PUNJAB NATIONAL BANK
PNB's attractive Education Loan Scheme is designed to provide
better educational opportunities to bright and needy students and brings within their
reach various types of education (professional,technical and vocational courses).
The scheme enables the needy students to meet the following costs for higher studies in
India and abroad :- administrative fees, books & stationery, instruments required for
the course, monthly fees, examination fees, boarding and lodging expenses and air fare for
joining the course abroad.
Eligibility
Indian nationals, in the age group of 16-30 years.
Students who have first class academic career or have secured 60% marks in their final
examination. This is relaxable in certain categories.
Aggregate income of the parents/guardian should not exceed
Rs.3 Lac p.a. This is relaxable in certain categories in case of study abroad.
Employed persons intending to better their prospects can
also avail loan for improving their educational qualifications and/or receive training in
modern technology abroad.
Extent of Loan This is co-related to expenses involved in
taking up the course and the expected earnings after qualifying, subject to maximum of:
For studies in India: Rs. 5 Lac
For studies abroad Rs.10 Lac
Security
Loan upto Rs. 1 Lac:
Co-obligation of parents/guardian/third party guarantee
with net means equal to amount of loan.
Loan above Rs. 1 Lac Security acceptable to the bank,
equivalent to 150% of the amount of loan.
Rate of Interest
Loan upto Rs. 2 Lac 13% p.a. + Interest Tax
Loan above Rs. 2 Lac 16% p.a. + Interest Tax
The Interest shall be charged at simple rate from the date
of disbursement till the commencement of repayment of loan and thereafter, compound
Interest is charged on reducing balance basis.
Repayment
Principal and Interest is repayable in monthly installments within seven years. Repayment
will commence after two years of the completion of studies by the borrower or one month
after his/her getting employment, whichever is earlier.
Disbursement
Payment of loan will be made directly to the institutions.The disbursement will be made
either in annual installments or in lump sum, depending on the requirements and subject to
certain conditions. |
