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The Scheme aims at providing financial assistance to deserving students having secured admission in prominent Educational Institutions such as IITs, IIMs, Govt. recognized Medical Colleges and other Professional Educational Institutions relating to Bio Technology, other Physical Sciences, Banking etc.(as per the list of approved Institutions). Sanctioning and disbursement of loan at a branch other than the place of residence of parents be considered at the branch nearest to the Educational Institute depending upon the genuineness, accessibility and aspect of recovery of the loan.
Punjab National Bank has tied up with Kotak Mahindra Insurance to provide life insurance cover for Student borrowers.
Student eligibility
a) Various regular courses including for B.Tech; B.E.; Medical; Post Graduation (Professional/Technical) conducted by important Educational Institutions (as per list of approved Instituions /Courses enclosed).
b) A student is eligible for loan for the above courses provided he/she is an Indian National and has secured admission to professional/technical courses of one of the identified Educational Institutions through entrance test/merit based selection process.
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Expenses considered for Loan |
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Fee payable to College / School / Hostel |
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Examination / Library / Laboratory fee. |
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Purchase of books / equipments / instruments / uniforms. |
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Caution Deposit / Building Fund / Refundable Deposit supported by Institution Bills/ Receipts subject to the condition that the amount does not exceed 10% of the total tution fee for entire course. |
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Travel Expenses / Passage money for studies abroad. |
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Purchase of computers - essential for completion of the Course. |
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Boarding and lodging expenses in recognised Boarding Houses / private accomondations |
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Any other expense required to complete the course - like study tours, project work, thesis etc. |
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Need based finance,
subject to repaying capacity of the parents / students
with margin and the following ceilings:
| For studies in
India |
Maximum Rs.
10.00 lacs. |
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For studies abroad |
Maximum Rs. 20.00
lacs. |
| Upto Rs.4.00 lacs |
Nil |
| Above Rs.4.00 lacs |
Studies in India |
5% |
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Studies Abroad |
15% |
| Upto
Rs. 4.00 lacs |
Co-obligation of Parents. No Security. |
| Above Rs.4.00 lacs
& upto Rs.7.50 lacs |
Co-obligation of Parents. 3rd party guarantee acceptable to the Bank. |
| Above Rs
7.50 lacs |
Co-obligation of Parents. Collateral Security of Suitable
value along with Assignment of future income of the student for payment of installments. |
The
security can be in the form of land / building / Govt.
Securities / Public Sector Bonds / Units of UTI,
NSC, KVP, LIC Policy,
Gold, Shares / Mutual Funds/ Debentures, Bank Deposit in the name
of the student, parent / guardian or any other third
party with suitable Margin.
The document should be executed by both the student and the parent/ guadian.
Click
Here to view rate of interest
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Repayment Holiday / Moratorium |
Course period + 1 year OR 6 months after getting job, whichever is earlier. |
- The Principal and interest is to be repaid in 5-7 years after commencement of repayment. If the student is not able to complete the course within the scheduled time, extension of time for completion of course may be permitted for a maximum period of 2 years.
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For studies in India |
NIL |
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For studies abroad |
@ 0.50% with a maximum of Rs.5000/- (refundable on availment of the loan amount) |
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| Upto Rs.4.00 lacs |
Rs.300/- + Service Tax & Education Cess |
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Above Rs.4.00 lacs |
Rs.500/- + Service Tax & Education Cess |
Additional Benefits provided to the students by PNB |
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Reimbursement
of related expenses such as admission fee, monthly fee, Boarding and lodging expenses in recognized Boarding Houses etc. already incurred by way of loan taken from own sources (to meet the contingency) by the applicant, if claimed within 3 (three) months of such payment and before consideration of the loan by the Bank.
