Punjab and Sind Bank Education Loan

✓ Need-based Education Loan

✓ At interest rate starting from 9% P.A.

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Table of content

  1. Punjab and Sind Bank Education Loan Schemes for Abroad Studies
  2. Punjab and Sind Bank Education Loan Schemes to Study in India
  3. Government Subsidy Schemes
  4. Punjab and Sind Bank Processing Fee
  5. Documents Required for Punjab and Sind Bank Education Loan
  6. Punjab and Sind Bank Education Loan Insurance:
  7. Punjab and Sind Bank Loan Margin Calculation
  8. How to apply for an Education Loan from Punjab and Sind Bank?
  9. Why go through WeMakeScholars?
  10. Why and How to Transfer your Education Loan to Punjab and Sind Bank?
  11. Punjab and Sind bank Education loan EMI Calculation as per Interest Rate
  12. Punjab and Sind Bank Education Loan Repayment process
  13. FAQ's
  14. Need Help? Ask Here!

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Punjab and Sind bank is a public sector bank with its headquarters in New Delhi and 25 zonal offices located all over India.

The Punjab and Sind bank offers a range of education loan products for its customers with competitive interest rates.

  1. Punjab and Sind bank education loan for study abroad
  2. Punjab and Sind bank education loan to study in India
  3. Punjab and Sind bank excellence education loan
  4. Punjab and Sind bank skill education loan

Punjab and Sind Bank Education Loan Schemes for Abroad Studies

Education loan in Punjab and Sind bank for abroad is provided as per the need of students so the loan amount is not capped up to a range. Here are the details of Punjab and Sind bank abroad education loan.

Parameter

Details

Loan Limit

The loan is offered according to the needs of the student and so it is not capped to a certain maximum amount.

Expenses covered

Study costs

Tuition fee
Examination fee
Lab/library fee
Expenses for books
Expenses for laptop or computer(if needed)

Living expenses

Hostel fee/accommodation cost
Food

Other

Travel expenses
Insurance
Other miscellaneous expenses

Accepted co-applicant

Parents, parents in law, sibling, spouse

Punjab and Sind Bank Education loan interest rate

Depends on the profile of the student, but generally,

For loans with collateral- 9 to11%
For loans without collateral - 12-14%

Moratorium Period

Course Duration plus 1-year

Repayment Duration

Tenure can be for a maximum of 15 years

Repayment policies

Interest payment is optional in the moratorium period

Eligibility Criteria

Student should be an Indian resident
Should have secured admission in a foreign university

Value of Collateral (only if it is collateralized education loan)

The value of collateral should be equal to 125% of the loan amount

Accepted Collateral

House, Flat, land and FD

  • The collateral value should be at least 125% of the sanctioned loan amount.
  • Students seeking admission for job-oriented courses are eligible for the loan
  • There are different types of education loans based on student's requirements. Hence choose the best-suited education loans.

Punjab and Sind Bank Education Loan Schemes to Study in India

The education loan products to study in India are:

  • Punjab and Sind bank education loan to study in India
  • Punjab and Sind bank excellence education loan
  • Punjab and Sind bank skill education loan

Punjab and Sind Bank Education Loan to Study in India:

The Punjab and Sind bank education loan to study in India provides financial need based education loans to students, on the need of expenses for their studies, travel and living expenses.

Parameter

Details

Loan Limit

Financial need-based loan is offered to attain quality higher education and so the loan amount depends on the requirement of the student

Expenses covered

Study costs

Tuition fees
Examination fee 
Library fees/lab
Books expenses
Purchase of laptop or computer(if needed)

Living expenses

Hostel fee/accommodation costs
Food

Other

Travel expenses
Insurance
Other miscellaneous expenses

Accepted co-applicant

Parents, parents in law, sibling, spouse

Punjab and Sind Bank Education loan interest rate

Collateral loans- 9 to11%
Non-collateral loans- 12-14%

Moratorium Period

Course Duration plus 1-year

Repayment Duration

Maximum of 15 years as loan tenure

Repayment policies

Interest payment optional in the moratorium period

Eligibility Criteria

Should be an Indian resident
Should have secured admission in a university recognized by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc and should have taken eligible course for the loan

Value of Collateral

125% of the loan amount

Accepted Collateral

House, Flat, land, and FD

Indicative List of the Eligible Courses

  • Courses leading to graduate, post graduate and PG diplomas from universities recognized by AIBMS/UGC/ AICTE/ ICMR/ Govt. etc.
  • Courses similar to CA, ICWA, CFA, etc
  • Courses conducted by top institutes like IITs, IIMs, IISc, NIFT, XLRI. NID, etc.
  • Job-oriented regular degree/diploma technical or professional courses
  • Approved courses offered by reputed foreign universities in India

Get all the details of the Punjab and Sind bank education loan to study in India by speaking to your financial officer at WeMakeScholars.

