The PNB Education Loan Program

Providing good quality, higher education to students has now become expensive. Taking up higher education is nothing less than an expensive chore. You have to figure out the best education loan depending on with or without collateral yourself and how to get an Education Loan. Studying in the best institutes in India and abroad requires capital and PNB Education Program does exactly that for you. PNB Saraswati, Pratibha, Kaamgar, and Honhaar are some of the sub-schemes of the PNB Education Loan Program. In this blog, we will cover the types of PNB Education Loans, the courses it covers, and other additional information.

Bank	Punjab National Bank
Loans	PNB Udaan PNB Saraswati PNB Honhaar PNB Pratibha PNB Kaushal
Interest Rate	7.30% to 9.20%
Age Limit	No Age Limit
Repayment Period	7 to 15 years
Official Website	pnbindia.in

What is an Education Loan?

An education loan is a loan or a sum of money obtained by a person to pursue higher education in India or abroad. After the student completes their study, the loan payback begins, and students are allowed a grace period of six months to find or join a job. Your choice of interest will impact the payback amount; you must pick how you wish to repay the loan. That is, whether you wish to begin paying either during the moratorium period or after it has ended. The Moratorium term is equal to the length of your schooling plus six months or a year to find work. You are only required to repay the loan when this period has passed. The loan interest begins to accrue at the time of disbursement of money, so by the time you graduate, you will owe a large sum. The other alternative is for your parents or guardians to begin paying the debt while it is still in the moratorium period when it is computed as a simple interest. In this method, the amount of money you owe after you graduate is dramatically lowered.

About PNB

PNB Private was created in 1894 by a group of Indian luminaries with the goal of helping the people and growing the country’s economy. It is one of India’s oldest financial services companies, with headquarters in New Delhi. In 764 cities, the bank has 80 million clients, 6937 branches, and 16,684 ATMs.

An Introduction to PNB Education Loans

Everyone is eager to spend a lot of money on education in order to live a rich life in the future. PNB, being one of the largest education loan providers, understands students’ requirements and provides highly competitive education loans with lower interest rates. Every year, PNB education loans help a huge number of students get admission to prestigious institutions and colleges in India and abroad. There are various Education Loans offered by PNB, these are as follows:

PNB Saraswati
PNB Pratibha
PNB Udaan
PNB Kaushal
PNB Pravasi Shiksha Loan
PNB PM Cares Education Loan Scheme
PNB Honhaar – Education Loan Scheme for Pursuing Higher Education and Skill Development Courses in Delhi
Concessional Education Loan
Padho Pradesh

Advantages of PNB Education Loan

Some of the benefits of applying for an educational loan with PNB are listed below.

Low-interest rate
Less paperwork
No processing fees
Faster Disbursal
No prepayment charges
0.50% concession for girl students

Punjab National Bank Education Loan

Punjab National Bank offers different loan options to students for their education in India and abroad. There are different educational loans available for students from Class 12th to master’s degrees. Here are all the education loans offered by Punjab National Bank:

PNB Udaan

The Udaan scheme is an important sub-scheme of the PNB Education Loan. It offers financial assistance to students who have secured admission to institutes abroad through an entrance or merit-based process after completing 10+2. The students can repay back the loan in a maximum of 15 years. The loan is offered for the following courses:

Job-oriented professional graduation courses.
Post-graduation courses like MCA, MBA, and MS.
Those diploma or degree courses are recognized by competent authorities abroad for the purpose of giving employment.
Courses offered by institutes like CIMA (London), and CPA (USA).

Eligibility	Should be Indian Should have secured admission to higher education courses
Interest Rate	7.30% – 9.80%
Quantum of Finance	Need-based Finance is subject to the repayment the capacity of the parents/students with margin. Reimbursement of fees paid within six months maybe considered on the individual merits of the case.
Loan Amount	As needed
Margin	Upto 4.5 Lakhs- Nil Above 4.5 Lakhs-5%
Security	Up to 7.5 lakhs
Repayment Period	Maximum 15 years
Repayment Mode	In Equated Monthly Installments (EMI)

Click here to apply

Best Education Loans in India

Education Loans to Study Abroad

PNB Saraswati

This scheme is for those students who wish to pursue higher education in Indian institutes in courses which are:

Offered by IITs, IIMs, NIFT, etc.
ICWA, CA, etc.
UGC/AICTE/ICMR etc. approved graduation, postgraduation, and diploma courses.
Banking Technology diploma offered by PNB in collaboration with IIT Lucknow.
Offered by foreign institutes in India.

The applicant must be an Indian citizen who has secured admission to Indian institutions through an entrance exam/merit-based assessment/management quota on merit basis The repayment period of this PNB Education Loan is 10 years for loans amounting to Rs. 7.5 Lcs and 15 years for loans above Rs 7.5 Lacs.

