In this fast growing world, we as a whole know the significance of education in our lives. Right education plays a significant role in forming our life and character. Education is essential to get a decent position and work in the public arena. It improves our character as well as makes us intellectually, profoundly, mentally progressed.Before looking at PNB education loan interest rate 2020, let us check some of the basic details of various education loan schemes
PNB Udaan- Education loan for student pursuing higher education abroad
- Person should be an Indian national
- Students should have secure admission to higher education course in recognized institutions abroad through their selection procedures. Find the list of recognized institutions here
- Education loan is provided to student to pursue graduation course in technical or professional fields. It is also provided for Master degree programmes like MCA, MBA,MS etc.
- Degree/Diploma courses like aeronautical, pilot training, shipping etc. are also eligible for loan. Provided these are well recognized by competent authorities in abroad for the purpose of employment in abroad
- Education loan is also provided for pursuing diploma courses other than as mentioned above. Securities valued 125% of loan amount is taken in the form of LIC policy, FDR, etc
- There is no margin for loan amount up to Rs. 4 Lakhs. However, 15% margin is there for loan amount above Rs. 4 Lakhs
- Third party guarantee is required for loan up to Rs. 7.50 Lakhs. In addition, guarantee should be of value equal to or above the loan amount. Tangible collateral security is required for loan above Rs. 7.50 Lakhs
- Maximum repayment tenure is 1 years.
- Moratorium period is 1 year after the completion of course. Suppose the course period is of 3 years then the bank will ask for loan repayment after 4 year from the date of disbursement of 1st installment
PNB Saraswati- Education loan for student pursuing higher education in India
- Person should be an Indian national
- Students should have secure admission to higher education course in recognized institutions in India through their selection procedures
- Courses like Graduation, Post Graduation, Courses offered by IITs, IIMs, IITs, IISc, XLRI. NIFT, etc. are eligible
- Besides above courses, Degree/Diploma courses like Aeronautical, pilot training, shipping Nursing or any other discipline approved by competent regulatory authority are also eligible
- There is no margin for loan up to Rs. 4 Lakhs. However, 5% margin is there for loan amount above Rs. 4 Lakhs
- Moratorium period, guarantee/Security details and Repayment tenure are same as above
Rate of Interest in both of the above schemes
| Quantum of Loan | Rate of Interest |
| Loan up to Rs. 7.50 lakh (covered under CGFSEL Scheme) | RLLR+2.00% |
| Loan above Rs. 7.50 lakh | RLLR+2.75% |
PND Pratibha- Education loan for Premier Institutes like IITs, NITs, IIMs, AIIMs, etc
- Student should have secured admission in regular full time degree or diploma courses
- Part time MBA programmes offered by IIMs for working professionals are also eligible
- All other details related to Moratorium period, guarantee/Security details and Repayment tenure are same as above
- Every Premier Institutes have certain ceilings for loan amount and its margin. Kindly find the list here
In conclusion that is all for PNB education loan interest rate 2020 and its eligibility. Hope you have understood better. Thanks for visiting us !