PNB Education Loan
Looking for financial support to pursue higher education? Punjab National Bank (PNB) offers a variety of education loans with flexible repayment options, competitive interest rates, and schemes tailored for different needs. Here's a quick overview:
Key Features:
- Loan Types: PNB Digi Education (no collateral), PNB Pratibha (for premier institutions), PNB Saraswati (general education loan), and more.
- Interest Rates: Starting from 7.85% p.a. for Digi Education to 10.75% p.a. for standard loans.
- Repayment Period: Up to 15 years with moratorium benefits.
- Special Benefits: Tax deductions under Section 80E, discounts for female students, and funding for international studies (up to ₹1 Crore).
Eligibility:
- Indian citizens with confirmed admission in recognized institutions.
- Co-applicant (parent/guardian) required for added financial assurance.
Expenses Covered:
- Tuition, hostel fees, books, travel for international studies, and more.
Application Process:
- Online: Apply via PNB’s official website or Vidya Lakshmi Portal.
- Offline: Submit forms and documents at a PNB branch.
PNB education loans are designed to make quality education accessible without financial stress. Whether studying in India or abroad, find a scheme that fits your needs.
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Who Can Get a PNB Education Loan?
Punjab National Bank (PNB) has clear guidelines to determine who qualifies for their education loans. These criteria ensure that loans are provided to deserving students while maintaining financial responsibility. Here's a breakdown of the eligibility and approved courses.
Student and Co-applicant Requirements
To apply for a PNB education loan, students must meet these basic conditions:
For students admitted under management quotas, the bank evaluates their applications based on merit. Additionally, a parent or guardian must act as a co-applicant to strengthen the loan application.
Do read about eligibility for education loans, on a general level, across lenders to have a better understanding.
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Approved Courses and Institutions
PNB provides loans for a wide range of academic programs, whether pursued in India or abroad, with a focus on programs that enhance career prospects.
For international studies, the PNB Udaan scheme covers:
- Professional and technical degree programs
- Postgraduate courses like MBA, MCA, and MS
- Specialized diplomas in fields like aviation and maritime studies
International programs must be approved by the relevant regulatory bodies. For example, aviation courses require approval from the Director General of Civil Aviation, and maritime studies need recognition from the appropriate shipping authority.
For studies within India, PNB supports programs at institutions such as:
- Government colleges
- Universities recognized by the University Grants Commission (UGC)
- Professional colleges approved by the All India Council for Technical Education (AICTE)
PNB emphasizes courses that are career-focused and improve employment opportunities, ensuring students are well-positioned to repay their loans in the future.
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PNB Education Loan Details
Understanding the financial aspects of PNB education loans helps students make informed decisions about funding their studies.
Maximum Loan Amounts and Expenses Covered
Here’s a quick look at the key loan schemes and their features:
These loans cover a variety of costs, including:
- Buying a computer (if necessary for the course)
- Insurance premiums for student borrowers
- Living expenses and study tours
- Travel expenses for international studies (under the PNB Pravasi Shiksha Loan)
Interest Rates and Applicable Discounts
PNB offers competitive interest rates across its education loan programs:
Additional perks include:
- A 1% interest reduction on PNB Kaushal loans if interest is paid during the study period.
- A 4% p.a. concessional rate for students with 40% or higher disability.
- Special rates for students from premier institutes under the PNB Pratibha scheme.
Payment Schedule Options
PNB provides flexible repayment options to ease financial stress:
Moratorium Period Benefits
- Covers the course duration plus 12 months after completion, or 6 months after employment - whichever occurs first.
- Paying interest during this period can lower the total loan cost.
Repayment Structure
- Loan repayment can extend up to 15 years.
- EMI payments are possible through SI (for PNB account holders), ECS, or PDCs.
For students taking additional courses, top-up loans come with an extended moratorium period, allowing repayment to begin after the second course is completed. This setup ensures students can focus on their education without immediate financial pressure.
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How to Apply?
You can apply for a PNB education loan either online or by visiting a branch.
Application Methods
- Online Application
Head to PNB's official website, click on 'PNB WeblenS-Online loan application,' and follow the instructions. You'll need to upload documents, and you can track your application status and receive updates online. - Branch Application
Prefer in-person? Download the education loan form, fill it out, and submit it at your nearest PNB branch.
You can also track your application anytime using the Vidya Lakshmi Portal with your reference number.
Documents Needed
Make sure you have these documents ready to support your application:
Tips for Faster Processing
- Get all your documents ready before starting the application.
- Ensure all documents are self-attested and submitted together.
- Stay in touch with your branch representative for updates.
- Use the online tracking system to monitor progress easily.
To have a better understanding while taking your decision, do read our blog on education loan documents required.
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PNB vs Other Lenders
PNB and Propelld take different approaches to education loans. PNB offers a more traditional setup with broad coverage, while Propelld focuses on a digital-first, streamlined process.
PNB and Propelld Loan Comparison
This table highlights the main differences between the two lenders, but there are additional factors to consider:
Why Choose PNB?
- Longer repayment periods, giving you more time to pay back.
- Interest rate concessions for female applicants.
- Trusted banking infrastructure with years of experience.
- Flexible options tailored to varied financial needs.
Why Choose Propelld?
- Faster processing times, perfect for urgent needs.
- No collateral required, reducing financial barriers.
- Completely digital application process for convenience.
- Focus on your academic achievements rather than just financial history.
Your choice depends on what matters most to you - PNB is ideal for those seeking lower rates and longer terms, while Propelld is better suited for those prioritizing speed and convenience.
Summary
PNB education loans offer tailored solutions through various schemes, designed to meet different educational needs. The bank supports students with competitive interest rates and flexible repayment options.
Key Highlights of PNB Education Loans
PNB's education loan portfolio includes a variety of schemes, each catering to specific educational goals. For instance, the PNB Pratibha scheme offers interest rates starting as low as 8.20%, while programs like PNB PM CARES feature rates between 9.50% and 10.00%.
Here are some standout features of PNB education loans:
Tips for Applying
Pick the right scheme: Options include PNB Saraswati, Pratibha, Udaan, and others, depending on your course and needs.
Organize your documents: Ensure all required paperwork is ready and respond quickly to any additional requests.
Monitor your application: Use PNB’s online tracking system to stay updated.
Stay connected: Keep in touch with your branch and provide accurate information for a smoother approval process.
PNB education loans are designed to cover a wide range of expenses, making them a reliable option for funding higher education.
Why Propelld?
Propelld offers easy and flexible education loans with quick approval and low interest rates. It provides customised repayment options, making higher education more accessible without financial stress.
The following are the primary benefits of Propelld.
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