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Punjab National Bank Education Loan

Punjab National Bank (PNB) offers different educational loans at attractive interest rates with a repayment tenure of up to 15 years. However, depending on the loan, the repayment tenure will vary. You can avail an education loan for the purposes of higher education (in India or abroad), vocational education and training, for education at premier institutes, and for higher education in Delhi. Individuals who are born abroad but wish to pursue higher education in India can also avail the loan.

PNB Education Loan Interest Rates 2020

Scheme Interest Rates
PNB Saraswati 7.30% - 9.80%
PNB Pratibha 7.20% - 7.80%
PNB Uddan 7.30% - 9.80%
PNB Kaushal 7.30% - 8.70%
PNB Honhaar 9.20%
PNB Pravasi Shiksha Loan 9.20%

Depending on the scheme, the loan amount that can be provided will vary. You can contact PNB to check the maximum loan amount that will be provided for each scheme.

Different Education Loan Schemes

1. PNB Saraswati

  • Interest Rate: 7.30% - 9.80%
  • Processing Fee: Nil
  • Collateral: Depending on the loan amount, the collateral that must be provided will vary. The security that must be provided for different loan amounts is mentioned below:
    • Up to Rs.7.50 lakh: The guardian or parent must be a joint borrower.
    • Above Rs.7.50 lakh: Apart from the parent or guardian acting as a joint borrower, tangible collateral security of an appropriate value must be provided.
  • Loan Tenure: Up to 15 years
  • Eligibility: The eligibility criteria that must be met are mentioned below:
    • Must be an Indian citizen.
    • Must have been selected for the course at a recognised institution in the country via Merit-Based Selection or Entrance Test.
    • In the case of management quota, the case will be considered on merit basis.

2. PNB Pratibha

  • Interest Rate: 7.20% - 7.80%
  • Processing Fee: Nil
  • Collateral: The parent or guardian must be a co-borrower.
  • Loan Tenure: Up to 15 years
  • Eligibility: The eligibility criteria that must be met to avail the loan is mentioned below:
    • Must be an Indian citizen.
    • Must have secured admission for a Diploma course or a regular full-time degree course at a premier institution in India. The list of institutions is mentioned on the official website of PNB.
    • You must have secured admission for a Part-Time Graduate Programme (Management for Executives) offered by the Indian Institute of Management.
    • You must have secured admission for a Post Graduate Programme (Management for Senior Executives) provided by the Indian School of Business (Hyderabad or Mohali campus).

3. PNB Uddan

  • Interest Rate: 7.30% - 9.80%
  • Processing Fee: 1% of the loan amount (Minimum of Rs.10,000). However, the processing fee is refundable post the first disbursement.
  • Collateral: Depending on the loan amount, the collateral that must be provided will vary. The security that must be provided for different loan amounts are mentioned below:
    • Up to Rs.7.50 lakh: The guardian or parent must be a joint borrower.
    • Above Rs.7.50 lakh: Apart from the parent or guardian acting as a joint borrower, tangible collateral security of an appropriate value must be provided.
  • Tenure: Up to 15 years
  • Eligibility: The eligibility criteria that must be met are mentioned below:
    • Must be an Indian citizen.
    • Must have been selected for the course at a recognised institution in the country via Merit-Based Selection or Entrance Test.

4. PNB Kaushal

  • Interest Rate: 7.30% - 8.70%
  • Processing Fee: Nil
  • Collateral: The guardian or parent must be the co-borrower.
  • Tenure: Depending on the loan amount, the repayment tenure will vary. The tenure for different loan amounts is mentioned below:
    • Up to Rs.50,000: Up to 3 years
    • Between Rs.50,000 and Rs.1 lakh: Up to 5 years
    • Above Rs.1 lakh: Up to 7 years
  • Eligibility: The eligibility criteria that must be met to apply for this loan type under the Education Loan scheme are mentioned below:
    • Must be an Indian citizen
    • Must have secured admission at a course offered by Industrial Training Institutes (ITIs) or in a recognised school.

