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There are 3 Education Loan Schemes namely:
PNB Saraswati: Regular Scheme for pursuing Higher studies in India & Abroad.
PNB Pratibha: Collateral free Education loans at lower ROI to those students getting admission in of 103 premier institutions in India, as identified by Bank.
PNB Saraswati -The Education Loan Scheme PNB Saraswati aims at providing financial support to meritorious students for pursuing higher education in India and abroad.
PNB Kaamgar- The Education Loan Scheme PNB Kaamgar aims at providing financial support from the banking system to those who have the minimum educational qualification, as required by the institution / organization running the course eligible under the scheme.
Student should be Indian national.
PNB Saraswati Student should haves obtained admission in eligible course through merit based selection process. Where the admission is purely based on marks scored in qualifying examinations, cut off percentage of marks is fixed:
Loan also available to students getting admission under Management Quota to meritorious student who has qualified for a seat under merit quota and chooses to pursue a course under Management Quota.
PNB Kaamgar Student should have secured admission in a course run or supported by a Ministry / Deptt./ Organization of the Govt. or a company / society / organization supported by National Skill Development Corporation or State Skill Missions / State Skill Corporations, preferably leading to a certificate / diploma / degree, etc. issued by a Govt. organization or an organization recognized / authorized by the Govt. to do so.
There is no specific restriction with regard to the age of the student to be eligible for education loan.
Education loan under PNB Saraswati is available for all Approved courses leading to Graduate/ Post Graduate degree and PG Diplomas conducted by recognized colleges/ universities recognized by UGC/ Govt. / AICTE/ AIBMS/ICMR etc.
Loan is also available for part time courses and job oriented courses subject to employability and earning potential.
For Loans repayable up to 3 years:
PNB Kaamgar - Vocational / Skill development courses
Finance is provided to meet all type of expenses which are necessary for completion of course and also include purchase of books, equipments, computer, travelling, study tours, boarding, lodging besides all types of fees.
PNB Saraswati Need Based Finance to meet the expenses), subject to the following ceilings:
Studies in India - Max. Rs.10 lac
Studies abroad - Max. Rs.20 lac
However, Circle Heads and above have full discretion for sanctioning higher quantum of loan keeping in view the merits of the case.
Margin : Up to Rs. 4 Lacs –Nil
Above Rs. 4 Lacs– 5% (India), 15% (abroad)
Security : Up to Rs. 4 Lacs – Nil
Above Rs. 4 Lacs-7.50 Lacs-Personal guarantee
Above Rs. 7.50 Lacs – collateral security
(NIL under PNB Pratibha)
For loans up to Rs 7.50 lacs: up to 10 years
For loans above Rs 7.50 lacs: up to 15 years.
For courses up to 1 year - In 2 to 5 years
For courses above 1 year - In 3 to 7 years
For studies in India, there is NIL processing fee, however, documentation charges of Rs.270/- for loans up to Rs. 4 lac and Rs.450/- above Rs.4.00 lac - exclusive of GST are charged.
For Studies abroad: Upfront fee @ 1% with a minimum of Rs.10,000/- which is refundable on availment of the loan.
No prepayment penalty is levied.
Second loan (Top up loans) to students for pursuing further studies can be considered on merits, within the overall eligibility limit taking into account genuineness, accessibility, future repaying capacity of the student borrower, recovery of loan and subject to security.
The repayment of loan will commence after completion of the second course and further moratorium period as provided under the scheme.
Yes, reimbursement of fees paid by the student/ guardian at the time of admission or subsequent stages is permissible within six months from the date of payment of fees on individual merits of the case.
Yes, to facilitate hassle free deposit of repayment dues, and to have proper monitoring.
No, it is optional and is on voluntary basis. Student can get himself/ herself insured from the company of choice and assign the policy in the Bank`s name.
However, Bank has made arrangement with MetLife to provide the insurance at competitive rate and easy terms and conditions.
If PAN is not available at the time of sanction, the same can be submitted within one year of disbursement of loan.
In normal course loan is sanctioned by the branch/Retail asset Branch nearest to the place of residence of the parents of the student. However, for sanctioning and disbursement at a branch other than the said branch/Retail Asset Branch, suitable powers have been vested by the Bank to its Circle Head who can consider the same on the merits of individual case, keeping in view the genuineness, accessibility and aspect of recovery of loan.
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