PNB Udaan
Education Loan Scheme For Students Pursuing Higher Education Abroad.
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.
– Degree/Diploma courses like aeronautical, pilot training, shipping, etc. provided these are recognized by competent regulatory bodies abroad for the purpose of employment abroad.
– List of Premier Foreign Universities and Educational Institutes Click Here
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 a 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 an Indian national.
– 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 repaying capacity of the parents/students with margin.
– Reimbursement of fees paid within six months may be considered on the 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 a 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
Prepayment Charges: Nil
Rate Of Interest: Click Here
Processing Charges/ Upfront Fee: Click Here
Documentation Charges: Click Here
Note: Above is only salient features of the scheme. For details please contact the nearest branch.