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Second time Education Loan can be sanctioned to the same student borrower for completion of next higher course
While applying for the loan, the borrower is required to furnish the following information/papers:
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Loan application on Bank's format. |
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Passport size photograph |
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Proof of Address(Permanent) / ID Proof. |
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Proof of Age. |
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Proof of having secured pass marks in last qualifying examination. |
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Letter of admission in professional, technical or vocational courses. |
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Prospectus of the course wherein charges like Admission Fee, Examination Fee, Hostel Charges etc. are mentioned. |
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Details of Assets & Liabilities of parents. |
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In case loan amount is above Rs.4.00 lacs :
*. |
Detail of Assets & Liabilities of parents/co-obligants/ guarantors. |
*. |
In case loan is to be collaterally secured by mortgage of IP, Copy of Title Deed, Valuation Certificate and Non Encumbrance Certificate from approved Lawyer of the Bank to be obtained at the cost of the borrower. |
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Photocopy of Passport & Visa, in case of study abroad. |
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Any other document/information, depending upon the case and purpose of the loan. |
(The above CHECKLIST is only illustrative, not exhaustive. For details, please contact our nearest Branch Office).
LIST OF APPROVED EDUCATIONAL INSTITUTIONS |
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COVERED UNDER "PNB SARVOTTAM SHIKSHA" SCHEME |
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FOR REGULAR COURSES ONLY |
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S.No. |
NAME OF EDUCATIONAL INSTITUTION |
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1 |
All IITs |
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2 |
All IIMs |
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3 |
All Govt. Medical Colleges |
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4 |
Delhi College of Engineering |
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5 |
BITS Pilani |
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6 |
Anna University , Chennai |
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7 |
IISc , Bangalore |
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8 |
XLRI, Jamshedpur |
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9 |
Jamnalal Bajaj , Mumbai |
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10 |
FMS, Delhi |
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11 |
SP Jain, Mumbai |
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12 |
NITIE, Mumbai |
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13 |
MDI Gurgaon |
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14 |
XIM, Bhubaneswar |
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15 |
NMIMS, Mumbai |
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16 |
AFMC, Pune |
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17 |
JIPMER, Pondicherry |
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18 |
PGIMER, Chandigarh |
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19 |
Tata Institute of Social Sciences, Mumbai |
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20 |
National Institute of Design , Ahmedabad |
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21 |
IT BHU, Varanasi |
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22 |
Madras Medical College , Chennai |
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23 |
Kasturba Medical College , Manipal |
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24 |
King Edward Medical College , Mumbai |
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25 |
Bangalore Medical College , Bangalore |
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26 |
Grant Medical College , Mumbai |
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27 |
NOIDA Campus of IIM Lucknow for Regular Courses |
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For B.TECH/B.E./Medical/Post Graduation (Professional/Technical courses) |
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28 |
Dhirubhai Ambani Institute of Information & Comm. Technology, Gandhinagar |
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29 |
Nirma University , Ahmedabad |
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30 |
Indian Institute of Foreign Trade (IIFT) |
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31 |
Birla Institute of Technology & Management, Mesra - Ranchi |
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32 |
TA Pai Institute, Manipal |
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33 |
IMT Ghaziabad |
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34 |
Somaiya Institute of Management Studies & Research, Mumbai |
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35 |
KJ Somaiya Medical College , Mumbai |
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36 |
Symbiosis Institute of Management, Senapati Bapat Road , Pune |
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37 |
Shri Vile Parle Kelavani Mandal's Narsee Monji Institute of Mgmt. Studies, Mumbai |
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38 |
Thapar Institute of Engg . & Technology, Patiala |
39 |
Bharati Vidyapeeth Deemed Univerisity , Pune |
40 |
Vellore Institute of Technology, Vellore |
41 |
Indian School of Business , Hyderabad |
42 |
National Institute of Fashion Technology (NIFT) |
43 |
National Institute of Technology (NIT), Durgapur |
For Specified Courses |
44 |
Kalinga Institute of Industrial Technology Deemed University-(KIIT-DU) for B.Tech, M.Tech, MBA & MCA Courses |
45 |
G.B. Pant University of Agriculture & Technology, Pant Nagar for B.Tech & M.Tech Courses |
46 |
Loyola Institute of Business Administration (LIBA), Loyola College , Chennai ( for Two years full time Post Graduate Diploma in Management). |
47 |
ICFAI Business School (IBS) Campuses at Ahmedabad, Bangalore . Bhubaneshwar, Chandigarh , Chennai, Gurgaon, Hyderabad , Indore , Jaipur, Dehradun, Kochi , Kolkata, Mumbai and Pune ) for 2 years campus based MBA Programme of ICFAI University at Dehradun |
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