Punjab National Bank Education Loan

Students can opt for the number of educational loans offered by Punjab National Bank. The loans feature completely a rational interest rate and a 15-year maximum repayment period. However, the length of the repayment time will change based on the loan.

Education loans are available for higher education (in India or abroad), vocational education and training, education at prestigious institutions, and higher education in Delhi. People who were born outside of India but wish to pursue higher education there are also eligible for the loan.

Punjab National Bank Education Loan Interest Rates 2023: 

Different Punjab National Bank Education Loan Schemes:

PNB Pratibha

1. Interest Rate: Up to 10.9%
2. Processing Fee: Nil
3. Collateral: The parent or guardian must be a co-borrower.
4. Loan Tenure: Up to 15 years
5. Eligibility: The eligibility criteria that must be met to avail the loan is mentioned below:

• Must be an Indian citizen.
• Must have obtained admission for a Diploma course or a regular full-time degree course at a premier institution in India. The list of institutions is mentioned on the official website of PNB.
• You must have obtained admission for a Part-Time Graduate Programme (Management for Executives) offered by the Indian Institute of Management.
• You must have obtained admission to the Indian School of Business Post Graduate Program in Management for Senior Executives (Hyderabad or Mohali campus).

PNB Saraswati

1. Interest Rate: Up to 11.4%
2. Processing Fee: Nil
3. Collateral: The type of collateral required will vary depending on the loan amount. The following list includes the types of security that must be offered for various loan amounts:

• Up to Rs.7.50 lakh: The guardian or parent must be a joint borrower.
• Above Rs.7.50 lakh: Apart from the parent or guardian acting as a joint borrower, tangible collateral security of an appropriate value must be provided.

1. Loan Tenure: Up to 15 years
2. Eligibility: The eligibility criteria that must be met are mentioned below:

• Must be an Indian citizen.
• Must have been selected for the course at a recognized institution in the country via Merit-Based Selection or Entrance Test.
• In the case of management quota, the case will be considered on a merit basis.

PNB Udaan

1. Interest Rate: Up to 11.4%
2. Processing Fee: 1% of the loan amount (minimum of Rs.10,000). However, the processing fee is refundable post the first disbursement.
3. Collateral: Depending on the loan amount, the collateral that must be provided will vary. The security that must be provided for different loan amounts is mentioned below:

• Up to Rs.7.50 lakh: The guardian or parent must be a joint borrower.
• Above Rs.7.50 lakh: Apart from the parent or guardian acting as a joint borrower, tangible collateral security of an appropriate value must be provided.

1. Tenure: Up to 15 years
2. Eligibility: The eligibility criteria that must be met are mentioned below:

• Must be an Indian citizen.
• Must have been selected for the course at a recognized institution in the country via Merit-Based Selection or Entrance Test.

PNB Kaushal

1. Interest Rate: Up to 10.15%
2. Processing Fee: Nil
3. Collateral: The guardian or parent must be the co-borrower.
4. Tenure: Depending on the loan amount, the repayment tenure will vary. The tenure for different loan amounts is mentioned below:

• Up to Rs.50,000: Up to three years
• Between Rs.50,000 and Rs.1 lakh: Up to five years
• Above Rs.1 lakh: Up to seven years

1. Eligibility: The eligibility criteria that must be met to apply for this loan type under the Education Loan scheme are mentioned below:

• Must be an Indian citizen
• Must have secured admission at a course offered by Industrial Training Institutes (ITIs) or in a recognized school.

PNB Honhaar

1. Interest Rate: 10.65%
2. Processing Fee: Nil
3. Collateral: Parent or guardian must be the co-borrower
4. Tenure: Up to 15 years.
5. Eligibility: The eligibility criteria that must be met in order to avail of a loan under the scheme are mentioned below:

• Must be an Indian citizen.
• Individuals who wish to pursue a degree, diploma, or skill development courses in Delhi and have completed Class X and Class XII can avail of the loan.
• Must get admission for the course at an organized university.

PNB Pravasi Shiksha Loan

1. Interest Rate: 10.8%
2. Processing Fee: 1% of the loan amount (Minimum of Rs.10,000). The processing fee is non-refundable.
3. Collateral: Immovable property must be provided by the guarantor as collateral. The value of the property must be 125% of the loan amount. The guarantor can also provide liquid security worth 125% of the loan amount.
4. Tenure: Up to ten years. However, the moratorium period is excluded.
5. Eligibility: The eligibility criteria that must be met in order to avail of a loan under this scheme are mentioned below:

• Students or overseas Indian citizens who are born to Indian parents can avail of the loan
• The individual must have also secured admission at an institution that has been identified by the bank.

PNB PM CARES EDUCATION LOAN SCHEME

1. Interest Rate: Up to 9.4%
2. Processing Fee: At the discretion of the bank.
3. Collateral: Collateral is to be provided depending on the loan amount. The conditions are mentioned below:
4.  Up to Rs.7.50 lakh: No joint borrower or collateral required.
5. Above Rs.7.50 lakh: Tangible collateral security of an appropriate value must be provided.
6. Tenure: Up to 15 years. However, the moratorium period is a course period + of one year.
7. Eligibility: Children who should not have turned 18 at the time of the death of their parents and who have lost both parents or one parent owing to COVI, or who have a legal guardian to care for them. The young person must reside in India and be accepted into an approved educational facility.

How to Apply for Punjab National Bank Education Loan

The step-by-step procedure to apply for an education loan is mentioned below:

Step 1: Visit the official website of Punjab National Bank.

Step 2: Click on ‘Retail’ from the ‘Product’ menu.

Step 3: Download the application form for your desired education loan.

Step 4: After taking the printout, fill out the application form.

Step 5: Visit your nearest PNB branch and submit it for further procedures.

Punjab National Bank Education Loan Documents Required

The documentation that must be presented will change depending on the loan. The following list includes the major documents that must be supplied when you apply for a student loan:

• Application form
• Passport-size photograph
• Identity Proof: Any of the below-mentioned documents can be submitted as proof of identity:
  • Permanent Account Number (PAN) Card
  • Aadhaar Card
  • Passport
  • Voter’s ID
  • Driving License

• Address Proof: Any of the below-mentioned documents may be provided as proof of address:
  • Voter’s ID
  • Driving License
  • Aadhaar Card
  • Passport

• Academic Documents: The below-mentioned academic documents must be submitted:
  • 10th and 12th exam marks cards
  • Marks cards of any further education
  • Entrance Exam mark sheet
  • Mark sheets of Graduate Record Examination (GRE)/International English Language Testing System (IELTS)/Test of English as a Foreign Language (TOFEL)/ Graduate Management Admission Test (GMAT)
  • Any scholarship documents if applicable

• Proof of admission
• Income proof of the co-borrower or guarantor
• Collateral documents
• Bank statements

Any other document that has been requested by the bank must also be submitted.