Eligibility	Must be Indian National Must have secured admission to recognized institutes in India
Interest Rate	7.30% – 9.80%
Expenses for the Loan	Nil
Quantum of Finance	Need base Finance subject to repayment capacity Reimbursement of fees paid within six months may be permitted on individual merits of the case.
Loan Amount	As per Requirement
Margin	Upto 4.5 Lakhs- Nil Above 4.5 Lakhs-5%
Security	Up to 7.5 lakhs
Repayment Period	Maximum 15 years
Repayment Mode	In Equated Monthly Installments (EMI)

Click here to apply

Also Read: Here are the Best Education Loans for MBBS Students!

PNB Honhaar

The Honhaar scheme offers loans to students who wish to pursue skill development courses and higher education courses in Delhi. Those students who have completed their classes X and XII from Delhi schools are eligible to apply for this scheme. the quantum of finance is need-based but is capped at a maximum of 10 lakh INR. Unlike other PNB Education Loan schemes, the money margin in this program is nil and no collateral security is needed.

Eligibility	Should be Indian Should have secured admission to higher education courses
Interest Rate	9.20%
Quantum of Finance	Need-based finance upto 10 lakhs
Loan Amount	–
Margin	NI\L
Security	The parent or guardian must be the co-borrower
Repayment Period	Max 15 years
Repayment Mode	Through EMI

Click here to apply

PNB Pratibha

The latest edition to the PNB Education Loan scheme, PNB Pratibha offers loans to those students who have secured admission in premier Indian educational institutes like ISBs, IIMs, IITs, TISS, SPJIMR, AIIMS, BITS, Army College of Medical Sciences, etc. It covers full-time degree/diploma courses, Part-time postgraduate courses in Management for Executives (all IIMs), and postgraduate programs in Management for Senior Executives (ISBs). The quantum of finance is based on the repayment capacity of parents or students after getting employed.

Eligibility	Must be Indian Must have secured a regular full-time Degree/ Diploma Part-time Post Graduate Programs in Management allowed PGPMAX offered by the Indian School of Business
Interest Rate	7.20% – 7.80%
Quantum of Finance	Need-based Finance is subject to the repayment capacity of the parents/students with margin. Reimbursement of fees paid within six months may be considered on the individual merits of the case.
Loan Amount	As Required
Margin	Scholarship includedMargin may be on a year-to-year basis
Security	Co-obligation of parents/ guardians
Repayment Period	Up to 15 years
Repayment Mode	Through EMI

Click here to apply

Also Read: Education Loan without Collateral

PNB Kaushal

PNB Kaushal is a feasible funding option for students who wish to pursue skill development or vocational courses, which aim at infusing the student with applicatory skills within a short period of time. This loan is to take care of the basic needs of the students like tuition fees, accommodation and study supplies. The unique feature about this loan is that it has no minimum course duration, students even going for a 2-month training program can opt for this loan. The loan amount floats in a range of 50,000 to 1,50,000 INR, making it easy to repay students who get fresh jobs after completing their education. Furthermore, this loan has no margin or prepayment requirements.

Eligibility	Should be an Indian Citizen
Interest Rate	7.30% – 8.70%
Quantum of Finance	Minimum 5000/-Maximum 1,50,000/-
Loan Amount	As Needed
Margin	NIL
Security	Parents/ Guardians as joint borrower
Repayment Period	Upto 50,000- 3 years Between 50,000 to 1,00,000- 5 years From 1,00,000- 7 years
Repayment Mode	Through EMI

Click here to apply

Must Read: Student Loan for UK

PNB Pravasi Shiksha Loan

This loan is exclusively available to students who are of Indian origin but are living abroad since their childhood. If such students choose to pursue their higher education in a recognised institution from India, they can apply for PNB Pravasi Shiksha Loan. Students from all types of career fields can apply for this loan, even if they are pursuing vocational studies in the country, as long as the course is more than 6 months long. There is no amount limit to this loan but it must be paid within the duration of one year while being available at a margin of 20%.

Eligibility	Overseas Citizen of India Should have confirmed admission in identified Institute of India
Interest Rate	9.20%
KYC Documents Required	All relevant documents from Borrower/ Co-Borrower/ Guarantor Mandatory Passport OCI Card for OCI Borrowers
Expenses for the Loan	Expenses for one time to and fro travel of India Hostel Accommodation by Institute Outside Accommodation, if applicable
Age Criteria	No Age Limit (No Minor is permitted)
For	Full-time Graduate/ Postgraduate/ Diploma Part-time/ Research/ Certificate Courses not Allowed
Loan Amount	Need-Based
Margin	20%
Security	Mortgage of Immovable Property with the value of at least 125% of the loan OR Liquid Security with at least 125% of the loan
Repayment Period	Maximum 10 Years
Repayment Mode	In Equated Monthly Installments (EMI)

Click here to apply

PNB Education Loan Rate of Interest

Here are the interest rates of all the Education Loans offered by Punjab National Bank:

Loan	Interest Rate
PNB Udaan	7.30% – 9.80%
PNB Saraswati	7.30% – 9.80%
PNB Honhaar	9.20%
PNB Pratibha	7.20% – 7.80%
PNB Kaushal	7.30% – 8.70%
PNB Pravasi Shiksha	9.20%

Related Read: Education Loans for Abroad Studies

PNB Education Loan Online Apply

Now that you know most of the details regarding the PNB Education Loan, let’s check out the application process for Education Loan in Punjab National Bank:

