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Eligibility for PNB Education Loans

Last Updated 11th Jun 2021

Particulars Eligibility
Loan amount ₹ 20 Lakh
Loan Tenure 15 months
Co-applicant Required Yes
Prepayment Charges Nil

PNB Education Loan Interest Rate Jun 2021

Every child needs a quality education in order to lead a complete, successful and comfortable life. Unfortunately, such education comes at a cost that not everyone who deserves it can afford. That is where education loans comes into play.Education loans are funds offered by banks and financial institutions to meritorious students to help them pursue their dream course.

PNB Education Loan Interest Rate is quite competitive for education in India’s finest institutes and on studying abroad.Interest rates on Education Loans are floating, and vary with the changes in MCLR. PNB Education loan interest rates are in the range of 7.05% and 11.40%.

Education Loan PNB

Determinants of Eligibility for Education Loans

  Courses in India Courses Abroad IIT, IIM, ISB Courses
Max Loan Amount ₹ 10,00,000 ₹ 20,00,000 ₹ 15,00,000
Interest Rates      
Loans upto ₹ 4,00,000 7.55 % , for Girls - 7.55% 11.40 % , for Girls - 10.90% 11.40 % , for Girls - 10.90%
Loans ₹ 4,00,000 - ₹ 7,50,000 7.55 % , for Girls - 7.55% 11.40 % , for Girls - 10.90% 11.40 % , for Girls - 10.90%
Loans > ₹ 7,50,000 7.05 % , for Girls - 7.05% 11.15 % , for Girls - 10.65% 11.15 % , for Girls - 10.65%
Margin requirement (own contribution by student/ family)      
Loans upto ₹ 4,00,000 0% 0% 0%
Loans above ₹ 4,00,000 5% 15% 5%
Max Tenure Post Moratorium      
Loans upto ₹ 7,50,000 10 years 10 years 10 years
Loans above ₹ 7,50,000 15 years 15 years 15 years
Co-Applicant required (Y/N) Yes Yes Yes
Third Party Guarantee      
Loans upto ₹ 4,00,000 Not required Not required Not required
Loans ₹ 4,00,000 - ₹ 7,50,000 Required Required Required
Loans > ₹ 7,50,000 Not required Not required Not required
Collateral Security (Fixed deposit/ Property, LIC)      
Loans upto ₹ 4,00,000 Not required Not required Not required
Loans ₹ 4,00,000 - ₹ 7,50,000 Not required Not required Not required
Loans > ₹ 7,50,000 Required Required Required
Prepayment Charges (Y/N) Nil Nil Nil
Moratorium Period (lower of the two)      
After course period 12 months 12 months 12 months
After getting job 6 months 6 months 6 months

PNB Education Loan

Education Loan amount can be used for a variety of purposes, covering all aspects of needs that a student might have with respect to his studies. These include:

  • Fee payable to college/ school/ hostel
  • Examination/ Library/ Laboratory fee.
  • 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.

PNB Student Loan Features

PNB student loans come with the following attractive features:

  • Concessional Education loan for students or Persons with Disabilities (PwDs) under banks Education Loan schemes
  • Schemes like PNB Pratibha and PNB Udaan for higher education in premier institutes and abroad
  • PNB Kaushal loan scheme for Vocational Education and Training.

PNB Education Loan Eligibility

Parameters PNB Education Loan Eligibility Criteria
Age of the Applicant
  • Upto 35 years for non-employed personnels
  • Upto 45 years in case of working employees/ executives
Who can apply
  • An Indian National having secured admission to professional/technical courses in recognized institutions.
  • Permanent employees who are employed for not less than three years with any organisation and who intend to acquire higher professional qualifications and have secured admissions in a reputed institute.
Maximum Loan Amount
  • Upto ₹ 10,00,000 for studies in India.
  • Upto ₹ 20,00,000 for studies abroad.
  • Upto ₹ 15,00,000 for studies at IIT's, IIM's and ISB's.
  • These amounts are subjective to margin requirements as mentioned in the table above
Repayment Frequency
  • Quarterly or monthly rests.
  • Repayment in Education Loans typically starts 1 year after completing the course or six months after getting a job, whichever is earlier.
  • Loan interest re‐payment will start immediately after disbursement of the first installment of the loan.
Repayment Period
  • Tenure of an Education Loan consists of Duration of Study, Grace Period after the Study and Repayment Period.
  • For Indian courses repayment tenure is maximum of 15 years after the commencement of repayment.
  • For Abroad courses repayment tenure is maximum of 15 years after the commencement of repayment.

PNB Education Loan EMI Calculator

PNB Education Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to PNB against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.

PNB Education Loan repayment calculator calculates EMI based on the loan amount you have applied for, interest charged on loan and the tenure for which you have applied. offers affordable and convenient education loans with loan EMIs as low as ₹ 6,984 per lakh for a 15 years tenure and lowest rate of interest of 7.05%.


What is the procedure of education loan in PNB?

To borrow money for an education loan from PNB, all you need to do is visit the nearest PNB branch, fill the application form, submit the required documents. You can also apply for an education loan by visiting the official website of PNB.

Can we get an education loan without security?

To get an education loan upto ₹ 4 Lakh, you need to provide co-borrower security of your parents or husband and does not require any third-party guarantee or tangible security.

Is the property required for an education loan?

To get an education loan above ₹ 7.50 Lakh, you need to provide co-borrower security and tangible security equivalent to 100-133% of the loan amount as collateral. The tangible security is provided in the form of property, shares, fixed deposits etc.

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PNB Education Loan News - Jun 2021
  • 2021-02-08 : PNB reported net profit of 506 crores
    PNB posted an 18.5% year-on-year decline in its net profit to Rs 506 crore for the quarter ended December. Further, the bank reported net interest income on the back of retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans at Rs 8,313 crore.
  • 2019-03-07 : Avail education loan from PNB to pursue your higher education
    One of the leading education loan providers, PNB is offering education loans who want to pursue their higher education abroad at an attractive rate of interest between 8.95% to 11.10%. The private sector lender offers education loan up to and over Rs. 4 lakh at the rate of 10.50%, and loans above Rs. 7.5 lakh are available at the rate of 11.10% per annum.
  • 2018-12-17 : MUHS signs education loan pact with four banks
    The Maharashtra University of Health Sciences (MUHS) has signed a MoU with four nationalised banks for education loans for students wishing to pursue medical courses. The MoU has been signed between State Bank of India (SBI), Punjab National Bank (PNB), Industrial Development Bank of India (IDBI) and Bank of Maharashtra (BoM). Students of all undergraduate, post-graduate, fellowship as well as certificate courses having a span of more than a year are eligible to apply for education loan with these banks.
  • 2018-04-24 : PNB education loan rates effective March 1
    PNB offers education loans at nominal rates to eligible students who have been admitted to recognised institutions that offer quality education. These rates have been observed to be hovering around 10.3% for students who wish to study in India and abroad. However, student loan rates for studying in Premier Institutes in India such as IITs and IIMs are as low as 8.3%. These rates stand effective from March 1, 2018.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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