5. PNB Honhaar

  • Interest Rate: 9.20%
  • Processing Fee: Nil
  • Collateral: Parent or guardian must be the co-borrower
  • Tenure: Up to 15 years.
  • Eligibility: The eligibility criteria that must be met in order to avail a loan under the scheme are mentioned below:
    • Must be an Indian citizen.
    • Individuals who wish to pursue a degree, diploma, or skill development courses in Delhi and have completed Class X and Class XII can avail the loan.
    • Must get admission for the course at a recognised university.

6. PNB Pravasi Shiksha Loan

  • Interest Rate: 9.20%
  • Processing Fee: 1% of the loan amount (Minimum of Rs.10,000). The processing fee is non-refundable.
  • Collateral: Immovable property must be provided by the guarantor as collateral. The value of the property must be 125% of the loan amount. The guarantor can also provide liquid security worth 125% of the loan amount.
  • Tenure: Up to 10 years. However, the moratorium period is excluded.
  • Eligibility: The eligibility criteria that must be met in order to avail a loan under this scheme are mentioned below:
    • Students or overseas Indian citizens who are born to Indian parents can avail the loan
    • The individual must have also secured admission at an institution that has been identified by the bank.

Punjab National Bank Education Loan Calculator

You can use the Education Loan EMI calculator offered by BankBazaar to calculate the monthly payments. The calculator is easy to use and helps save time. Once you enter details such as the loan amount, tenure, interest rate, and processing fee, the details will be displayed immediately. You can get details such as the principal paid, interest paid, and the outstanding balance as well.

How to Apply for Punjab National Bank Education Loan

The step-by-step procedure to apply for an education loan is mentioned below:

  • Visit the official website of Punjab National Bank.
  • Under the ‘Products’ tab, click on ‘Retail’. This option can be found under the ‘Loans’ section.
  • On the next page, click on ‘Education Loans’.
  • Click on ‘Education Loan’ under ‘Apply for online’.
  • On the next page, click on ‘Education Loan’.
  • Next, complete the registration process and click on submit.
  • A Punjab National Bank representative will contact you to process the request.

Punjab National Bank Education Loan Documents Required

Depending on the loan, the documents that must be submitted will vary. The main documents that must be submitted when you apply for an education loan are mentioned below:

  • Application form
  • Passport-size photographs
  • Identity Proof: Any of the below-mentioned documents can be submitted as proof of identity:
    • PAN Card
    • Aadhaar Card
    • Passport
    • Voter’s ID
    • Driving License
  • Address Proof: Any of the below-mentioned documents may be provided as proof of address:
    • Voter’s ID
    • Driving License
    • Aadhaar Card
    • Passport
  • Academic Documents: The below-mentioned academic documents must be submitted:
    • 10th and 12th exam marks cards
    • Marks cards of any further education
    • Entrance Exam mark sheet
    • Mark sheets of GRE/IELTS/TOFEL/GMAT
    • Any scholarship documents if applicable
  • Proof of admission
  • Income proof of the co-borrower or guarantor
  • Collateral documents
  • Bank statements

Any other document that has been requested by the bank must also be submitted.

FAQ's

1. Under the PNB Saraswati loan, what is the maximum amount of loan I can avail?

Under the PNB Saraswati loan, you can avail up to Rs.10 lakh.

2. Who can be a co-borrower?

The below-mentioned individuals can be a co-borrower:

  • Parents
  • Grandparents
  • Spouse
  • Parents-in-law

3. Can I avail an additional amount to the loan that has already been provided?

An additional loan amount can be availed for the same course based on the merits.

4. Under the PNB Kaushal loan, what is the maximum loan amount I can avail?

The maximum loan amount that can be availed under the PNB Kaushal scheme is Rs.1.50 lakh.

5. Under the PNB Udaan loan, what is the maximum loan amount I can avail?

You can avail up to Rs.20 lakh under the PNB Udaan scheme.

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