Vidyalakshyapurti Education Loan

Punjab National Bank has tied up with Kotak Mahindra Insurance to provide life insurance cover for education loan borrowers.

Eligibility :
	Student 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. Courses Students of +2 stag Graduation courses – B.A., B.Com., B.Sc., etc. Post-Graduation courses Masters in Ph.D Professional courses - Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc. Computer Certificate courses of reputed Institutes accredited to Department of Electronics or institutes affiliated to University Courses like ICWA, C.A., CFA, etc., Courses conducted by IIM, IIT, IISc, XLRI, NIFT, etc., Evening Courses of reputed Institutes Diploma/Degree courses conducted by Colleges/Universities approved by UGC/Govt./AICTE/AIBMS/ICMR, etc., Courses offered by National Institutes and other reputed Private Institutes.
Loan Details
	Coverage of expenses  Fee payable to College / School / Hostel Examination / Library / Laboratory fee. Purchase of books / equipments / instruments / uniforms.Secured admission to foreign University / Institutions. Caution Deposit / Building Fund / Refundable Deposit supported by Institution Bills / Receipts. Travel Expenses / Passage money for studies abroad. Purchase of computers - essential for completion of the Course. Boarding and lodging expenses in recognised Boarding Houses / private accommodations Any other expense required to complete the course - like study tours, project work, thesis etc. Quantum For studies in India - Maximum Rs.7.50 lacs. For studies Abroad - Maximum Rs.15.00 lacs. Margin Upto 4 lacs - Nil Above 4 lacs for - Education in India - 5% - Education Abroad - 15% Security Upto Rs.4.00 lacs - No Security Above Rs 4.00 lacs and Upto Rs 7.5 lacs - 3rd party guarantee acceptable to the Bank Above Rs 7.5 lacs - Collateral Security of Suitable value or suitable 3rd party guarantee The security can be in the form of land / building / Govt. Securities / Public Sector Bonds / Units of UTI, NSC, KVP, LIC Policy, Gold, Shares / Debentures, Bank Deposit in the name of the student parent / guardian or any other third party with suitable Margin. The document should be executed by both the student and the parent/guardian.
Rate of Interest
	Upto Rs. 4 lacs - BPLR+Term Premia minus 1.25 Above Rs.4 lacs - BPLR + Term Premia Term premia of 0.50% p.a. shall be added for repayment period of 3 years & above. The interest shall be debited monthly on simple basis during the Repayment holiday/ Moratorium period. Penal Interest @ 2% be charged for above Rs.4.00 lacs for the overdue amount and overdue period. 1% Interest concession for servicing of interest during the study period regularly is allowed at the time of start of repayment period of loan.
Repayment
	Course period + 1 year OR 6 months after getting job, whichever is earlier. The Principal and interest is to be repaid in 5-7 years after commencement of repayment. If the student is not able to complete the course within the scheduled time, extension of time for completion of course may be permitted for a maximum period of 2 years. Additional Benefits provided to the students by PNB Reimbursement of related expenses such as admission fee, monthly fee, Boarding and lodging expenses in recognized Boarding Houses etc. already incurred by way of loan taken from own sources (to meet the contingency) by the applicant, if claimed within 3 (three) months of such payment and before consideration of the loan by the Bank. Second time Education Loan can be sanctioned to the same student borrower for completion of next higher course.