Education Loan offered by Delhi Govt.
Info about Education loan by Punjab National bank under State govt.
Loan Amount:
Upto 20,00,000/- for admission in foreign universities
Upto 10,00,000/- for admission in Indian Colleges
Interest Rate:
Rs 4.00 Lacs – 12%
Rs 4.00-7.50 Lacs – 13%
Above 7.50 Lacs – 11%
For Premier Institutes – 10%
Margin:
Up to 4 Lacs – NIL
Above 4 Lac :
For Studies in India : 5%
For Studies Abroad : 15%
Repayment Period:
Course Period +1 Year or 6 months after getting Job, whichever is earlier
Processing Fees:
NIL in case of course in India
Upfront charge of 1% (min Rs 10000/-) for loans for study abroad and refundable after availment of Loan
Document Charges:
Loan upto 4lac – Rs 270/- + Service tax & education css extra
Above 4 lac – Rs 450/- + Service tax & education css extra
Eligible Person:
- Should be an Indian national
- Should have secured admission to professional/technical courses in india or abroad through entrance test / merit bases selection process
- No Minimum or maximum age restriction
Expenditure covered:
- Fee payable to college/School/Hostel/Examination/Library/Laboratory Fee
- Purchase of Books/Uniform/equipment/Computer/other essential
- Travel expenses/ passage money for study abroad
- Insurance Premium for student borrower
- Any other expense required complete the course like study tours, project work etc
Purpose:
No Deserving Student should be denied an opportunity to purse higher education for want of financial support in line with the policy of govt. of India.
Security:
- Up to 4 lac : Co-obligation of Parents. No Security
- More then 4 lac upto 7.5lac : Co-obligation of Parents together with 3rd party guarantee
- Above 7.5 Lac : Co-obligation of parents together with tangible coil . Security of suitable value
Prepayment Charge:
No Part/Full Prepayment of foreclosure charges if repaid from own resources
Insurance : very attractive life cum loan from PNB METLIFE insurance
PNB’s Commitment:
- Turn – Around time of 7 working days from completiton of formalities
- Interest on reducing balance
- No Pre payment of foreclosure charges if repaid from own sources
- No hidden cost
- Longest repayment period upto 15 years
Documents Required:
- Loan Application with passport size photograph of borrowers and guarantor
- Proof of age
- Residence proof of all the borrowers and guarantors
- PAN no. of student, all the co-borrowers and guarantors with 3 year ITR and latest salary slip
- Proof having passed the last qualifying examination
- Photocopy of Passport and Visa in case of study abroad
- Letter of admission in professional, technical or vocational courses
- Prospectus of the course wherein charge like Admission Fee, Exam. Fees, Hostel Charges etc. are mentioned
- Documentary Evidence of the assets and liabilities of the Borrowers and Guarantors
- In Case, Loan is to be collaterally secured by mortgage if IP, copy of title needed, valuation certificate and Non-encumbrance certificate from approved lawyer of the bank to be obtained at the cost of the borrower
- Any other document/information , depending upon the case and purpose of the loan
How to Apply?
Visit any nearest Punjab national Bank branch and ask for Education loan by Delhi Government.