Education Loan

Guide to Punjab and Sind Bank Education Loan 2024

Guide to Punjab and Sind Bank Education Loan 2024

On this Page:

Read Punjab and Sind Bank (PSB) education loan schemes. Know about the PSB model education loan, eligible courses, documents required & application process.

GyanDhan
Ananya Ghai
Updated on:  21 Mar 2024  | Reviewed By: 
Aman 
| 4.37K | 7  min read

Punjab and Sind Bank, a government-owned bank in India, offers education loans as part of its financial services to support students who wish to pursue higher education in India and abroad. These loans are designed to cover a wide range of expenses associated with higher education, including tuition fees, books, and equipment, travel expenses for studies abroad, and other necessary costs. With competitive interest rates and flexible repayment options, Punjab and Sind Bank aims to make higher education accessible to all, ensuring that financial constraints do not hinder a student's educational aspirations.

Sprinkles

Punjab & Sind Bank loan schemes 

Punjab & Sind Bank currently offers three types of education loan options:

  • list items Model PSB Education Loan: Punjab and Sind Bank loan schemes for India and abroad.
  • list items PSB Excellence-Education Loan: Punjab and Sind Bank loan schemes for India.
  • list items PSB Skill Education Loan: Punjab and Sind Bank loan schemes for skill-based courses in India.
Sprinkles

An overview of Education loan from Punjab and Sind Bank

Particulars Model PSB Education Loan PSB Excellence - Education Loan PSB Skill Education Loan

Loan amount

Need based finance

Up to INR 20 Lakh

Up to 1,50,000 Lakh

Collateral / co-applicant requirement

Above INR 4.0 Lakh, collateral or co applicant is required.

No collateral is required but co-applicant is must.

No collateral is required; however, parent(s) have to be joint borrowers.

Punjab and Sind Bank interest rates

8.60% - 9.10%

8.85% - 9.05%

10.10%

Margin money

5 - 15%

0 - 5%

Nil

Processing fees

Nil (however, a deposit of INR 2,000 is required, that can be withdrawn after the loan is sanctioned)

Nil

Nil

Repayment tenure

15 years

10 years

7 years

Moratorium period

Duration of course + 1 year

Duration of course + 1 year

Duration of course + 1 year

Check Your Education Loan Eligibility

Sprinkles

Expenses covered under Punjab and Sind Bank education loan

Punjab and Sind Bank education loan provides financial assistance to cover various expenses related to your education. Here are the typical expenses covered under an education loan:

  • list items Tuition fee
  • list items Examination fee
  • list items Travel fair
  • list items Cost of accommodation
  • list items Cost of books, equipment, instrument, or uniforms
  • list items Miscellaneous expenses - study tours, project work, thesis, etc
  • list items Cost of a computer or laptop required for the completion of the course
Sprinkles

Eligible Courses for the PSB Excellence-Education Loan Scheme

  • list items Students who have secured admission in regular full time Degree / Diploma courses of all the IIMs, IITs and ISB Hyderabad.

Eligible Courses for PSB Model Education Loan

India:

  • list items Approved courses leading to graduate, post-graduate degrees and PG diplomas conducted by recognized colleges/universities recognized by UGC/ Govt./ AICTE/ AIBMS/ ICMR, etc.
  • list items Degree/diploma courses like Aeronautical, Pilot Training, Shipping, Nursing, or any other discipline, approved by the Director General of Civil Aviation/Shipping/Indian Nursing Council (INC) or any other regulatory body. 
  • list items If the university where the student seeks admission is among the top universities in the country, then exceptions are made.

Abroad:

  • list items For job-oriented professional/ technical courses offered by reputed universities
  • list items MCA, MBA, MS, etc.Courses conducted by CIMA- London, CPA in USA etc.
  • list items Degree/diploma courses like aeronautical, pilot training, shipping etc provided these are recognized by competent regulatory bodies abroad for the purpose of employment abroad.
Sprinkles

Eligible Courses for PSB Skill Education Loan

  • list items Any individual who has secured admission in a course run by Industrial Training Institutes (ITIs), Polytechnics or in a school recognized by central or State education Boards or in a college affiliated to recognized university, training partners affiliated to National Skill Development Corporation (NSDC)/Sector Skill Councils, State Skill Mission, State Skill Corporation, preferably leading to a certificate / diploma / degree issued by such organization as per National Skill Qualification Framework (NSQF) is eligible for a Skilling Loan.

Check Your Education Loan Eligibility

Sprinkles

Punjab and Sind Bank documents required

To apply Punjab and Sind Bank loan schemes, you will need to submit the following documents as part of the application process. 

