Punjab National Bank Education Loan: Study Abroad, Eligibility,Benefits, Interest Rates, EMI Calculator, Apply Online provides Education Loans for students looking to pursue higher education in India or abroad, at attractive interest rates.

What is Punjab National Bank Education Loan?

Students can choose from a number of educational loans offered by Punjab National Bank. The loans feature a reasonable interest rate and a 15-year maximum repayment period. However, the length of the repayment time will change based on the loan.

Education loans are available for higher education (in India or abroad), vocational education and training, education at prestigious institutions, and higher education in Delhi. People who were born outside of India but wish to pursue higher education there are also eligible for the loan.

Eligibility for Punjab National Bank Education Loan

The eligibility criteria for Punjab National Bank (PNB) Education Loan may vary based on the specific loan scheme and the loan amount requested. However, here are the general eligibility requirements:

• Nationality:

The applicant should be an Indian citizen.

• Age:

There is no specific age limit, but typically, applicants should be within the age range specified by the bank.

• Courses:

PNB provides education loans for a wide range of courses, including undergraduate and postgraduate programs, vocational and skill development courses, and professional courses.

• Admission:

The applicant should have secured admission to a recognized educational institution in India or abroad.

• Academic Performance:

The applicant should have a satisfactory academic record.

• Co-applicant/Guarantor:

Depending on the loan amount, a co-applicant or guarantor may be required. Generally, parents, guardians, or spouses of the student can act as co-applicants or guarantors.

• Collateral Security:

For higher loan amounts, collateral security may be required. The type and value of collateral depend on the loan amount and the bank’s policies.

• Income Criteria:

The bank may consider the income of the applicant or co-applicant to determine loan eligibility and repayment capacity.

Features and Benefits of Punjab National Bank Education Loan

Punjab National Bank (PNB) Education Loan offers several features and benefits to students who require financial assistance for their education. Here are some key features and benefits:

• Loan Coverage:

PNB Education Loan covers a wide range of educational courses, including undergraduate and postgraduate programs, vocational and skill development courses, and professional courses in India or abroad.

• Loan Amount:

The loan amount provided by PNB can vary depending on the course, institution, and other factors. Generally, loans ranging from a few thousand rupees to several lakhs are available.

• Competitive Interest Rates:

PNB offers education loans at competitive interest rates, ensuring affordable repayment options for borrowers.

• Flexible Repayment Options:

PNB provides flexible repayment options, allowing borrowers to choose a repayment tenure that suits their financial capabilities. Repayment periods can extend up to 15 years, including a moratorium period during the course duration.

• Collateral Security:

Depending on the loan amount, collateral security may be required. However, PNB also offers education loans up to a certain amount without collateral security, under specific schemes.

• Streamlined Application Process:

PNB has a streamlined application process for education loans, making it convenient for students and their parents/guardians to apply for financial assistance.

• Quick Loan Disbursement:

PNB aims to ensure swift loan disbursement after the verification process and approval, enabling students to meet their educational expenses promptly.

• Tax Benefits:

Under Section 80E of the Income Tax Act, 1961, the interest paid on the education loan is eligible for tax deduction, providing additional financial benefits to borrowers.

Documents Required Punjab National Bank Education Loan

The exact documentation requirements for a Punjab National Bank (PNB) Education Loan may vary based on the specific loan scheme, loan amount, and other factors. However, here is a general list of documents typically required:

1. Application Form: A duly filled and signed application form, which can be obtained from the bank or downloaded from their official website.
2. Photographs: Recent passport-sized photographs of the student, co-applicant (if any), and guarantors (if applicable).
3. Proof of Identity: Documents such as Aadhaar card, PAN card, passport, voter ID card, or any other government-issued photo ID.
4. Proof of Address: Documents like Aadhaar card, passport, utility bills (electricity, water, gas), or any other document that verifies the residential address.
5. Admission Letter: A copy of the admission letter or offer letter from the educational institution where the student has secured admission.
6. Academic Records: Mark sheets and certificates of the qualifying exams, such as 10th and 12th standard or graduation degree, depending on the course applied for.
7. Fee Structure: A copy of the fee structure of the course or institution where the student has taken admission.
8. Income Proof: Income documents of the co-applicant or guarantor, such as salary slips, income tax returns, bank statements, or other relevant financial documents.
9. Collateral Documents: If collateral security is required, documents related to the collateral property, such as property papers, title deed, valuation report, etc., may be necessary.
10. Other Documents: Additional documents may be required based on the specific requirements of the bank, such as a statement of assets and liabilities, bank account statements, income certificate, etc.

Punjab National Bank Education Loan Interest Rates 2023

Scheme	nterest Rates(p.a.)
PNB Saraswati	11% to 11.75%
PNB Saraswati – Female	10.50% to 11.25%
PNB Pratibha	8.30% to 10.25%
PNB Udaan	11% to 11.75%
PNB Udaan – Female	10.50% to 11.25%
PNB Kaushal	10% to 10.50%
PNB Honhaar	11%
PNB Pravasi Shiksha Loan	11%
PNB PM CARES EDUCATION LOAN SCHEME	9.25% to 9.75%

 

Different Punjab National Bank Education Loan Schemes

Punjab National Bank (PNB) offers different education loan schemes to cater to the diverse needs of students. Here are some of the popular education loan schemes provided by PNB:

PNB Saraswati:

This scheme provides financial assistance to students pursuing higher education in India or abroad. It covers various courses, including technical and professional programs.

