PNB Education Loan facility aims to provide the chance of quality education to every child by providing Education loans to fund meritorious. PNB happens to offers various educational loans at different interest rates along with varying repayment tenure lasting up to 15 years. The Interest Rate for the education loan tends to be highly competitive and can be availed for education in India’s finest institutes and on studying abroad. Interest rates of PNB Education Loans vary with the changes in MCLR. The range of interest is 8.45% to 11.05%. Those who happen to be born abroad but decide to pursue higher education in India can also avail the loan.
Punjab National Bank Education Loan Documents Required
The documents for PNB Education Loan Documents depends on the loan one has applied for. The final documents submitted to the bank may vary from individual to individual. Although despite this some documents remain essential that is mandatory to submit while applying for a PNB education loan. Some of them are listed below –
- Application form
- Passport-size photographs
- Identity Proof: One needs to submit any form of identity proof. This can be provided through PAN Card, Aadhaar Card, Passport, Voter’s ID and Driving License.
- Address Proof: Documents need to be provided for the proof of address. This can be provided through Voter’s ID, Driving License, Aadhaar Card and Passport.
- Academic Documents such as 10th and 12th exam marks cards, Marks cards of any further education need to be submitted. Along with that Entrance Exam mark sheet and Mark sheets of GRE/IELTS/TOFEL/GMAT may also be necessary. Any scholarship documents if applicable should also be attached.
- Proof of admission
- Income proof of the co-borrower or guarantor
- Collateral documents
- Bank statements
The bank may request other documents if required to be submitted as per your application.
PNB Education Loan Interest Rates 2020
The loan amount depending on the scheme will vary. Interested candidates are advised to contact PNB to check the maximum loan amount in regards to each scheme.
|PNB Saraswati||7.30% – 9.80%|
|PNB Pratibha||7.20% – 7.80%|
|PNB Uddan||7.30% – 9.80%|
|PNB Kaushal||7.30% – 8.70%|
|PNB Pravasi Shiksha Loan||9.20%|
PNB Education Loan EMI Calculator
PNB Education Loan EMI is a fixed amount of money due every month till the loan is fully repaid back to the bank. To make the calculation easier and give loan seekers an idea regarding the estimated amount expected monthly the PNB Education Loan calculator calculates the monthly EMI for you. This calculation is based on the loan amount that is applied for, the interest on the loan and the tenure period. For example education loans with loan EMIs as low as Rs. 7,048 per lakh for a 15 years tenure and lowest rate of interest of 8.45%.
One can use the Education Loan EMI calculator to calculate the monthly payments. The calculator will prove to be a convenient time-saving option. User will only require to enter details such as the loan amount, tenure, interest rate, and processing fee once. Once done, the details will be displayed immediately on the screen. One can also get details such as the principal paid, interest paid, and the outstanding balance as well.