable.

    Security:

    Applicants need not provide any collateral security with this loan. Parents/guardians must be named as joint borrowers.

    Eligibility for PNB Education Loans:

    PNB Saraswati:

    Student must be an Indian national.

    • Student must have gained admission to any recognized institute in India for a higher education course through an entrance test / merit based selection process, after passing Higher Secondary School i.e. 10+2 or equivalent.
    • Student must have secured admission solely based on marks scored in the qualifying examinations. (Marks cut-off percentage of 60% for General category & 50% for SC/ST be considered).

    PNB Kaamgar:

    • Student must be an Indian national. 
    • He/she must have secured admission to a course run or supported by a government run Ministry / Dept. / Organization or a company / society / organization supported by the National Skill Development Corporation (NSDC) or State Skill Missions / State Skill Corporations.
    • Said course should preferably award a certificate / diploma / degree, etc. which is issued by a Govt. run/ Govt. authorized organization.

    PNB Pratibha:

    Student must have secured admission to a regular full time Degree/Diploma course at any of the premier institutes in India.

    Eligible Courses in India & Abroad for PNB Education Loans:

    PNB Saraswati:

    • Approved courses offered by colleges/ universities recognized by UGC/ Govt. / AICTE/ AIBMS/ ICMR etc. which grant Graduate/ Post Graduate degrees and PG Diplomas.
    • Professional courses like ICWA, CA, CFA etc.
    • Courses conducted by premier institutes like IIMs, IITs, IISc, XLRI, NIFT, NID etc.
    • Regular Degree/Diploma courses like aeronautical, pilot training, shipping, nursing or any other discipline approved by Director General of Civil Aviation (DGCA) / Shipping / Indian Nursing Council or any other regulatory body (if the course is pursued in India).
    • Advance Diploma in Banking Technology offered by PNB IIT, Lucknow.
    • Approved courses offered in India by reputed foreign universities.
    • Recognized research programmes offered by any designated academic authority/ regulatory body.

    PNB Kaamgar:

    • Vocational / skill development courses for a duration of 2 months to 3 years run or supported by a Govt. Ministry/Dept./Organization OR a company / society / organization supported by National Skill Development Corporation (NSDC) or State Skill Missions / State Skill Corporations which ideally awards a certificate / diploma / degree, etc. issued by a Govt. run or Govt. authorized organization.
    • State Level Bankers Committee (SLBC) / State Level Coordination Committee (SLCC) may add other skill development courses / programmes, having good employability.

    PNB Pratibha:

    All management, engineering, medicine, law and other professional courses offered by premier institutes like IIMs, IITs, NITs and others.

    Documents Required for PNB Education Loans:

    PNB Saraswati:

    1. Loan application as per the bank's format.
    2. Passport size photograph.
    3. Proof of address & age
    4. PAN Card copy of student borrower
    5. Proof of having cleared last qualifying examination.
    6. Letter of Admission
    7. Course Prospectus which states details of charges/fee for admission, examination, Hostel etc.
    8. Details of assets & liabilities of parents/co-applicants/guarantors
    9. If the loan requires a collateral mortgage of IP as security, then a copy of Title Deed and Valuation is required
    10. Borrower must obtain, at their expense, a Non-encumbrance Certificate from an approved lawyer of the bank
    11. Any other document/information, depending upon the case and purpose of the loan

    PNB Kaamgar:

    1. Loan application as per the bank’s format
    2. Passport size photograph
    3. Address proof
    4. Proof of age
    5. Proof of having cleared last qualifying examination.
    6. Letter of admission to say vocational/ skill development courses.
    7. Course prospectus mentioning charges/fee pertaining to admission, examinations, hostel etc.
    8. Details of assets & liabilities of parents/co-applicants
    9. Any other document/information, depending on the case and purpose of the loan

    Subsidy Schemes for Punjab National Bank Education Loans:

