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Punjab National Bank Education Loan 2017-2018 | Eligibility | Application Process | Interest Rates

Punjab National Bank Education Loan

Are you waiting for financial support in order to pursue your higher studies? Here is the really excellent opportunity for you people. Yes, Punjab National Bank (PNB) announces various schemes under education loans to provide financial help for the students who are unable to continue their studies because of financial constraints. The eligible candidates should have secured admission in a reputed college/ university/ institute through entrance exam or merit base selection in order to pursue higher esteems on desired places as detailed in below eligibility criteria of different education loan schemes. Punjab National Bank or PNB Bank is the name you can bank upon which is an Indian multinational banking and financial services company. It is a state-owned corporation in New Delhi, India. The PNB Bank has a wide range of network about more than 6000 branches and 9000 ATMs across the country. The Punjab National Bank serves around 80 million customers successfully.

There are so many schemes under Punjab National Bank (PNB) Education Loan as given below:

  • PNB SARASWATI
  • PNB PRATIBHA
  • PNB UDAAN
  • PNB KAUSHAL
  • PNB HONHAAR
  • PNB BIHAR STUDENT CREDIT CARD SCHEME
  • CONCESSIONAL EDUCATION LOAN

All the existing loans have their own objective respectively. For more information regarding each and, every aspect of all the education loan schemes keep reading this article till the end.

Punjab National Bank Education Loan

PNB SARASWATI

Under this scheme the Punjab National Bank (PNB) Education Loan aims to provide financial support for the meritorious students to perform higher education in India.

PNB PRATIBHA

This scheme aims to provide helping hands to the candidates who get admission in premier institutions in India by giving support in a financial way. Click Here is to get the Names of premier Institutes.

PNB UDAAN

The main purpose of this scheme is to give financial support for the students for pursuing their higher education in Abroad or Other countries in accredited and affiliated universities/institutes.

PNB KAUSHAL

The objective of PNB KAUSHAL scheme is to provide education loan to the students who got admission in respective universities (which has no minimum course duration) for doing vocational courses and training/skill development courses. The quantum of the loan will be minimum of 5000/- and maximum of 1.5 lakh rupees based on need and expenses to meet the completion of course.

PNB HONHAAR

As many of the students wish to pursue higher education in well-reputed universities and unable to continue their studies it will be boon for them. Yes, PNB HONHAAR scheme supports financially in order to pursue studies in New Delhi with the maximum loan amount of 10 lakhs per students based on needs and expenses to meet course completion fee charges.

PNB BIHAR STUDENT CREDIT CARD SCHEME

Under this education loan scheme bank aims to provide financial support of maximum loan amount 4 lakhs to those applicants who have successfully completed their plus 2/intermediate studies from the recognized institutions of Bihar govt. The ultimate proposal of this scheme is to accommodate financial support for the students to perform higher education in Bihar state along with reasonable and affordable terms and conditions.

CONCESSIONAL EDUCATION LOAN

This is the scheme which is applicable to the students/person with disabilities (PWDs) with 40% or more on the basis of disability certificate issued officially by the corresponding state/central govt authority. The scheme provides a maximum of 10 lakhs for studies in India and 20 lakhs for studies in Abroad respectively.

Punjab National Bank (PNB) Education Loan Eligibility

The students who are applied for any of the given education loan schemes for the purpose of higher studies should meet all the eligibility criteria as detailed below and also contenders should aware of eligible courses in order to avail the Punjab National Bank (PNB) Education Loan without any risk problems

Student Eligibility

  • The applied student should be an Indian National
  • The student should have obtained admission/entree in a reputed university/renewed institute through common entrance test/merit based selection.
  • Under merit basis, the students from management quota and wish to pursue higher studies in Delhi/India/ Other countries will be eligible based on the scheme they are related to.
  • The students who have not secured admission through entrance test then selection process for those candidates will be purely based on previous academics percentage.
  • For general category, academic aggregate would be at least 60% and 50% for SC/ST students.
  • The contenders who got admission in premier institutions will be eligible if they get part-time post graduation programmed in the management of executives offered by IIM, ISB at respective centers.
  • Contenders from vocational courses and training category should obtain an admission from the colleges run by ITI’s, Polytechnic which is affiliated to recognize university and training partners to skill development board.
  • For the students who come under Bihar education loan scheme, they should get CIBIL score greater than or equal to 700 or else they will be sanctioned by next higher authorities.

