Education and Career Forum

I want to apply an Education Loan from Punjab National Bank as I have an account in this bank. But my friends are telling me to not apply from this bank. Can I know what benefits I will get to apply an education loan from Punjab National bank?

Originally Posted by Unregistered

I want to apply an Education Loan from Punjab National Bank as I have an account in this bank. But my friends are telling me to not apply from this bank. Can I know what benefits I will get to apply an education loan from Punjab National bank?

The benefits of education loan offered by Punjab National Bank are given below:

Students can get an education loan for studying Graduate / Post Graduate degree and PG Diploma courses, courses like ICWA, CFA, CA, courses conducted by IITs, IIMs, IISc, XLRI, NIFT, NID, etc.

Education loan covers fee payable to college/hostel, insurance premium of student borrower, caution deposit, Building Fund, Purchase of Computer at reasonable cost, etc.

Need based Finance subject to repaying capacity of the parents / students (after completion of the course)

There is no margin for education loans up to Rs 4 Lakhs

The repayment period is 15 years (maximum)

Moratorium Period or Repayment Holiday is the course period + 1 year

Punjab National Bank is a PSU bank and interest rate will be according to RBI rates. There is not much difference between rates offered by various PSU banks.

Hence, the only advantage is that, it is a PSU bank. Recently, PNB has been in news due to various frauds, which has dented its reputation. You can look for other options, if you are not interested in PNB.