(The Punjab National Bank an Indian Multinational Bank. this bank was founded in 1894 on 31st of February. Punjab National Bank provides Several services like Credit Card, Consumer Banking, Corporate Banking, Finance and Insurance, Investment Banking, Wealth Management etc. PNB also Provide the Facility of Education loan. If you too want Educational 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 Educational Loan in India.
Read this full post on PNB Education Loan for information Like Eligibility, How to apply, Interest Rates, Documents Needed, Different aspects of Educational Loan, Interest Rates, Return Policy, General Instructions etc. Throughout the article, we will share information regarding PNB Education Loan it’s Process to Apply and full detailed Information.
Punjab National Bank 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.
|Name of Bank||Punjab National Bank|
|Founded on||19 May 1894|
|Type of Bank||National Bank|
|Number of Employees||70,801 (March 2016)|
|CEO Name||Sunil Mehta|
|Maximum Loan Amount||Different According to Schemes|
|Timeline for Loan Disposal||Maximum 15 Working days|
|Annual Revenue||Δ 47,424.35 crore (US$6.6 billion)(2016)|
|Processing Fees||No Processing Fee will be charged|
|Category||Education Loan in India|
Types of PNB Student Loan
|1.||PNB Saraswati||This Scheme provides financial support to meritorious students for pursuing higher education in India. Under this Scheme, applicants can avail loan for Rs 10 lakhs (maximum).|
|2.||PNB Pratibha||The Scheme PNB Pratibha aims at providing financial support to All management, engineering, medicine, law and other professional courses offered by premier institutes in India like IIMs, IITs, NITs and others. One can avail a loan amount up to Rs. 7.50 lakh for studies in India and Rs. 15 lakh for studies abroad.|
|3.||PNB Udaan||The Scheme provides financial support to meritorious students for pursuing higher education abroad.|
|4.||PNB Kaushal||The Scheme PNB Kaushal aims at providing financial support for pursuing skill development courses. Students who secure admission in Skill development courses of no minimum course duration.|
|5.||Concessional Education Loan||Concessional Education loan is being provided to students or Persons with Disabilities (PwDs). One can avail a loan amount up to Rs. 10 lakh for studies in India and Rs. 20 lakh for studies abroad.|
|6.||PNB Honaar||The PNB Honaar Education Loan Scheme For Pursuing Higher Education And Skill Development Courses In Delhi.|
|7.||Padho Pradesh||This scheme is for students who have secured admission in the approved courses at Masters, M.Phil or PhD levels.|
|8.||CSIS Scheme||This Scheme is for Students whose educational loans sanctioned/availed up to 31.03.2009 and outstanding as on 31.12.2013, the interest component as outstanding on 31.12.2013 will be eligible for relief under this Scheme|
How to Apply
- Visit official Web Site of Punjab National Bank (Click Here)
- Find the Educational Loan Section Apply Now Button
- Fill online Application Form
- Visit the nearest branch of Punjab National 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 an admission in any government recognized educational Institute.
- Eligibility is also different according to Loan Scheme selected by Students.
- Identity Proof. (Applicant and Co-borrower)
- Residence Proof.
- Academic Records: 10th Result, 12th Result, Graduation result-semester Wise (if Possible) Entrance Exam Result through which admission is being taken
- 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
- Tuition and course fee
- Examination, library and laboratory fees
- Caution deposit
- Cost of books, Uniforms, Equipment and other instruments.
- Travel Expenses
- In the case of Punjab National Bank Education loan, Repayment will start after the completion of course period + 1 Year or Moratorium period.
- Repayment up to Maximum of 15 years (Depending on Loan Scheme)
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 National Bank Education Loan: Click Here
- Up to Rs. 4 Lacs
• Co-obligation of parents
• No security
- Above Rs. 4 lacs and up to Rs.7.50 Lacs
•Co-obligation of parents together with collateral security
in the form of suitable third party guarantee. The bank
may, at its discretion, in exceptional cases, waive third
party guarantee if satisfied with the net-worth/means of
parent/s who would be executing the documents as
|Head office||Punjab National Bank, Head Office, Plot no. 4, Sector-10, Dwarka New Delhi -110 075|
|Apply for Loan||Click Here|
|Contact Number||1800 180 2222, 1800 103 2222|
Punjab National 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 Punjab National Bank education loan?
Ans. The loan is available from all branches in metro/urban areas as well as those having personal banking divisions.
Best of Luck..!!