Punjab and Sindh Bank Education Loan: Application, Eligibility, Interest Rate, Documents & Much More.

Punjab & Sindh Bank Education Loan
Punjab & Sindh Bank Education Loan

The Punjab and Sindh is a government-owned bank. Headquarters of Punjab and Sindh bank is at New Delhi, It has 1554 branches spread across the country. Punjab and Sindh bank provide several facilities like Finance, FOREX, Retail Banking, Loan etc. If you too want Education Loan to complete your education or pursue higher studies from India/Abroad, You are at the right place to collect every aspect of information related to Education Loan in India.

Punjab and sindh Bank logo

Read this full post on Punjab and Sindh education Loan for information Like Eligibility, How to apply, Interest Rates, Documents Needed, Different aspects of Education Loan, Interest Rates, Return Policy, General Instructions etc. Throughout the article, we will share information regarding Punjab and Sindh Education Loan it’s Process to Apply and full detailed Information.

Punjab and Sindh Education Loan

The major aim of the bank is to ensure anywhere and any time banking for the customer with the latest state-of-the-art technology. The Bank is very serious about its Education Loan Facility and by developing an effective customer-centric relationship it promises to emerge as a world-class education Loan provider. Before we share further, let us first have a brief review of the Bank.

Brief Review

Profile Description
Name of Bank  Punjab and Sindh
Founded on 24 June 1908
Headquarter Rajendra Place New Delhi, India
Type of Bank  Government Bank
Number of Employees 9403 (2016)
CEO Name S. Hari Shanker
Maximum Loan Amount  Rs 30 Lakhs
Timeline for Loan Disposal Maximum 15 Working days
Annual Revenue Δ ₹8,744.34 crore (2016)
Processing Fees No Processing Fee will be charged
Other Subsidiaries
  • Punjab & Sind Bank
  • Asset Management Arm
Category  Education Loan in India

Types of Student Loan

S.no. Scheme Description
1. PSB Education loan PSB Education loan Scheme is for students to pursue education/higher studies, by providing financial support at affordable rates of interest. The loan can be availed for various educational courses in India and abroad.
2. PSB Skill Loan Skill Loan Scheme aims at providing a loan facility to individuals. who intend to take up skill development courses as per the Skilling Loan Eligibility Criteria. One can avail a loan amount from Rs 5000 to Rs 1.5 lakh

How to Apply


  • Visit official Web Site of Punjab and Sindh (Click Here)
  • Find the Education Loan Section Apply Now Button
  • Fill online Application Form


  • Visit the nearest branch of Punjab and Sindh Bank to get offline Education Loan form.
  • You may also download the form from official web handle.
  • Submit the Application Form to Nearest Branch along with document needed.


  • The applicant should be an Indian national.
  • Applicant must have secured admission in a Government recognized Educational Institute.
  • The course Selected by Candidate must be supported by a ministry/government organization, an organisation supported by State Skill Mission/Corporation or National Skill Development Corporation.

Documents Needed

  • Identity Proof (Applicant and Co-borrower)
  • Residence Proof
  • Proof of admission: Offer Letter or Admission Letter from the Institution.
  • Schedule of expenses for the course
  • Copies of the letter confirming scholarship, etc.
  • Copies of foreign exchange permit, if applicable.
  • Passport size photographs

Expenses Considered

  • Tuition and course fee
  • Examination, library and laboratory fees
  • Caution deposit
  • Cost of books, Uniforms, Equipment and other instruments.
  • Travel Expenses.

Return Policy

  • In the case of Punjab and Sindh education loan, repayment will start after the completion of course period+ 1 year or Moratorium period.
  • Repayment can be done in a maximum of 15 years.
  • Repayment also depends on a scheme of Loan taken by the candidate.

EMI Calculator

EMI Calculator is used for calculating the periodic payment amount due on a loan. For calculating EMI one must input data like Amount, Interest Rate, tenure, Processing Fee etc.

  • If you want to calculate EMI for Punjab and Sindh Education Loan: Click Here


  •  Up to Rs. 4 Lakhs
    • Co-obligation of parents
    • No security
  •  Above Rs. 4 lacs and up to Rs.7.50 Lakhs
    • Parent to be a joint borrower.
    • Collateral security is required in the form of suitable third party guarantee.
  • For Loan amount above Rs.7.5 lakhs
    • Parent to be a joint borrower.
    • Tangible collateral security of suitable value is required, along with the assignment of future income of the student.

Contact Details

Head office  1st Floor, 21, Rajendra Place, New Delhi-110008
Official website www.psbindia.com
Apply for Loan  Click Here
Contact Number 25728987, 25728930

Punjab and Sindh Bank Student Loans FAQs

We hope that the information furnished above will guide you to get the best educational loan for your studies. In case of any doubt regarding the loan procedure and other related terms, read our FAQ’s session.

Q1. Who can be my co-borrowers?

Ans. Your parents/guardian can be a co-borrower as well as the spouse in case of a married applicant. The co-borrower should have a steady source of income and a good credit history in order to improve the applicant’s chances of a successful loan application.

Q2. How long does it take to process Education Loan?

Ans. Generally, the time taken for the education loan to process is somewhat between 7-10 working days. Often, the whole process can be easily completed within 3 to 5  Working days, once the student fulfils all documentation.

Q3. What all expenses will be covered by education loans?

Ans. Apart from the tuition fees, other aspects of expenses such as hostel charges, equipment purchases and other course-related expenses may also be covered by the education loan.

Q4. What are the courses for which an education loan can be availed?

Ans. An education loan can be availed for all courses recognized by the UGC in case of India and all regular courses abroad. Each lender has its own list of educational institutions and courses that they would provide a loan for whether overseas or within India.

Q5. Can a student avail another loan for further studies?

Ans. Yes, this is possible. You can borrow a loan for a bachelor’s degree followed by one for master’s without repaying the first loan. This loan can be taken as a top-up loan against the already existing loan; however, it is subject to the lending bank’s discretion and the internal rules and regulations of the lender.

Q6. Do education loans have any Income Tax benefits?

Ans. Loan borrowers can avail tax benefits on interest paid on education loan under Sec 80E of the Income Tax Act. This benefit is available over and above the Rs. 150,000 deduction allowed under Section 80C. Tax benefits can be availed once the borrower starts paying the interest on the education loan. Further, the deduction is available until the borrower pays off the full interest amount on the loan or for a maximum period of 8 years, whichever is earlier.

Q7. Why do banks require an insurance policy?

Ans. Banks usually prefer that students avail a life insurance policy equivalent to, or more than, the loan amount. The policy acts as a security feature and forms a part of the collateral. In case of the untimely demise of the borrower, the bank recovers the outstanding loan amount from the student’s life insurance policy and the remaining amount, if any, is paid out to the beneficiary of the policy.

Q8. Is any incentive available for a girl student applying for education loan?

Ans. Banks generally provide a 0.5% concession on the applicable education loan interest rate to girl students pursuing higher education in India and abroad.

Q9. Are there any special privileges for students of SC/ST category who avail education loans?

Ans. Yes, eligibility criteria and loan margins on education loan are relaxed for Scheduled Caste/Scheduled Tribe students availing education loans in India. The eligibility criteria are lowered from first/second class to pass class for SC/ST category students seeking education loan for graduate and postgraduate studies, while, margin money is sometimes lowered than the regular percentage or nil.

Q10. Where can I avail on PSB education loan?
Ans. The loan is available from all branches in metro/urban areas as well as those having personal banking divisions.a

Best of Luck..!!

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