Education and Career Forum

Hello everyone, I have just given my 12th Board exam and my aim is to study BTech. So, I want to apply for an education loan. I have heard that PNB is launched PNB Saraswati Education Loan scheme. I want to know about the benefits of applying in this education loan scheme.

Some of the benefits are

Interest concession
Rebate of 0.5 % in ROI permitted to women beneficiaries for outstanding upto Rs 10 lacs and 0.25% for outstanding above Rs 10 lacs
In case interest is repaid regularly during study period , interest rebate of 1.00%.

No need to liquidate valuable assets
Most of the expenses are covered
Loan available at lower interest rate
Education loan interest subsidy
Tax benefit section 80E

Benefits that borrowers often seek when applying for education loans:

Competitive Interest Rates: One of the key benefits borrowers look for in an education loan is a competitive interest rate. Lower interest rates can help reduce the overall cost of borrowing and make loan repayment more affordable.

Wide Range of Coverage: Education loans under the PNB Saraswati scheme typically cover various educational expenses, including tuition fees, books, accommodation, examination fees, equipment, and other related costs. It's beneficial to choose a loan scheme that provides comprehensive coverage for the specific needs of the borrower.

Flexible Repayment Options: PNB Saraswati Education Loan may offer flexible repayment options, such as moratorium periods (grace periods) during the course duration, extended repayment tenures, or flexible monthly installment plans. These options can provide relief to borrowers and accommodate their financial circumstances.

Loan Amount Customization: Education loan schemes often provide flexibility in choosing the loan amount based on the borrower's specific requirements and the cost of the chosen course. It's advantageous to select a loan scheme that allows borrowers to tailor the loan amount according to their needs.

Co-borrower and Collateral Requirements: PNB Saraswati Education Loan scheme may have provisions for a co-borrower or collateral requirements. Having a co-borrower or collateral may enhance the chances of loan approval and help borrowers secure a higher loan amount.

Tax Benefits: Education loans in India are eligible for tax benefits under Section 80E of the Income Tax Act. Borrowers can claim deductions on the interest paid on education loans, which can help reduce their tax liability.

Ease of Application and Processing: PNB Saraswati Education Loan scheme may offer a streamlined application process and efficient loan processing. This can help students and their families navigate the loan application process with ease.