Education Loan PNB Punjab National Bank
There are many students who keen to take responsibility on themselves by not putting their education Burdon on their parents. For this, they take Education Loan From PNB Punjab National Bank or from other banks. This bank offers personalized educational loans for various kinds of academic programs, Rate Interest, Scheme Online. With a view to brighten academic future of students who are unable to afford higher education, Punjab National Bank offers Educational Loan.
Punjab National Bank (PNB) Educational Loan Scheme is commonly called Vidyalakshyapurti. Under this scheme various processes comes such as coverage of insurance money from borrowers that takes loan on the basis of education which comes in association with Kotak Mahindra Insurance. Aspirants who want to avail loans have several options to opt for loans such as Padho Pardesh (Education loan scheme for students belonging to minorities for overseas studies), Central Scheme for Interest Subsidy (CSIS), Concessional Education Loans to Persons with Disabilities and many others.
Education Loan PNB Punjab National Bank
Let me take you how Education Loan of PNB Punjab National Bank works:-
What is the eligibility to take Education Loan PNB Punjab National Bank?
- Students should be resident of India.
- There would be secured admission for technical courses which will get conducted through entrance test.
Do You Know: Procedure To Apply For Education Loan In Any Bank
Purpose to take Education Loan:
Candidates who are unable to pay off their educational fees such as Hostel fee, College Fee, School Fee, laboratory fee, library fee, Purchase of books, Travel Expenses or Any other expense required to complete the course can take the educational loans. As taking financial assistance from banks help in continuing higher studies.
Also loan has been taken for many other purpose in this regards such as purchase of books/ equipments/ instruments/ uniforms plus Purchase of computer at reasonable cost, and many few take loan to complete the course or either for any other purposes for completing the course – like study tours, project work, thesis, etc.
Quantum of finance:
The quantum of finance is totally based on what is the expenses course as per the subjects and which is Minimum Rs.5000/ and Maximum Rs 1, 50,000/-.
Read Also: How To Apply For Education Loan
Maximum Amount of loan:
Candidates who want to study in India, for them their maximum fee Rs.10.00 lacs thus, for the students who want to study abroad their fee is – Maximum Rs.20.00 lacs.
|Amount of Loan||Repayable in Less Than 3 Years ([email protected]%)||Repayable in 3 Years & Above|
|Up to Rs 4 lakh||BR + 3.00%||BR + 2.50% + Term Premium ([email protected]%)|
|Over Rs 4 lakh & up to Rs 7.50 lakh||BR + 4.00%||BR + 3.50% + TP|
|Over Rs 7.50 lakh||BR + 2.00%||BR + 2.00%|
Margin provide for Education Loan PNB Punjab National Bank quantum
- Up to 4 lacs – Nil
- Above 4 lacs for
- Education in India – 5%
- Education Abroad – 15%
Education Loan PNB Punjab National Bank Rate of Interest:
The rate of interest decided for the loan taken by Punjab national bank is up to Rs. 4 lacs-10.50% and Above Rs.4 lacs -11.25%. As per their rule and norms the, in this what bank do they debit the monthly amount on very simple basis during the Repayment holiday/ Moratorium period.
2% penal interest gets charge to them and which is above Rs.4.00 lacs for the overdue amount and overdue period. 1% Interest concession has been provided for servicing of interest during the study period on a regular basis is allowed when the loan gets started.
As per punjab national bank schemes online document charges marked are Rs.270/- for loans upto Rs. 4 lac and Rs.450/- for loans above Rs.4.00 lac (exclusive of service tax and education cess) but it gets changes time to time.
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Loans up to Rs 7.50 lakhs must be repaid in a maximum period of up to 10 years and loans exceeding Rs 7.50 lakhs must be repaid within a maximum period of up to 15 years, in equal monthly installments (EMIs). Applicants will be entitled to repayment holiday period of either ‘course duration + 1 year’ OR ‘6 months after getting a job’, whichever occurs earlier.
And somehow if students do not get able to complete the course within the time then the extension of time for the completion of course can be permitted up to the maximum period of 2 years.
Aspirants who are seeking for loans in order to precede their higher studies can get financial assistance from PNB Punjab National Bank as they can take Education Loan from there. Procedure regarding it and other details are well provided on above given page which is well structured by team of www.recruitmentinboxx.com. So, well comprehend the page as it will help you surely…
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