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Learn about IDBI’s education loan disbursement process with GyanDhan. Know specific disbursement process-related documents for IDBI abroad education loan.
The sanction letter for an abroad education letter is only valid for six months and if the borrower does not disburse the amount within that time then the loan application can be declined resulting in repeating the whole process of securing an education loan again. Hence, it is crucial for applicants and co-applicants to take note of the disbursement process in advance.
Feature | Description |
---|---|
Loan amount |
Up to INR 60 Lakh |
Rate of Interest |
9.25% - 9.75% |
Margin money |
15% |
1 year after completing the course. |
|
Up to 15 years |
|
Processing fees |
1% of the sanctioned amount |
Check Your Education Loan Eligibility
Punjab National Bank (PNB) is one of the leading public sector banks in India, providing a range of financial services to its customers. One crucial aspect of an abroad education loan is the disbursement process, which involves the transfer of funds to the borrowers. Below is a detailed explanation of the disbursement process of a PNB education loan.
The following documents are required for the disbursement process of PNB education loan.
Find the complete list of documents required to apply for abroad education loan
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The application process for obtaining an education loan from Punjab National Bank (PNB) for overseas studies varies based on the requested loan amount. Local branches have the authority to approve loans up to INR 40 Lakh. However, if the borrower requires an amount exceeding this limit, a visit to the regional processing center becomes necessary for loan sanctioning. In cases where the abroad education loan surpasses INR 60 Lakh, the student must seek special permission from the corporate center, which represents the highest office of Punjab National Bank.
The challenges faced by education loan borrowers can pose significant obstacles for students planning to study abroad. To ensure a smooth disbursement process, it is crucial for borrowers to seek expert guidance tailored to their specific education loan needs. GyanDhan serves as the ultimate solution for study abroad students, offering assistance throughout the entire education loan process, from selecting the best option to the actual disbursement.
Our team of experts not only connects students with a variety of loan options but also provides personalized financial advice and facilitates end-to-end services related to abroad education loans – all at no cost. If any hurdles arise, our experts work directly with the banks to expedite the process promptly. Take the first step in your abroad education loan journey by checking your loan eligibility today!
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Get the Funds you need to Study Abroad
Once all the necessary documents are in order, the approval process is expected to take 5–7 working days. The required documents usually include proof of identity, proof of address for both you and your co-applicant, as well as the course admission/fee letter, among others.
For an abroad education loan from PNB, the borrower's parents, grandparents, spouse, and parents-in-law can be co-applicants.
Yes, a 1% interest concession in the account is available if the interest is serviced during the study period when a repayment holiday is specified for interest/repayment under the scheme. The rate of interest applicable at any time shall not be below the base rate/MCLR of the Bank after providing a concession in the rate of interest.
Any Indian National who has obtained admission to a premium institute as per the list is eligible for an education loan from PNB for studying abroad.
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