Punjab National Bank Education Loan
Achieve your academic goals with PNB’s education loans, offering flexible financing up to ₹7.5 lakh without collateral and competitive rates.
Overview
Punjab National Bank (PNB), a leading public sector bank, offers education loans under schemes like PNB Saraswati, Pratibha, Udaan, and Kaushal to support students pursuing higher education in India and abroad. With no upper limit for secured loans and rates starting at 9.00% p.a., PNB ensures affordable financing.
Key Features & Benefits
- ✔Loan Amount: Up to ₹7.5 lakh unsecured; no limit for secured loans.
- ✔Moratorium: Course duration + 1 year.
- ✔Repayment Tenure: Up to 15 years.
- ✔Margin: Nil up to ₹4 lakh; 5% (India), 15% (abroad) above ₹4 lakh.
- ✔Rates: 9.00%–12.75% p.a., with concessions for females.
- ✔Subsidies: CSIS for EWS, benefits for PwDs.
- ✔Tax Benefits: Interest deductible under Section 80E.
Eligibility Criteria
Student:
- •Indian national (or OCI for Pravasi Shiksha scheme).
- •Secured admission via entrance exams or merit to recognized institutions.
- •Pass marks in last qualifying exam (relaxation for SC/ST).
Co-applicant:
- •Mandatory for non-collateral loans (parent, spouse, guardian, in-laws).
- •Steady income, good credit score (CIBIL ≥650).
Documents Required
Student:
- •Admission letter or proof of application.
- •Academic records (10th, 12th, graduation, entrance exam scores).
- •KYC (Aadhaar, PAN, Passport, Voter ID).
- •Passport-size photographs, visa (for abroad).
Co-applicant:
- •KYC (Aadhaar, PAN, Passport).
- •Income proof (ITR, salary slips, Form-16, 12 months’ bank statements).
- •Assets/liabilities details.
Other:
- •Loan application form.
- •Course fee structure.
- •Collateral documents, ECS/NACH form, post-dated cheques (if applicable).
Interest Rates & Charges
PNB offers competitive interest rates, with concessions for female students and interest servicing during moratorium.
| Loan Type | Interest Rate (p.a.)* | Processing Fee | Collateral |
|---|---|---|---|
| Unsecured (up to ₹7.5 lakh) | 10.25%–12.75% (11.75% for females) | 1% (min. ₹10,000, refundable) | Not required |
| Secured (above ₹7.5 lakh) | 9.00%–11.50% | 1% (min. ₹10,000, refundable) | Required |
*Rates vary based on profile and institute. Contact PNB for exact rates.
Application Process
- Submit Inquiry: Fill out our quick online form.
- Expert Guidance: Connect with our loan advisor for PNB options.
- Document Prep: Gather documents with our assistance.
- Application: Apply online via Vidya Lakshmi portal or offline at branches.
- Disbursal: Funds released to institute or account post-approval.