Courses Eligibility for PNB SARASWATI scheme

  • Courses conducted by IIT, IIM etc
  • Courses like CA, ICWA, CFA etc
  • Approved courses leading to graduation, post graduation, diploma etc which are recognized by UGC.Govt/AICTE etc.
  • Diploma/Degree courses like engineering, aeronautical, medicine, management, law etc
  • Advance diploma in banking sector offered by IIT Lucknow.
  • Some other courses like research programs recognized by corresponding authority.

Courses Eligibility for PNB PRATIBHA and PNB KAUSHAL schemes

  • The eligible courses for pursuing higher education under PNB Pratibha scheme should be conducted by IIT, IIM, ISB etc
  • Based on the name of the institute the maximum loan amount will be decided.
  • The student should be an Indian National

Courses Eligibility for PNB UDAAN Scheme

  • Graduation courses like job oriented professional/technical courses offered by renewed universities.
  • Post graduation courses namely MBA, MCA, MS etc
  • Courses conducted by CIMA-London, CPA IN USA etc
  • Degree/Diploma courses which are recognized by competent regulatory bodies in abroad for the purpose of employment in abroad.

Expenses considered on Punjab National Bank (PNB) Education Loan

The contenders who are applied for education loan in PNB Bank should aware of the all the expenses covered under the quantum of the loan as follows

  • Building fund/Caution deposit
  • Fee payable to college/school/institute
  • Tuition fee/ uniform fee/ exam fee/ library fee
  • Purchase of books/ instruments/ equipment etc
  • Other expenses which are essential for completion, of course, like purchase of computer, laptop, industrial visit etc
  • Project works/Thesis etc.
  • Expenses covered under hostel fee.

Punjab National Bank Education Loan Essential Documents

The students/parents should carry the valid proofs for completions of loan formalities without any fail. Some of the important documents are namely Identity proofs, resident proof, income proof etc.

Punjab National Bank Education Loan Security

  • PNB Saraswati: For the loans up to 7.5 lacs and above 7.5 lacs parent/guardian would become co-borrower and 3rd party guarantee is required for below 7.5 lacs loans where there is no tangible security. Also for above 7.5 lacs loans, tangible collateral security of suitable value accepted to the bank.
  • PNB Pratibha: No security, co-obligation of parents/guardian as co-borrowers
  • PNB Udaan: Similar to that of PNB Saraswati scheme security rules.
  • PNB Kaushal: Parents/guardian would become co-borrower and there is no need of 3rd party guarantor/collateral security.
  • PNB Honhaar: Same as that of PNB Kaushal education loan scheme security terms.
  • PNB Bihar: Parents/guardians to be joint borrowers and there would be no collateral security and 3rd party guarantor. All the loans will be covered under the financial assistance scheme of Bihar Government.

Punjab National Bank Education Loan Margin

There will be NIL margin for the schemes namely PNB BIHAR, PNB HANHAAR, PNB KAUSHAL. Also for the loans up to 4 lacs, there will be no margin. For the loans above 4 lacs 5 % margin for studies in India and 15% margin for studies in Abroad. Scholarship/assistantship would be included in the margin and it may be brought on a yearly basis as and when disbursements are made.

Punjab National Bank Education Loan Rate of Interest

The interest rates will be varied for every scheme which is clearly mentioned below. For more details regarding Punjab National Bank Education Loan rate of interests, you can check the official website www.pnbindia.in.

Punjab National Bank Education Loan Rate of Interest

During moratorium period only simple interest charged on loan amount. Also, there will be 1% concession on repayment before the due date.

Punjab National Bank Education Loan Repayment

Repayment of the loan equated monthly installments for a period of maximum 15 years. The repayment will start after the one year of student employment.

PNB Kaushal: The repayment period will be varied based on the quantum of loan Also the moratorium period will be 6 months for less than 1-year course and 12 months for courses of duration above 1 year.

  • Loans up to 50,000: up to 3 years
  • Loans between 50,000 to 1 lakh: up to 5 years
  • Loans above 1 lakh: up to 7 years

Concessional education loan: The repayment period of the loan will be 7 years after the commencement of repayment period. Loans with repayment period beyond the ceiling as mentioned above are not eligible for subsidy scheme.

Punjab National Bank Education Loan Subsidy Scheme

The subsidy scheme will be applicable to the low-income family background students and it will not be valid if any of discontinuation of course. The eligible candidates should provide income proof in order to avail the subsidy scheme. The subsidy scheme will be applicable only for the period of moratorium.

In this article, we provided all the essential information regarding Punjab National Bank education loan schemes by gathering all the aspects into one place. Hope you will be satisfied with this given stuff. Still, if you have any queries about Punjab National Bank education loan schemes let us know through comment box. We will respond as soon as possible. Also, you can bookmark our page for more latest updates about education loans etc www.govtjobs.allindiajobs.in 

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