|
The Scheme aims at providing financial assistance to deserving / meritorious students pursuing higher education in India or abroad. viz., Graduation courses – B.A., B.Com., B.Sc., etc., Post-Graduation courses, Masters & Ph.D; Professional courses, Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc., Computer Certificate courses of reputed Institutes accredited to Department of Electronics or institutes affiliated to University; 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.
Students should approach the branch nearest to the place of domicile.
Interest is charged monthly on simple basis during the repayment holiday/moratorium period & concession of 1% in rate of interest is allowed provided the same is serviced regularly during study period.
Punjab National Bank has tied up with Kotak Mahindra Insurance to provide life insurance cover for Student borrowers.
| Eligibility |
|
 |
| Student eligibility
|
 |
Should be an Indian National. |
 |
Secured
admission to Professional / Technical courses
in India or abroad through Entrance Test / Merit based Selection process.. |
|
| Expenses considered for
Loan |
 |
Fee payable to College / School / Hostel |
 |
Examination
/ Library / Laboratory fee. |
 |
Purchase
of books / equipments / instruments / uniforms. |
 |
Caution Deposit / Building Fund / Refundable
Deposit supported by Institution Bills / Receipts, subject to the condition that the amount does not exceed 10% of the total tution fee for entire course.. |
 |
Travel Expenses / Passage money for studies
abroad. |
 |
Purchase of computers - essential for completion
of the Course. |
 |
Boarding and lodging expenses in recognised
Boarding Houses / private accomondations |
 |
Any other expense required to complete the
course - like study tours, project work, thesis
etc. |
|
| Quantum
of Finance |
|
 |
Need
based finance, subject to repaying capacity of the parents
/ students with margin and the following ceilings :-
 |
For
studies in India: Maximum Rs.10.00 lacs. |
 |
For
studies abroad: Maximum Rs.20.00 lacs. |
| Margin |
|
 |
| Upto
Rs.4.00 lacs: |
- |
Nil. |
| Above
Rs.4.00 lacs: |
Studies in India |
5% |
|
Studies Abroad |
15% |
| Security |
|
 |
| 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.
The document should be executed by both the student
and the parent/guardian.
| Rate
of Interest |
|
 |
Click
Here to view rate of interest
| Repayment |
|
 |
| Repayment
Holiday / Moratorium |
Coursee period + 1 year OR 6 months after getting
job, whichever is earlier. |
| Upfront
Fee |
|
 |
For Study in India - Nil
For Study abroad - @ 0.50% with a maximum of Rs. 5000/-(refundable on availment of the loan amount)
| Documentation Charges |
|
 |
 |
Upto Rs. 4 lacs |
Rs.300/- + Service Tax & Education Cess |
 |
Above Rs.4 lacs |
Rs.500/- + Service Tax & Education Cess |
| Additional
Benefits provided to the students by PNB |
|
 |
 |
Reimbursement
of related expenses such as admission fee, monthly
fee, Boarding and lodging expenses in recognized
Boarding Houses etc. already incurred by way of
loan taken from own sources (to meet the contingency)
by the applicant, if claimed within 3 (three) months
of such payment and before consideration of the
loan by the Bank. |
 |
Second time Education Loan
can be sanctioned to the same student borrower for
completion of next higher course. |
| Check
List |
|
 |
While applying for the loan, the borrower
is required to furnish the following information/papers:
| * |
(The above CHECKLIST is only illustrative, not
exhaustive. For details, please contact our nearest
Branch Office).
|
|