The PNB Education Loan Program

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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 the best education loan depending on with or without collateral yourself and how to get an Education Loan. Studying in the best institutes of 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 Loan, 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.

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 Masters degree. 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 in 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, 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 subject to the repayment
capacity of the parents/students with margin.
Reimbursement of fees paid within six months
may be considered on 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)

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 in Indian institutions through 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 in recognized institutes of 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
maybe 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)

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 and higher education courses in Delhi. Those students who have completed their class 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 Parent or guardian must be the co-borrower
Repayment Period Max 15 years
Repayment Mode Through EMI

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

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 fee, 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 for students who get fresh jobs after completing their education. Furthermore, this loan has no margin or prepayment requirements. 

Eligibility Should be 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

Also Read

Student Loan for UK
Vidya Lakshmi Portal

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 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)

PNB Education Loan Interest Rate

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 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 Online’ Educational Loan
  • Once you click that section, you will reach the Vidyalakshmi Portal
  • Fill the Registration Form
  • Submit your details and you will be contacted by the Punjab National Bank Representative for further process

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

Punjab National Bank 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
  • Admission 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 Loan. 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.

PNB Education Loan College List Abroad

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

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 Repayment

Punjab National Bank offers a very easy repayment option for students. Here are some of the features 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 ScholarshipCanara Bank Scholarship and Inspire Scholarship amongst others. that provide funding for studies in India and abroad. These have been given a run-down below.

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 these services, connect with our career experts with a free e-meeting today.

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2 comments
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  1. I saw something like a few weeks before, however you did in-depth research, and your article appears to be more compelling
    than the others. I’m astounded with all the arguments you provided
    in addition to the kind of your article. I enjoy when posts are both interesting and informative, when even dull
    facts are presented in an interactive way. Well, it is definitely on your article.

    1. Thanks for your wonderful comment! We always ensure that our blogs are a perfect blend of creativity as well as information. If you like our work, don’t forget to share it with your friends who are looking for details on the PNB Education loan programs.

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