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Punjab National Bank-

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.10.00 lacs.
 For studies abroad: Maximum Rs.20.00 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 document should be executed by both the student and the parent/guardian.

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 :
For Study in India - Nil
For Study abroad - @ 0.50% with a maximum of Rs. 5000/-(refundable on availment of the loan amount)
 
Documentation Charges  
 
Upto Rs. 4 lacs  Rs.300/- + Service Tax & Education Cess
Above Rs.4 lacs Rs.500/- + Service Tax & Education Cess
 
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.