Name of the loan: Bank of Punjab Education Loan

Purpose of the loan: To cover the cost of education in world class universities

Eligibility:

The individual must be an Indian citizen, aged 18years and above and must have secured admission to a particular course in a particular educational institution.

Amount:

Rs 7.5 lakhs for studies in India and Rs, 15 lakhs for studies abroad

Interest rate:

Up to Rs 4 lakhs: 12.5% (PLR) Above Rs 4lacs: 12.5% plus 0.5 %which is presently 13%.

Repayment :

Loan repayment can commence 6 months after completion of the course or one month after getting employment, whichever is earlier.