Punjab National Bank
Overview
The Scheme aims at providing financial assistance to deserving / meritorious students pursuing higher education in India or abroad. viz., Graduation courses ; Professional courses, Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.; 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, Shippling etc. approved by DGCA/ etc., Courses offered by National Institutes and other reputed Private Institutes.
Loan Feature
| Loan Amount | For Studies in India: Maximum Rs.10 Lac and for Studies Abroad: Maximum Rs.20 Lac |
| Interest Rate | 13% to 14.5% per annum |
| Tenure | Repayment Holiday / Moratorium:Coursee period + 1 year OR 6 months after getting job, whichever is earlier.The Principl and interest is to be repaid in 5-7 years after commencement of repayment. |
| Pre Payment Charges | Not Available |
| Service Charges | Processing Fee : For Study in India - Nil For Study abroad - 1% with a maximum of Rs.10000/-(refundable on availment of the loan amount) |
Eligibility Criteria : Education Loan
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.
The security can be in the form of land / building / Govt. Securities / Public Sector Bonds / Units of UTI, NSC, KVP, LIC Policy, Gold, Shares/ Mutual Funds/ Debentures, Bank Deposit in the name of the student parent / guardian or any other third party with suitable Margin.
| Salaried | Self | |
|---|---|---|
| Age | Co-Applicants and Students Age will be considered | Co-Applicants and Students Age will be considered |
| Income | Co-Applicant Income will be considered | Co-Applicant Income will be considered |
| Job Experience | Co-Applicants Job Experience will be considered | Co-Applicants Job Experience will be considered |
| Residence Proof | 1 Year in Current Residence | 1 Year in Current Residence |
Docs Required : Education Loan
Documents for furnishing Security
The security can be in the form of land / building / Govt. Securities / Public Sector Bonds / Units of UTI, NSC, KVP, LIC Policy, Gold, Shares/ Mutual Funds/ Debentures, Bank Deposit in the name of the student parent / guardian or any other third party with suitable Margin.
The document should be executed by both the student and the parent/guardian.
| Salaried | Self | |
|---|---|---|
| ID Proof | Co-Applicants :Passport Copy/ Voters ID card/ Driving Licence | Co-Applicants :Passport Copy/ Voters ID card/ Driving Licence |
| Address Proof | Co-Applicants :Ration card Tel/elect. Bill/ Rental agr. / Passport copy/Trade licence /Est./Sales Tax certificate | Co-Applicants :Ration card Tel/elect. Bill/ Rental agr. / Passport copy/Trade licence /Est./Sales Tax certificate |
| DOB Proof | Co-Applicants :Birth Certificate or 10th Class Passing Certificate | Co-Applicants :Birth Certificate or 10th Class Passing Certificate |
| Financial Docs | Co-Applicant Salried Individual:
In case loan amount is above Rs.4.00 lacs :
|
Co-Applicant Self Employed Individual:
In case loan amount is above Rs.4.00 lacs :
|
Other Charges : Education Loan
Documentation Charges:
| Upto Rs. 4 lacs | Rs.270/- + Service Tax & Education Cess | |
| Above Rs.4 lacs | Rs.450/- + Service Tax & Education Cess |
Products offered by Punjab National Bank
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