How to get education loan in India?

How to get education loan from pnb (Punjab National Bank) Or How to get education loan in India?

Day by day among the young generation the wish to get higher degrees. Especially the middle class and lower section of society struggle a lot for higher education.

But the students are always searching options of How to get education loan easily.  Most google for their education loan eligibility. 

With a urge to get higher degrees for promotion many search for education loan at 0 interest.
So guys here I am providing details of one of the well known bank by which you can get Education Loan Quickly and Easily from Punjab national bank.

Education loan details , PNB Saraswati Loan:

1. Which Type of courses are eligible to get education loan?

Ans: Any approved courses leading to Graduate / Post Graduate degree and PG Diplomas conducted   by recognized colleges/ universities recognized by UGC/ Govt. / AICTE/ AIBMS/ ICMR etc.

Examples:-

• Courses like ICWA, CA, CFA etc.

• Courses conducted by IIMs, IITs, IISc, XLRI. NIFT, NID etc.

• Regular Degree/Diploma courses like Aeronautical, pilot training, shipping Nursing or any other discipline approved by Director General of Civil Aviation/Shipping/ Indian Nursing Council or any other regulatory body as the case may be.

• Advance Diploma in Banking Technology offered by PNB IIT Lucknow.

• Approved courses offered in India by reputed foreign universities.

• Research Programes recognized by designated academic authority/ regulatory body.

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2. Am I Eligible to get Education Loan?

  Ans: A)You should be an Indian National.

           B) Should have secured admission to a higher education course in recognized institutions in India through Entrance Test/ Merit Based Selection process after completion of HSC(10 plus 2 or equivalent).

    

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3. Cases of management quota are eligible for education loan?

Ans: Cases of management quota can be considered on merit basis.

4. What is the Margin?

Ans: Up to Rs. 4 lac - NIL

         Above Rs. 4 lac - 5%

         Scholarship/ assistantship may be considered in margin.

         Margin may be brought-in on year-to-year basis as and when disbursements are made on a 

          pro-rata basis.

5. What security is required for education loan?

Ans: Upto Rs. 7.50 lacs: Parent(s)/guardian be made joint borrower (s). No tangible Security and /or           3rd party guarantee is required.

                                                            AND

        Above Rs.7.50 lacs: Parent(s)/guardian be joint borrower(s).Tangible collateral security of                  suitable value acceptable to bank. 

6. In how many years repayment of Education Loan can be made?

Ans:  15 years maximum.

7. What will be the interest rate for the Education Loan?
Ans:   For Loan up to 7.50 lac - MCLR+2.00%

           For Loan Above Rs, 7.50 lac-MCLR+2.60%

           For Loans irrespective of amount (where 100% tangible collateral security in the shape of IP,enforceable under SARFAESI Act,and/or liquid security security is available)-MCLR+1.85%

           For Loan for pursuing education from premier foreign universities and educational institutes (200) under PNB Udaan Loan up to 7.50 lac Covered under CGFSEL-MCLR+1.85%