Punjab National Bank Education Loan

Different Education Loan Schemes

PNB Saraswati

Objective:

1. Provide financial aid for deserving students in India pursuing higher education.
2. Admission to institutes with approved courses recognised by the UGC/Government/AICTE/AIBMS/ICMR, etc.
3. Includes programs at prestigious institutions like IIMs, IITs, IISc, XLRI, NIFT, NID, and others.
4. Covers regular Degree or Diploma courses and approved courses by foreign universities in India.

Purpose:

1. Payment for college, school, or hostel fees.
2. Fees for examinations, library, and laboratory.
3. Insurance premium for student borrowers.
4. Caution deposit, building fund, or refundable deposit (supported by institution bills or receipts).
5. Purchase of books, equipment, instruments, and uniforms.
6. Purchase of a computer at a reasonable cost, if necessary.
7. Additional expenses essential for course completion (study tours, project work, thesis, etc.).

Eligibility:

1. Must be a resident Indian.
2. Admission to a higher education course in recognised institutions in India through an Entrance Test or Merit-based Selection process.
3. Cases of Management Quota considered based on merit.

Quantum of Finance:

1. Finance based on individual needs, subject to margin requirements.
2. Reimbursement of fees paid within six months may be allowed.

Margin:

1. Up to Rs. 4 lakhs: Nil.
2. Above Rs. 4 lakhs: 5%.
3. Scholarship or assistantship may be considered as part of the margin.
4. Margin brought in on a year-to-year basis as and when disbursements are made.

Security:

1. Up to Rs. 7.50 lakh: Parent(s) or guardian to be joint borrower(s), with no tangible security or third-party guarantee.
2. Above Rs. 7.50 lakh: Parent(s) or guardian to be joint borrower(s), with tangible collateral security.

Repayment (Maximum):

1. Maximum up to 15 years.

Repayment Holiday or Moratorium:

1. Course period + one year.

PNB Pratibha

Objective:

1. Attract students admitted to the country's best institutes to apply for bank loans. Eligible institutions include business schools, engineering colleges, medical schools, and other respectable institutions.

Purpose:

1. Payment of fees for college or school or hostel.
2. Fees for examinations, library, and laboratory.
3. Life insurance premium for student borrowers, if applicable.
4. Caution deposit, building fund or refundable deposit supported by institution bills or receipts.
5. Purchase of books, equipment, instruments or uniforms.
6. Purchase of a computer, if required, for course completion.
7. Any other expenses essential for completing the course, such as study tours, project work, thesis, etc.
8. Personal living expenses and two-wheeler costs.

Eligibility:

1. Resident Indian.
2. Admission to regular full-time Degree or Diploma courses or PG Degree or Diploma Courses of Premier Institutes that are listed.
3. Eligible for part-time Post Graduate Programs in Management for Executives at IIMs, part-time Certificate Courses at ISB Hyderabad & Mohali campus, e-Post Graduate Program at IIM, Three-year part-time weekend Post Graduate Diploma Program at XLRI, and Post Graduate Diploma in Management (B & FS) at NIBM Pune.

Quantum of Finance:

1. Need-based finance, subject to the repaying capacity of parents or students.
2. Consideration for studies in India with the applicable ceiling for collateral-free loan amount.
3. Fees paid within six months are reimbursed based on individual merits.

Margin:

1. Scholarship or Assistantship included in margin.
2. Margin brought in on a year-to-year basis as and when disbursements are made on a pro-rata basis.

Security:

1. Co-obligation of parents or guardians as joint co-borrowers.

Repayment (Maximum):

1. Maximum up to 15 years.

Repayment Holiday or Moratorium:

1. Course period + one year.

PNB Udaan

Objective:

1. Provide financial aid to meritorious students pursuing higher education abroad.
2. Graduation: Job-oriented professional or technical courses from reputed universities.
3. Post-graduation: MCA, MBA, MS, etc.
4. Courses conducted by CIMA-London, CPA in the USA, etc.
5. Courses defined under various Government Subsidy Schemes.
6. Degree or Diploma courses in aeronautical, shipping, pilot training, etc., recognised by competent regulatory bodies abroad for employment purposes.

Purpose:

1. Payment of fees for college or school or hostel.
2. Fees for examinations, library, and laboratory.
3. Life insurance premium for student borrowers, if applicable.
4. Caution deposit, building fund or refundable deposit supported by institution bills or receipts.
5. Purchase of books, equipment, instruments or uniforms.
6. Purchase of a computer, if required, for course completion.
7. Any other expenses essential for completing the course, such as study tours, project work, thesis, etc.
8. Personal living expenses and two-wheeler costs.

Eligibility:

1. Resident Indian.
2. Secured admission to a higher education course in recognised institutions abroad through an Entrance Test or Merit-Based Selection process after completing HSC (10 plus 2 or Equivalent).

Quantum of Finance:

1. Need-based finance, subject to margin as per guidelines.
2. Reimbursement of fees paid within six months may be considered on individual merits.

