Education Loan Scheme - PNB Udaan

Purpose

• Fee payable to college/ school/ hostel.
• Examination/ Library/ Laboratory fee.
• Life 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.
• Personal living expense & two wheeler cost*

Education loan to students for pursuing Diploma & Certificate courses other than aeronautical, pilot training, shipping etc from abroad, may be considered, where the loan is backed by liquid security valuing 125% of loan amount in the shape of FDRs/ NSCs/ surrender value of Life Insurance Policies along with establishing the financial credentials of family members (either joint borrower or guarantor) subject to the condition that the said course(s) is recognized/ accredited one.

Eligibility

• Should be a resident Indian.
• Should have secured admission to a higher education course in recognized institutions Abroad through Entrance Test/ Merit Based Selection process after completion of HSC(10 plus 2 or Equivalent).

Quantum Of Finance

• Need based Finance subject to margin as per guidelines.
• Reimbursement of fees paid within six months may be considered on individual merits of the case.

Margin

Security

• Upto Rs. 7.50 lacs: Parent(s)/guardian be made joint borrower (s). No tangible Security and /or 3rd party guarantee is required.
• Above Rs.7.50 lacs: Parent(s)/guardian be joint borrower(s).Tangible collateral security of suitable value acceptable to bank.

Repayment (Maximum)

• maximum upto 15 years

Repayment Holiday/ Moratorium

Course period + 1 year

Prepayment Charges

NIL

Rate Of Interest

Processing Charges/ Upfront Fee

Documentation Charges