| Punjab National Bank Education Loan |
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| Introduction |
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| PNB has designed "Vidyalakshyapurti” scheme to provide education loan to needy students such as students of +2 stage, Graduation courses – B.A., B.Com., B.Sc., etc., Post-Graduation courses, for professional courses, etc, on comfortable and affordable terms. Bank also provide life insurance cover to loan borrowers, it has tie up with Kotak Mahindra Insurance. |
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| Highlights |
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Study Abroad |
Study India |
| Course |
Graduation |
Graduation |
| Loan Type |
Term Loan |
Term Loan |
| Loan Purpose |
Loan is given for Graduation courses – B.A., B.Com., B.Sc., etc., Post-Graduation courses, Masters & Ph.D; Professional courses, etc. |
Loan is given for Graduation courses – B.A., B.Com., B.Sc., etc., Post-Graduation courses, Masters & Ph.D; Professional courses, Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc., Computer Certificate courses of reputed Institutes accredited to Department of Electronics or institutes affiliated to University; Courses like ICWA, C.A., CFA, etc., courses conducted by IIM, IIT, IISc, XLRI, NIFT, etc., Regular Diploma/Degree courses conducted by Colleges/Universities approved by UGC/Govt./AICTE/AIBMS/ICMR, Regular Degree / Diploma courses like Aeronautical, Pilot training, Shipping etc. approved by DGCA/ etc., Courses offered by National Institutes and other reputed Private Institutes. |
| Loan Amount |
Repayment of loan will be in equated monthly instalments (EMIs) for period as under:
For loans upto Rs.7.50 lac - upto 10 years
For loans above Rs.7.50 lac - upto 15 years
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Repayment:
For loans upto Rs.7.50 lac - upto 10 years
For loans above Rs.7.50 lac - upto 15 years
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| Margin Money |
Upto Rs.4.00 lacs: Nil.
Above Rs.4.00 lacs: Studies 15%
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Upto Rs.4.00 lacs: Nil.
Above Rs.4.00 lacs: Studies in India; 5%
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| Tenure |
Min. - 1 Yrs.
Max. - 7 Yrs.
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Min. - 3 Yrs.
Max. - 7 Yrs.
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| Interest Rate |
Loan upto Rs.4 lac: 13.25%
Loan over Rs.4 lac to 7.50 lac : 14.25%
Loan above 7.50 lac : 12.25%
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Loan up to Rs.4 lac: 13.25%
Loan over Rs.4 lac to 7.50 lac : 14.25%
Loan above 7.50 lac : 12.25%
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| Time to Process Loan |
7 days |
7 days |
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 Fees & charges
Fees & charges
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Study Abroad |
Study India |
| Processing Fee |
1 % |
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| Comment on Charges |
Documentation Fees:
Up to Rs. 4 Lakh: Rs. 270
Above Rs. 4Lakh: Rs.450 |
Documentation Fees:
Up to Rs. 4 Lakh: Rs. 270
Above Rs. 4Lakh: Rs.450 |
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Eligibility Criteria
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Eligibility Criteria
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Study Abroad
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Study Abroad:
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| Documents Required: |
| ID Proof |
Yes |
| Age Proof |
Yes |
| Residence Proof |
Yes |
| Income Proof |
Yes |
| Telephone |
Yes |
| Photograph |
Yes |
| Bank Statement |
No |
| Signature Proof |
No |
| Others |
Proof of having secured pass marks in last qualifying examination.
Letter of admission in professional, technical or vocational courses.
Prospectus of the course wherein charges like Admission Fee, Examination Fee, Hostel Charges etc. are mentioned.
In case loan amount is above Rs.4.00 lacs :
. Detail of Assets & Liabilities of parents/co-obligants/ guarantors.
. In case loan is to be collaterally secured by mortgage of IP, Copy of Title Deed, Valuation Certificate and Non Encumbrance Certificate from approved Lawyer of the Bank to be obtained at the cost of the borrower.
Photocopy of Passport & Visa, in case of study abroad. |
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Study India
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Study India:
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| Documents Required: |
| ID Proof |
Yes |
| Age Proof |
Yes |
| Residence Proof |
Yes |
| Income Proof |
Yes |
| Telephone |
Yes |
| Photograph |
Yes |
| Bank Statement |
No |
| Signature Proof |
No |
| Others |
Letter of admission in professional, technical or vocational courses. Prospectus of the course wherein charges like Admission Fee, Examination Fee, Hostel Charges etc. are mentioned.
In case loan amount is above Rs.4.00 lacs :
. Detail of Assets & Liabilities of parents/co-obligants/ guarantors.
. In case loan is to be collaterally secured by mortgage of IP, Copy of Title Deed, Valuation Certificate and Non Encumbrance Certificate from approved Lawyer of the Bank to be obtained at the cost of the borrower. |
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Security
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Security |
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Upto Rs.4.00 lacs: Co-Obligation of Parents. No Security.
Above Rs 4.00 lacs and Upto Rs 7.5 lacs: Co-Obligation of Parents. 3rd party guarantee acceptable to the Bank.
Above Rs 7.5 lacs: Co-Obligation of Parents. Collateral Security of suitable value along with Assignment of future income of the student for payment of installments. |
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Terms & Conditions
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Terms & Conditions |
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Repayment starts 1 year after course completion / 6 months after obtaining employment (whichever 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. |
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