Panjab National Bank

Panjab National Bank’s Education Loan - PNB SARASWATI

Objective of the Scheme :

The Scheme aims at providing financial assistance to deserving / meritorious students ( Indian Nationals ) for pursuing higher professional and technical education in India or abroad.

Eligibility of the Student  :

• Should be an Indian National.
• Should have secured admission to a higher education course in recognized institutions  in India or Abroad through Entrance Test / Merit Based Selection process after completion of HSC( 10 plus 2 or equivalent ). OR Where the admission is purely based on marks scored in qualifying examinations, there is a cut off percentage of marks of 50% for SC / ST and 60% for General category.

Studies in India :

• Approved courses leading to Graduate/ Post Graduate degree and PG 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 etc., approved by Director General of Civil Aviation / Shipping, if the course is pursued in India.
• Approved courses offered in India by reputed foreign universities.
• Admission under Management Quota may also be considered.
• For studying part-time job oriented courses ( evening classes or otherwise ), which are approved / recognized by the regulatory body / authority.
• Job oriented specialized programmes like maritime courses which are offered in collaboration with foreign institutions and may not be having recognition in India.

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 :

Expenses allotted for the Loan :

• Fee payable to College / School / Hostel
• Examination / Library / Laboratory fee.
• Purchase of books / equipments / instruments / uniforms.
• Caution Deposit / Building Fund / Refundable Deposit supported by Institution Bills / Receipts,
• Travel Expenses / Passage money for studies abroad.
• Purchase of computers at reasonable cost, if required for completion of the course.
• Insurance premium for student borrower, if applicable
• Any other expense required to complete the course - like study tours, project work, thesis etc.

Quantum of Finance :

Need based finance, subject to employability and earning potential of the student with prescribed margin as per the following ceilings :-

• For studies in India: Maximum Rs.10.00 lacs.
• For studies abroad: Maximum Rs.20.00 lacs.

Margin :

Moratorium :

Course Period plus one year or six months after getting job, whichever is earlier.

Rate of Interest :

Repayment Period of the Loan :

Course period + 1 year or 6 months after getting   job, whichever is earlier.

Repayment of loan will be in equated monthly installments ( EMIs ) for period as under:

• up to Rs.7.50 lac - upto 10 years
• Above Rs.7.50 lac - upto 15 years

For more Details, Kindly refer the following link :

https://www.pnbindia.in/En/ui/EducationLoanScheme.aspx

To Apply Online :

https://www.pnbnet.org.in/ONLINELOAN/edu/addFresh.html?appType=fresh