Punjab National Bank

Overview


"Established in 1894, Punjab National Bank (also known as PNB) is one of India's oldest and third largest public sector bank which caters to over 80 million customers. In an effort to help brighten the future of our nation, PNB offers multiple education loans and schemes to students and individuals, who wish to pursue higher education in India and abroad. Under education loans, PNB offers four distinct kinds of loans which are PNB Udaan, PNB Kaamgar, PNB Pratibha and PNB Saraswati. Customers availing these loans also have the choice to opt for schemes like CSIS (Central Scheme for Interest Subsidy), Concessional Education Loans to Persons with Disabilities (PwDs) and Padho Pardesh (Education loan scheme for overseas studies to students belonging to minorities) to ease their loan liability."

Loan Interest Rates:


PNB Saraswati:
Amount of Loan Repayable in Less Than 3 Years (BR@10%) Repayable in 3 Years & Above
Up to Rs 4 lakh BR + 3.00% BR + 2.50% + Term Premium (TP@0.50%)
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%

PNB Kaamgar:
Amount of Loan Repayable in Less Than 3 Years (BR@10%) Repayable in 3 Years & Above
Up to Rs 4 lakh BR + 3.00% BR + 2.50% + Term Premium (TP@0.50%)
Over Rs 4 lakh & up to Rs 7.50 lakh BR + 4.00% BR + 3.50% + Term Premium (TP@0.50%)
Over Rs 7.50 lakh BR + 2.00% BR + 2.00%

PNB Pratibha:
Term Rate of Interest
3 years & more BR + 1.50% + Term Premium
Less than 3 years BR + 1.50%

Base Rates Are:

Loan Eligibility:


Courses Eligible For Loan:
    PNB Saraswati:
  • Approved courses offered by colleges/ universities recognized by UGC/ Govt. / AICTE/ AIBMS/ ICMR etc. which grant Graduate/ Post Graduate degrees and PG Diplomas.
  • Professional courses like ICWA, CA, CFA etc.
  • Courses conducted by premier institutes like 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 (DGCA) / Shipping / Indian Nursing Council or any other regulatory body (if the course is pursued in India).
  • Advance Diploma in Banking Technology offered by PNB IIT, Lucknow.
  • Approved courses offered in India by reputed foreign universities.
  • Recognized research programmes offered by any designated academic authority/ regulatory body.
    PNB Kaamgar:
  • Vocational / skill development courses for a duration of 2 months to 3 years run or supported by a Govt. Ministry/Dept./Organization OR a company / society / organization supported by National Skill Development Corporation (NSDC) or State Skill Missions / State Skill Corporations which ideally awards a certificate / diploma / degree, etc. issued by a Govt. run or Govt. authorized organization.
  • State Level Bankers Committee (SLBC) / State Level Coordination Committee (SLCC) may add other skill development courses / programmes, having good employability.
    PNB Pratibha:
  • All management, engineering, medicine, law and other professional courses offered by premier institutes like IIMs, IITs, NITs and others.

Documents Required:
    PNB Saraswati:
  • Loan application as per the bank's format.
  • Passport size photograph.
  • Proof of address & age
  • PAN Card copy of student borrower
  • Proof of having cleared last qualifying examination.
  • Letter of Admission
  • Course Prospectus which states details of charges/fee for admission, examination, Hostel etc.
  • Details of assets & liabilities of parents/co-applicants/guarantors
  • If the loan requires a collateral mortgage of IP as security, then a copy of Title Deed and Valuation is required
  • Borrower must obtain, at their expense, a Non-encumbrance Certificate from an approved lawyer of the bank
  • Any other document/information, depending upon the case and purpose of the loan
    PNB Kaamgar:
  • Loan application as per the bank's format
  • Passport size photograph
  • Address proof
  • Proof of age
  • Proof of having cleared last qualifying examination.
  • Letter of admission to say vocational/ skill development courses.
  • Course prospectus mentioning charges/fee pertaining to admission, examinations, hostel etc.
  • Details of assets & liabilities of parents/co-applicants
  • Any other document/information, depending on the case and purpose of the loan

Candidate Education Loan Eligibility:
    PNB Saraswati:
  • Student must be an Indian national.
  • Student must have gained admission to any recognized institute in India for a higher education course through an entrance test / merit based selection process, after passing Higher Secondary School i.e. 10+2 or equivalent.
  • Student must have secured admission solely based on marks scored in the qualifying examinations. (Marks cut-off percentage of 60% for General category & 50% for SC/ST be considered).
    PNB Kaamgar:
  • Student must be an Indian national.
  • He/she must have secured admission to a course run or supported by a government run Ministry / Dept. / Organization or a company / society / organization supported by the National Skill Development Corporation (NSDC) or State Skill Missions / State Skill Corporations.
  • Said course should preferably award a certificate / diploma / degree, etc. which is issued by a Govt. run/ Govt. authorized organization.
    PNB Pratibha:
  • Student must have secured admission to a regular full time Degree/Diploma course at any of the premier institutes in India.

Processing Fees:
"This loan does not carry any processing fee or any other charges."

Expenses Covered under Education Loan:


    PNB Saraswati:
  • This loan covers all course related expenses and fees for college/school/hostel, examinations/library/laboratory, caution deposit/building fund/refundable deposit (supported with relevant bills/receipts), books & equipment, course related travel, and insurance premium for student borrower.
    PNB Kaamgar:
  • The loan covers all course related expenses/fee for tuition/course, examinations/library/laboratory, caution deposit, books & equipment and any other reasonable expenditure incurred towards completion of course.

Loan Repayment:


    PNB Saraswati:
  • 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.
    PNB Kaamgar:
  • For courses up to 1 year, loan must be repaid in 2 to 5 years & for courses over 1 year, loan must be repaid in 3 to 7 years.
  • Loan Repayment Holiday / Moratorium period for courses up to 1 year will be 6 months from completion of course and for courses above 1 year, this period will be 12 months from completion of course.
  • No pre-payment penalty will be charged.

Security Required:


    PNB Saraswati:
  • Up to Rs 4 lakh: Parents / guardians must be joint borrowers and no other security is required.
  • Above Rs 4 lakh & up to Rs 7.5 lakh: In addition to parents/guardians becoming joint borrowers, collateral security in the form of a suitable third party guarantee is required.
  • Above Rs 7.5 lakh: Tangible collateral security of suitable value acceptable to the bank must be put as security, in addition to parents/guardians becoming joint borrowers.
    PNB Kaamgar:
  • Parents/guardians must file the loan documents with the student as the joint borrower. Other than that, no collateral security / third party guarantee is needed.
    PNB Pratibha:
  • Applicants need not provide any collateral security with this loan. Parents/guardians must be named as joint borrowers.

FAQs:


1.Is there any rebate / concession on rate of interest with PNB Kaamgar Loan?
Ans. Yes, a rebate of 0.50% will be given to women beneficiaries for existing & new girl student borrowers.

2.Can I apply for apply for PNB Education Loans online?
Ans. Yes, you can apply for these loans online via a very simple process.

3.Is there a minimum age limit to apply for a PNB Education Loan?
Ans. No, there is no specific age restriction in order to apply for any of PNB's education loans.

4.Can I transfer my PNB loan account from one branch/place to another?
Ans. Yes, you can transfer your loan account from one branch/place to another for hassle-free deposit of repayment dues and also easy monitoring.

5.What if I do not have a PAN card at the time of applying for a PNB Education loan?
Ans. If you don't have a PAN card while applying for a loan, you can submit the same within one year of disbursement of loan.