Table Of Contents
- PNB Education Loan Overview
- Objectives of PNB Education Loan
- Types of Courses for PNB Education Loan
- Purpose of PNB Education Loan
- Eligibility for PNB Education Loan
- Margin Of PNB Education Loan
- Security For PNB Education Loan
- Rate of Interest Of PNB Education Loan
- Processing Charges/ Upfront Fee Of PNB Education Loan
PNB Education Loan Overview
Punjab National Bank (PNB) presents “Udaan,” a special education loan scheme designed to help students achieve their dreams of pursuing higher education abroad. Whether you’re aspiring to study in prestigious international institutions or explore academic opportunities overseas, PNB Udaan is your financial partner.
Objectives of PNB Education Loan
Objective: PNB Udaan – Nurturing Global Aspirations
At Punjab National Bank (PNB), PNB believes in nurturing aspirations and shaping dreams. The objective of PNB’s special education loan scheme, PNB Udaan, is to empower meritorious students to pursue higher education abroad. PNB understands that quality education knows no boundaries, and PNB is committed to providing the financial support needed to turn these aspirations into reality.
Types of Courses for PNB Education Loan
PNB supports students who secure admission to various courses, including reputable undergraduate programs, as well as postgraduate courses like MCA, MBA, MS, etc. PNB also extends assistance for courses offered by institutions like CIMA in London, CPA in the USA, and degree/diploma programs such as aeronautical studies, pilot training, and shipping. These courses must hold recognition from foreign regulatory bodies for employment opportunities abroad.
ADVERTISEMENT
Moreover, PNB offers education loans for diploma and certificate courses abroad, excluding aeronautical studies, pilot training, shipping, etc. To access these loans, applicants need to provide collateral valued at 125% of the loan amount. This collateral can be in the form of Fixed Deposit Receipts (FDRs), National Savings Certificates (NSCs), or the surrender value of Life Insurance Policies. Family members (as joint borrowers or guarantors) are required to demonstrate financial stability, and the chosen course must possess recognition or accreditation.
ADVERTISEMENT
For More Schemes – Click Here
Purpose of PNB Education Loan
The loan covers various expenses, including:
- College/school/hostel fees.
- Exam/library/laboratory fees.
- Travel costs for studying abroad.
- Student borrower’s life insurance premium, if applicable.
- Deposits and funds supported by institution bills.
- Purchasing books, equipment, instruments, and uniforms.
- Getting a computer if needed for the course.
- Other essential course-related expenses like study tours and projects.
Eligibility for PNB Education Loan
The eligibility criteria are as follows:
- The applicant must be an Indian national.
- The applicant should have obtained admission to a higher education course in recognized institutions abroad. This admission must be through an Entrance Test or a Merit-Based Selection process after completing HSC (10 plus 2 or Equivalent).
Margin Of PNB Education Loan
Margin Requirements:
- For loans up to Rs. 4 lakh – No margin is required.
- For loans above Rs. 4 lakh – A margin of 15% is needed.
- Scholarships or assistantships should be included in the margin calculation.
- The margin can be brought in on a year-to-year basis as disbursements are made, proportionally.
Security For PNB Education Loan
- Up to Rs. 7.50 lakh: Parent(s) or guardian becomes joint borrower(s). No tangible security or third-party guarantee is needed.
- Above Rs. 7.50 lakh: Parent(s) or guardian becomes joint borrower(s). Tangible collateral security of appropriate value, accepted by the bank, is required.
Repayment:
- Maximum repayment period of up to 15 years.
Prepayment Charges:
- No prepayment charges.
For International Loans – Click Here
Rate of Interest Of PNB Education Loan
| Parameter | Rate of Interest Based on RLLR |
|---|---|
| Loan upto Rs.7.50 lakhs (covered under CGFSEL Scheme) | RLLR + 2.00% |
| Loan up to Rs.7.50 lakhs (covered under CGFSEL Scheme) | RLLR + 2.75% |
| Loan above Rs.7.50 lakhs | RLLR + 2.75% |
| Loans irrespective of amount (where 100% tangible collateral security in the shape of IP, enforceable under SARFAESI Act, and/or liquid security is available) | RLLR + 2.00% |
| Loan up to Rs.7.50 lakhs sanctioned before 16.09.2015 (Not covered under CGFSEL Scheme & without collateral security). | Education Loan to children of PNB’s Employees where an employee is either co-borrower or guarantor. |
Processing Charges/ Upfront Fee Of PNB Education Loan
- For studies in India: No charges.
- For studies abroad: 1% of the loan amount or a minimum of Rs. 10,000, which is refundable after the first disbursement.
- For PNB Pravasi Shiksha Loan: 1% of the loan amount or a minimum of Rs. 10,000, non-refundable.
- For PNB Kaushal: No charges for studies in India.
- For PNB Pravasi Shiksha Loan: Rs. 450.
- For PNB Kaushal: No charges.
For additional information, please visit the official PNB website to explore the complete range of education loan schemes they offer.
Apply PNB Education Loan - Click Here
