Punjab National Bank Udaan Education Loan Scheme

Objective-

To provide financial support to meritorious students for pursuing higher education abroad.

Students Who Secure Admission In COURSES As Under

Graduation: For job oriented professional/technical courses offered by reputed universities.

Post graduation: MCA, MBA, MS, etc.

Courses conducted by CIMA- London, CPA in USA etc.

Courses as defined under various Government Subsidy Schemes

Degree/Diploma courses like aeronautical, pilot training, shipping etc. provided these are recognized by competent regulatory bodies in abroad for the purpose of employment in abroad.

Education loan to students for pursuing Diploma & Certificate courses other than aeronautical, pilot training, shipping etc from abroad, may be considered, where the loan is backed by liquid security valuing 125% of loan amount in the shape of FDRs/ NSCs/ surrender value of Life Insurance Policies along with establishing the financial credentials of family members (either joint borrower or guarantor) subject to the condition that the said course(s) is recognized/ accredited one.

Purpose-

Fee payable to college/ school/ hostel.

Examination/ Library/ Laboratory fee.

Travel expenses/ passage money for studies abroad.

Life Insurance premium for student borrower, if applicable.

Caution deposit, Building fund/refundable deposit supported by Institution bills/ receipts.

Purchase of books/ equipments/ instruments/ uniforms.

Purchase of computer at reasonable cost, if required for completion of the course.

Any other expense required to complete the course – like study tours, project work, thesis, etc.

Eligibility-

Should be a resident Indian.

Should have secured admission to a higher education course in recognized institutions Abroad through Entrance Test/ Merit Based Selection process after completion of HSC(10 plus 2 or Equivalent).

Quantum Of Finance-

Need based Finance subject to margin as per guidelines.

Reimbursement of fees paid within six months may be considered on individual merits of the case.

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-

Upto Rs. 7.50 lacs: Parent(s)/guardian be made joint borrower (s). No tangible Security and /or 3rd party guarantee is required.

Above Rs.7.50 lacs: Parent(s)/guardian be joint borrower(s).Tangible collateral security of suitable value acceptable to bank.

Repayment-

Maximum up to 15 years

Repayment Holiday/Moratorium Course period + 1 year

For more details visit https://www.pnbindia.in/pnb-udaan.html