Punjab and Sind Bank Excellence Education Loan

The Punjab and Sind bank excellence education loan is offered to students to pursue quality higher education in the IITs, IIMs, and ISB Hyderabad. Under Punjab and Sind bank excellence education loan scheme, up to 20 lacs of unsecured education loans can be offered to study in these prestigious institutions.

Parameter

Details

Loan Limit

Up to 20 lacs including top-up loans(if there are any)

Try for a higher amount by choosing a strong co-applicant

Expenses covered

Study costs

Tuition fees
Examination fee
Lab/library fees
Books expenses
Purchase of laptop or computer(if needed)

Living expenses

Hostel fee/accommodation costs
Food

Other

Insurance
Travel expenses
Other miscellaneous expenses

Accepted co-applicant

Parents, parents in law, siblings, spouse

Punjab and Sind Bank excellence Education loan interest rate

Depends on the category of the institute the student is going to, but the range of interest rates is between

8.50% to 8.70%

Moratorium Period

Course Duration plus 1-year

Repayment Duration

Tenure of up to 10 years excluding the moratorium period

Repayment policies

Interest payment optional in the moratorium period

Eligibility Criteria

Should be an Indian resident
Should have secured admission in any IIT, IIM or ISB Hyderabad

Punjab and Sind Bank Skill Education Loan

Under the Punjab and Sind bank skill education loan, a loan of up to ₹1,50,000 is provided to students to pursue courses in ITI, polytechnic or the courses that help them upskill themselves.

Parameter

Details

Loan Limit

Loan in the range of ₹5000 to 1,50,000.

Can try for a higher amount

Expenses covered

Study costs

Tuition fees

Examination fee

Lab/library fees

Books expenses

Purchase of laptop or computer(if needed)

Living expenses

Hostel fee/accommodation costs

Food

Other

Insurance
Travel expenses
Other miscellaneous expenses

Accepted co-applicant

Parents, parents in law, sibling, spouse

Punjab and Sind Bank skill education loan scheme

11% is the general interest rate

Moratorium Period

Course Duration plus 1-year for courses above 1-year duration

Course Duration plus 6 months- if the course duration is of up to 1-year

Repayment Duration

Loans up to 50,000 - Up to 3 years

Loans between 50,000 to 1 lakh- up to 5 years

Above 1 lakh loans - Up to 7 years 

Repayment policies

Paying interest in the moratorium period is not mandatory

Eligibility Criteria

Should be an Indian resident

Should have secured admission in any IIT, IIM or ISB Hyderabad

 

Dreaming of studying at top institutes in India? Do not worry, we have you covered with Education Schemes!

Government Subsidy Schemes

The below schemes are started by the government for the less privileged students.

Dr. Ambedkar Central sector scheme - The scheme provides interest subsidies for overseas studies to OBC and EBC students who are less privileged with a family income of fewer than 8 lacs per annum. 

Padho Pardesh scheme - The scheme provides interest subsidies for overseas educational studies for minorities(Muslims, Christians, Sikhs, Buddhists, Jains, and Zoroastrians) whose family income is less than 6 lacs per annum.

Note: The scheme is currently stopped. However, existing beneficiaries as on 31-3-2022 will continue to recieve the interest subsidy as usual.

Central Scheme for Interest Subsidy for Economically Weaker Sections - The Scheme provides interest subsidies to help the students of Economically weaker sections of society whose family income is less than 4.5 lacs per annum. The subsidy is provided for the moratorium period and only for students who are pursuing their education in India.

You can also go through the below video to easily understand about different government subsidy schemes.

Punjab and Sind Bank Processing Fee

There is no processing fee for Punjab and Sind bank for study in India loans. However, the borrower needs to deposit Rs 2000 in their savings account as a processing fee for their education loan. They can withdraw the amount once the full loan amount is availed.

The processing fee is to be paid directly to the bank. WeMakeScholars do not charge any fee to process your education loan.

Documents Required for Punjab and Sind Bank Education Loan

Check your eligibility for an education loan and then submit the following Education Loan document in Punjab and Sind bank to start your education loan process.

Section 1: Application form

Fill out the Punjab and Sind bank education loan form which will be sent to you by your financial officer at WeMakeScholars. With it attach 2 photographs and also sign it.

Section 2: Required Documents for Applicant (student) and co-applicant and/or Guarantor

1. Identity proof

  • PAN Card or 
  • Aadhar card
  • Passport if the student is going abroad

2. Proof of your residence

  • Voter ID Card
  • Aadhaar card
  • Telephone Bill
    Electricity Bill
  • Ration card
  • Bank account statement

Note- If your current address and permanent address is different, then provide two different address proofs.

3. For co-applicant- 

  • Salaried co-applicant- 6 months bank account statement. 
  • Self-employed co-applicant- business transactions of 1 year.