Applicants documents
 

  1. list items Identity proof: PAN/ Passport/ Driver’s License/ Voter ID card or government-issued identification document.
  2. list items Education loan application form.
  3. list items Address proof: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill/ Driving License/ Aadhaar card.
  4. list items Passport
  5. list items Visa documents
  6. list items Past academic record.
  7. list items 10th standard mark sheet
  8. list items 12th standard mark sheet
  9. list items Undergraduate result (semester-wise)
  10. list items Entrance exam results (e.g. GMAT, GRE, TOEFL, etc.)
  11. list items Proof of admission: admission letter (A conditional admission letter is also applicable).
  12. list items Statement of expenses.
  13. list items 2 passport-size photographs.
  14. list items Loan A/C statement of one year (if applicable)
  15. list items Bank account statement of the student (if applicable)  

Co-applicant’s documents
 

  1. list items Identity proof: PAN/ Passport/ Driver’s license/ Voter ID card or government-issued identification document.
  2. list items Address proof: recent copy of telephone bill/ electricity, water, piped gas bill or copy of Driving license/ Aadhaar card.
  3. list items 2 passport-size photographs.
  4. list items Co-borrower’s bank account statement for the last 6 months.
  5. list items In case of another ongoing loan, then the loan A/C statement of 1 year.

Income proof for salaried co-applicant/guarantor

  1. list items Salary slips for the last 3 months.
  2. list items Copy of Form 16 of the last 2 years or copy.
  3. list items Bank account statement for the last 6 months (Salary account).
  4. list items A brief statement of assets & liabilities of parent/ guardian/ other co-borrower.

Income proof for self-employed co-applicant/guarantor

  1. list items Business address proof.
  2. list items Last 2 years IT returns ( If IT Payee).
  3. list items TDS certificate (Form 16A, if applicable).
  4. list items Certificate of qualification (for C.A./ doctor and other professionals).
  5. list items Brief statement of assets & liabilities of parent/ guardian/ other co-borrower
  6. list items Bank account statement for the last 6 months.

Calculate your Education Loan EMI

Sprinkles

How to apply for Punjab and Sind Bank education loan?

To apply for Punjab and Sind Bank loan schemes, you have two options: offline and online.

  • list items Punjab and Sind education loan offline application:

Visit the nearest Punjab and Sind Bank branch and bring along all the required documents. Fill the application form and submit the required documents for verification.

  • list items Punjab and Sind education loan online application: Go to the official website of Punjab and Sind Bank. Log in to the portal using the 'Internet Banking Login' button located at the top-right corner of the website. Select the education loan product you wish to apply for and follow the on-screen instructions to complete the application process. Submit the documents required for Punjab and Sind Bank education loan.
  • list items Go to the official website of Punjab and Sind Bank.
  • list items Log in to the portal using the 'Internet Banking Login' button located at the top-right corner of the website.
  • list items Select the education loan product you wish to apply for and follow the on-screen instructions to complete the application process.
  • list items Submit the documents required for Punjab and Sind Bank education loan.

The Punjab and Sind Bank loan schemes serves as a valuable financial resource for students aspiring to pursue their educational dreams. Whether you are a student pursuing undergraduate, postgraduate, or doctoral studies, Punjab and Sind Bank's education loan offers a pathway to turn your educational aspirations into reality.
 

When it comes to choosing the right education loan from a wide range of lenders, students often face confusion and make mistakes. To navigate through this confusion and make informed decisions, GyanDhan is here to help. We have partnered with leading banks and NBFCs and provide unbiased opinions on different loan products. Our knowledgeable executives are well-versed in the features and benefits of various loan schemes. We prioritize your financial well-being and aim to provide you with the most favorable terms and conditions available. You can start your education loan journey by checking your education loan eligibility

Read also:

Sprinkles

Frequently asked questions

What is Punjab and Sind Bank education loan interest rate?

The Punjab and Sind Bank education loan interest rate ranges from 9.3%-11.6%.

Who is eligible to apply for an education loan from Punjab and Sind Bank?

Indian residents who have secured admission in recognized universities or institutions in India or abroad are eligible to apply for an education loan from Punjab and Sind Bank.

What is the repayment tenure for education loans from Punjab and Sind Bank?

Punjab and Sind Bank education loan for study abroad repayment period of up to 15 years for abroad education loans and 10 years for education loans for studies in India, allowing borrowers to comfortably repay the loan amount after completing their education. 

Is there any prepayment penalty by Punjab and Sind Bank?

No pre-payment penalty is to be levied for prepayment of loan any time after the commencement of repayment. Once the loan is disbursed, the student can repay the loan any time after 6 months, without any prepayment penalty. 

Punjab and Sind Bank is private or government?

Punjab and Sind Bank is an Indian public sector bank. The bank was established on 24 June 1908 by Bhai Vir Singh, Sir Sunder Singh Majitha, and Sardar Tarlochan Singh in Amritsar.

Check Your Education Loan Eligibility


Sprinkles

Have More Questions on This Topic?

Ask from a community of 10K+ peers, alumni and experts