Students, who are willing to pursue higher education in India or abroad, can count on several kinds of education loans offered by the banks in India. They just need to gather comprehensive information on the scheme of all these loans before approaching a bank with their requirement. Even Punjab National Bank offers personalized educational loans for various kinds of academic programs. The scheme of Punjab National Bank (PNB) Educational Loan is also known as Vidyalakshyapurti. It also includes insurance coverage for the borrowers of educational loans in collaboration with Kotak Mahindra Insurance.
Education Bank Loan in India : Punjab National Bank
Vidyalakshyapurti Education Loan
Punjab National Bank and Kotak Mahindra Insurance gets tied up for providing educational loans.
- Student should have nationality Indian.
- Must take secured admission to technical or professional courses in India as well as Abroad through entrance exam or any selection process.
- Take secured admission to foreign institutions or universities.
- Student must have passing marks for qualifying exams for taking admission to the graduation courses.
- Graduation courses: B. Sc, B. Com, B.A. etc.
- Post Graduation courses such as Masters & Phd.
- Professional Courses: Engineering, Agriculture, Medical, Veterinary, Dental, Law Computer, Management, etc.
- Certificate courses of the computers of the standard institutes qualified to the electronics department or universities.
- Courses such as CA, ICWA, CFA etc.
- Courses conducted in the India by standard foreign universities.
- Courses arranged by IIT, IIM, IISc , NIFT, XLRI, etc.
- Courses which are conducted in evening
- Other degree or diploma courses arranged by universities or colleges and approved by government, UGC, AICTE, ICMR, AIBMS etc.
- The courses which are presented by the National or any standard institute.
Exposure of expenses:
- Fees payable to the school, college or hostel
- Laboratory, Examination, or Library fee
- Fees required for purchasing equipments, books, uniforms or instruments.
- Building funds, caution deposit, or the deposit which is refundable supported by the institution receipts or bills.
- Passage money or travel expenses for those studies in abroad.
- Buy the computers which are useful for the course.
- Other expenses required for completion of course such as study tours, thesis, project
- Work, etc.
- The maximum amount is Rs. 7.5 lakhs for the studies in the India.
- The maximum amount is Rs. 15 lakhs for the studies in Abroad
The security may be in form of building, land, government securities, sector bonds, Units of NSC, UTI, KVP, GOLD, LIC Policy, Shares / Bank Deposit in the form of the parent, student, guardian or guarantee of third party.
- No any margin on the loan up to Rs 4 lakh
- The margin on loans greater than Rs 4.0 lakh is 5 percent for students in India and 15 percent for the students in Abroad.
- Assistantship or scholarship also included in to the margin.
- No security is required on loan amount Rs. 4 lakh
- Guarantee of third party is needed when loan amount is between Rs. 4.0 lakh - Rs. 7.5 lakh.
- When loan amount is greater than Rs.7.5 lakh, collateral security is required in form of guarantee of third party or the suitable value.
Course period plus 1 year or the six months from getting job, either is earlier.
After starting the repayment, it should be repaid in 5 to 7 years. When student is unable to complete the course within given time then permitted extension time is 2 years.
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