PNB
Education Loan
PNB Offers a variety of education loan variants to students who aspire to study either in India
saraswat loan Scheme
Education loan for meritorious students pursuing higher studiesin india
PNB Education Rate of Interest
The Interest Rate is charged on the base rate fixed by bank as per guidelines of RBI
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Rate of Interest charged by bank is based on 1 year MCLR/ Base Rate
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For loan amount up to INR 7.5 Lacs, interest is MCLR + 2.00%
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For amount exceeding INR 7.5 Lacs, the interest charged is MCLR + 2.60%
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0.50% concession is given to girl students
PNB Saraswat education loan scheme is offered to the students who aspire to pursue their higher studies in India
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Need based finance offered as per the paying capacity of parents/students
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Maximum repayment period of 15 years.
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No prepayment charges.
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Scholarship/ assistantship may be considered in margin
PNB Education Loan Eligibility
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Indian national. Student must be an Indian citizen or must be an Indian passport holder.
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Higher Education course. The course should be relevant to the guidelines set by bank.
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10+2 pass. He/ She must have qualified 10+2 with minimum of 50% marks.
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Entrance Test/ Merit-based admission. The admission should be secured through entrance test or a merit based process
How to apply for PNB Education Loan ?
PNB Education loan application form can be available online or offline at Bank branches.
Online :-
Visit the official website and Click on PNB Education Loan
You will be redirected to Vidyalaxmi Portal.
Click Apply Online and Fill up the form with all the necessary details
Upload the signature, photograph other documents required.
Submit the form and take print out.
After that visit the nearby PNB Bank for the further proceedings.
Offline:-
For offline procedure, student can visit the bank and ask for application form for education loan. The bank representative will then be able to guide you with all necessary details and information about margin money, interest rates, and eligibility criteria about the suitable loan for you
PNB Education Loan Details
Processing Fee
Nil
Loan Security
Upto INR 7.50 Lacs: Parent(s)/guardian be made joint borrower (s). No tangible Security and /or 3rd party guarantee is required
Above INR 7.50 Lacs: Parent(s)/guardian be joint borrower(s). Tangible collateral security of suitable value acceptable to bank.
Margin
Up to INR 4 Lacs - NIL
Above INR 4 Lacs - 5%
Loan Limit
Need based finance as per the paying capacity of parents/ students
Loan Repayment
Course period + 1 year; repayment period maximum upto 15 years
Courses Covered Under PNB Student Loan Scheme In India
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Graduate/ Post Graduate degree/ diploma conducted by recognized colleges/ universities recognized by UGC/ Govt. / AICTE/ AIBMS/ ICMR etc.
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Courses like ICWA, CA, CFA etc.
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Courses conducted by IIMs, IITs, IISc, XLRI. NIFT, NID etc.
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Regular Degree/Diploma courses approved by Director General of Civil Aviation/Shipping/Indian Nursing Council
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Advance Diploma in Banking Technology offered by PNB IIT Lucknow.
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Approved courses offered in India by reputed foreign universities.
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Research Programs which are recognized by designated academic authority/ regulatory body.
Expenses covered under PNB Student Loan Scheme
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Fee payable to college/ school/ hostel
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Examination/ Library/ Laboratory fee
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Insurance premium for student borrower, if applicable
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Caution deposit, building fund/refundable deposit supported by Institution bills/receipts
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Purchase of books/ equipment/ instruments/ uniforms
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Cost of computers (if required)
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Other expenses
Education Loan Documents Required ?
Loan Application as per the bank format
Self-Attested copies of age proof, address proof, admission proof
Attested Passport size photograph
Proof of having cleared last qualifying examination
Income proof and/or copy of income tax return file
Details of assets and liabilities of parents/co-applicants
Bank account statement of the applicant.
Course prospectus mentioning charges/fee pertaining to admission, examinations, hostel etc.
Any other document, depending on the case and purpose of the loan
