Why For/Purpose /Objective:
The Scheme aims at providing financial assistance to deserving / meritorious students pursuing higher education in India or abroad. Punjab National Bank has tied up with Kotak Mahindra Insurance to provide life insurance cover for Student borrowers.
Eligibility Criteria
- Student should be an Indian National
- Secured admission to Professional / Technical courses in India or abroad through Entrance Test / Merit based Selection process.
Courses Eligible
- Graduation courses – B.A., B.Com., B.Sc., etc.
- Post-Graduation courses, Masters & Ph.D; Professional courses, Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.
- Computer Certificate courses of reputed Institutes accredited to Department of Electronics or institutes affiliated to University
- Courses like ICWA, C.A., CFA, etc., courses conducted by IIM, IIT, IISc, XLRI, NIFT, etc.
- Regular Diploma/Degree courses conducted by Colleges/Universities approved by UGC/Govt./AICTE/AIBMS/ICMR
- Regular Degree / Diploma courses like Aeronautical, Pilot training, Shippling etc. approved by DGCA/ etc.
- Courses offered by National Institutes and other reputed Private Institutes.
Quantum/ Amount of Loan
Need based finance, subject to repaying capacity of the parents / students with margin and the following ceilings
Studies in India - Maximum Rs.10.00 lacs
Studies abroad - Maximum Rs.20.00 lacs
Expenses Considered for Loan
- Fee payable to College / School /Hostel
- Examination / Library / Laboratory fee.
- Purchase of books / equipments / instruments / uniforms.
- Caution Deposit / Building Fund / Refundable Deposit supported by Institution Bills / Receipts, subject to the condition that the amount does not exceed 10% of the total tution fee for entire course.
- Travel Expenses / Passage money for studies abroad.
- Purchase of computers - essential for completion of the Course.
- Boarding and lodging expenses in recognised Boarding Houses / private accomondations
- Any other expense required to complete the course - like study tours, project work, thesis etc.
Margin/ Allowance:
Upto 4 lacs - NIL
Above 4 lacs - for education in India - 5%
Education Abroad - 15%
Rate of Interest :
At competitive rates on reducing balance only. Please check-up for latest rates at your nearest branch Interest is compounded at quarterly basis.
Repayment/ Tenures:
Repayment Holiday / Moratorium Coursee period + 1 year OR 6 months after getting job, whichever is earlier.
The Principl and interest is to be repaid in 5-7 years after commencement of repayment. If the student is not able to complete the course within the scheduled time, extension of time for completion of course may be permitted for a maximum period of 2 years.
Security:
- Upto Rs.4.00 Lacs – Co-Obligation of Parents. No Security.
- Above Rs. 4.00 lacs and upto Rs. 7.50 lacs – Co-Obligation of Parents. 3rd party guarantee acceptable to the Bank.
- Above Rs. 7.50 lacs – Co-Obligation of Parents. Collateral Security of suitable value along with Assignment of future income of the student for payment of installments.
The security can be in the form of land / building / Govt. Securities / Public Sector Bonds / Units of UTI, NSC, KVP, LIC Policy, Gold, Shares/ Mutual Funds/ Debentures, Bank Deposit in the name of the student parent / guardian or any other third party with suitable Margin. The document should be executed by both the student and the parent/guardian.
Documentation Charges:
Upto Rs. 4 lacs – Rs.300/- + Service Tax & Education Cess .
Above Rs.4 lacs – Rs.500/- + Service Tax & Education Cess.
Contact
Delhi Tel: 011- 25699439,
Bangalore Tel: 080- 25582077,
Chennai Tel: 040- 23810297,
Hyderabad Tel: 04142-30035,
Kolkata Tel: 033- 2424-4405,
Mumbai Tel: 022- 24301419/2430366.
Website
www.pnbindia.com
