Punjab national bank is third-largest banks of India. Punjab national bank was established in 1894, and it is also known as PNB. It has more than 80 million customers account. Also, In order to help the future of our nation, they are funding educational loans to the students at lower interest rates. They are offering multiple schemes on educational loans to the students and individuals, who wishes to pursue higher education in India or abroad. There are four types of loans which PNB offers to the students, and the loans are PNB Udaan, PNB Kaamgar, PNB Prathibha and PNB Saraswati.
PNB Education Loan:
We know that PNB offers four different types of loan to the customers. However, apart from the loan, the customers can also avail the subsidy facility under the government scheme and the other schemes for minorities student. Anyway, Let’s have a look at the four types of loans and their other details.
- PNB Saraswati
- PNB Kaamgar
- PNB Prathibha
- PNB Udaan
#1 PNB Saraswati:
PNB Saraswati loan offers various ranges of funding to the students who want to pursue their higher education in India.
- Expenses covered: PNB Saraswati covers all of the expenses including fees, hostel, books, library, donation etc.
- Quantum of Loan: The students can take up to Rs 10 Lac under this scheme.
- Repayment Period: It depends, if your loan amount is near about 7.50 Lac then you need to make the repayment within ten years. If the loan credit amount exceeded 7.50 Lac, then you need to make the repayment within 15 years. The repayment will be after the completion of course+one year holiday period or six months after getting a job. Whichever is earlier.
- Interest rate: The interest rates range from 10% to 14% under this scheme.
- Security: It depends if the loan amount is below 4 lac then only the parent’s guarantee is required. If the loan amount exceeded 4 Lac, then the co-borrower, parents and any security asset will be required.
Must Read : How to Generate the SBI New ATM Pin
#2 PNB Kaamgar:
PNB Kaamgar scheme is for those students who want to pursue any skill development course after standard X completion.
- Expenses covered: PNB Kaamgar covers all of the expenses, including fees, books, library etc.
- Quantum of Loan: The students can take up to Rs 1.5 Lac under this scheme. It depends upon the duration of course.
- Repayment Period: It depends, for courses of 6 months or earlier. The loan has to be repaid in 2-5 years. If the duration, of course, is more than six months, then the repayment period can be extended to 7-10 years. You need to start paying your EMI’s after six months of completion of any course or getting a job.
- Interest rate: The interest rates range from 10% to 14% under this scheme.
- Security: Only the parent’s guarantee is required.
#3 PNB Prathibha:
PNB Prathibha scheme is for those students who want to pursue any standard Indian course in top colleges and universities. Example IIT, IIMs.
- Quantum of Loan: The students can take loan credit from Rs 7.5 Lac to Rs 15 Lac under this scheme. It depends upon the university and colleges.
- Repayment Period: 3 Years or more.
- Interest rate: The interest rates range from 10% to 14% under this scheme.
- Security: Only the parent’s guarantee is required.
#4 PNB Udaan:
PNB Udaan Loan loan offers various ranges of funding to the students who want to pursue their higher education in India or abroad.
- Expenses covered: PNB Udaan covers all of the expenses including fees, hostel, books, library, donation etc.
- Quantum of Loan: The students can take up to Rs 10 Lac under this scheme.
- Repayment Period: It depends, if your loan amount is near about 7.50 Lac then you need to make the repayment within ten years. If the loan credit amount exceeded 7.50 Lac, then you need to make the repayment within 15 years. The repayment will be after the completion of course+one year holiday period or six months after getting a job. Whichever is earlier.
- Interest rate: The interest rates range from 10% to 14% under this scheme.
- Security: It depends if the loan amount is below 4 lac then only the parent’s guarantee is required. If the loan amount exceeded 4 Lac, then the co-borrower, parents and any security asset will be required.
Read More : Punjab National Bank (PNB) Personal Loan Interest Rates Calculator
Conclusion:
We know that Punjab national bank is one of the leading banks of India. It is also the third-largest bank which holds more than 80 million customer account. To do something for the nation and to brighten the future of India. PNB is all set to provide various educational loans schemes to the students who want to pursue higher education. In this post, we have mentioned all the details you need to know about PNB education loan.
