Punjab Gramin Bank Education Loan Interest Rate

INTEREST RATE11.25%
LOAN TENUREIn 5 to 7 years after the Holiday | Moratorium Period
PROCESSING FEEAs decided by the bank from time to time
GUARANTOR REQUIREDYes
PRE CLOSURE CHARGESAs decided by the bank from time to time
Note: Updated on 23 Feb 2024, for latest interest rates, please visit bank website.

About Punjab Gramin Bank

Punjab Gramin Bank is a gramin bank in India established on 1975. It has headquarter in Kapurthala and address is Jallandhar Road, Kapurthala - 144 001, Punjab. it has 275 branches across the state.

It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, loans, personal loans, netbanking, RTGS, NEFT, IMPS, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.

Punjab Gramin Bank Education Loan Interest Rates, Education Loan at 11.25% Updated on 28 Mar 2024. Apply for Education Loans Online. Find Punjab Gramin Bank Education loan purpos, Eligibility, Margin, Repayment of Education Loan ,Security, Documents Required for Education Loan from below.

Other Products of Punjab Gramin Bank:

Home LoanPersonal Loan
Education LoanBusiness Loan
Car LoanTwo Wheeler Loan
Gold LoanFD Interest Rates
Punjab Gramin Bank RD Interest RatesPunjab Gramin Bank ATMs Location
PPF Account 

Punjab Gramin Bank Education Loan Purpose

Scheme aims at providing financial assistance to deserving|meritorious students for pursuing higher education in India and abroad with an emphasis that every meritorious student though poor, is provided with an opportunity to pursue education

Punjab Gramin Bank Eligible Courses for Education Loan

Education Loan can be availed under following cases-

  • Graduate, Post graduate, Diploma and Professional courses recognized by University Grant Commission, All India Council for Technical Education (AICTE) and the Indian Council for Medical Research, Government of India.
  • Job oriented Professional or Technical courses of reputed education institutes abroad, etc.
  • Government recognized or approved vocational or skill development courses.
  • Courses conducted by IIM, IIT, IISC, XLRI, NIFT, etc
  • Courses offered in India by reputed foreign Universities.
  • Other Courses leading to Diploma/ Degree, etc. conducted by Colleges/ Universities approves by UGC/ Govt./ AICTE/ AIBMS/ ICMS, etc.

Punjab Gramin Bank Education Loan Document Required

For salaried individuals

  • Duly filled up and signed education loan application form along with photographs
  • KYC (Know Your Customer)documents
  • Proof of identity- Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card
  • Latest salary slip showing all deductions or Form 16 along with recent salary certificate
  • Proof of residence - Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement
  • Bank Statement or Bank Pass Book of having entries of last 6 months
  • Guarantor Form, Copy of admission letter or the Institute along with Fees schedule (Optional)
  • Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)
  • Detailed break-up of the costs of the course (Optional)

For all individuals except salaried

  • Duly filled up and signed education loan application form along with photographs
  • KYC (Know Your Customer)documents
  • IT returns of the last 2 years and computation of income of last 2 years certified by a Chartered Accountant
  • Proof of identity- Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card
  • Proof of residence - Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement
  • Bank Statement or Bank Pass Book of having entries of last 6 months
  • Guarantor Form, Copy of admission letter or the Institute along with Fees schedule (Optional)
  • Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)
  • Detailed break-up of the costs of the course (Optional)

Punjab Gramin Bank Education Loan Amount

a) For studies in India, maximum Rs. 10 Lakhs.
b) For studies abroad, maximum Rs. 20 Lakhs

Margin

a) Up to Rs.4 lakhs-Nil.
b) Above Rs. 4 lakhs 5% for Studies in India and 15% for Studies abroad

Punjab Gramin Bank Education Loan Repayment

Course period + 1 year or 06 months after getting job , whichever is earlier.

Security

Up to Rs. 4 lac - Co-obligation of parents
Above Rs. 4 lac and upto Rs. 7.5 lac - Co-obligation of parents together with Coll. security in the form of suitable 3rd party guarantee.
Loan amount of above Rs.7.50 lac - Co-obligation of parents together with tangible collateral security of suitable value, alongwith the assignment of future income of the student for payment of instalments

Mode of Repayment of Education Loan

Post Dated Cheque (PDC): PDCs are given by the borrower in advance to the bank. They will be for future dates. Bank will deposit the cheque on the date mentioned on the cheque. This mode used to be opted by the borrowers when there were no online repayment options available. This mode is no longer popular and is used by very few borrowers.

Electronic Clearance System (ECS): This mode is very popular and most of the borrowers opted for this mode of repaying the loan. It is an electronic mode for transferring the EMI from borrower's bank to lender's bank.

National Automated Clearing House (NACH): NACH is a facility offered by National Payment Corporation of India (NPCI) for online transfer of funds on due date. This system has come into force recently and is preferred by many people. The benefit of this mode is that it allows transactions to be processed in real time.

Standing Instruction (SI): It is an order or instruction which the account holder gives to his/ her bank to pay a fixed amount to another bank/ account at a regular interval. It is also used by many borrowers to pay EMIs as EMI is a fixed amount. SI is not suitable for variable amounts.

Contact details of Punjab Gramin Bank, Punjab Gramin Bank SMS balance check number SMS banking, Punjab Gramin Bank mobile banking, Punjab Gramin Bank toll free number,Punjab Gramin Bank toll free number 24*7, Punjab Gramin Bank miss call number.

  • CUSTOMER CARE NUMBERS - 1800 180 7777, 01822-509555,233025
  • CONTACT NUMBERS - 1800 180 7777, 01822-509555,233025

Punjab Gramin Bank Contact Details

  • BANK OFFICIAL WEBSITE - https://www.pgbho.com
  • CONTACT NUMBERS - 1800 180 7777, 01822-509555,233025
  • EMAIL ID - [email protected]
  • CUSTOMER CARE NO. - 1800 180 7777, 01822-509555,233025
  • TOTAL BRANCHES - 275
  • HEADQUARTER - Kapurthala
  • BANK ADDRESS - Jallandhar Road, Kapurthala - 144 001, Punjab
Punjab Gramin Bank EMI Calculator  Punjab Gramin Bank Branches  
Punjab Gramin Bank Education Loan FAQs  Education Loan Document Required

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