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1) Indian nationals, in the age
group of 16-40 years.For part time computer courses,
applicants in the age group of 16-45 years are eligible.
Applicants whose guardians have been appointed by
the court, should not be less than 21 years; such
students should have already passed atleast one
public examination.
2) Students who have scored pass marks in their
last qualifying examination and have secured admission
in the courses mentioned above.
3) The parents/guardian should have regular source
of income to the extent that they are able to repay
the loan in case of need/unforeseen circumstances.There
is no stipulation of ceiling on annual income of
the parents/guardians.
4) Employed persons intending to better their prospects
can also avail loan for improving their educational
qualifications and/or receive training in modern
technology in India/ abroad provided the education/training
received by them in India/abroad affords prospects
for their better employment.For such persons, 'NO
OBJECTION CERTIFICATE' from their employers is a
pre-requisite.
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Amount of Loan
This is co-related to expenses involved
in taking up the course and the expected earnings
after qualifying, subject to a maximum of:
For studies in India:
Rs. 7.50 lacs
For studies abroad Rs.15.00
lacs
In case of part time computer courses, the extent
of loan should not exceed Rs. 50,000/- per annum
or fee fixed by the particular institutution (as
per prospectus less concession,if any), whichever
is less.
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Rate of Interest
Loan upto Rs. 4 lac
12.00% p.a. *
Loan over Rs. 2 lac upto Rs. 15 lac
13.00% p.a. *
Loan over Rs. 15 lac
15% p.a.*
*This is subject to change from time to time.
The Interest shall be charged at simple rate from
the date of disbursement till the commencement of
repayment of loan and thereafter, compound Interest
will be charged on reducing balance basis. 1/2%
interest concession may be provided for the loanees
if the interest is serviced during the study period.
Margin
NIL
Period of loan
Principal and Interest is repayable
in 84 monthly instalments. Repayment will commence
after two years of the completion of studies by
the borrower or one month after his/her getting
employment, whichever is earlier.
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Vidya Lakshyapurti
Education Loan Scheme
Purpose
PNB's Education
Loan Scheme is designed to provide better educational
opportunities to bright and needy students and brings
within their reach all types of education (general,professional,technical
and vocational courses).
The scheme enables all types of needy students (viz.students
of plus 2 stage,graduation courses, post graduation
courses, Masters & Ph.Ds, professional, technical
, engineering, medical, veternary, law, dental,
management, computer, vocational courses, courses
like ICWA,CA,CFA, courses conducted by IIM,IIT,IISc,NIFT,
courses offered in India by reputed foreign universities
and all other types of courses offered by Govt./Semi-Govt/private
institutions in order to meet the costs for their
studies in India and abroad. Such courses would
include regular, part time and correspondence courses.
The costs include admission fees, books & stationery,
instruments required for the course, monthly fees,
examination fees,insurance premium for policy on
life of the borrowing student,caution deposit/building
fund/refundable deposit supported by bills/receipts,
expenses like study tours/project work/thesis etc.
required to complete the course, boarding and lodging
expenses, and travel expenses/passage money including
air fare for joining the course abroad.
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Punjab National Bank
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Students, who are willing to pursue higher
education in India or abroad, can count on several kinds of education
loans offered by the banks in India. They just need to gather
comprehensive information on the scheme of all these loans before
approaching a bank with their requirement. Even 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.
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