Education Loan Scheme - PNB Pravasi Shiksha Loan

Eligibility

Overseas citizen of India (OCI)/ students who are born to Indian parents during their stay abroad (overseas citizenship by birth, when parents were on deputation with Foreign Government/Government agencies or International/Regional agencies etc. and now studying in India after repatriation of their parents) and should have secured confirmed admission for a higher education course in identified institutions in India.

KYC Documents

All the relevant documents to be taken from the Borrower/ Co-Borrower/ Guarantor as per the bank’s existing guidelines issued from time to time. Passport is mandatory. In case of OCI borrowers OCI card is mandatory.

Expenses Considered For Loan

All the expenses required to complete the courses including one time to and fro travel expense to India.

Hostel accommodation offered by the Institute to be included.

In case the student opts for outside accommodation other than that provided by college/university, the expenses may not be considered for loan.

Age Criteria

Minimum age limit - 18 Years.

Courses Eligible

Full time regular Graduate /Post Graduate/ Diploma (equivalent to Degree)/ Executive Courses.

Part time/ Research/ Certificate Courses are not allowed.

Institutes Covered

Identified Educational Institutes in India as per.

Loan Amount

Need based.

Margin

20%

Security

Equitable/Registered Mortgage of Immovable Property in India in the name of Guarantor(s) with value at least 125% of loan amount (IP must be other than agricultural or plantation property or farm house).

Liquid Security with value at least 125% of loan amount, in the shape of pledge of Government Security, NSCs, KVPs, IVPs / PSU Bonds (where interest is being serviced regularly) / Bank`s FDR / LIC Policies (surrender value) etc.

Guarantor(S)

Guarantee of Person(s) who is/are offering his/her/their Immovable Property in India or Liquid Security as Collateral Security for the loan is mandatory.

Insurance Cover

Life Insurance Cover is mandatory upto an amount equivalent to total loan amount including interest accrued during repayment holiday.

Repayment Period

Maximum 10 years (excluding moratorium period).

Repayment Holiday/ Moratorium Period

Course Period + 6 months.

Repayment Mode

Repayment of loan shall be made in Equated Monthly Installment (EMIs).

Repayment to be done out of remittances from outside India through normal banking channels or by debit to NRE/FCNR(B)/NRO accounts.

Re-Imbursement Of Fee

Not permitted.

Rate Of Interest

Processing Charges/ Upfront Fee

Documentation Charges