PNB Education Loan
|The cost of education in India is rising day by day and not everyone has the financial flexibility to afford for the education expenses. The PNB Education Loan offers loan for studying ICWA, CA, diploma courses like Aeronautical engineering, shipping or pilot training and many more. Not only this, the bank also grants loan for doing graduation as well as post graduation courses from abroad. The education loan includes all the expenses that might arise in the course of attaining the education like college, hostel or school fees, examination, library, travel expenses and any other type of expenditure that might arise like the project work, thesis or study tours. The bank offers a maximum education loan of Rs.10.00 lacs for studying in India and a maximum loan of Rs.20.00 lacs for studying abroad.
One of the most important benefit of taking the PNB Education loan is that one does not have to pay any kind of upfront fee for studying in India. However, an upfront fee of 1% is charged on the total amount of the loan which is refundable. So, if you are looking for the best education loan then the Punjab National Bank Education Loan is just the ultimate option for you. In order to encourage girl child education the bank has come out with a new loan education scheme known as the Punjab National Bank Saraswati Loan.
PNB Education Loan Interest Rate
The rate of interest on the Education loan does not remain the same every year. For example the interest rate 2010 was totally different from the interest rate 2009.
|PNB Education Loan Scheme||Loan Amount||BPLR System||Base Rate System|
|Repayable in less than 03 yrs||Repayable in 03 yrs & above||Repayable in less than 03 yrs||Repayable in 03 yrs & above|
|Vidyalakshyapurti||Loan upto Rs.4 lac||BPLR – 0.50%||BPLR - 1.00 + TP||BR+3.00%||BR+2.50%+ TP|
|Loan over Rs.4 lac to upto 7.50 Lacs||BPLR + 0.25%||BPLR -0.25% + TP||BR+4.00%||BR+3.50%+ TP|
|Loan over Rs. 7.50 lac||BPLR + 0.25%||BPLR -0.25% + TP||BR+3.50%||BR+3.00% + TP|
(For Existing A/cs only)
|Loan upto Rs.4 lac||BPLR – 0.50%||BPLR - 1.00% + TP||BR+2.50%||BR+2.00%+TP|
|Loan over Rs.4 lac|| BPLR||BPLR -0.50% + TP||BR+3.00%||BR+2.50%+TP|
PNB Education Loan Documents Required
One needs to submit the following documents before applying for the PNB Education Loan
- Passport size photographs.
- Proof of age and address.
- Mark sheet of the last qualifying exam.
- A copy of the admission letter and the prospectus of the course for which the education loan is taken.
- Photocopy of passport Visa for studying in abroad.
PNB Education Loan Form
Before applying for the PNB Education Loan one has to qualify the eligibility criteria that is given below:
Once the applicant qualifies all the eligibility criteria then he can apply online for the PNB Education loan by filling up the online application form that is available in the website of the bank in PDF format. Once you fill up the form with all the required details and submit it online. Once the application form is submitted the applicant can also at anytime check the application status.
- The applicant should be a resident of India.
- The student should have taken admission in any of the recognized institutes in India or abroad after completing Higher Secondary Education.
PNB Education Loan Calculator
With the help of the PNB Education loan calculator one can very easily calculate the amount of installment that one has to pay against the education. The Education loan calculator is one of the most effective tools that is provided by the bank. One only needs to enter some basic figures like amount of the loan taken, tenure, the interest rate applied on the loan and press on the button calculate. The calculator will give the result within few seconds.
PNB Education Loan Helpline
For any query related to the Punjab National Bank Education Loan like loan subsidy, forgiveness one can dial the all India helpline toll free number 1800 180 2222 or 0120-2490000. For further information regarding the PNB Education Loan one can either visit the website of the bank or step in to the nearest PNB Bank branch.