Punjab National Bank (PNB) Education Loan: Interest Rates, Eligibility, & Repayment Details

 

Interest Rate	Moratorium Period	Margin Money
Floating – 9.25% – 11.25% Fixed – 10.25% – 12.75%	Course years + 1 year	Up to INR 4 Lakhs – nil Above INR 4 Lakhs – 15%

Punjab National Bank (PNB) is a popular financial institution working in the public sector with a pre-independence legacy. Education loans from PNB empower underprivileged and marginalized students of great academic merit in India to explore academic opportunities at home and abroad. 

PNB education loans come with attractive interest rates, affordable repayment conditions, and without a cap. In this blog, let’s uncover PNB education loans in detail. 

Get Expert Loan Guidance!

Overview of PNB Education Loans

PNB Education loans are offered in different schemes to study in India or abroad. The interest rates can be fixed or floating. There’s a margin of up to 15% for loan amounts more than INR 4 Lakhs. 

Maximum Loan Amount	No cap. Up to the cost of attendance demand or collateral value
Interest Rates	Floating – 9.25% – 11.25% Fixed – 10.25% – 12.75%
Margin	Up to INR 4 Lakhs – nil Above INR 4 Lakhs – 15% Scholarship/ assistantship included. Charged on a year-to-year or a pro-rata basis on disbursement.
Processing Fees	Documentation charge – INR 450 + GST  Security verification charge – INR 250 + GST
Repayment Holiday/ Moratorium	Course period + 1 year
Maximum Repayment Tenure	Up to 15 years
Repayment Charges	Nil
Collateral Requirement	Not required for up to INR 7.5 Lakhs Tangible or non-tangible collateral is required for the above INR 7.5 Lakhs

PNB Education Loan Schemes

Punjab National Bank offers study loans under various schemes, supporting a diverse group’s aspirations to study in India and abroad. The range of PNB education loans supports education and skill development in premier institutes. Here are the top PNB education loan schemes. 

Scheme	Study in India or Abroad Sponsored
PNB Udaan	Study Abroad
PNB Saraswati	Study in India or Abroad
PNB Kaushal	Study in India
PNB Pratibha Education Loan Scheme	Study in India
PNB Honhaar Education Loan Scheme	Study in India (Delhi)

PNB Udaan

PNB Udaan supports meritorious students to study abroad. The PNB Udaan loan scheme has no cap, meaning the amount shown in your cost of attendance could be availed as the loan. 

• Graduation: PNB funds job-oriented professional or technical courses at graduate levels at prestigious universities abroad. 
• Post-graduation: For post-graduate level funding from PNB, the student must be pursuing an MS, MBA, or MCA abroad. Courses of similar backgrounds are also considered. 
• Special courses: Courses offered by CIMA- London and CPA in the USA are funded under the PNB Udaan scheme.
• Courses supported by various government subsidy schemes are also supported under the PNB Udaan scheme. 
• Degree/Diploma courses like aeronautical, pilot training, shipping, etc., are funded on the condition that employment is secured abroad after completion of the course.

PNB Saraswati

Regular scheme for helping meritorious students to pursue higher studies in India and abroad. The admission must be based on academic merit and entrance tests with specified cut-offs. 

• 50% is the cut-off for SC/ST 
• 60% is the cut-off for the General category 
• Students are eligible for a merit seat, but choosing a management seat can also apply.

PNB Kaushal

This loan category from the Punjab National Bank is for skills education offered by institutes like polytechnic colleges, Industrial Training Institutes (ITIs), training partners affiliated to National Skill Development Corporation (NSDC)/Sector Skill Councils, State Skill Mission, or State Skill Corporation, preferably leading to a certificate/diploma/degree issued by such organization as per National Skill Qualification Framework (NSQF).

PNB Pratibha Education Loan Scheme

PNB Pratibha education loan helps students study at premier educational institutes in India, such as IIMs, IITs, and top medical colleges. Your educational institution must be listed under Annexures A and B as the college eligible for PNB education loans. 

PNB Honhaar Education Loan Scheme

PNB Honhaar education loan scheme is limited to higher education support in Delhi. It helps eligible students study in India’s capital without financial stress, covering academic expenses, including the cost of a laptop.

PNB Education Loan Interest Rate 

The PNB education loan interest rate can be fixed or floating. It ranges between 9.25% and 11.25% in floating rates and 10.25% – 12.75% in fixed rates. The interest rate is highly influenced by the value of the collateral you provide for a loan guarantee. 

