Education and Career Forum

Hi,
I want to go US for doing MS course. I am very fond of doing MS so that I am trying to get an Education Loan. Kindly let me know the Education Loan scheme of Punjab National Bank in this case as I have a Savings Account in this Bank.

The Punjab National Bank offers Education loan under the name PNB UDAAN to candidates who are interested to pursue their higher studies in Abroad. Details regarding Punjab National Bank Education Loan is mentioned below :-

--> You should have secured admission in MS course in a recognised US university through entrance examination, merit basis.

Quantum of Finance :- Maximum Rs. 20 lacs

Margin :-
--> Up to Rs. 4 lac :- NIL
--> Above Rs. 4 lac :- 15%
Scholarship/ assistantship be included in margin. Margin may be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis.

Security :-
--> Up to Rs. 4 lac :- Your parents or guardian must be joint borrower. No Collateral Security is required.
--> Above Rs. 4 lac and upto Rs. 7.5 lac :- Besides your parents or guardian executing the documents as joint borrower, collateral security in the form of suitable third party guarantee be taken.
--> Above Rs.7.5 lac: Your parents or guardian must be joint borrower. You need to submit tangible collateral security of suitable value acceptable to bank.

Processing Charges :-
--> Processing fee @ 1% with a minimum of Rs. 10,000/-

It is nice to see you aspire for MS course and you can definitely opt for education loan to meet the expense from Punjab National Bank. You need to get admission call from a recognised institute in US. Then you need to approach the branch near your residence for education loan. Have a discussion with the branch manager concerning education loan and act as per the instructions from the bank to get your loan sanctioned. The terms and conditions depend on the loan amount which you are seeking. For loan above 7.5 lakhs , you will need mortgage and third party guarantor. Apart from this, you need to furnish documents as requested by the bank.