Calculate EMI

0L25L50L75L100L125L150L175L200L
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 Saraswati

  • 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 provide financial support to meritorious students for pursuing higher education in India.
  • Students Who Secure Admission In Institutes As Under
  • Approved courses leading to Graduate/ Post Graduate degree and PG Diplomas conducted by recognized colleges/ universities recognized by UGC/ Govt. / AICTE/ AIBMS/ ICMR etc.
  • Courses like ICWA, CA, CFA etc.
  • Courses conducted by IIMs, IITs, IISc, XLRI. NIFT, NID etc.
  • Regular Degree/Diploma courses like Aeronautical, pilot training, shipping Nursing or any other discipline approved by Director General of Civil Aviation/Shipping/ Indian Nursing Council or any other regulatory body as the case may be.
  • Approved courses offered in India by reputed foreign universities.
  • Courses as defined under various Government Subsidy Schemes.

Purpose

  • Fee payable to college/ school/ hostel
  • Examination/ Library/ Laboratory fee.
  • 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.

Eligibility

  • Should be a resident Indian.
  • Should have secured admission to a higher education course in recognized institutions in India through Entrance Test/ Merit Based Selection process after completion of HSC(10 plus 2 or equivalent).
  • Cases of Management Quota may be considered on merit basis;

Quantum Of Finance

  • Need based Finance subject to margin as per guidelines.
  • Reimbursement of fees paid within six months may be permitted on individual merits of the case.

Margin

  • Up to Rs. 4 lac - NIL
  • Above Rs. 4 lac - 5%
  • Scholarship/ assistantship may be considered in margin.
  • Margin may be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis.

Security

  • Upto Rs. 7.50 lacs:
    Parent(s)/guardian be made joint borrower (s). No tangible Security and /or 3rd party guarantee is required.
  • Above Rs.7.50 lacs:
    Parent(s)/guardian be joint borrower(s).Tangible collateral security of suitable value acceptable to bank.

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 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).

What is the margin?

Up to Rs. 4 lakhs - NIL
Above Rs. 4 lakhs - 5%
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?

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.)

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.

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 RLLR 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.

Interest under PNB SARASWATI scheme?

-

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Note on Prerequisites

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