Education and Career Forum

Sir,
I am Divya and I want to apply for Education Loan in Punjab National Bank for studying MBA. Can you please let me know the interest rates details of Education Loan scheme of this Bank?

The rate of interest fluctuates from time to time as per orders from the Reserve Bank of India and Central government since this is a public sector bank. The rate of interest usually fluctuates in the range of 13-14.5 percent. The interest is calculated as simple interest for the entire study period. You can also get a rebate of 1% in the interest rate if you pay the interest every month during the course.

The details of Interest rates for Education loan offered by Punjab National Bank are provided below :-

=> For loan up to Rs 7.50 lacs :– MCLR + 2%

=> For loan above Rs 7.50 lacs :- MCLR + 2.60%

=> Simple interest will be charged during the Repayment holiday/ Moratorium Period.

MCLR :- Marginal Cost of fund based lending rate