An education Loan for abroad studies is the key factor in making your study abroad dreams possible. A government bank education loan is the ideal package for Indian Students. PNB Education Loan Scheme is a worthy option to consider. Since it is a nationalized bank, PNB Education Loan for Abroad is much better than private banks.
For education loan PNB interest rate for abroad studies is much lesser than private banks. There is an education loan checklist PNB specifically maintains for the elite universities abroad. All the Punjab National Bank Education Loan Requirements are listed down in this article.
To get a quick overview of Punjab National Bank’s loan scheme for abroad studies, click here!
To start the process of your Punjab National Bank Education Loan Apply online here.
|Punjab National Bank Education Loan Scheme||Applicable to|
|PNB Saraswati||For pursuing higher studies in India|
|PNB Pratibha||For premier Indian institutes|
|PNB Udaan||For pursuing higher education abroad|
|PNB Kaushal||For vocational education and training in India|
|PNB Honhaar||Only for Delhi based students- higher education and vocational training|
|PNB Bihar Student Credit Scheme||Only for Bihar based students- higher education|
PNB Udaan is the only scheme for abroad studies.
According to PNB Education Loan requirements, the applicant:
> Should be an Indian National
> Should have secured a merit-based admission to a recognized university abroad
> Should be less than 35 years of age if unemployed and 45 years of age if employed.
Punjab National Bank Education Loan requirements are quite rigid in the universities and types of courses for which it will grant education loans, here are the specifications:
|For Graduation||Only technical or professional courses|
|For Post Graduation||Courses like MBA, MCA, MS etc|
|For Professional Courses||For example, courses conducted by CIMA in London or CPA in the USA|
|Degree/ Diploma/ Licence courses||Pilot training, Aeronautical and shipping courses as long as these courses are recognized by the respective regulatory bodies abroad for the purpose of employment|
|Others||Any course from the following elite universities|
To check the PNB education loan college list abroad click here
Like other government banks, PNB Education Loan also has a 0.5% reduction in interest rate for female students. Other common factors are the presence of a moratorium period and loan margin. None of these terms are available among private loan providers.
|Key Pointers of PNB Udaan Loan Scheme for Abroad Studies|
|Interest Rate||9.9% for females and 10.4% for male students|
|Processing Fees||0.9% to 1% of the loan amount. Legal and Valuation charges are separate.|
|Loan Period||15 years maximum|
|Moratorium Period||Course duration + one year|
|Eligible Expenses||Everything- Tuition fee, Travel, Living expenses/ Hostel fee, Examination fee/ Purchase of Stationery|
|Repayment begins||1 year after completion of course|
|PNB Education Loan Documents to be submitted by the applicant||PNB Education Loan Documents to be submitted by the co-applicant|
|PNB education loan application form||Residence Proof- Telephone, Electricity, Water or Gas bills and Aadhar card, for example|
|Passport copy||Identity Proof (Drivers Licence or PAN card)|
|Residence Proof- like Aadhar Card, Telephone, Water or Gas Bill||2 Passport size photographs|
|Identity Proof- like the PAN Card and Driver’s Licence||Latest salary slips- at least for the 3 months|
|Scorecard of GRE, GMAT, IELTS or TOEFL- whichever is relevant||Income Tax Receipts of Last 2 years|
|Admit letter from the university||Form 16 of the last 2 years|
|University Ranking Printout. Speak with our team to know exactly which sources are considered legitimate.||Balance Sheet for the last 3 years and Profit and Loss Statement (only if self-employed)|
|Academic certificates like Class X, Class XII, Graduation certificate and mark sheet||Employer’s ID Card (if employed)|
|2 Passport size photographs||Proof of Business Address (if self- employed)|
According to PNB education loan rules, for any loan over 8Lacs, collateral security must be provided. Up to 7.5 Lacs, are collateral free loans only. Almost all the applications for PNB education loan for abroad studies are for loans above 8L for which security is submitted to the bank.
For Non- Collateral PNB Education Loan:
|Maximum Amount for Non-collateral education loan||Rs. 7.5 Lacs|
For Collateral Loans:
|Minimum Amount for Collateral Loan||Rs. 8 Lacs|
|Maximum Amount for Collateral Loan||
Unfortunately, the PNB education loan process varies depending on the loan amount you have applied for. The local branch has the authority to go ahead with the PNB education loan process only if the loan application is under Rs. 40 Lacs. If Punjab National Bank Education Loan Application exceeds Rs. 40 Lacs, the file must be sent to the Processing Centre to be sanctioned. More than Rs. 60 L requires special permission from the Corporate Centre- which is the highest office of PNB.
|PNB Education Loan Interest Rate|
|For male students||10.4%|
|For female students||9.9%|
The Punjab National Bank Education Loan Rate of Interest is 1.85% more than the MCLR. The PNB Education Loan Base Rate (MCLR) is currently 8.55%.
There is a reduction of 0.5% for female students in the PNB education loan interest rate. The PNB Education Loan Rate of Interest is generally fixed. Even if the PNB Education Loan Interest increases over a period of time, it is very minimal in the long run. In the field of education loan PNB interest rate is good enough when compared to market standards.
