Vidya Lakshyapurti Educational Loan Scheme by Punjab National Bank

One of the renowned banks in North India, Punjab National Bank also offers personalized educational loans for variety of higher education courses. Students who are determined to pursue higher education can consult Punjab National Bank for the educational loan scheme offered by it and its various conditions. Punjab National Bank calls its educational loan scheme as Vidya Lakshyapurti Scheme.

Purpose of PNB's Educational Loan Scheme:

The main objective of PNB's Vidya Lakshyapurti Educational Loan Scheme is to provide a good sum for bright and needy students to seek admission in various general, professional, technical and vocational courses. PNB provides loans for studying in India and abroad as well. PNB provides educational loans for graduate, post graduate, diploma, certificate and professional courses from recognized institutes or universities. The educational loan provided by PNB not only includes the tuition fee but also the admission fees, books and stationery, hostel fees, examination fees, building fund, security fees etc.

Who is Eligible for PNB's Educational Loan Scheme?:

Student seeking educational loan from PNB must satisfy the following conditions:
1. The student should possess the Indian nationality in order to benefit the educational loan by PNB.
2. Student should have secured the minimum pass marks in the last qualifying examination and should have secured admission in professional and vocational course.
3. In order to have a secure repayment of educational loan, it is essential that the parent or guardian should have the regular source of income in case of unforseen circumstances.

PNB's Maximum Educational Loan Limit:

1. PNB provides an educational loan amount to the maximum of Rs. 7.5 lakhs for pursuing higher education in India.
2. PNB provides an educational amount to the maximum of Rs. 15 lakhs for pursuing higher education abroad.
3. Extent of loan should not exceed Rs. 50,000 per annum in case of part time computer courses.
4. The principal sum along with the interest charged on the educational loan should be re-payed completely within a period of 5 to 7 years when you first start repaying.

Interest on PNB's Educational Loan:

1. For the educational loans up to the sum of Rs. 4.00 lakhs, the rate of interest charged per annum will be 12.00%.
2. For the educational loans ranging from Rs. 4.00 lakhs to Rs. 15.00 lakhs, the rate of interest charged per annum will be 13.00%
3. Above Rs. 15.00 lakhs loan, the rate of interest charged per annum will be 15.00%.
4. Rate of interest are subject to change from time to time.

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