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Punjab National Bank
Vidya Lakshyapurti Education Loan
Scheme
Purpose
PNB's
Education Loan Scheme is designed to provide better educational opportunities to
bright and needy students and brings within their reach all types of education
(general,professional,technical and vocational courses).
The scheme
enables all types of needy students (viz.students of plus 2 stage,graduation
courses, post graduation courses, Masters & Ph.Ds, professional, technical ,
engineering, medical, veternary, law, dental, management, computer, vocational
courses, courses like ICWA,CA,CFA, courses conducted by IIM,IIT,IISc,NIFT,
courses offered in India by reputed foreign universities and all other types of
courses offered by Govt./Semi-Govt/private institutions in order to meet the
costs for their studies in India and abroad. Such courses would include regular,
part time and correspondence courses. The costs include admission fees, books
& stationery, instruments required for the course, monthly fees, examination
fees,insurance premium for policy on life of the borrowing student,caution
deposit/building fund/refundable deposit supported by bills/receipts, expenses
like study tours/project work/thesis etc. required to complete the course,
boarding and lodging expenses, and travel expenses/passage money including air
fare for joining the course abroad.
Eligibility
1) Indian nationals, in the age group of
16-40 years.For part time computer courses, applicants in the age group of 16-45
years are eligible. Applicants whose guardians have been appointed by the court,
should not be less than 21 years; such students should have already passed
atleast one public examination.
2) Students who have scored pass marks in
their last qualifying examination and have secured admission in the courses
mentioned above.
3) The parents/guardian should have regular source of
income to the extent that they are able to repay the loan in case of
need/unforeseen circumstances.There is no stipulation of ceiling on annual
income of the parents/guardians.
4) Employed persons intending to better
their prospects can also avail loan for improving their educational
qualifications and/or receive training in modern technology in India/ abroad
provided the education/training received by them in India/abroad affords
prospects for their better employment.For such persons, 'NO OBJECTION
CERTIFICATE' from their employers is a pre-requisite.
Amount of
Loan
This is co-related to expenses involved in
taking up the course and the expected earnings after qualifying, subject to a
maximum of:
For studies in India: Rs. 7.50 lacs
For
studies abroad Rs.15.00 lacs
In case of part time computer
courses, the extent of loan should not exceed Rs. 50,000/- per annum or fee
fixed by the particular institutution (as per prospectus less concession,if
any), whichever is less.
.
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.
Margin
NIL
Period of
loan
Principal and Interest is repayable in 84 monthly
instalments. Repayment will commence after two years of the completion of
studies by the borrower or one month after his/her getting employment, whichever
is earlier. |
