PNB Pravasi Shiksha Loan
Education Loan Scheme For Overseas Citizens In India (OCI)/ Person Of Indian Origin {PIO}/ Students Who Are Born Abroad Pursuing Higher Education In India.
Objective: The Education Loan Scheme “PNB Pravasi Shiksha Loan” aims at providing financial support to meritorious students who are Overseas Citizens in India (OCI)/ Students who are born abroad (Overseas Citizenship by Birth) for pursuing higher education in India. The main emphasis is that a meritorious student is provided with an opportunity to pursue education with financial support from the banking system with affordable terms and conditions.
Eligibility: Overseas Citizen of India (OCI)/ Students who are born to Indian parents during their stay abroad (foreign citizens by birth) and should have secured confirmed admission for a higher education course in identified institutions in India.
KYC Documents: All the relevant documents to be taken from the Borrower/ Co-Borrower/ Guarantor as per the bank’s existing guidelines issued from time to time. A passport is mandatory. In case of OCI borrowers, OCI card is mandatory.
Expenses Considered For Loan:
– All the expenses required to complete the courses including one time to and fro travel expense to India.
– Hostel accommodation offered by the Institute to be included.
– In case the student opts for outside accommodation other than that provided by college/university, the expenses may not be considered for a loan.
Age Criteria: No minimum age limit (Minor is not permitted).
Courses Eligible:
– Full time regular Graduate /Post Graduate/ Diploma (equivalent to Degree)/ Executive Courses.
– Part-time/ Research/ Certificate Courses are not allowed.
Institutes Covered: Identified Educational Institutes in India as per list as per Annexure.
Loan Amount: Need-based.
Margin: 20%.
Security: Equitable/Registered Mortgage of Immovable Property in India in the name of Guarantor(s) with value at least 125% of the loan amount (IP must be other than agricultural or plantation property or farmhouse).
OR
Liquid Security with value at least 125% of the loan amount, in the shape of the pledge of Government Security, NSCs, KVPs, IVPs / PSU Bonds (where interest is being serviced regularly) / Bank`s FDR / LIC Policies (surrender value), etc.
Guarantor(S): Guarantee of Person(s) who is/are offering his/her/their Immovable Property in India or Liquid Security as Collateral Security for the loan is mandatory.
Insurance Cover: Life Insurance Cover is mandatory up to an amount equivalent to the total loan amount including interest accrued during repayment holiday.
Repayment Period: Maximum 10 years (excluding moratorium period).
Repayment Holiday/ Moratorium Period: Course Period + 6 months.
Repayment Mode: Repayment of loan shall be made in Equated Monthly Installment (EMIs). Repayment to be done out of remittances from outside India through normal banking channels or by debit to NRE/FCNR(B)/NRO accounts.
Re-Imbursement Of Fee: Not permitted.
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.