Punjab & Sind Bank Education Loan

Eligibility

For Vocational Education

Vocational/Skill development courses of duration from 2 months to 3 years run or supported by: A ministry/Department//Organization of the Government or a company/society/organization supported by National Skill Development Corporation or State Skill Mission/State Skill Corporations, preferably leading to a certificate/diploma/degree etc. issued by the Govt. Organization or an organization recognized/authorized by the government to do so. State Level Bankers Committee (SLBC) may add other skill development courses/programmes,having good employability.

For Higher Studies in India and Abroad:

Studies in India: (Indicative list)

Approved courses leading to graduate/ post graduate degree and P G diplomas conducted by recognized colleges/ universities recognized by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc.
Courses like ICWA, CA, CFA etc.
Courses conducted by IIMs, IITs, IISc, XLRI. NIFT,NID etc.
Regular Degree/Diploma courses like Aeronautical, pilot training, shipping, nursing or any other discipline, approved by Director General of Civil Aviation/Shipping/Indian Nursing Council or any other regulatory body as the case may be, if the course is pursued in India.
Approved courses offered in India by reputed foreign universities.

Note:The above list is indicative in nature. Courses other than the above offered by reputed institutions may also be considered on the basis of employability.

Studies abroad

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 in India/abroad for the purpose of employment in India/abroad.

Quantum of Finance

For vocational Education

For Courses of duration upto 3 months	Rs. 20,000/-
For Courses of duration 3 to 6 months	Rs. 50,000/-
For Courses of duration 6 months to 1 year	Rs. 75,000/-
For Courses of duration above 1 year	Rs. 1,50,000/-

For Higher Education in India and Abroad

Studies in India	Maximum upto Rs. 10 lakhs.
Studies Abroad	Maximum upto Rs. 20 lakhs.

Margin

Upto Rs. 4 lakhs

Nil (including vocational studies)

Above Rs. 4 lakhs

Studies in India 5%
Studies in Abroad 15%

Rate of Interest

For higher studies in India & abroad

Category	Loan up to Rs.4 Lac	Loan Above Rs.4 Lac & up to Rs.7.50 Lac	Above Rs.7.50 Lac
General Public	BR (9.75%) +3.00%= 12.75%	BR (9.75%)+3.25%= 13.00%	BR (9.75%)+2.50%= 12.25%
Staff as Co-Borrower	BR (9.75%)+2.00%= 11.75%	BR (9.75%)+2.25%= 12.00%	BR (9.75%)+1.50%= 11.25%
Concession in Interest	No Concession	0.50%	No Concession

Additional concession of 0.50% for girl students
Additional concession @1% to all borrowers on account of service of interest during moratorium period.

*All the concessions are subject to charging of minimum of base rate of the Bank.

For Skill Loan Scheme

Category	Rate of Interest (p.a.)
General Public	BR (9.75%) + 3.00% = 12.75%
Staff as Co-Borrower	BR (9.75%) + 2.00% = 11.75%

1% Int. concession, if Int. is served during study & moratorium period.

Processing fee

For vocational Education

Nil

For Higher Education in India and Abroad

Nil. However, for students studying abroad, refundable security of Rs. 2000/- in lieu of processing fee, in Saving account, to be kept under reserve.

Security

In case of vocational education

No Security( Parents to be joint borrower)

In case of Higher Education in India & Abroad

Upto Rs. 4 lakhs: NO Security( Parents to be joint borrowers).
Above Rs. 4 lakhs and upto Rs. 7.5 lakhs

Parents to be joint borrower
Collateral security in the form of suitable third party guarantee

Above Rs. 7.5 lakhs

Parent(s) to be joint borrower(s)
Tangible collateral security of suitable value acceptable to bank, along with the assignment of future income of the student for payment of installments

Repayment

For Vocational Courses

Loans upto Rs. 50,000/-	Upto 2 years
Loans between Rs. 50,000/- to Rs. 1.00 lac	2 to 5 years
Loans above Rs. 1.00 lac	3 to 7 years

For Education loan scheme for pursuing Higher Education in India & Abroad:

For loans upto Rs. 7.5 lakhs	upto 10 years
For loans above Rs. 7.5 lakhs	upto 15 years

Prepayment

No pre-payment penalty is to be levied for prepayment of loan any time after the commencement of repayment.

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