4. Self attest Personal Asset & Liability Statement 

Section 3: Applicant academic documents

  • Education mark sheets and certificates(10th, 12th, Degree)
  • Admission proof for the course (should be reflecting the total duration of the
    course)
  • Fee structure (i-20 for US if available)
  • Scorecard of GMAT/IELTS/GRE 
  • University Ranking

Section 4: Income documents for financial co-applicant

If Salaried

  • 3 months salary slip
  • Form 16 of last 2 yrs.
  • Employers ID card
  • Last 2 yrs ITR

If Self-employed

  • ITR of last 3 yrs
  • Last 3 yrs Balance sheet and Profit & Loss account (for self-employed businessman)
  • Address proof of the business

Section 5: Other Documents

  • A letter(format provided by the financial officer) stating that leftover expenses will be borne by the co-applicant
  • Notarised joint affidavit with the student and co-applicant in Bank’s standard format.

Section 6: Additional docs (if applicable)

  • Advance payment receipt(if any are made).
  • All loan account statements of pending loans(last 1 year).
  • Letter explaining the gap if the students had a failure/break in studies on Rs. 100 stamp paper. (Format to be provided by WeMakeScholars Financial officer)

Section 7: Collateral documents (Optional)

Collateral documents are required for collateral loans which are not the same for everyone. They differ from state to state. Ask your WeMakeScholars Financial officer to provide an accurate list of documents according to your state.

Getting the right list of documents for an education loan is crucial to speed up your process!

Punjab and Sind Bank Education Loan Insurance:

A loan insurance is to protect the loan amount. The Punjab and Sind bank takes 1 to 2% of the whole sanctioned as loan insurance. Loan insurance comes to use when the applicant is unable to pay the loan due to any unforeseen circumstances like disability or death of the applicant, then the loan is repaid by the insurance company.

You do not need to make an upfront payment for loan insurance as it is usually adjusted

with the loan that you take. Talk to your financial officer at WeMakeScholars for more details.

Punjab and Sind Bank Loan Margin Calculation

The Loan margin for Punjab and Sind Bank varies with the education loan scheme. However, there is no loan margin for loans up to 4 lacs.

Loan Margin for Study in India Loans

Scheme Name

Above 4 lacs

Above 10 lacs

Punjab and Sind bank education loan to study in India

5%

Same

Punjab and Sind bank excellence education loan

5%

15%

Punjab and Sind bank Skill education loan

NIL

NIL

 

Loan Margin to Study Abroad

The Punjab and Sind bank education loans to study abroad do not have any loan margin for loans up to 4 lacs. However, there is a loan margin of 15% for loans above 4 lacs.

If you cannot arrange the 5% or 15% of loan margin from your end, then you can talk to your financial officer at WeMakeScholars about it. He will either arrange a better offer by talking to the lender about it or will connect you to a lender who can offer you a better deal.

Loan Margin amount is tough to manage on your own. We can make the arrangements for you!

How to apply for an Education Loan from Punjab and Sind Bank?

You can apply for an education loan from Punjab and Sind bank through WeMakeScholars for a hassle-free faster education loan process.

Step 1- Request a callback from WeMakeScholars
Step 2- Your financial officer will check your eligibility for an education loan and will provide you with a document checklist
Step 3- Visit the bank with all the documents which were mentioned in the document checklist 
Step 4- Fill up the application form provided by your WeMakeScholars financial officer and with it attach your documents and submit in the bank
Step 5- Once you are done with verifying all the details in the bank, you will get the loan sanctioned in the time stipulated by your WeMakeScholars financial officer.

Why should not go directly through banks?

Some of the reasons to not go directly through banks are:

  • Incomplete education loan information
  • Multiple visits for the full list of documents
  • Many kinds of charges will be hidden from you
  • The process will take longer than usual
  • Chances of education loan sanction are fewer
Running from bank to bank for each step in the education loan process can be tough.

Why go through WeMakeScholars?

WeMakeScholars is an organization that offers unbiased education loans to students to pursue higher education in India or abroad. We are supported by the Ministry of IT, govt of India under the Digital India campaign. We offer free of cost services to students going through us. We are partnered with 14+ banks(public/Pvt), which offers the student ease of choosing between different lenders. 

  • Better Interest rates : Going through WeMakeScholars will automatically lower your interest rates to up to 2% from the bank’s average interest rate, as we are partnered with 14+(public/Pvt banks)
  • Fastest processing time : We maintain an average timeline for education loan sanction of 21 working days for Govt. banks and 7 working days for Private banks and NBFCs after you submit all the documents. The time for an education loan sanction when you go through us is 50% lesser than the time the bank takes directly
  • End-to-end support : We at WeMakeScholars also help you with disbursement and repayment along with loan sanction, even in a 12 hrs different timezone.
  • Tax benefit: WeMakeScholars financial officer will educate you on different tax benefits you will have while availing an education loan.
  • Cashback offered : We reward you with a cashback of ₹3000 when you go through us.

