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- Education Loan Scheme - PNB Udaan
| Monthly EMI: | 0.00 |
| Total Loan Amount: | 0.00 |
| Interest Payable: | 0.00 |
| Total Payment (Principal + Interest) | 0.00 |
Any Indian National is eligible for education loan for pursuing Higher Education in abroad.
The parents, grandparents, spouse, parents-in-law can be co-obligant.
Need based
Up to Rs. 4 lakhs - NIL
Above Rs. 4 lakhs - 15% Scholarship/ assistantship be included in margin.
Margin may be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis.
i) Upto Rs. 7.50 lakhs:
• No tangible Security and /or 3rd party guarantee be obtained.
• Parent(s)/guardian be made joint borrower (s).
ii) Above Rs.7.50 lakhs:
• Tangible collateral security of suitable value acceptable to bank.
• Parent(s)/guardian be made joint borrower(s).
iii) Assignment of future income of the student for payment of installments to be taken in all the cases.)
Need based finance subject to repaying capacity of the student/ parents with margin may be considered on individual merits.
Requirement of additional Education loan for the same course for which loan has already been sanctioned may be considered on merits as a part of the original project.
Top up loans to students pursuing further studies within the overall eligibility limit, subject to taking required security may be considered on merits.
The loan is granted for the full term of the course and repayment is permitted within 15 years after repayment holiday/moratorium.
Course period + 1 year.
Yes, 1% interest concession in the account is available if the interest is serviced during the study period when repayment holiday is specified for interest / repayment under the scheme. The rate of interest applicable at any time shall not be below Base rate/MCLR of the Bank after providing concession in rate of interest.
Simple interest at monthly rests is charged during the repayment holiday /moratorium period whereas from the due date of repayment, interest is compounded on monthly basis.
There is no penalty for loans upto Rs. 25000/-. However, in case of default, penal interest @ 2% is charged on the outstanding amount.
The following documents are required to be furnished:
Loan application on Bank`s format.
Passport size photograph.
Proof of Address.
Proof of Age.
Proof of having secured pass marks in last qualifying examination.
Letter of admission in professional, technical or vocational courses.
Prospectus of the course wherein charges like Admission Fee, Examination Fee, Hostel Charges etc. are mentioned.
Details 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.
Copy of PAN/ Aadhar of student borrower.
A declaration/an affidavit confirming that no loans are availed from other banks.
Any other document/information, depending upon the case and purpose of the loan.
Processing/ upfront charges @1% with a minimum of Rs. 10000/- be recovered which shall be refunded if first disbursement has been made within 6 months from the date of sanction, in the account towards fee/other expenses sanctioned for Education loan ensuring that the student has taken admission and joined the institute.
No documentation charges.
The outstanding interest for the moratorium period will be added to the loan amount at the time of commencement of the repayment. The EMI will be determined on this amount at the time the repayment is to commence.
Loan application is to be submitted online through www.vidyalakshmi.co.in Portal.
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