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  • Punjab National Bank Education Loan

    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 ([email protected]%)

    Repayable in 3 Years & Above

    Up to Rs 4 lakh

    BR + 3.00%

    BR + 2.50% + Term Premium ([email protected]%)

    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 ([email protected]%)

    Repayable in 3 Years & Above

    Up to Rs 4 lakh

    BR + 3.00%

    BR + 2.50% + Term Premium ([email protected]%)

    Over Rs 4 lakh & up to Rs 7.50 lakh

    BR + 4.00%

    BR + 3.50% + Term Premium ([email protected]%)

    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 ([email protected]%)

    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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