|
The Scheme enables all
type of needy students viz., students of
+2 stage, Graduation courses – B.A.,
B.Com., B.Sc., etc., Post-Graduation
courses, Masters in 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., Evening Courses of
reputed Institutes; Diploma/Degree
courses conducted by
Colleges/Universities approved by
UGC/Govt./AICTE/AIBMS/ICMR, etc., Courses
offered by National Institutes and other
reputed Private Institutes.
· Students should approach the branch nearest
to the place of domicile.
Punjab National Bank is now offering concession
in interest in education Loan Scheme. The
concession in interest rates is available to
new borrowers who will avail education loan
from the bank w.e.f. 01.04.2007.
The bank has taken this step to make
education loan scheme more customer friendly
thus facilitating aspirant students to avail
education loan on comfortable & affordable
terms. Bank has reduced interest rates on
education loan up toRs.4.00 lac under PNB Vidya
Lakshya Purti Scheme by 125 basis points i.e.
11.50% p.a.
Further, Interest is charged monthly on
simple basis during the repayment
holiday/moratoriumperiod & concession of 1%
in rate of interest is also 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 education loan borrowers.
The insurance would cover study period as
well as repayment period, he said, adding in
case of any mishap, the insurance company would
take care of the loan repayment rather than the
aggrieved parents.
| Eligibility |
|
 |
| Student
eligibility |
 |
Should
be an
Indian
National.
|
|
|
Secured
admission
to
Professional
/
Technical
courses
through
Entrance
Test /
Selection
process.
|
|
|
Secured
admission
to
foreign
University
/
Institutions.
|
|
|
Student
should
have
secured
pass
marks in
the
qualifying
Examination
for
admission
to
Graduation
Courses.
|
|
| Expenses considered for
Loan |
|
|
Fee
payable
to
College /
School /
Hostel
|
|
|
Examination
/ Library
/
Laboratory
fee.
|
|
|
Purchase
of books
/
equipments
/
instruments
/
uniforms.Secured
admission
to
foreign
University
/
Institutions.
|
|
|
Caution
Deposit /
Building
Fund /
Refundable
Deposit
supported
by
Institution
Bills /
Receipts.
|
|
|
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.7.50
lacs. |
|
For studies abroad:
Maximum Rs.15.00
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: |
No
Security. |
| Above Rs4 lacs and
Upto Rs 7.5 lacs: |
3rd party guarantee
acceptable to the Bank. |
| Above Rs 7.5 lacs: |
Collateral Security of Suitable
value or suitable 3rd party
guarantee.
|
· The security can be in the form of land /
building / Govt. Securities / Public Sector
Bonds / Units of UTI, NSC, KVP, LIC Policy,
Gold, Shares / 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 |
|
|
|
upto Rs. 4
lacs |
BPLR -1.25% |
|
Above Rs.4
lacs |
BPLR + 1% |
- Term premia of 0.50% p.a. shall be
added for repayment period of 3 years &
above.
- The interest shall be debited monthly
on simple basis during the Repayment
holiday/ Moratorium period.
- Penal Interest @ 2% be charged for
above Rs.4.00 lacs for the overdue amount
and overdue period.
- 1% Interest concession for servicing of
interest during the study period regularly
is allowed at the time of start of
repayment period of loan.
|
Repayment |
|
|
| Repayment Holiday /
Moratorium |
Coursee period + 1
year OR 6
months after getting job,
whichever is
earlier. |
- The Principal 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 |
|
|
Nil
|
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). |
|