Visit the Punjab National Bank Website
Under the ‘Products’ section, you will find a ‘Loans; Section. Under that, select ‘Retail’
Under this, you will find ‘Education Loans’, click on ‘Select More’
Here, you will find a list of Educational Loans available. On the right, you will see a section on ‘Apply for Online’ Educational Loan
Once you click that section, you will reach the Vidya Lakshmi Portal
Fill out the Registration Form
Submit your details and you will be contacted by the Punjab National Bank Representative for further process

Check out Loans by the Government
Education Loan by Delhi Government
Education Loan Scheme by Narendra Modi
Education Loan for Abroad Studies by Indian Government

PNB Education Loan Documents Required

Here is a list of some of the essential documents that an applicant must possess in order to successfully apply for a student loan with PNB:

Proof of Age
Proof of Address
Passport size photograph
Offer Letter
Loan Applicant Bank Form
Copy of PAN Card of the Student
Course Prospectus including Admission fees, Hostel Charges, etc.

Also Read: Documents Required for Education Loan

PNB Education Loan College List

Punjab National Bank offers loans for different institutes in and outside India. Hundreds of Universities/ institutes, Schools and Colleges accept PNB Education loans. Every school has a different maximum loan amount that depends on the course studied in that particular institution. Students also get different margins and collateral requirements depending on the course pursued.

Punjab National Bank also offers education loans to study abroad. There are approximately 200 institutes that accept PNB Education Loans. Here are some of the top universities that PNB offers education loans:

University of Oxford
California Institute of Technology
Stanford University
University of Cambridge
Massachusetts Institute of Technology
Harvard University
Princeton University
Imperial College London
ETH Zurich – Swiss Federal Institute of Technology Zurich
University of California, Berkeley

Here are the Other Institutes that take Punjab National Bank Education Loan

PNB Pratibha College List

PNB Prathba College List includes all Indian institutes that accept Punjab National Bank Educational Loans. Here are some of the top universities:

Delhi College of Engineering(DCE
Indian Institute of Information Technology(IIIT), Hyderabad
National Academy of Legal Study and Research University of Law, Hyderabad (NALSAR)
The National Law Institute University (NLIU), Bhopal
The West Bengal National University of Juridical Sciences (WBNUJS), Kolkata
IIM Lucknow, Noida Campus
Indian Institute of Management (IIM), Ahmedabad
Indian Institute of Management (IIM), Bangalore
Indian Institute of Management (IIM), Indore
Indian Institute of Management (IIM), Kolkata

Download the Full List of Institutes that cover PNB Pratibha.

PNB Education Loan Calculator

You can calculate the monetary values for loan using PNB education loan calculator.

Click here to check PNB Education Loan Calculator

Eligible Countries

The countries that the Punjab National Bank prefers to provide students with education loans are listed below.

PNB Education Loan Repayment

Punjab National Bank offers a very easy repayment option for students. Here are some of the features of Loan Repayment that you should know about:

Every loan has a different duration of loan payment assigned to them.
There is no penalty for prepayment of the loan
The loan payment ideally starts after six months to one year of completion of the course
Most loans require a co-borrower for the loan

Also, Check Loans By

Other Funding Options

You can also look for several scholarship options such as HDFC Scholarship, Canara Bank Scholarship and Inspire Scholarship amongst others. that provide funding for studies in India and abroad. These have been given a run-down below.

Inspire Scholarship
DCE Scholarship
Canara Bank Scholarship
Moma Scholarship
MHRD Scholarship
JK Scholarship
Santoor Scholarship
Punjab Scholarship
Indira Gandhi Single Girl Child Scholarship
Ishan Uday Scholarship
Oasis Scholarship
Dr Ambedkar Scholarship
NEC Scholarship
Aditya Birla Scholarship
Vidyasiri Scholarship
GP Birla Scholarship
Abdul Kalam Scholarship
Siksha Abhiyan Scholarship
HDFC Scholarship

FAQs

What is the maximum loan amount granted to students?

To study in Indian institutes, the maximum loan granted is Rs. 10 Lacs. For studying abroad, the loan amount is capped at Rs. 20 Lacs. However, there is no amount cap for students applying under PNB Pravasi Shiksha Loan.

What is the money margin in the scheme?

The money margin in this program is NIL for loans up to Rs. 4 Lacs. But for loans above the said amount is 5%(Indian institutes), and 15%(Institutes abroad).

What are the security norms for the different schemes?

For loans up to Rs. 4 lacs, there is no security. For loans between Rs 4-7.5 lacs, a personal guarantee has to be provided. Further, if the loan amount is more than Rs. 7.5 lacs, security has to be provided in the form of tangible collateral.

When does the repayment period start?

It starts one year after completing a course or 6 months after getting employed, whichever is earlier.

With this, we have thus furnished all the relevant information regarding the PNB Education Loan. If you wish to know more about such scholarship or loan schemes, feel free to contact us at Leverage Edu. Our mentors can help you pick the best college and course for yourself while directing you with loan procurement and admission procedure at the same time. To avail of these services, connect with our career experts with a free e-meeting today.