Punjab National Bank offers personalized educational loans for various kinds of academic programs. The scheme of Punjab National Bank (PNB) Educational Loan is also known as Vidyalakshyapurti. It also includes insurance coverage for the borrowers of educational loans in collaboration with Kotak Mahindra Insurance.

Punjab National Bank offers educational loans for graduate and postgraduate programs. A student, who is pursuing a professional course or a vocational course from a recognized body, university or nationally known institute can apply for PNB educational loan as well.

Education Loans are also given for studying certificate or diploma programs

PNB has laid down a set of eligibility criteria for sanctioning the education loans.

1. A student, who is an Indian national, can apply for the loan.
2. An applicant is considered eligible for PNB educational loan, if he gets admitted to a professional or vocational course through a selection process or into a foreign institute.
3. A student applying for a graduate program can also get the loan if he obtains at least pass marks in the qualifying exam.

The education loan of Punjab National Bank covers the college, school or hostel fee and expenses for buying books, instruments or uniform. It also includes exam, laboratory or library fee apart from money for buying computer, if necessary for pursuing the program. Your travel and lodging expenses will also be covered by the loan. Even Caution Deposit, refundable deposit or building fund and any other cost essential for studying the program will be considered for loan.

The amount of PNB Loan is sanctioned evaluating the need and the repaying capability of the parent or the student. Additionally, some ceilings and margins are also applied by PNB.

1. You can borrow a maximum of Rs 7.5 lacs and Rs 15 lacs for studying in India or abroad respectively.
2. Besides, there is a margin of 5% if you borrow above Rs 4 lacs for studying in India. The margin is 15% for studying abroad.
3. An applicant needs to present a 3rd party as guarantee for borrowing above Rs 4 lacs.
4. If the amount is above Rs 7.5 lacs, the bank asks for a collateral security or guarantee of a 3rd party.

You can repay the principal sum and the interest in a time period of 5 to 7 years after you begin repaying. In case, a student fails to complete his study in the stipulated time period, he will be given an extended time of 2 years in maximum for completing the program.