Education and Career Forum

Hello sir, I want to apply for an education loan of 5 lakh at Punjab National Bank. Please tell me what is the securities and collateral required for it? What will be the maximum Loan tenure?

Education Loan is provided to students pursuing professional courses such as Engineering, Medical etc. You are interested to apply education loan from Punjab National Bank and want to know about the securities and collateral required for this.

Securities and Collateral:

>>Up to 4 Lacs
** Co- Obligation of Parents
**No security

>>Above 4 Lacs and up to 7 Lacs
**Co- Obligation of Parents
**Collateral security in the form of suitable third party guarantee.

>>Above 7.5 Lacs
**Co- Obligation of Parents
**Tangible collateral security of suitable value along with assignment of future income of student for payment of installments.

Loan Tenure:
**Course period plus one year or six months after getting job whichever is earlier.
**The loan is to be repaid in 5-7 years after the commencement of repayment.