    1. Central Scheme for Interest Subsidy (CSIS)
    2. The Central Scheme for Interest Subsidy (CSIS) has been introduced by the Government of India to help ease the interest liability of education loan borrowers belonging to belonging to the economically weaker sections from scheduled banks / regional rural banks (RRBs) who wish to pursue any approved technical / professional course from any recognized institution in India. Benefits of this scheme are only applicable to students belonging to weaker sections of the economy, where the maximum annual family income is Rs 4.5 lakhs, at the time of availing the loan. Students are eligible for this scheme only once.
    3. Concessional Education Loan to Persons with Disabilities
    4. This is essentially an education loan provided to students with disabilities under the PNB Saraswati and PNB Kaamgar loan schemes. The loans will be provided as per the bank’s regular education loan scheme but with the following modifications:
      • Eligibility: Students with 40% or more disability, based on the Disability Certificate issued by concerned authorities, are eligible for this scheme.
      • Expenses Covered: Cost of a 2-wheeler up to Rs 50,000/- shall be considered within the overall loan amount.
      • Rate of Interest: An interest of 4.00% shall be charged. Additional rebate of 0.50% will be allowed to women borrowers.
      • Quantum of Finance: For studies in India, loan quantum of loan is capped at Rs 10 lakhs. For studies abroad, the quantum of loan is capped at Rs 20 lakhs.
    5. Padho Pardesh:
    6. The Padho Pardesh Scheme has been introduced with the objective of providing interest subsidy on education loans for meritorious students belonging to the economically weaker sections of minority communities only for pursuing higher studies abroad. This loan is available to students who have (i) Secured admission to approved courses at the Masters, M.Phil and Ph.D level, and (ii) Have taken a loan from a scheduled bank under the education loan scheme of the IBA. The income ceiling of the applicant’s parents/guardians in this case must not exceed Rs 6 lakhs per annum.
    7. PNB Udaan:
    8. The PNB Udaan Education Loan scheme aims to provide financial support to meritorious students who wish to pursue higher education abroad. In order to be eligible for this scheme, students: (i) Must be an Indian national ; and (ii) Must have secured admission to a higher education course in any recognized institution abroad via an entrance test / merit based selection process, after successful completion of higher secondary school (10+2 or equivalent). This scheme covers expenses/fee for the college tuition, hostel accommodation, course related travel expenses, examination/laboratory/library, caution deposit/building fund and purchase of course related equipment like computers. Quantum of loan applicable with this scheme is capped at a maximum of Rs 20 lakhs and a processing fee at the rate of 1% (minimum of Rs 10,000) shall be charged. If the loan taken is under Rs 4 lakhs, then no margin is applicable, but if the loan amount is above Rs 4 lakhs, then a 15% margin is applicable. Regarding the repayment period, loans up to Rs 7.50 lakhs can be repaid for a term of up to 10 years while loans exceeding Rs 7.50 lakhs must be paid in up to 15 years. This scheme is eligible for a range of job-oriented/professional graduation, post-graduation, degree/diploma courses for various fields and disciplines, which must be offered by reputed universities.

    PNB Education Loans FAQs:

    1. Is there any rebate / concession on rate of interest with PNB Kaamgar Loan?
    2. Yes, a rebate of 0.50% will be given to women beneficiaries for existing & new girl student borrowers.
    3. Can I apply for apply for PNB Education Loans online?
    4. Yes, you can apply for these loans online via a very simple process.
    5. Is there a minimum age limit to apply for a PNB Education Loan?
    6. No, there is no specific age restriction in order to apply for any of PNB’s education loans.
    7. Can I transfer my PNB loan account from one branch/place to another?
    8. Yes, you can transfer your loan account from one branch/place to another for hassle-free deposit of repayment dues and also easy monitoring.
    9. What if I do not have a PAN card at the time of applying for a PNB Education loan?
    10. If you don’t have a PAN card while applying for a loan, you can submit the same within one year of disbursement of loan.

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    GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.

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    Punjab National Bank Education Loan Reviews

