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EDUCATION LOAN - VIDYALAKSHYAPURTI

The Scheme aims at providing financial assistance to deserving / meritorious students (Indian Nationals) for pursuing higher professional and technical education in India or abroad.

Studies in India

1.       Graduation courses – B.A., B.Com., B.Sc., etc.,

2.       Post-Graduation courses, Masters & Ph.D;

3.       Professional courses, Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.,

4.       Computer Certificate courses of reputed Institutes accredited to Department of Electronics or institutes affiliated to University;

5.      Courses like ICWA, C.A., CFA, etc.,

6.      Courses conducted by IIM, IIT, IISc, XLRI, NIFT, etc.,

7.      Regular Diploma/Degree courses conducted by Colleges/Universities approved by UGC/Govt./AICTE/AIBMS/ICMR,

8.       Regular Degree / Diploma courses like Aeronautical, Pilot training, Shippling etc. approved by Director General of Civil Aviation/ Shippinge, if the course is persued in India. In case the course is pursued abroad, the Institue should be recognised by the competent local (abroad) Aviation/Shipping authority.

9.       Advance Diploma in Banking Technology offered by PNBIIT, Lucknow.

10.       Courses offered in India by reputed foreign universities.

11.       Other courses leading to Diploma/Degree etc. conducted by colleges/universities approved by UGC/Govt./AITCE/AIBMS/ICMR etc.

12.       Courses offered by National Institutes and other reputed Private Institutes.

13.       Diploma courses, Diploma Leading to Degree Courses local as well as abroad and courses offered by recognised universitis of repute through distance learning etc.

Studies Abroad:

1.       Graduation- for job oriented professional/technical courses offered by reputed universities abroad.

2.       Post Graduation cources- MCA, MBA, MS, etc. offered by reputed universities abroad.

3.       Courses conducted by CIMA- London, CPA in USA etc.

Students should approach the branch nearest to the place of residence of their parents..

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

 

1.       Should be an Indian National.

2.     Secured admission to Professional / Technical Courses in India or abroad through Entrance Test / Merit based Selection process.

Expenses considered for Loan

 

1.       Fee payable to College / School / Hostel

 

2.       Examination / Library / Laboratory fee.

 

3.       Purchase of books / equipments / instruments / uniforms.

 

4.       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..

 

5.       Travel Expenses / Passage money for studies abroad.

 

6.       Purchase of computers - essential for completion of the Course.

7.       Insurance premium for student borrower

8.       Boarding and lodging expenses in recognised Boarding Houses / private accomondations

 

9.    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 together with collateral security in the form of suitable 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

Course period + 1 year OR 6 months after getting job, whichever is earlier.

 The Principle 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.270/- + Service Tax & Education Cess

 

Above Rs.4 lacs

Rs.450/- + Service Tax & Education Cess

Additional Benefits provided to the students by PNB

  •  A rebate of 0.50% in rate of interest permitted to women beneficiaries for loans up to Rs. 10 lac for studies in India and Rs 20 lac for studies abroad for existing as well as new girl student borrowers wef. 08.03.2009. 
  • A rebate of 0.50% in rate of interest permitted to students of IITs, IIMs, RECs, NITs, ITs, Government Recognized Medical Colleges, FMS Delhi, MDI Gurgaon, and XLRI Jamshedpur. 
  • 1% interest concession may be provided for loanees if the interest is serviced during the study period/moratorium period.
  • 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:

 

o    Loan application on Bank's format.

 

o    Passport size photograph

 

o    Proof of Address(Permanent) / ID Proof.

 

o    Proof of Age.

 

o    Proof of having secured pass marks in last qualifying examination.

 

o    Letter of admission in professional, technical or vocational courses.

 

o    Prospectus of the course wherein charges like Admission Fee, Examination Fee, Hostel Charges etc. are mentioned.

 

o    Details of Assets & Liabilities of parents.

 

o    In case loan amount is above Rs.4.00 lacs :

o    Detail of Assets & Liabilities of parents/co-obligants/ guarantors.

o    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.

 

o    Photocopy of Passport & Visa, in case of study abroad.

 

Any other document/information, depending upon the case and purpose of the loan.

*

(The above CHECKLIST is only illustrative, not exhaustive. For details, please contact our nearest Branch Office).

Circle-wise list of Tie-up with Educational Institutes for sanction of educational loan by respective circles is available under Retail Tie-up

 

State and subject wise educational institutes under tie ups

Click here for applying for education loan online


Source : https://www.pnbindia.in

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Andaman and Nicobar Island Andhra Pradesh Arunachal Pradesh Assam

Bihar Chandigarh Chhattisgarh Dadra and Nagar Haveli

Daman and Diu Delhi Goa Gujarat

Haryana Himachal Pradesh Jammu and Kashmir Jharkhand

Karnataka Kerala Lakshadweep Madhya Pradesh

Maharashtra Manipur Meghalaya Mizoram

Nagaland Orissa Puducherry Punjab

Rajasthan Sikkim Tamil Nadu Tripura

Uttar Pradesh Uttarakhand West Bengal
 
 
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Salem Sivaganga Thanjavur Theni Thoothukudi Tiruchirappalli

Tirunelveli Tiruppur Tiruvallur Tiruvannamalai Tiruvarur Tuticorin

Vellore Viluppuram Virudhunagar
 
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Erode Kanchipuram Kanyakumari Karur Krishnagiri Madurai

Nagapattinam Namakkal Nilgiris Perambalur Pudukkottai Ramanathapuram

Salem Sivaganga Thanjavur Theni Thoothukudi Tiruchirappalli

Tirunelveli Tiruppur Tiruvallur Tiruvannamalai Tiruvarur Tuticorin

Vellore Viluppuram Virudhunagar
 
 
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