Students, who are willing to pursue higher education in India or abroad, can count on several kinds of education loans offered by the banks in India. They just need to gather comprehensive information on the scheme of all these loans before approaching a bank with their requirement. Even Punjab National Bank offers personalized educational loans for various kinds of academic programs. The scheme of Punjab National Bank (PNB) Educational Loan is also known as Vidyalakshyapurti.
The Scheme aims at providing financial assistance to deserving / meritorious students pursuing higher education in India or abroad. viz., Graduation courses – B.A., B.Com., B.Sc., etc., Post-Graduation courses, Masters & Ph.D; Professional courses, Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc., Computer Certificate courses of reputed Institutes accredited to Department of Electronics or institutes affiliated to University; Courses like ICWA, C.A., CFA, etc., courses conducted by IIM, IIT, IISc, XLRI, NIFT, etc., Regular Diploma/Degree courses conducted by Colleges/Universities approved by UGC/Govt./AICTE/AIBMS/ICMR, Regular Degree / Diploma courses like Aeronautical, Pilot training, Shippling etc. approved by DGCA/ etc., Courses offered by National Institutes and other reputed Private Institutes.
Interest is charged monthly on simple basis during the repayment holiday/moratorium period & concession of 1% in rate of interest is allowed provided the same is serviced regularly during study period.
Punjab National Bank has tied up with Kotak Mahindra Insurance to provide life insurance cover for Student borrowers.
Expenses, taken into account:
The education loan of Punjab National Bank covers the college, school or hostel fee and expenses for buying books, instruments or uniform. It also includes exam, laboratory or library fee apart from money for buying computer, if necessary for pursuing the program. Your travel and lodging expenses will also be covered by the loan. Even Caution Deposit, refundable deposit or building fund and any other cost essential for studying the program will be considered for loan.
Eligibility:
PNB has laid down a set of eligibility criteria for sanctioning the education loans.
- A student, who is an Indian national, can apply for the loan.
- An applicant is considered eligible for PNB educational loan, if he gets admitted to a professional or vocational course through a selection process or into a foreign institute.
- A student applying for a graduate program can also get the loan if he obtains at least pass marks in the qualifying exam.
Mode of repayment:
You can repay the principal sum and the interest in a time period of 5 to 7 years after you begin repaying. In case, a student fails to complete his study in the stipulated time period, he will be given an extended time of 2 years in maximum for completing the program.
Additional Benefits provided to the students by PNB
Reimbursement of related expenses such as admission fee, monthly fee, Boarding and lodging expenses in recognized Boarding Houses etc. already incurred by way of loan taken from own sources (to meet the contingency) by the applicant, if claimed within 3 (three) months of such payment and before consideration of the loan by the Bank.
Second time Education Loan can be sanctioned to the same student borrower for completion of next higher course.
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