.:: Punjab National Bank Vidyalakshyapurti ::.

The Scheme aims at providing financial assistance to deserving / meritorious students pursuing higher education in India or abroad. viz., Graduation courses – B.A., B.Com., B.Sc., etc., Post-Graduation courses, Masters & Ph.D; Professional courses, Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc., Computer Certificate courses of reputed Institutes accredited to Department of Electronics or institutes affiliated to University; Courses like ICWA, C.A., CFA, etc., courses conducted by IIM, IIT, IISc, XLRI, NIFT, etc., Regular Diploma/Degree courses conducted by Colleges/Universities approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR, Regular Degree / Diploma courses like Aeronautical, Pilot training, Shippling etc. approved by DGCA/ etc., Courses offered by National Institutes and other reputed Private Institutes.

Students should approach the branch nearest to the place of domicile.

Interest is charged monthly on simple basis during the repayment holiday/moratorium period & concession of 1% in rate of interest is allowed provided the same is serviced regularly during study period.

Punjab National Bank has tied up with Kotak Mahindra Insurance to provide life insurance cover for Student borrowers.

Eligibility

Student eligibility 
Should be an Indian National.
Secured admission to Professional / Technical courses in India or abroad through Entrance Test / Merit based Selection process.

Expenses considered for Loan

Fee payable to College / School / Hostel
Examination / Library / Laboratory fee.
Purchase of books / equipments / instruments / uniforms.
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.
Purchase of computers - essential for completion of the Course.
Boarding and lodging expenses in recognised Boarding Houses / private accomondations
Any other expense required to complete the course - like study tours, project work, thesis etc.

Quantum of Finance

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.

Margin

Upto Rs.4.00 lacs: - Nil.
Above Rs.4.00 lacs: Studies in India 5%

Security

     Upto Rs.4.00 lacs:         Co-Obligation of Parents. No Security..
    Above Rs 4.00 lacs             Co-Obligation of Parents. 3rd party guarantee acceptable to the Bank.    
    and Upto Rs 7.5 lacs:
                                               Co-Obligation of Parents. Collateral Security of suitable value along with          Assignment of future income of the student for payment of installments.

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.

Second time Education Loan can be sanctioned to the same student borrower for completion of next higher course.

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