Secured admission to Professional/ Technical courses through Entrance Test/ Selection Process.
Eligible Courses for Education Loan
Graduation, Post-graduation including technical / professional courses from recognized universities.
Quantum of Finance
Maximum of Rs. 10.00 lacs for studies in India
Margin
Upto Rs.4,00,000/- -- NIL
Above Rs.4,00,000/- -- 5%
Studies in Abroad
Eligibility
Must be an Indian National.
Secured admission to foreign university/institutions.
Eligible Courses for Education Loan
Graduation : For job oriented professional / technical courses offered by reputed universities
Post-Graduation - MCA, MBA, MS, PhD etc.
Courses conducted by CIMA-London, CPA in USA etc.
Quantum of Finance
Maximum of Rs. 20.00 lacs for studies in abroad.
Margin
Upto Rs.4,00,000/- -- NIL
Above Rs.4,00,000/- -- 15%
Common aspects for Indian and Abroad studies
Expenses considered for Education Loan
Fee payable to college/school/hostel
Payment of course fees
Purchase of books/equipments/instruments/uniforms and computer/laptops
Examination/Library/Laboratory fee
Other expense that are required to complete the course - like study tours, project work, thesis, etc.
Security
Upto 4.00 lacs - Co-obligation of Parents. No security.
From Rs. 4.00 lacs to Rs.7.50 lacs - Co-obligation of Parents. Third party guarantee acceptable to the Bank.
Above Rs. 7.50 lacs - Co-obligation of Parents. Collateral Security of suitable value along with Assignment of future income of the student for payment of installments.
Rate of Interest
Upto 4.00 lacs
Interest rates are linked with BPLR
10.50% for PNB Vidya Lakshya Purti Scheme and 10.50% for PNB Sarvottam Shiksha Scheme
Above 4.00 lacs
Interest rates are linked with BPLR
11.25% for PNB Vidya Lakshya Purti Scheme and 11.00% for PNB Sarvottam Shiksha Scheme
Repayment
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.
Holiday period
Course period + 1 year OR 6 months after getting job, whichever is earlier.
