PNB Education Loan 2023 New Scheme, Interest Rate Details

By | August 19, 2023

PNB Education Loan

Start your educational journey with the PNB Education Loan, issued for talented Indian students. This loan is for students who want to pursue their higher studies in esteemed international institutions. The selection process is merit-based, backed by the endorsement of an entrance exam. The PNB loan not only covers tuition fees but also covers expenses like college fees, hostel accommodations, examination and laboratory charges, and even student expenses.

Punjab National Bank provides PNB Education Loan to Indian citizens to pursue higher studies in India and abroad. Applicants must be a resident of India and have secured merit-based admission in an Indian educational institute. You should be between the ages of 18 to 35. Generally, you can avail this loan for study purposes including tuition fees, books, computer, equipment, study tours, and thesis. In addition, there are no processing fees to avail this loan.

PNB Saraswati Education Loan is another education loan scheme offered by the bank. It covers all expenses incurred during post-scholastic education. The loan is available to both Indian and foreign institutes. The PNB Education Loan also covers the cost of insurance premium for the student borrower. The interest rate on the loan is competitive and the tenure is up to 15 years. There is also a moratorium period of 12 months, which makes it very flexible.

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Punjab National Bank Education Loan Latest Interest Rate

  • Base Rate of Interest @ 10% on Punjab National Bank Education Loan
  • Loan upto Rs 4 lac – Base Rate + 2%
  • Loans above Rs 4 lac upto Rs 7.50 lac – Base Rate + 3%
  • Loans above Rs 7.50 lac – Base Rate + 2.50%

Eligibility Criteria: Applicants must have secured admission to a higher education course in recognized institutions and be an Indian Resident.

Essential Documents Required For Education Loan

  • Letter of admission
  • Filled in Loan Application Form
  • 2 passport size photographs
  • Statement of cost of study
  • PAN Card of the student and Parent/ Guardian
  • AADHAR Card of the student and Parent/ Guardian
  • Proof of identity (Driving Licence/Passport/Aadhar/ any photo identity)
  • Proof of residence (Driving Licence/Passport/Electricity bill/Telephone bill)
  • Student/Co-borrower/ guarantor’s bank account statement for last 6 months
  • IT return/ IT assessment order, of previous 2 years of Parent/ Guardian/ other co-borrower (if IT Payee)
  • Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrower
  • Proof of income (i.e. salary slips/ Form 16) Parent/ Guardian/ other co-borrower

Application Process for PNB Education Loan 

  • First of all, students need to visit the official website of Punjab National Bank.
  • Under the ‘Products’ tab, Press on ‘Retail’. This option can be found under the ‘Loans’ section.
  • On the next page, click on ‘Education Loans’.
  • Press on ‘Education Loan’ under ‘Apply for online’.
  • On the next page, click on ‘Education Loan’.
  • Next, complete the registration process and click on submit.
  • A Punjab National Bank representative will contact you to process the request.

Apply Online Here

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