::: Punjab National Bank :::

Punjab National Bank

Name of the scheme: Vidya Lakshyapurti Education Loan Scheme

This is designed to provide financial support to deserving students to undertake basic education and to the meritorious students to pursue higher professional and technical education in India and Abroad.

Purpose: To provide financial assistance to the students.

Eligibility:

Should be an Indian National.
Secured admission to Professional / Technical courses through Entrance Test / Selection process.
Secured admission to foreign University / Institutions.
Student should have secured pass marks in the qualifying Examination for admission to Graduation Courses

Loan :
For studies in India: Maximum Rs.7.50 lakhs

For studies abroad: Maximum Rs.15.00 lakhs.
Margin:
Up to Rs.4.00 lakhs: - Nil.

Above Rs.4.00 lakhs: Studies in India 5%
Studies Abroad 15%

Interest:

Loan up to Rs.4 lakh: 12.00% p.a.
Loan over Rs.2 lakh up to Rs.15 lakh: 13.00% p.a.
Loan over Rs.15 lakh: 15% p.a.

This is subject to change from time to time

Penal Interest @ 2% shall be charged for above Rs.2.00 lakhs for the overdue amount and overdue period.

1% concession can be permitted in interest to loanees if the interest is serviced by them during the study period and the repayment holiday specified for interest / repayment under the Scheme.

Repayment:

Principal and Interest is repayable in 84 monthly installments. Repayment will commence after two years of the completion of studies by the borrower or one month after his/her getting employment, whichever is earlier