Panjab and Sindh Bank

Panjab and Sindh Bank’s Education Loan

Objective of the Scheme :

Panjab and Sindh Bank provides financial support to meritorious students for pursuing higher education in India and abroad and for vocational courses.

Eligibility of the Student  :

For Vocational Education:

Vocational / Skill development courses of duration from 2 months to 3 years run or supported by:

A ministry / Department / Organization of the Government or a company / society /organization supported by National Skill Development Corporation or State Skill Mission / State Skill Corporations, preferably leading to a certificate / diploma / degree etc. issued by the Govt. Organization or an organization recognized / authorized by the government to do so. State Level Bankers Committee ( SLBC ) may add other skill development courses/programmes, having good employability.

For Studies in India :

• Approved courses leading to graduate / post graduate degree and P G diplomas conducted by recognized colleges / universities recognized by UGC / Govt./ AICTE / AIBMS / ICMR etc.
• Courses like ICWA, CA, CFA etc.
• Courses conducted by IIMs, IITs, IISc, XLRI. NIFT,NID etc.
• Regular Degree / Diploma courses like Aeronautical, pilot training, shipping, nursing or any other discipline, approved  by Director General of Civil Aviation / Shipping / Indian Nursing Council or any other  regulatory body as the case may be, if the course is pursued in India.
• Approved courses offered in India by reputed foreign universities.

For  Studies over a Wide Area :

• Graduation : For job oriented professional / technical courses offered by reputed   universities
• Post graduation:  MCA, MBA, MS, etc.
• Courses conducted by CIMA- London, CPA in USA etc.
• Degree / diploma courses like aeronautical, pilot training, shipping etc provided these are recognized by competent regulatory bodies in India / abroad for the purpose of employment in India / abroad.

Liability of Finance :

Quantum of Finance :

For vocational Education:

• For Courses of duration upto 3 months   :    Rs. 20,000/-
• For Courses of duration 3 to 6 months     :    Rs. 50,000/-
• For Courses of duration 6 months to 1 year   :    Rs.  75,000/-
• For Courses of duration above 1 year  :     Rs. 1,50,000/-

For Higher Education in India and Abroad :

• Studies in India  : Maximum upto Rs. 10 lakhs.
• Studies Abroad  : Maximum upto Rs. 20 lakhs.

Margin :

Upto  Rs. 4 lakhs  :  Nil ( including vocational studies )

Above  Rs. 4 lakhs  :   

• Studies in India          5%
• Studies in Abroad     15%

Processing Fee / Mortgage Charges :

• For vocational Education: Nil
• For Higher Education in India and Abroad: Nil. However, for students studying abroad, refundable security of Rs. 2000/- in lieu of processing fee, in Saving account, to be kept under reserve.

Rate of Interest :

For higher studies in India & abroad

For vocational Education

Repayment Period of the Loan :

For Vocational Courses:

• Loans Upto  Rs. 50,000/-    : Upto 2 years                                   
• Loans between Rs. 50,000/- to   Rs. 1.00 lac : 2 to 5 years
• Loans above Rs. 1.00 lac  : 3 to 7 years

For Education loan scheme for pursuing Higher Education in India & Abroad:

• For loans Upto Rs. 7.5 lakhs   : upto 10 years
• For loans above Rs. 7.5 lakhs  : upto  15 years

For more Details, Kindly refer the following link :  https://www.psbindia.com/education.php

To Apply Online : https://www.psbindia.com/educationloan.php