Punjab National Bank

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 12.75% to 14.25% 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 10-15 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:

  • Passport size photograph
  • 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
  • Details of Assets & Liabilities of parents

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.

 

Co-Applicant Self Employed Individual:

  • Passport size photograph
  • 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
  • Details of Assets & Liabilities of parents

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.

 

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

 

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Testimonial

After getting rejected for a home loan by two banks I thought my wish of owning a home in a city like Mumbai will remain a dream. By chance I came to your site and applied for the loan.

What happened then was a smooth process. It's been my good luck to visit your site and get loan for my dream home.

Thanks

- Deepak Gupta

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