Students wishing to study abroad by taking an education loan can request a callback from our team.

Why and How to Transfer your Education Loan to Punjab and Sind Bank?

Why transfer to Punjab and Sind banks?

  • The Punjab and Sind bank offers need-based loan and hence you can avail loan according to your financial need
  • The bank gives you the option of paying or opting out of interest payment in the moratorium period
  • The bank gives you enough time to repay your loan, i.e 15 years of the repayment period.

Here’s a hassle-free process to transfer your education loan to Punjab and Sind bank:

  • Collect the information of the education loan outstanding amount from your previous bank
  • Request a callback from WeMakeScholars and wait for him to call you.
  • Tell your financial officer from WeMakeScholars that you wish to transfer your education loan to Punjab and Sind bank
  • Your financial officer will give you a list of documents. Submit those documents to the Punjab and Sind bank
  • The Punjab and Sind bank will clear off your loan with the previous bank and will start the education loan with them

You know how easy education loan transfers are when you go through WeMakeScholars!

Punjab and Sind bank Education loan EMI Calculation as per Interest Rate

Learn the calculation of EMIs through the example given below.

Suppose you have taken an education loan of 30 lacs at an interest rate of 9% per annum. Your course duration is of 2 years and a moratorium period of course duration plus 1 year. Your loan tenure is 10 years excluding the moratorium period. 

Here’s how much you will pay yearly!

Timeline

EMI

Interest Portion

Principal Portion

Loan Outstanding

End of year 1

46083

25674

20409

3402745

End of year 2

46083

23759

22324

3145558

End of year 3

46083

21665

24418

2864245

End of year 4

46083

19374

26709

2556543

End of year 5

46083

16869

29214

2219977

End of year 6

46083

14128

31955

1851838

End of year 7

46083

11131

34952

1449165

End of year 8

46083

7852

38231

1008719

End of year 9

46083

4266

41817

526956

End of year 10

46083

343

45740

0

 

Ask your financial officer at WeMakeScholars to calculate EMI for your if you are unable to calculate it.

Punjab and Sind Bank Education Loan Repayment process

The Punjab and Sind bank offers the choice of interest payment during the moratorium period. However, if not paid in the moratorium period, it adds up in the EMIs after the moratorium period.

The bank also offers its students the choice of closing off the loan early through the following ways:

  • Prepayment
  • Choosing a shorter duration to repay the amount
  • Loan transfer to another bank

Repayment of an education loan can take you through hassles like a sudden increase in the ROI. Avoid all the hassles of the repayment by going through WeMakeScholars!

A sudden increase in the ROI! Problems with disbursement! Avoid these issues by going through us!

Education Loan FAQs

  • How much bank loan can I get for education from WeMakeScholars?

    The amount of loan in Punjab and Sind banks varies from profile to profile and from scheme to scheme.

  • Which bank provides education loans easily?

    The process of an education loan is easy in any given bank if you meet the eligibility criteria. However, the Punjab and Sind bank is preferred for the ease of the education loan process.

  • Which bank is best for student education loans?

    You can check out the offers by different banks like the interest rate, moratorium period, or loan amount to figure out the best education loan for you. The Punjab and Sind bank too offer greater amounts of loans at attractive interest rates.

  • Is there a processing fee for an education loan with Punjab & Sind Bank?

    There is no processing fee for an education loan with Punjab and Sind bank for loans below 4 lacs. However, you can check the above article for accurate details.

  • Can I get an education loan without my parents/guardians from Punjab and Sind bank?

    There are certain education loan schemes that allow taking an education loan even without parents/guardians. In most cases, you need a strong alternate co-applicant to process your education loan.

  • What happens if I don't pay my student loan?

    If you don’t pay your student loan even after notices or warnings, your credit score will take a huge hit and you won’t be able to take an education loan in the future.

  • Is an education loan free of interest?

    As of today, there are no free-of-interest education loans. However, you can look for education loans with a lower rate of interest from Punjab and Sind bank.

  • Do Punjab and Sind Bank give education loans?

    The Punjab and Sind bank provides a range of education loan schemes at affordable rates of interest.

  • Who is eligible for an education loan?

    Indian residents or rather Indian students who have attained admission into a university in India or a foreign university are eligible to apply for an education loan.

  • How do I repay my Punjab and Sind bank education loan?

    You can repay your Punjab and Sind bank education loan by wisely planning for it through automatic deductions from your account or manually making payments.

Our Education Loan team will help you with any questions

Ajay Kumar
WeMakeScholars- supported by IT Ministry, Govt. of India.
Published: | Updated: