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PUNB0003 Scheme Faq File

This document provides frequently asked questions and answers about Punjab National Bank's education loan scheme called PNB PRATIBHA. The document outlines eligibility criteria, maximum loan amounts, repayment periods and interest rates under the scheme.

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ashima arora
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59 views2 pages

PUNB0003 Scheme Faq File

This document provides frequently asked questions and answers about Punjab National Bank's education loan scheme called PNB PRATIBHA. The document outlines eligibility criteria, maximum loan amounts, repayment periods and interest rates under the scheme.

Uploaded by

ashima arora
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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PUNJAB NATIONAL BANK, RETAIL BANKING DIVISION, HEAD OFFICE,

DWARKA, SECTOR 10, NEW DELHI

Education Loan- PNB PRATIBHA


(Frequently Asked Questions)

Q.1 Who can apply for the loan ?


A. Any Resident Indian who has obtained admission in premium institute as per list is
eligible for education loan.

Q.2 Who can be co-obligant ?


A. The parents, grandparents, spouse, parents-in-law can be co-obligant.

Q.3 What is the maximum amount of loan?

Need Based Finance to meet the expenses for studies in India, with ceiling as per
Annexure - G & H, please visit site - https://www.pnbindia.in/pnb-pratibha-new-
education- loan-scheme.html

Q.4 Whether additional loan for the same course can be given?
A. Requirement of additional Education loan for the same course for which loan has
already been sanctioned may be considered on merits as a part of the original project.

Q.5 Whether additional loan for further studies is available?


A. Top up loans to students pursuing further studies within the overall eligibility limit, may
be considered on merits.

Q.6 For how long a period can I get the loan?


A. The loan is granted for the full term of the course and repayment is permitted upto15
years after repayment holiday/moratorium as the case may be.

Q.7 What is the repayment holiday / moratorium period?


A. Course period + 1 year.

Q.8 What is the periodicity of charging of interest?


A. Simple interest at monthly rests is charged during the repayment holiday /moratorium
period whereas from the due date of repayment, interest is compounded on monthly
basis.

Q.9 Do you levy any penalty for default under the scheme?
There is no penalty for loans upto Rs. 25000/-. However, in case of default, penal
interest @ 2% is charged on the default amount.

Q.10 Are there any charges or processing fee?


A. No processing/ upfront charges.

Q.11 Since there is a moratorium period, how will my repayments be determined?


A. The outstanding interest for the moratorium period will be added to the loan amount at
the time of commencement of the repayment. The EMI will be determined on this
amount at the time the repayment is to commence.

Q.12 Where can I avail of educational loan?


A. Loan application is to be submitted at the branch nearest to the place of residence of the
parents of the student or online through www.vidyalakshmi.co.in

Q.13 Interest under PNB PRATIBHA scheme?

Loans upto Rs. 7.50 Lakh - Student getting admission in IIMs, RLLR + BSP +
IITs, NITs, ISB Hyderabad, ISB Mohali, MDI Gurgaon & XLRI 0.50%
Jamshedpur.
Loans upto Rs. 7.50 Lakh - Student getting admission in RLLR + BSP +
institutes other than IIMs, IITs, NITs, ISB Hyderabad, ISB 0.75%
Mohali, MDI Gurgaon & XLRI Jamshedpur
Loans above Rs. 7.50 Lakh - Student getting admission in RLLR + BSP
IIMs, IITs, NITs, ISB Hyderabad, ISB Mohali, MDI Gurgaon &
XLRI Jamshedpur.
Loans above Rs. 7.50 Lakh - Student getting admission in RLLR + BSP +
institutes other than IIMs, IITs, NITs, ISB Hyderabad, ISB 0.25%
Mohali, MDI Gurgaon & XLRI Jamshedpur

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