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Punjab National Bank-Educational Loan



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Vidya Lakshpurti Educational Loan Schme

Eligibility :

Should be an Indian National. Secured admission to Professional / Technical courses through Entrance Test / Selection process. Secured admission to foreign university/ Institutions. Student should have secured pass marks in the qualifying Examination for admission to Graduation Courses.

Coverage :

Fee payable to College / School / Hostel.Examination / Library / Laboratory fee. Purchase of books / equipments / instruments / uniforms. Secured admission to foreign University / Institutions. Caution Deposit / Building Fund / Refundable Deposit supported by Institution Bills / Receipts. Travel Expenses / Passage money for studies abroad. Purchase of computers – essential for completion of the Course. Boarding and lodging expenses in recognized Boarding Houses / private accommodations .Any other expense required to complete the course – like study tours, project work, thesis etc.

Margin

Up to Rs.4.00 lacs: – Nil. Above Rs.4.00 lacs: Studies in India 5%.Studies Abroad 15%

Rate of Interest
Loan upto Rs. 4 lac 12.00% p.a. *
Loan over Rs. 2 lac upto Rs. 15 lac        13.00% p.a. *
Loan over Rs. 15 lac                              15% p.a.*
*This is subject to change from time to time.
The Interest shall be charged at simple rate from the date of disbursement till the commencement of repayment of loan and thereafter, compound Interest will be charged on reducing balance basis. 1/2% interest concession may be provided for the loanees if the interest is serviced during the study period.

Re-Payment :

Repayment Holiday / MoratoriumCourse period + 1 year OR 6 months after getting job, whichever is earlier. The Principal 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 :

Up to Rs.4.00 lacs: No Security. Above Rs 4.00 lacs and Up to Rs 7.5 lacs: 3rd party guarantee acceptable to the Bank. Above Rs 7.5 lacs: Collateral Security of Suitable value or suitable 3rd party guarantee.

http://www.pnbindia.in/

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