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

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.

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.

• The Principl and interest is to be repaid in 5-7 years after commencement of repayment. If the student is not able to complete the course within the scheduled time, extension of time for completion of course may be permitted for a maximum period of 2 years.

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:

	Loan application on Bank's format.
	Passport size photograph
	Proof of Address(Permanent) / ID Proof.
	Proof of Age.
	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.
	Any other document/information, depending upon the case and purpose of the loan.