Punjab National Bank Indian Education Loan – Punjab National Bank was established in the year 1894. Punjab National Bank (also known as PNB) is one of India’s first-born and third leading public sector banks which cater to over 80 million clienteles. In an effort to help, to enhance the upcoming of our nation, PNB offers manifold education loans and schemes to students and individuals, who wish to seek higher education in India. Under education loans, Punjab National Bank bids four distinctive brands of loans which are PNB Udaan, PNB Kaamgar, PNB Pratibha and PNB Saraswati.
Candidates who secure admission in Institutions as under:
- Sanctioned courses leading to Graduate/ Post Graduate degree and PG Diplomas accompanied by documented colleges/ universities renowned by UGC/ Govt. / AICTE/ AIBMS/ ICMR etc.
- Courses like ICWA, CA, CFA etc.
- Courses lead by IIMs, IITs, IISc, and XLRI. NIFT, NID etc.
- Regular Degree/Diploma courses like Aeronautical, pilot training, shipping Nursing or any other discipline accepted by Director General of Civil Aviation/Shipping/ Indian Nursing Council or any other monitoring body as the case may be.
- Advance Diploma in Banking Technology accessible by PNB IIT Lucknow.
- Appropriate courses offered in India by reputed foreign universities.
- Research Programme acknowledged by chosen academic authority/ regulatory body.
- Fee owed to college/ school/ hostel
- Examination/ Library/ Laboratory fee.
- Insurance premium for student borrower, if applicable.
- Caution deposit, Building fund/refundable deposit supported by Institute bills/receipts.
- Purchase of books/ equipment/ instruments/ uniforms.
- Purchase of computer at reasonable cost, if obligatory for completion of the course.
- Any other expenditure compulsory to complete the course – like study tours, project work, thesis, etc.
Punjab National Bank Indian Education Loan Eligibility
- Candidate must be of an Indian nationality.
- Candidate Should have secured admission to a higher education course in documented organizations in India through Entrance Test/ Merit Based Selection process after completion of HSC(10 plus 2 or equivalent).
- Cases of Management Quota may be deliberated on merit basis.
Quantum of Finance
- Need based Finance subject to reimbursing capacity of the parents/students (after completion of course)
- Repayment of fees remunerated within six months may be allowed on individual merits of the case.
- Up to Rs. 4 lac – NIL
- Above Rs. 4 lac – 5%
- Scholarship/ assistantship may be deliberated in margin.
- Margin may be brought-in on year-to-year basis as and when expenditures are completed on a pro-rata basis.
Punjab National Bank Indian Education Loan Interest Rates
- Loan up to Rs 4 lac – Base Rate+2%.
- Loans above Rs 4 lac up to Rs 7.50 lac – Base Rate+3%.
- Loans above Rs 7.50 lac – Base Rate+2.50%.
- Base Rate+1% to be charged for all loans, regardless of amount, where 100% tangible guarantee security in the shape of IP, enforceable under SARFEASI act, and/or liquid safety are accessible.
- Simple interest is charged during the Reimbursement holiday/ Moratorium Period.
- Up to Rs. 4 lac: Parental(s)/guardian as a joint borrower(s).
- Above Rs. 4 lac and up to Rs. 7.50 lac: Also the parent(s)/ guardian implementing the brochures as joint borrower(s), guarantee security in the form of appropriate third party guarantee.
- Above Rs.7.50 lac: Parent(s)/ guardian as a joint borrower(s). Tangible collateral security of suitable value acceptable to bank along with the assignment of future income of the student for payment of installments.
- The Maximum repayment is up to a time frame of 15 years.
Repayment Holiday/ Moratorium
- Course period + 1 year
- There are no prepayment charges. Its totally NIL.
Interest Rates – Loans & Advances
|Ø||BASE RATE: 9.60% w.e.f. 01.10.2015|
|Ø||BPLR: 14.00% w.e.f. 01.05.2012|
|Ø||Interest Rate on Advances Linked to BPLR and Base Rate|
|Ø||Interest Rate on Advances – Retail Segment Loan|
Fees and Services
|Ø||Non-Credit Related Service Charges|
|Ø||Credit Related Service Charges|
|Ø||Forex Related Service Charges|
EXISTING PENALTY FOR DELAYED REIMBURSEMENTS OF LOANS IS 2% ABOVE THE STANDARD RATE OF INTEREST.
IMPS transaction charges @ Rs. 5/- + Service tax per transaction will be applicable w. e. f. 23.07.2014.