Margin:

1. Up to Rs. 4 lakhs: NIL
2. Above Rs. 4 lakhs: 15%
3. Scholarship or assistantship to be included in the margin.
4. Margin may be brought in on a year-to-year basis as and when disbursements are made on a pro-rata basis.

Security:

1. Up to Rs. 7.50 lakh: Parent(s) or guardian to be joint borrower(s), with no tangible security or third-party guarantee.
2. Above Rs. 7.50 lakh: Parent(s) or guardian to be joint borrowers, with tangible collateral security of suitable value acceptable to the bank.

Repayment (Maximum):

1. Maximum up to 15 years.

Repayment Holiday or Moratorium:

1. Course period + one year.

PNB Kaushal

Objective:

1. The PNB Kaushal Scheme aims to offer financial assistance for pursuing skill development courses.

Purpose:

1. Tuition or course fee.
2. Examination, library, or laboratory fee.
3. Caution deposit.
4. Purchase of books, equipment, and instruments.
5. Any other reasonable expenditure necessary for course completion.

Eligibility:

1. Should be an Indian national.
2. Students who meet the eligibility criteria and minimum qualifications for NSQF or non-NSQF courses on the Skill India Digital Hub (SIDH) platform and have secured admission can apply for a Skilling Loan, provided they complete the required loan documentation with the lending institution.

Quantum of Finance:

1. Need-based finance to meet expenses on the course, subject to the following ceilings:
2. Minimum: Rs. 5,000
3. Maximum: Rs.7.50 lakh

Margin:

1. For skilling loans up to Rs. 4 lakh, no margin is required, while a 5% margin applies to loans above Rs. 4 lakh.  

1. Scholarships or assistantships are included in the margin, which can be brought in annually on a pro-rata basis as per loan disbursements. 

Security:

1. Parent(s) or guardian as a joint borrower. No collateral or third-party guarantee is required.

Repayment (Maximum):

1. For loans up to Rs. 50,000: Up to 3 years.
2. For loans between Rs. 50,000 to Rs. 1 lakh: Up to 5 years.
3. For loans above Rs. 1 lakh: Up to 7 years.

Repayment Holiday or Moratorium:

1. For courses of up to one year: six months from the course's completion.
2. For courses of duration above one year: 12 months from the completion of the course.

PNB Honhaar

Objective:

1. The scheme's goal is to offer financial assistance for pursuing higher education in Delhi.

Purpose:

1. Fee payable to college, school, or hostel.
2. Examination, library, or laboratory fee.
3. Insurance premium for student borrowers.
4. Caution deposit, building fund or refundable deposit supported by institution bills or receipts.
5. Purchase of books, equipment, instruments or uniforms.
6. Purchase of a computer at a reasonable cost if required for course completion.
7. Any other expenses necessary to complete the course, such as study tours, project work, thesis, etc.

Eligibility:

1. Should be an Indian national.
2. Students who wish to pursue a diploma or degree or specified skill development courses in Delhi and have completed their Class-X and Class-XII from Delhi are eligible under this scheme.
3. To enroll in a higher education or skill development course (diploma or degree, including bachelor, master, and doctoral degrees) at a recognised Delhi institution, students must have passed an Entrance Test or Merit-Based Selection process after completing the Secondary, Senior Secondary, or qualifying examinations.

Quantum of Finance:

1. Need-based finance to meet course expenses, subject to a maximum of Rs. 10.00 lakh.

Margin:

1. Nil

Security:

1. Parent(s) or guardian as a joint borrower. No tangible security and/or 3rd party guarantee is required.

Repayment (Maximum):

1. Maximum 15 years.

Repayment Holiday or Moratorium:

1. Course period + one year.

PNB Pravasi Shiksha Loan

Objective:

1. The PNB Pravasi Shiksha Loan Education Loan scheme aims to offer financial assistance to meritorious students who are Overseas Citizens of India (OCI) or students born abroad.
2. This includes those with overseas citizenship by birth, whose parents were on deputation with Foreign Government or Government agencies or International or Regional agencies and are now studying in India after their parents' repatriation.
3. The primary focus is to provide meritorious students with an opportunity for education with affordable terms and conditions through the banking system.

Purpose:

1. All expenses required to complete the courses, including one-time travel expenses to and from India.
2. Hostel accommodation offered by the institute is to be included.
3. If the student opts for outside accommodation other than that provided by the college or university, the expenses may not be considered for the loan.

Eligibility:

1. Overseas Citizens of India (OCI) or students born to Indian parents during their stay abroad (overseas citizenship by birth, when parents were on deputation with Foreign Government or Government agencies or International or Regional agencies, etc.).
2. Should have secured confirmed admission for a higher education course in identified institutions in India.
3. The minimum age limit is 18 years.

Courses Eligible:

1. Full-time regular Graduate or Post Graduate or Diploma (equivalent to Degree) or Executive Courses.
2. Part-time, research or certificate courses are not allowed.