The loan margin for Punjab National Bank Education Loan is 15% on paper. However, this figure can change on a case by case basis. On paper, however, what it means is, the bank is willing to fund up to 85% of your expenses. The rest of the 15% the student must pay on a pro- rata basis. With every disbursement, the student will have to pay about 15% of the amount required.
Compare the PNB Education Loan with the SBI Education Loan Policy here!
The Punjab National Bank Education Loan Processing Fee is 0.9- 1% of the loan amount. Additional charges will be levied for legal and valuation charges separately. Those are compulsory steps in the PNB Education Loan Process.
Two kinds of collateral security are accepted to get a PNB Education Loan- Liquid Security and Immovable Property.
|Liquid Security||Immovable Property|
|LIC Policy (only the current value NOT the maturity amount)||Flat|
|Government Bonds||Plot with boundaries|
Note: Gram panchayat property is not acceptable.
It’s best to avoid commercial property.
For a collateral loan, here are the basic documents that are to be submitted to the bank regarding your property. For a detailed discussion on it, request a callback from our team for free guidance.
PNB EDUCATION LOAN DOCUMENTS REQUIRED FOR COLLATERAL SECURITY:
If you are submitting liquid securities like Fixed deposit or LIC policies, the documents needed are much lesser.
A government bank education loan EMI is very easy and straightforward to calculate. Check your monthly EMI with Punjab National Bank Education Loan here.This link will lead you to the Education Loan PNB calculator. This PNB education loan calculator will not be able to give you exact figures as it depends on the amount and period withdrawn, but it will give you a good estimate figure.
Like every other government bank education loan, PNB also allows students to avail Central Government subsidy schemes specially designed for students going to pursue abroad studies.
PNB Education Loan Subsidy is applicable to you if you belong to the following groups:
|Central Govt Schemes For PNB Education Loan Subsidy||Punjab National Bank Education Loan Subsidy Applicable To||Result of The PNB Education Loan Subsidy|
|Dr. Ambedkar Central Sector Scheme of Interest Subsidy for Educational Loans||For students belonging to Other Backward Classes (OBCs) with a family income of Rs. 6 Lacs and below, and Economically Backward Classes (EBCs) with a maximum family income of Rs. 2 Lacs and below||Interest accrued during the moratorium period is completely waived off|
|Padho Pardesh Scheme of Interest Subsidy for Education Loans||Students who are Religious Minorities||Students need not pay interest accrued during the moratorium period.|
According to Punjab National Bank Education Loan details, the student must apply for these subsidy schemes. Please note that for Education Loan Subsidy PNB will not do the initial application for the student. For Punjab National Bank Education Loan Interest Subsidy, the application and filing for the subsidy must be done by the student.
Regarding the Education Loan Repayment PNB is similar to any other government bank education loan. The moratorium period for PNB Education Loan is course duration + 1 year. In this period, you do not have to make any payment to the bank. Your payment begins one year after your graduation. The maximum tenure of your PNB Education Loan is 15 years. No charges will be levied for closing off your loan early. PNB Education Loan Online Payment is possible, just like any other government bank education loan. The Punjab National Bank Education Loan Repayment policy is quite easy to understand.
Visit this link to get the official PNB Education Loan customer care number provided by Punjab National Bank Education Loan department. This PNB Education Loan Contact Number is from the official website of PNB. If you want to know more details about PNB Education Loan Scheme and compare it with other government banks and loan providers, contact our team!
|Key Differences||Punjab National Bank Education Loan||State Bank of India Education Loan|
|Rate of Interest||10.4% for male students and 9.9% for female students||10.25% for male students and 9.75% for female students after insurance.|
|Maximum Loan Amount Disbursed||Bank can disburse a maximum of Rs 40 Lacs, Regional Processing Centre can disburse a maximum of Rs. 60 Lacs.||Every bank can disburse up to Rs. 1.5 Crore under SBI’s Global Edvantage Scheme|
|Processing Fee||0.9- 1% of the loan amount- separate payment for legal and valuation charges||Rs. 10,000 + Rs. 7,500 approximately for legal and valuation charges|
|Courses and Universities acceptable||Preference is given to technical and professional courses. Else, the student must belong to a top ranking university||No barriers based on country, course, university or ranking.|
|Online Repayment of Loan facility||Available||Available|
|Apply Online||Apply Online||Apply Online|
For further discussion regarding the education loans of SBI, PNB or any other bank or financial institution in India or abroad, contact your financial counselor from WeMakeScholars.
WeMakeScholars is an organization that is funded and supported by the Department of IT, Central Government of India. We are the national digital partners of over 10 government banks and financial institutions for the study abroad wings. To get your education Loan sanctioned by any of these banks, or just for a detailed discussion regarding the best option for your profile, request a call back from our team!
Unfortunately, there is no way to check your PNB Education Loan Status online. The only solution is to contact the bank personnel on your own to know about your PNB education loan status.
To start the process of your PNB education loan online apply here. We can discuss your profile, check your eligibility and suitability for Punjab National Bank Education Loan and guide you accordingly.