Procedure for getting education loan in PNB

This resource gives the procedure to apply for an education loan in Punjab National Bank(PNB).

Punjab National Bank (PNB) is provides education loan under the scheme ' Vidyalakshapurti '. Hence a lot of students opt for an education loan in PNB. Here is the procedure to get education loan in PNB.

Procedure to get an education loan in PNB

1. You must have an PNB account. Open a bank account if you do not have a PNB bank account.
2. You have to submit the education loan amount as per the education fees and overall expenses of the education.
3. There is no security requirement for a loan amount of less than Rs. 4 lakhs. You need security for a loan amount greater than 4 lakhs.
4. Go to any PNB branch and ask for an education loan application form.
5. Go through all the sections in the loan application form and clear all your doubts regarding form filling from the PNB bank employees.
6. Do not feel shy to ask even the smallest of the doubts. Always fill the form under the guidance of the employee of PNB. It happens that we are unaware of most of the items to be filled in various sections. Many times, most of the sections need not be filled at all.
7. You need to submit the attested copies of the documents to be required along with the form. The list of the documents required is given below. If any documents are missing, your application might get rejected.
8. Submit the application form to the education loan section in PNB. Your application will be approved within a few days.
9. If the application is rejected, it might be due to some incorrect data or some missing documents. Make the necessary changes and your loan will get approved.
10. The required education loan amount is deposited in your PNB bank account in installments. Many times, the entire amount may also be deposited if the amount is less than Rs. 4 lakhs.
11. You have to repay the education loan after the completion of education starting from a year from your job.
12. Failing to do so, your assets given might be confiscated by the bank.

Documents required for education loan in PNB

Here is a list of all the documents required for PNB loan to be attached with the education loan application form in PNB.
1. Completely filled education loan application as mentioned above
2. 3 Passport size photographs
3. Proof of Address(Permanent) – Light bill, propert tax bill, etc
4. Age Proof – Birth Certificate, passport
5. Mark sheets of the last qualifying exam.
6. Letter of admission in professional, technical or vocational courses. Admits for various Universities is what is required
7. Prospectus of the course wherein charges like Admission Fee, Examination Fee, Hostel Charges etc. are mentioned.
8. Details of Assets & Liabilities of parents.
9. If the candidate is applying for loan abroad, photocopy of Passport & Visa.

Benefits education loan in PNB - Vidyalakshapurti scheme

Depending upon the merit of the students, the rate of interest is adjusted. Also, the time to recover the amount is adjusted depending on the rank of the students. Also, the loan amount is sanctioned at a fast rate relatively to any other education loan applicant. There are various other benefits of the education loan scheme in the PNB. Visit the official website the Punjab National Bank for more details.

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Guest Author: sucharu sharma25 Aug 2012

thanks for this information. but i would like to know about one thing that if there is any supply pending during the course in any semester. does it affects the loan scheme.

Guest Author: mansi singh14 Jul 2016

Do the percentage in last qualified exam matter or not?

Guest Author: imaan21 Jul 2017

What am I supposed to do if my parents don't have any assets? Will I not get a loan?

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