Education Loan Scheme - PNB PM Cares

Period

The eligible children shall be enrolled from 29.05.2021 (date of announcement of Hon’ble PM) to 31.12.2021 to avail benefits of the “PM CARES for Children” scheme. The list of eligible beneficiaries will be shared by the Ministry of Education (MOE) once they are received from the nodal Ministry, i.e., Ministry of Women and Child Development (MoWCD). The Scheme is expected to continue till the year when every identified beneficiary shall turn 23 years of age.

Purpose

The child will be assisted in obtaining education loan for Professional course/Higher Education in India

Fee payable to college/ school/ hostel

Examination/ Library/ Laboratory fee.

Insurance premium for student borrower, if applicable.

Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts.

Purchase of books/ equipments/ instruments/ uniforms.

Purchase of computer at reasonable cost, if required for completion of the course.

Any other expense required to complete the course - like study tours, project work, thesis, etc.

Eligibility

All children who have lost Both parents or Surviving parent or Legal guardian/adoptive parents/single adoptive parent

Due to COVID 19 pandemic, starting from 11.03.2020 the date on which WHO has declared and characterized COVID-19 as pandemic till 31.12.2021, shall be entitled to benefits under this scheme.

Child should not have completed 18 years of age on the date of death of parents.

Should be a Resident Indian.

Should have secured admission to a higher education course in recognized institutions in India through Entrance Test/ Merit Based Selection process after completion of HSC (10 plus 2 or equivalent). However, for admission to some of the post graduate courses where admission is based on the work experience only, then criteria of selection based on entrance test or selection purely based on marks obtained in last qualifying examination shall not be applicable.

Quantum Of Finance

Need Based Finance to meet the expenses be considered

Margin

Up to Rs. 4 lac - NIL

Above Rs. 4 lac - 5%

Scholarship/ assistantship may be considered in margin.

Margin may be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis.

Security

Maximum upto 15 years

Repayment (Maximum)

Course period + 1 year

Repayment Holiday/ Moratorium

NIL

Prepayment Charges

Rate Of Interest

Processing Charges/ Upfront Fee

Documentation Charges