Higher education opens doors to great career opportunities, but the high costs can sometimes make it difficult. Punjab National Bank (PNB) offers education loans to help students afford their studies, whether in India or abroad. With low-interest rates and flexible repayment plans, PNB’s education loan can be a great option. In this guide, we’ll explain the key details of PNB Education Loan schemes, including eligibility, required documents, and how to apply.
What is PNB Education Loan?
Punjab National Bank’s (PNB) Education Loan helps students pay for their higher education, whether they study in India or abroad. This loan covers tuition fees and other educational costs. PNB offers different loan plans for various types of courses, including vocational courses and prestigious universities. The loan comes with flexible repayment options and a low-interest rate, making it a popular choice for students who need financial help for their studies.
Key Features of PNB Education Loan
- Interest Rate: The PNB Education Loan starts with an interest rate as low as 8.20% annually, which makes it affordable for students and parents alike. The interest rate is often linked to the Repo Linked Lending Rate (RLLR), ensuring transparency.
- Loan Amount: PNB offers up to ₹20 lakhs, which is sufficient to cover various educational expenses, including tuition, books, equipment, and accommodation.
- Repayment Period: With a maximum repayment period of 15 years, PNB provides a flexible tenure to ease the repayment process after students graduate and secure employment.
- Processing Fees: No processing fees are charged for the education loan, except for certain schemes. This keeps the loan process affordable and accessible.
- Co-Applicant Requirement: A co-applicant (parent or guardian) is required, which provides additional security for the bank and improves the student’s chances of approval.
PNB Education Loan Interest Rates 2024
| PNB Education Loan Scheme | Interest Rates (in % p.a.) |
| PNB Saraswati | 10.00% – 10.75% |
| PNB Pratibha | 8.20% – 10.50% |
| PNB Udaan | 10% to 11.25% |
| PNB Kaushal | 10.25% to 10.75% |
| PNB Honhaar | 11.25% |
| PNB Pravasi Shiksha Loan | 11.25% |
| PNB PM CARES Education Loan Scheme | 9.50% to 10.00% |
Different PNB Education Loan Schemes
PNB offers various special loan options to support students’ different needs, including:
1. PNB Pratibha Scheme: Aimed at students enrolling in top Indian institutions, this scheme provides a low-interest rate starting from 8.20% per year. Borrowers can repay the loan over 15 years without incurring any processing fees.
2. PNB Kaushal Scheme: Created for vocational training and skill development, this loan scheme is ideal for students enrolled in short-term courses. The interest rate starts from 10.25%, and the repayment period varies based on the loan amount:
- Up to ₹50,000: 3 years
- ₹50,000 to ₹1 lakh: 5 years
- Above ₹1 lakh: 7 years
3. PNB Saraswati Scheme: This scheme is perfect for students pursuing higher education in India, with interest rates up to 11.25% per year and a 15-year repayment period. As with other schemes, no processing fees are applied.
4. PNB Udaan Scheme: A specialized plan for students aiming to study abroad, the PNB Udaan Scheme provides financial assistance at a 10% interest rate per year, with a repayment tenure of up to 15 years. A minimal processing fee of 1% is charged, with a minimum of ₹10,000.
5. PNB Honhaar Scheme: Exclusively available for students in Delhi, this scheme supports higher education and vocational training with an interest rate of up to 11.25% per year. The loan must be repaid within 15 years, and no processing fees are charged.
Eligibility Criteria for PNB Education Loan
To qualify for a PNB Education Loan, applicants need to meet the following eligibility requirements:
- Indian Citizenship: The applicant must be a citizen of India.
- Academic Requirements: Applicants must have a minimum of 50% marks in their 10+2 exams.
- Eligible Courses: The course must meet the bank’s guidelines, which include professional degrees, technical courses, and recognized vocational courses.
- Admission Process: Admission should be based on an entrance exam or merit to ensure the course’s credibility.
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Required Documents for PNB Education Loan
When applying for the loan, the following documents are typically required:
- Personal Identification: Passport-sized photos, PAN card, Aadhaar card, voter ID, passport, or driving license.
- Proof of Address: Utility bills, such as electricity or water bills.
- Income Proof: Last three months’ salary slips or Form 16 for salaried co-applicants.
- Bank Statements: Six months’ bank statements for the student, co-borrower, or guarantor.
- Educational Documents: 10th and 12th-grade certificates, graduation or postgraduate mark sheets, entrance exam scores (e.g., GRE, IELTS), and scholarship documents (if applicable).
- Admission Proof: Proof of admission to the chosen course, as required by PNB.
These documents ensure that the bank has a comprehensive view of the applicant’s financial and educational background.
How to Apply for PNB Education Loan
PNB provides both online and offline methods for loan applications, offering flexibility for applicants.
1. Online Application Process
- Step 1: Visit the official Punjab National Bank’s official website.
- Step 2: Navigate to “Products,” select “Loan” under the Retail section, and click on “Education Loans.”
- Step 3: Select the “Apply for Online Education Loan” option, which will redirect you to the Vidyalakshmi portal.
- Step 4: Register by filling in details like your name, contact information, and email.
- Step 5: Submit the form, and a PNB representative will contact you for further steps.
2. Offline Application Process
- Step 1: Visit your nearest PNB branch and speak to a bank representative.
- Step 2: Submit all the required documents. The bank staff will verify your details.
- Step 3: Once verified, the loan application is approved, and the amount is transferred to your bank account.
Contacting PNB Customer Support for Loan Queries
For any inquiries regarding the PNB Education Loan, students and their families can reach out through:
- Toll-Free Numbers: 1800 180 2222 or 1800 103 2222
- Landline: 011-28044907
- Email: care@pnb.co.in
Alternatively, you can visit the nearest PNB branch to speak with a representative directly.
Direc Links for Apply PNB Education Loan
| Apply for PNB Loan | Click Here |
| PNB Official Website | Click Here |