Punjab National Bank (PNB) Educational Loan

Punjab National Bank is one of the many Indian banks that provide education financing to students who want to study within India or abroad. If you are a student who has passed by merit and has been accepted into an institution of higher learning but you are not aware of how you are going to pay for your education, the Punjab National Bank can fund your education through its numerous educational loans it provides to the Indian nationals. For the sake of information, here are some of the details of educational loans from the Punjab National Bank

Punjab National Bank provides funding for the education of student pursuing professional courses like medicine, law, engineering, veterinary science, management, technical and law among others. All these courses can be funded by Punjab National Bank at any level starting from certificate, diploma, undergraduate and post graduate programs. Punjab National Bank only funds the education of successful Indian national applicants who can prove their nationality and their admission to various institutions of higher learning. These are the two basic conditions for the application for a loan from the Punjab National Bank. Among the documents needed for the application of a loan are the proofs of examination passing (which will prove that you were eligible for the course you applied for)

Among the expenses that the Punjab National Bank loan will take care of includes tuition fees (this is obvious) and any other expense that will go into the course.  Expenses like travel and boarding, books, library and examination fees will be taken care of by the loan as well. Any project you will undertake before the completion of the course will be funded by the loan; for the necessary peace of mind when you are pursuing the course. Applicants must prove their Indian nationality and provide proof of their age. A formal application form from the Punjab National Bank has to be filled and a recent passport sized photograph provided by the applicant. The permanent addresses, assets and liabilities of the parents, guardians or guarantors have to be provided to ensure the security of the loan if the loan is more than Rs. 4 Lakhs. It is interesting to note that an educational loan below Rs. 4 Lakhs does not need any security when you apply for it from Punjab National Bank. When a loan is above this amount, it has to be secured by the assets of the guarantors or the parents and guardians of the applicant. Properties like land, business assets and others will act as security for any loan above Rs. 4 Lakhs and the proof of ownership of all these properties need to be provided for any loan to be released to the applicant.

Incase the applicant wants to study abroad, all the above named documentation will be needed by the bank and also copies of the Visa and passport. When it comes to the repayment of the loans, the interest rates are fair enough for the applicant who studies in India or abroad. For anyone who studies in India, the interest rates are 5% and student studying abroad will pay their loans at an interest rate of 15%. A guarantor needs to be present if the loan is anything above Rs. 7.5 Lakhs. Loans form of the Punjab National Bank can be applied for from the website of the company which will then inform you if you are eligible for an educational loan or not. The payment period varies from 5 to 7 years, a year after the completion of the studies of the applicant. Incase a person is not able to repay the loan; the balance amount will be covered by an insurance policy that comes with the educational loan application.