Punjab National Bank Abroad Education Loan

The eligibility criteria for Punjab National Bank for study abroad is as follows:

1. The applicant should be a resident Indian.
2. The applicant should have got merit-based admission to a recognized university abroad.
3. The applicant should be more than 18 years and less than 45 years of age (if employed) and 35 years of age (if unemployed).

The requirements for a PNB student loan for study abroad are very rigid in terms of universities and the courses for which an applicant is going. 

A few specifications are:

Expenses covered in PNB loans for abroad studies are: 

• Fee payable to college and hostel.
• Examination/Laboratory/Library fee.
• Travel expenses for studies abroad.
• Life insurance premium for student (if applicable).
• Refundable deposit supported by institution receipts.
• Purchase of books/instruments/equipment/uniforms.
• Purchase of laptop (if required).
• Other expenses such as study tours, thesis, project work, etc.

As per PNB abroad education loan rules collateral security must be provided for education loans of more than INR 7.5 Lakh. Unsecured loans are available up to INR 7.5 Lakh. The maximum possible amount for secured education loans from Punjab National Bank are:

1. From a branch- INR 40 Lakh
2. From a regional processing center- INR 60 Lakh
3. From a corporate center (after special permission)- above INR 60 Lakh

PNB education loan college list abroad provides loans with lesser interest rates. PNB education loan interest rate is 9.55% for the non-listed colleges and 8.80% for the listed colleges.

What collaterals are accepted by Punjab National Bank for abroad education loans?

There are two kinds of collaterals accepted to get a PNB Education Loan:

• Immovable collaterals such as a house, flat, a plot with boundaries, etc.
• Liquid securities such as fixed deposits, LIC policy (the current value), or government bond.

PNB education loan documents required by the student: 

• Admit letter from the college
• Loan application form
• Passport copy
• Residence proof- Aadhar Card, Voter ID, etc.
• Identity proof- PAN Card, Driving Licence, etc.
• Scorecard of tests such as GRE, IELTS, GMAT, or TOEFL (whichever is applicable).
• University ranking printout
• Past academic certificates
• 2 Passport size photos

PNB education loan documents required by the co-applicant:

• Residence proof- Aadhar Card, Voter ID, etc.
• Identity proof- PAN Card, Driving Licence, etc.
• Latest salary slips (for the last 3 months)
• Income tax receipts of the last 2 years
• Form 16 of the last 2 years
• Employer’s ID Card (if employed)
• Balance Sheet for the last 3 years and P&L statement (if self-employed)
• Proof of Business Address (if self-employed)
• 2 Passport size photos

PNB education loan documents required for collateral:

• Registered sale agreement and property title deed
• Original registration receipt for the sale agreement
• Allotment letter by the municipal corporation or any government authority such as CIDCO, MHADA, HUDA, etc. (if applicable)
• Encumbrance Certificate (EC), commonly known as Link Document, of the last 30 years. 
• Copy of municipality-approved plot layout or building plan
• Latest property tax bill bearing the same address
• For liquid securities, the documents required are much lesser.

Application process for getting education loan from Punjab National Bank for abroad differs according to the loan amount that a student has applied for. The local branch can only approve loans under INR 40 lakh. If a student needs more than 40 Lakh, he/she must visit the regional processing center to get the loan sanctioned. For abroad education loans of more than INR 60 Lakh, the student has to get special permission from the corporate center- the highest office of Punjab National Bank.

The loan margin for Punjab National Bank education loan for study abroad is 15%. Although, this margin can change on a case-by-case basis. In general cases, 15% of the total expenses the student has to pay on a pro-rata basis. 

The repayment tenure of Punjab National Bank abroad education loan is somewhat similar to other government banks. The moratorium period of 1 year after the course completion. The maximum repayment tenure is 15 years. There is no prepayment penalty for the loan.

Gyandhan’s EMI calculator is an online tool helping you calculate the loan amount you need to pay monthly after taking an abroad education loan. This online tool also gives you an amortization schedule displaying the EMI break-up in terms of the principal repaid and monthly interest paid. In addition, it also details the amount of study loan that you have repaid to date and how much is outstanding. 

You will have to fill in the principal loan amount, loan tenure, and interest rate and it immediately calculates the education loan repayment details.

If you are looking for an abroad education loan, be it from public sector banks, private banks, or NBFCs, GyanDhan is the best place to contact. We have tied up with government banks, private banks, and NBFCs to provide the best deal on education loans to students. Whether you need a secured or an unsecured education loan, we would recommend you check your education loan eligibility to gauge if you are qualified for an education loan. Our counselor will get back to you and understand your case in detail and will suggest you the best loan options for you.

Our loan assistance service is entirely free of cost and we don’t charge even a single penny from the students. We provide a customized document checklist to avoid any confusion. We work closely with the lender throughout the loan process, keep you informed about the proceedings, and also resolve any hindrances if occur. Also, the entire process is online so you don’t have to run from pillar to post to get your loan approved- you just have to contact us with your requirements and relax as all of the efforts are our responsibility from there onwards. In a nutshell, we strive to make the loan process easy, simple, and swift for you!

PNB or Punjab National Bank is a public sector bank. In April 2020, Oriental Bank of Commerce and United Bank of India were merged with PNB.

Apart from the basic study loans, there are multiple other schemes offered by Punjab National Bank. These schemes are:

• CSIS Scheme
• PNB Kaushal
• Credit Guarantee Fund Scheme for Skill Development
• Concessional Education Loans to PWDs
• Credit Guarantee Fund Scheme for Education Loans

The applicant should be more than 18 years and less than 45 years of age (if employed) and 35 years of age (if unemployed).

Yes, all the travel expenses are covered under the PNB study abroad loans.