  • Page 1 of 2 1 2
    • Punjab National Bank Education Loan
      "very good service and very responsive."
      PUNJAB NATIONAL BANK
      0.5 5.0/5 "Blown Away!"
      I had very good experience with PNB, they didn't take any charges on the loan disbursement. They have sanction the requested amount for an education loan with lower interest. I took the amount of 3 lakhs, then I closed my loan and got the loan closure letter from them.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Oct 06, 2017
    • Punjab National Bank Education Loan
      "Good for students"
      PUNJAB NATIONAL BANK
      0.5 5.0/5 "Blown Away!"
      I had very good experience with PNB, they didn't take any charges on the loan disbursement. They have sanction the requested amount for an education loan with lower interest. I took the amount of 5 lakhs, then I closed my loan and got the loan closure letter from them.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 24, 2017
    • Punjab National Bank Education Loan
      "Great Experience"
      PUNJAB NATIONAL BANK
      0.5 5.0/5 "Blown Away!"
      I have taken education loan with PNB, unfortunately I have missed some of the dues. First they asked me do the final settlement of my loan. Later on, they understood due to financial criteria I were missed my dues and they helped me to close my loan without any hassles, its a great support. PNB is really appreciable they helped me to get education by their loan product.
      Was this review helpful? 14
      , kolkata
      Reviewed on Mar 18, 2017
    • Punjab National Bank Education Loan
      "Pretty difficult process"
      PUNJAB NATIONAL BANK
      0.5 3.0/5 "Satisfactory"
      The process was very difficult with PNB when it comes to educational loan. They were in need of many documents, I had to provide all the documents in one go. It is Government sector ideally speaking they dont require such documents. They had infact asked for property documents etc especially photo copies.
      Was this review helpful? 9
      , new delhi
      Reviewed on Feb 04, 2017
    • Punjab National Bank Education Loan
      "My good moments"
      PUNJAB NATIONAL BANK
      0.5 5.0/5 "Blown Away!"
      I do have my share of good moments with PNB, the Branch Manager helped me out in person. He had asked for the required set of paper works of my PG which I had produced. They did not ask for any collateral security at the time of offering the loan. Generally, poeple will start to repay the loan from the 2nd year onwards. Nevertheless, my loan is completely paid off.
      Was this review helpful? 9
      , gurgaon
      Reviewed on Sep 02, 2016
    • Punjab National Bank Education Loan
      "Good features but slow process"
      PUNJAB NATIONAL BANK
      0.5 4.0/5 "Great!"
      Punjab national bank has processed my educational loan in a appropriate way. The services are good. Though the process is a bit slow when compared to privatized banks. There are other good benefits which comes along with it like the rate of interest and charges.
      Was this review helpful? 12
      , meerut
      Reviewed on Aug 24, 2016
    • Punjab National Bank Education Loan
      "Need to improve "
      PUNJAB NATIONAL BANK
      0.5 1.0/5 "Really Bad"
      The service offered was not upto the mark from Punjab national bank in case of education loan.They have not processed the loan in a very appropriate manner since they are a nationalized bank.They have to improve the support offered and assist customer in a better way.
      Was this review helpful? 6
      , nagpur
      Reviewed on Aug 13, 2016
    • Punjab National Bank Education Loan
      "Nice and informative process"
      PUNJAB NATIONAL BANK
      0.5 5.0/5 "Blown Away!"
      Step by step guidance was provided by Punjab National Bank when I approached them for my educational loan. .The loan process was done on a timely basis.It was a fast processing and they have applied a rate around 9.5% for the educational loan.
      Was this review helpful? 10
      , pune
      Reviewed on Jun 14, 2016
    • Punjab National Bank Education Loan
      "Improve the policies"
      PUNJAB NATIONAL BANK
      0.5 3.0/5 "Satisfactory"
      I have closed the educational loan with the Punjab National Bank and the interest rate was around 12.25%. Customer service is not a good one with them like password generation process is very slow with them like they made us to roam to their branch to get the service. They need to improve their service and the processing charges were also very huge.
      Was this review helpful? 12
      , ghaziabad
      Reviewed on May 13, 2016
    • Punjab National Bank Education Loan
      "Quick loans!"
      PUNJAB NATIONAL BANK
      0.5 5.0/5 "Blown Away!"
      Punjab National bank provided me educational loan for the extended tenure of 84 months. But we made the entire payment within the tenure time. Net banking facility is not that much user friendly with them. The loan process was quite easy at the beginning from them.
      Was this review helpful? 8
      , greater noida
      Reviewed on Feb 25, 2016
    • Punjab National Bank Education Loan