Security:

1. Equitable or Registered Mortgage of Immovable Property in India in the name of Guarantor(s) with a value of at least 125% of the loan amount (Property must be other than agricultural or plantation property or farmhouse).
2. Liquid Security with a value of at least 125% of the loan amount, in the form of a pledge of Government Security, NSCs, KVPs, IVPs or PSU Bonds (where interest is being serviced regularly) or Bank's FDR or LIC Policies (surrender value), etc.

Repayment Period:

1. Maximum ten years (excluding the moratorium period).

Repayment Holiday or Moratorium Period:

1. Course Period + six months.

PNB PM Cares Education Loan Scheme

Objective:

1. Provide complete care and protection for orphaned children due to COVID-19, including health insurance, education, and financial support for self-sufficiency by age 23.

Period:

1. Eligible children can enrol from 29 May 2021 to 31 December 2021 for benefits under the PM CARES for Children scheme. The scheme is expected to continue until all beneficiaries turn 23 years old.

Purpose:

1. Assist the child in obtaining an education loan for professional courses/higher education in India.
2. Fee payable to college, school, or hostel.
3. Examination or library laboratory fee.
4. Insurance premium for student borrowers, if applicable.
5. Caution deposit, Building fund or refundable deposit supported by institution bills or receipts.
6. Purchase of books or equipment or instruments or uniforms.
7. Purchase of books, equipment, instruments or uniforms.
8. Any other expense necessary for completing the course, like study tours, project work, thesis, etc.

Eligibility:

1. Children who have lost both parents, surviving parent, legal guardian or adoptive parents or single adoptive parents due to COVID-19 from 11 March 2020 to 31 December 2021.
2. The child should not have completed 18 years on the date of the parents' death.
3. Resident Indian.
4. Secured admission to a higher education course in recognized Indian institutions through Entrance Test or Merit Based Selection after completing HSC (10 plus 2 or equivalent).

Quantum of Finance:

1. Need-based finance to meet expenses.

Margin:

1. Up to Rs. 4 lakh: NIL
2. Above Rs. 4 lakh: 5%
3. Scholarship or assistantship may be considered in the margin.
4. Margin may be brought in on a pro-rata basis.

Security:

1. Maximum up to 15 years.

Repayment (Maximum):

1. Course period + one year.

Repayment Holiday or Moratorium:

1. NIL.

PNB Concessional Education Loan Scheme

Student Eligibility:

1. The loan is accessible to any student with a disability of 40% or more, validated by a disability certificate issued by authorities authorised under relevant Statutes, notifications, or government orders from central or state or union territory governments.

Expenses considered for Loan:

1. The loan covers the cost of a 2-wheeler up to Rs. 50,000, within the overall loan amount ceiling. This is in addition to the expenses covered under existing education loan schemes.

Quantum of Finance:

1. Need-based finance to meet expenses (considering the prescribed Margin) with the following ceilings:
2. Studies in India: Maximum Rs. 50 lakh.
3. Studies abroad: Maximum Rs. 50 lakh.

Repayment Period:

1. The maximum repayment period conforms to NHFDC scheme guidelines, i.e., ten years after the commencement of repayment. Repayment begins one year after course completion.
2. Loans exceeding the specified ceiling are not eligible for refinancing under the mentioned scheme.

Punjab National Bank Education Loan Calculator

You can use the Education Loan Equated Monthly Instalment (EMI) calculator offered by BankBazaar to calculate the monthly payments. The calculator is easy to use and helps save time.

When you enter information such as the loan amount, tenure, interest rate, and processing charge, it will be displayed immediately. You can get details such as the principal paid, interest paid, and the outstanding balance.

How to Apply for Punjab National Bank Education Loan

The step-by-step procedure to apply for an education loan is mentioned below:

Step 1: Visit the official website of Punjab National Bank.

Step 2: Click on 'Retail' from the 'Product' menu. 

Step 3: Download the application form for your desired education loan. 

Step 4: Fill out the application form after taking the print out. 

Step 5: Visit your nearest PNB branch and submit it for further procedures. 

Punjab National Bank Education Loan Documents Required

The documentation required for submission differ depending on the loan. The major documents that must be supplied while applying for an education loan are listed below.

1. Application form
2. Passport-size photographs
3. Identity Proof :
   Any of the below-mentioned documents can be submitted as proof of identity:
   1. Permanent Account Number (PAN) Card
   2. Aadhaar Card
   3. Passport
   4. Voter's ID
   5. Driving License
4. Address Proof : Any of the below-mentioned documents may be provided as proof of address:
   1. Voter's ID
   2. Driving License
   3. Aadhaar Card
   4. Passport
      
5. Academic Documents : The below-mentioned academic documents must be submitted:
   1. 10th and 12th exam marks cards
   2. Marks cards of any further education
   3. Entrance Exam mark sheet
   4. Mark sheets of Graduate Record Examination (GRE)/International English Language Testing System (IELTS)/Test of English as a Foreign Language (TOFEL)/ Graduate Management Admission Test (GMAT)
   5. Any scholarship documents if applicable
6. Proof of admission
7. Income proof of the co-borrower or guarantor
8. Collateral documents
9. Bank statements

Any other document requested by the bank must also be submitted.

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