Here is complete information about Punjab National Bank Saraswati Education Loan Scheme,eligibility,margin money,collateral security and features with interest of rates.
Punjab National Bank is a leading bank in India for providing education loans to students within India and also for those students who wish to pursue higher education in India.
PNB Education Loan Interest Rates since 17 September 2021, repo Linked lending rate (RLLR) is 6.55% and current BSP is 0.25%.
Education Loan Schemes of PNB
PNB Saraswati Education Loan Scheme
The main aim of this scheme is to provide financial support to promising students to fulfill their dream of higher education in India and abroad.
How much margin money and collateral security are required?
Margin money
No margin money is required – up to Rs. 4 lakhs.
5% in India and 15% (abroad) margin money is required for the loan amount above Rs. 4 lakhs.
Collateral security is Nill – up to Rs. 4 lakhs.
Rs. 4 lakhs – Rs. 7.50 lakhs – parents/guardian as a joint borrower, third party guarantee needed.
Above Rs. 7.50 lakhs – Tangible collateral security is needed for the bank.
Who is eligible for PNB education Loan?
It is a must to secure admission in the eligible course through the merit-based selection process. It is based on marks obtained in qualifying examinations.
A. 50% for SC/ST category
B. 60% for general category
Note – Students, who have qualified for a seat under merit quota and choose to pursue a course under management quota, are also eligible for loans.
What is the minimum age for getting an education loan?
There is no specific age mentioned for eligibility criteria.
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