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Old 28th April 2016, 03:41 PM
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Join Date: May 2012
Default Re: Education Loan from Punjab National Bank

Hello, here I am providing you the details of the education loan offered by the Punjab National Bank as under:

About the scheme:
Established in 1894, Punjab National Bank (also known as PNB) is one of India’s oldest and third largest public sector bank which caters to over 80 million customers. In an effort to help brighten the future of our nation, PNB offers multiple education loans and schemes to students and individuals, who wish to pursue higher education in India and abroad.

Quantum of Loan:
Applicants can avail this loan for a maximum amount of Rs 10 lakhs.

For courses:
Up to 3 months – Rs 20,000
Above 3 to 6 months – Rs 50,000
Above 6 months to 1 year – Rs 75,000
Above 1 year – Rs 1,50,000

Processing Fee:
There is no processing fee attached with this loan

Interest rate:
Amount of Loan Repayable in 3 Years Repayable in 3 Years & Above
Up to Rs 4 lakh BR + 3.00% BR + 2.50% + Term Premium
(TP@0.50%)
Rs 4 lakh & to Rs 7.50 lakh BR + 4.00% BR + 3.50% + TP
Over Rs 7.50 lakh BR + 2.00% BR + 2.00%

Security:
Parents/guardians must file the loan documents with the student as the joint borrower. Other than that, no collateral security / third party guarantee is needed.
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