Parameters	Floating Rates	Fixed Rates
		For 10 years	More than 10 years
Admission to a university listed by PNB	RLLR+BSP(Presently 9.25%)	10.25%	10.75%
100% collateral security provided	RLLR+BSP+1.25%(Presently 10.50%)	11.50%	12.00%
Up to INR 7.5 Lakhs (covered under CGFSEL Scheme)	RLLR+BSP+2.00%(Presently 11.25%)	12.25%	12.75%
Loans above INR 7.5 Lakhs	RLLR+BSP+2.00%(Presently 11.25%)	12.25%	12.75%

PNB Education Loan Interest Rate for Women Students: Note that there will be a 0.5% subsidy in the interest rates for women. 

PNB Education Loan Eligibility 

PNB education loan eligibility criteria are simple. The education loan eligibility PNB involves terms regarding citizenship and admission abroad. 

• The student should be an Indian citizen. 
• The student should get admission abroad based on academic merit and/ or entrance test results. 

Book a Free Session Now!

Expenses Covered by PNB Education Loan

PNB education loan covers your academic and living costs according to fund availability and your needs.
The following are typically included in the PNB education loan coverage:

• Tuition fees
• Health Insurance
• Accommodation 
• Food
• Expenses related to the purchase of laptops, books, etc. 
• Traveling
• Study tours and fieldwork

Documents Required for an Education Loan from PNB 

Documents required for education loans in PNB include your academic and financial documents. Your cosigner’s documents are also checked before sanctioning your loan application.

Loan application duly filled	Passport size photograph
Address proof	Age proof
Copy of PAN of the student	Proof of clearing the last qualifying exam
Admission letter	Cost of attendance from the University of Admission
Details of Assets & Liabilities of parents/cosigner/guarantors	Collateral documents – a copy of the Title Deed, Valuation Certificate, and Non-encumbrance Certificate from an approved Lawyer of the Bank be obtained at the borrower’s cost.
Passport & Visa copy	Additional documents, if asked

How to Apply for PNB Education Loans?

You can apply for a PNB education loan online and offline. To apply online, 

• Visit the official website.
• Choose your PNB education loan scheme and click Apply
• Fillout  the application form
• Submit the documents required
• PNB will review your application and get back to you. 

To apply offline, visit the bank and fill out the online application. Submit the document copies and wait for the bank to review them. PNB will contact you to inform you of their decision. 

Education Loan Calculator PNB 

Estimating your monthly installment helps you plan the repayment of your PNB education loan. The PNB education loan interest calculator also works as a PNB education loan repayment calculator. This simple online tool allows you to estimate the total interest rate and repay your PNB education loan. 

Check Here for a Free Interest Rate Calculator by Nomad Credit

PNB Education Loan Repayment

Punjab National Bank education loan repayment is decided after negotiating with you, the student. You get a year’s grace period after completing your course before starting the loan repayment. The maximum duration allowed for a PNB education loan repayment is 15 years. 

Education Loan from PNB for Top Countries 

PNB is a top bank for education loans to study in your dream destinations. PNB evaluates your country and course options before accepting your loan application to ensure your repayment potential and future earning opportunities. 

Punjab National Bank for Study in Australia

From GTE (Genuine Temporary Entrant) requirements to OSHC (Overseas Student Health Cover), PNB education loan covers your major expenses in Australia. The top courses supported by PNB under the Udaan scheme include MCA, MBA, and MS.

Punjab National Bank for Study in Canada

PNB education loans for Canada cover your GIC (Guaranteed Investment Certificate) expenses, student health insurance, academic costs, living expenses, and transportation charges. Apart from MBA, MS, and MCA, PNB education loans support UG and PG diploma programs in Canada.

Punjab National Bank for Study in the UK

If you have a CAS letter, you can apply for a PNB education loan to study in the UK. Since the UK offer a 2-year post-study work visa for international students, repaying your loan is practically possible with employment. In the UK, PNB education loans cover courses conducted by CIMA London apart from PG courses like MCA, MBA, and MS. 

Punjab National Bank Loan for Study in the USA

The USA is a focused study abroad destination for PNB. Studying in the USA requires around INR 1 Cr or more for courses like MBA. From SEVIS fee to I-20 deposit, PNB education loan covers 80% – 100% of your expenses. Top courses covered by PNB education loans in the USA are MCA, MBA, MS, courses conducted by CPA, pilot training, aeroneutical, shipping, etc. 

Get started today! Explore your loan options based on your eligibility and needs. At Nomad Credit, our counselors guide you to get the right option for free, assisting you from the beginning to the end of the process. Book your consultation call today and step into seamless study abroad financing.