Punjab National Bank Education Loan Interest Rate

INTEREST RATE8.45% to 10.95%
LOAN TENUREIn 15 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 19 Nov 2021, for latest interest rates, please visit bank website.

About Punjab National Bank

Punjab National Bank is a public sector bank in india with total assets 10175 crore. It has headquarter in New Delhi. Punjab National Bank was founded on May 19, 1894. It has 6560 branches and total assets 101758348 ATMs across India.

It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.

Find details about Punjab National Bank which includes Punjab National Bank Official Website, Punjab National Bank ATMs accross the India, Punjab National Bank Branches accross the India, Punjab National Bank Contact Numbers, Punjab National Bank official EmailID, Punjab National Bank Headquarter and Punjab National Bank Headquarter Address. Find Punjab National Bank Education loan purpos, Eligibility, Margin, Repayment of Education Loan ,Security, Documents Required for Education Loan from below.

Other Products of Punjab National Bank:

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

Punjab National Bank Education Loan Purpose

To provide financial assistance to the deserving / meritorious students in getting their education completed specially for higher education. The scheme aims to ensure that the deserving students may not loose opportunities for want of arrangements of funds.

Punjab National 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 National 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 National Bank Education Loan Amount

Need based Finance subject to repaying capacity of the parents/students

Margin

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

Punjab National Bank Education Loan Repayment

Repayment Holiday| Moratorium: Course Period + 1 year or 6 months after getting job, whichever is earlier.The loan to be repaid in 15 years after commencement of the repayment.

Security

Upto Rs.4.00 Lakhs - No Security. Parent(s)|guardian to be joint borrower(s).
Above Rs.4.00 Lakhs upto Rs.7.50 Lakhs - Collateral in the form of satisfactory third party guarantee.
Above Rs.7.50 Lakhs: Mortgage of immovable property or any tangible security having value equivalent to 100% of loan amount. Co-obligation of parents | guardian. In case of married person, co-obligator can be either spouse or the Parent(s) | Parent(s)-in-law.

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 National Bank, Punjab National Bank SMS balance check number SMS banking, Punjab National Bank mobile banking, Punjab National Bank toll free number,Punjab National Bank toll free number 24*7, Punjab National Bank miss call number.

  • MISSED CALL NUMBERS - 18001802222, 18001032222, 0120249000
  • CUSTOMER CARE NUMBERS - 18001802345, 01204616200
  • CONTACT NUMBERS - 18001802222, 18001032222, 0120-249000, 01123714562

Punjab National Bank Contact Details

  • BANK OFFICIAL WEBSITE - www.pnbindia.in
  • CONTACT NUMBERS - 18001802222, 18001032222, 0120-249000, 01123714562
  • EMAIL ID - care@pnb.co.in, ibscorporate@pnb.co.in, ibshelpdesk@pnb.co.in
  • MISSED CALL NO. - 18001802222, 18001032222, 0120249000
  • CUSTOMER CARE NO. - 18001802345, 01204616200
  • TOTAL BRANCHES - 6560
  • TOTAL ATMS - 8348
  • HEADQUARTER - New Delhi
  • BANK ADDRESS - Head Office,Bank House, 21, Rajindra Place, New Delhi-110 008.
Punjab National Bank EMI Calculator Punjab National Bank Branches  
Punjab National Bank Education Loan FAQsEducation Loan Document Required

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