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| Education loans |
Eligibility:
- Must be an Indian National
- Secured admission to Professional / Technical courses through Entrance Test / Selection process.
- Secured admission to foreign University / Institutions.
- Student should have secured pass marks in the qualifying Examination for admission to Graduation Courses
Courses Eligible for Getting Loan:
- Graduation courses: B.Sc, B.Com, B.A. etc.
- Post Graduation courses: Engineering, Agriculture, Medical, Veterinary, Dental, Law Computer, Management, etc.
- Certificate courses of the computers of the standard institutes qualified to the electronics departments or universities.
- Courses such as CA, ICWA, CFA etc.
- Courses arranged by IIT, IIM, IISc, NIFT, XLRI, etc.
- Courses which are conducted in evening.
- Other degree or diploma courses arranged by universities or colleges and approved by Gowernment, UGC, AICTE, ICMR, AIBMS etc.
- The courses which are presented by the National or any standard institute.
Studies Abroad
- Graduation- For job oriented professional / technical courses offered by reputed universities, credentials of the Educational Institution may be got certified from authenticated sources / Embassy in India
- Post - Graduation - MCA, MBA, MS etc.
- Course conducted buy CIMA - London, CPA in USA etc.
Quantum
- For studies in India - Maximum Rs. 10.00 lacs.
- For studies Abroad - Maximum Rs. 20.00lacs.
Margin
- Upto 4 lacs - Nil
- Above 4 lacs for
- -Education in India - 5%
- - Education Abroad - 15%
Security of Loan in punjab National Bank (PNB)
- Upto 4.00 lacs: No Security
- Above Rs. 4 lacs and upto Rs. 7.50 lacs: Collateral in the from of a suitable third party guarantee. The bank may, at its discretion, waive third party guarantee if satisfied with the net - worth / of parent who would be executing the document as "joint borrower".
- Above Rs. 705 lacs : Collateral security of Suitable value along with the assignment of future income of the student for payment of installments.
Rate of Interest
- Upto Rs. 4 lacs -10.50%
- Above Rs. 4 lacs -11.25%
- The interest shall be debited monthly on simple basics during the Repayment holiday / Moratorium period.
- Penal Interest @ 2% be charged for above Rs.4.00 lacs for the overdue amount and overdue period.
- 1% Interest concession for servicing of interest during the study period regularly is allowed at the time of start of repayment period of loan.
Repayment
- Course period +1 year or 6 months after getting job, whichever is earlier.
The Principal and interest is to be repaid in 5-7 years after commencement of repayment. If the student is not able to complete the course within the scheduled time, extension of time for completion of course may be permitted for a maximum period of 2 years.
CONTACT DETAILS :
Head Office
Punjab National Bank Ltd.
7, Bhikhaiji Cama Place,
New Delhi - 110066
Website : www.pnbindia.in