      "Helped me..."
      PUNJAB NATIONAL BANK
      0.5 4.0/5 "Great!"
      Punjab national bank is good bank and it helped me avail a loan for my higher education. I have taken Educational loan from them in 2010. Their response was good but process took longer time. Due to some verification they took more than a month.
      Was this review helpful? 3
      , gurgaon
      Reviewed on Feb 10, 2016
    • Punjab National Bank Education Loan
      "Not satisfied"
      PUNJAB NATIONAL BANK
      0.5 1.0/5 "Really Bad"
      I have closed the educational loan with the Punjab National Bank and the interest rate might be around 10%. Customer service is not good with them, also I can say that the responsiveness is poor. They dint provided the assistance to the customer properly, also to take a statement they made the customer to wait in queue.
      Was this review helpful? 9
      , bhiwani
      Reviewed on Jan 30, 2016
    • Punjab National Bank Education Loan
      "Lengthy Process!"
      PUNJAB NATIONAL BANK
      0.5 1.0/5 "Really Bad"
      Educational loan process was pretty lengthy with Punjab national bank. My father is the co applicant for my loan process and he took care of the entire loan process. I believe that he submitted our home loan details to take this educational loan from PNB.
      Was this review helpful? 9
      , jaipur
      Reviewed on Jan 14, 2016
    • Punjab National Bank Education Loan
      "Lengthy Process!"
      PUNJAB NATIONAL BANK
      0.5 2.0/5 "Expected more"
      I signed up as a co applicant for my daughterâ??s Educational Loan. Punjab National Bank processed the loan within 10 days. Graduation details, address proof, income details along with my PAN details were collected as documents for the loan processing.
      Was this review helpful? 11
      , agra
      Reviewed on Nov 21, 2015
    • Punjab National Bank Education Loan
      "Easily Process "
      PUNJAB NATIONAL BANK
      0.5 4.0/5 "Great!"
      I got my education loan very easily from Punjab national bank because the branch was in the home town. After the completion of the courses plus six months are given to repay the amount. They use to charge 11% interest rate . People in the bank are good who interacting with the customer.
      Was this review helpful? 6
      , bangalore
      Reviewed on Oct 13, 2015
    • Punjab National Bank Education Loan
      "Helpful for the students "
      PUNJAB NATIONAL BANK
      0.5 5.0/5 "Blown Away!"
      Its really good to take a Education loan with Punjab National Bank and they have processed the application in a excellent manner.They took around 5-7days to process the application.The interest rate applied was quite high compared to other bank.
      Was this review helpful? 9
      , dehradun
      Reviewed on Oct 06, 2015
    • Punjab National Bank Education Loan
      "Approachable...."
      PUNJAB NATIONAL BANK
      0.5 4.0/5 "Great!"
      PNB is a government bank, they were very slow in providing the loan. They kept on asking for documents. They took nearly one and a half months to release the amount. The branch manager helped me in getting this educational loan. It will be good if they can provide the loan in short duration.
      Was this review helpful? 5
      , mumbai
      Reviewed on Sep 03, 2015
    • Punjab National Bank Education Loan
      "Good Services..."
      PUNJAB NATIONAL BANK
      0.5 3.0/5 "Satisfactory"
      I approached the bank directly and applied for a education loan. They gave me a good offer but the rate of interest was a bit high. The executives in the Punjab National Bank helped me a lot, they needed more documents. They took long time for processing the loan. It would have been better if they would have reduced the interest rate.
      Was this review helpful? 7
      , new delhi
      Reviewed on Aug 10, 2015
    • Punjab National Bank Education Loan
      "Good "
      PUNJAB NATIONAL BANK
      0.5 3.0/5 "Satisfactory"
      It was a complicated process while I got the education loan with Punjab National Bank and I feel they have too much of formalities in their process.The customer service provided was quite average and the EMI starts for a loan after 6 months of education being completed and for me its been started.If the process remains the same I would suggest they can simplify the loan process.
      Was this review helpful? 11
      , new delhi
      Reviewed on Jul 13, 2015
    • Punjab National Bank Education Loan
      "Its complicated"
      PUNJAB NATIONAL BANK
      0.5 3.0/5 "Satisfactory"
      PNB Education loan is not good. As they have forced me to take insurance for this loan and its no way related to it. It was after 2 months when I asked for some clarification they were unable to give the information. They were unable to provide the contact number of the agent who sold this insurance to me. Further more this insurance was offered at the their Branch only. Nevertheless they themselves advised me to close this loan.
      Was this review helpful? 10
      , mumbai
      Reviewed on Jun 23, 2015
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