PNB Pratibha:

This scheme offers education loans to meritorious students who have secured admission to premier institutes like IITs, IIMs, AIIMS, NITs, and other reputed institutions in India.

PNB Kaushal:

This scheme is designed to provide financial support to students pursuing skill development and vocational training programs. It aims to enhance the employability of individuals in various sectors.

PNB Honhaar:

This scheme provides education loans for pursuing professional and specialized courses like CA, CS, CFA, ICWA, MBA, etc.

PNB Gyan Jyoti:

This scheme offers education loans to students pursuing higher education in recognized institutions in India. It covers various courses, including undergraduate and postgraduate programs.

PNB Pravasi Shiksha Loan:

This scheme is specifically designed for Indian students who want to pursue higher education abroad. It provides financial assistance for courses offered by recognized foreign universities.

Punjab National Bank Education Loan -Study Abroad

Punjab National Bank (PNB) provides education loans for studying abroad under their education loan schemes. Here are some details related to PNB’s education loan for studying abroad:

Loan Limit: PNB offers education loans for studying abroad with varying loan limits depending on the course, institution, and other factors. The loan amount can range from a few lakhs to higher amounts based on the specific scheme and borrower’s eligibility.

Margin: The margin requirement for PNB education loans for studying abroad can vary. Generally, PNB may require a margin of 15% to 20% of the total expenses, meaning the borrower may need to finance a portion of the expenses from their own funds.

Covered Expenses: PNB education loans for studying abroad typically cover various expenses related to the course, such as tuition fees, hostel fees, examination fees, books and equipment costs, travel expenses, and other reasonable expenses necessary for completing the course.

Collateral Requirement: The collateral requirement for PNB education loans for studying abroad depends on the loan amount. For higher loan amounts, PNB may require collateral security in the form of property, fixed deposits, LIC policies, etc. However, under certain loan schemes or for lower loan amounts, collateral security may not be mandatory.

Punjab National Bank Education Loan–EMI Calculator

However, Punjab National Bank (PNB) provides an EMI (Equated Monthly Installment) calculator on their official website to help borrowers estimate their monthly loan repayments. To use the PNB Education Loan EMI calculator, you can follow these general steps:

1. Visit the official website of Punjab National Bank (www.pnbindia.in).
2. Navigate to the “Loans” or “Education Loan” section of the website.
3. Look for the EMI calculator tool specifically designed for education loans.
4. Enter the loan amount, interest rate, and tenure (repayment period) into the calculator. These details can be found in the loan agreement or obtained from the bank.
5. Click on the “Calculate” or “Calculate EMI” button.
6. The EMI calculator will provide you with the estimated monthly installment amount based on the information provided

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How to Apply for The Punjab National Bank Education Loan

Punjab National Bank (PNB) provides both offline and online modes for applying for an education loan. Here’s a guide on how to apply for a PNB Education Loan through both channels:

Offline Application:

1. Visit the nearest Punjab National Bank branch: Locate and visit the nearest PNB branch to obtain the application form for an education loan.
2. Collect the application form: Approach the bank staff and request an application form for an education loan. They will provide you with the necessary form to fill out.
3. Fill out the application form: Carefully fill out the application form with accurate and complete information. Provide all the required details about the borrower, co-applicant (if any), educational institution, course details, loan amount, etc.
4. Attach the necessary documents: Gather all the required documents as per the documentation checklist provided by the bank. Ensure that you have all the necessary documents in the prescribed format.
5. Submit the application form: Submit the filled-out application form along with the required documents to the bank officials. They will verify the details and guide you through the further loan application process.

Online Application:

1. Visit the Punjab National Bank website: Go to the official website of Punjab National Bank (www.pnbindia.in) using a computer or smartphone with an internet connection.
2. Navigate to the education loan section: Locate the section related to education loans on the PNB website. Look for information on how to apply online or an online application portal.
3. Fill out the online application form: Click on the online application link or button to access the online application form. Fill out the form with accurate details, providing all the necessary information about the borrower, co-applicant, educational institution, course details, loan amount, etc.
4. Upload the required documents: Scan or take clear photographs of the necessary documents as per the documentation checklist provided by the bank. Upload the digital copies of the documents as instructed on the online application portal.
5. Submit the online application: Review the entered details and uploaded documents before submitting the online application. Once you are satisfied with the information provided, submit the application electronically through the online portal.
6. Follow up with the bank: After submitting the online application, it is advisable to follow up with the bank to ensure that your application is received and being processed. You may need to visit the bank branch to complete any remaining documentation or formalities as instructed by the bank.

FAQ – Punjab National Bank Education Loan