Calculate EMI

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57.51012.51517.520
Years Months
Monthly EMI: 0.00
Total Loan Amount: 0.00
Interest Payable: 0.00
Total Payment (Principal + Interest) 0.00

PNB Pratibha

  • Objective
  • Purpose
  • Eligibility
  • Quantum Of Finance
  • Margin
  • Security
  • Repayment (Maximum)
  • Repayment Holiday/ Moratorium
  • Prepayment Charges
  • Rate Of Interest
  • Processing Charges/ Upfront Fee
  • Documentation Charges

Objective

  • To attract the students who get admission in Premier Institutes of the country into Bank’s fold. Students who secure admission in such Premier Institutes, which include (i) Business Schools, (ii) Engineering Colleges, (iii) Medical Colleges and other reputed Institutes, are eligible to avail loan under the Scheme.

Purpose

  • Fee payable to college/ school/ hostel.
  • Examination/ Library/ Laboratory fee.
  • Life Insurance premium for student borrower, if applicable.
  • Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts.
  • Purchase of books/ equipments/ instruments/ uniforms.
  • Purchase of computer, at reasonable cost, if required for completion of the course.
  • Any other expense required to complete the course - like study tours, project work, thesis, etc.
  • Personal living expense & two wheeler cost*

Eligibility

  • Should be a resident India.
  • Secured admission in Regular full time Degree /Diploma courses/PG Degree/Diploma Courses of Premium Institutes covered as per Annexure A and for flagship courses of institutions as per Annexure B
  • For Part-time Post Graduate Programmes in Management for Executives offered by Indian Institute of Managements (IIM) at all centres.
  • For Indian School of Business (ISB) Hyderabad & Mohali campus, part time Certificate Course for Post Graduate Programme in Management for Senior Executives (PGPMAX).
  • For e-Post Graduate Programme in Management for executives ,entrepreneurs and professionals under Distance Learning mode offered by Indian Institute of Management (IIM).
  • For Three-year part-time weekend Post Graduate Diploma Programme in Business management for Working Executives and Business Owners conducted by Xavier School of Management (XLRI).
  • Post Graduate Diploma in Management (B & FS) offered by “National Institute of Bank Management “(NIBM) Pune

Quantum Of Finance

  • Need based Finance subject to repaying capacity of the parents/ students (after getting employment) be considered (taking in the account the prescribed Margin) for studies in India with the applicable ceiling for collateral free loan amount.
  • Reimbursement of fees paid within six months may be considered on individual merits of the case.

Margin

  • as per Annexure - A & B
  • 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 :

Security

  • Co-obligation of parents/guardian as joint co-borrowers.

Repayment (Maximum)

  • maximum upto 15 years

Repayment Holiday/ Moratorium

  • Course period + 1 year

Prepayment Charges

  • NIL

Rate Of Interest

-

Processing Charges/ Upfront Fee

-

Documentation Charges

-
Scheme Banner
FAQ Thumbnail
Who can apply for the loan?

Any Indian National who has obtained admission in premium institute as per list is eligible for education loan.

Who can be co-obligant ?

The parents, grandparents, spouse, parents-in-law can be co-obligant.

What is the maximum amount of loan?

Need based, subject to repaying capacity (T&C).
i) As per Annexure
ii) As per Annexure

What is the margin?

As per institutes- as per Annexure
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.

What security is required?

Parent(s)/ guardian be made joint borrower (s).
No collateral security to for the amount up to the maximum loan amount as per List of Institutes.
Assignment of future income of the student for payment of installments to be taken in all the cases.)

Whether higher than the amount mentioned above can be sanctioned?

Need based finance subject to repaying capacity of the student/ parents with margin may be considered on individual merits.

Whether additional loan for the same course can be given?

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.

Whether additional loan for further studies is available?

Top up loans to students pursuing further studies within the overall eligibility limit, subject to taking required security may be considered on merits.

For how long a period can I get the loan?

The loan is granted for the full term of the course and repayment is permitted within 15 years after repayment holiday/moratorium.

What is the repayment holiday / moratorium period?

Course period + 1 year.

Is there any concession in interest?

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.

What is the periodicity of charging 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.

Do you levy any penalty for default under the scheme?

There is no penalty for loans upto Rs. 25000/-. However, in case of default, penal interest @ 2% is charged on the outstanding amount.

What are the important documents that I need to provide?

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.

Are there any charges or processing fee?

-

Are there any documentation charges?

-

Since there is a moratorium period, how will my repayments be determined?

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.

Where can I avail of Educational Loan?

Loan application is to be submitted online through www.vidyalakshmi.co.in Portal.

What is the ROI?

-

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