PNB education loans for abroad are a popular choice among students. Education loans under the PNB Udaan scheme help students avail of study abroad loans. It provides higher education loans (need-based financing) at competitive interest rates. Various courses at all levels are considered for financing. The education loan processing time is quick and the disbursement process is quick and smooth. However, to ensure a seamless process, applicants must submit a list of documents.
In this blog, we have prepared a checklist to help you sort out the documents required for a PNB education loan. Continue reading to find out.
Table of contents
What are the Documents Required for the PNB Education Loan?
Documentation is a crucial step in education loan processing and disbursement. The bank verifies the applicant’s and co-applicant’s details. Based on the country, course, family income, collateral documents and academic background, details like loan amount and interest rates are calculated. Thus, applicants are required to submit the documents.
Here’s the list of documents required to get a PNB education loan. Some basic documents are required before loan sanction and some after loan approval. We have compiled the list accordingly.
Recommended Read: Planning to study abroad via financial assistance? Check out our blog on the List of Approved Foreign Universities for Education Loans.
Documents Before Loan Sanction
Check all KYC, financial and academic documents required for PNB education loan below:
| Basic Documents | Duly Filled education loan application form 2 passport-size photographs |
| Applicant’s Academic Documents | Class X mark sheet Class XII mark sheet Bachelor’s result sheet (if applicable) |
| Identity and Address Proof Documents | Aadhaar Card Voter ID Card Passport |
| Financial Documents | For Salaried Last three months’ salary slips Form 16 (of 2 years) Employer’s Identification Card ITR Filed for the last 2 years For Self-Employed/ Businesses ITR filed for the last 3 years Profit and loss account and Balance sheet for the past 3 years Evidence of a business address (if applicable) |
Documents Required after Loan Sanction/ Disbursement Documents
Check the documents that are required to be submitted after loan sanction so that the disbursement process can be initiated:
- Admission Letter from the University
- Result of language proficiency exams like IELTS/ TOEFL/ GMAT/ GRE etc.
- On–campus accommodation fee breakup
- Rent agreement documents (off-campus accommodation)
- Estimate of approximate living costs like food, clothing, electronic gadgets, books, and other study materials
- Approximate estimate of miscellaneous expenses including health insurance, travel costs, study aids, and incidental expenses.
- The self-attested final loan agreement
- Disbursement request form signed by the applicant and co-applicant
- Receipt of margin money paid to the college/university along with the bank statement reflecting the transaction
- Original KYC documents for the student, co-applicant, and guarantor
Also Read: Planning for study abroad loan from SBI? Read this and know the differences between the SBI Student Loan Scheme and SBI Global Ed-vantage Scheme
Points to Remember
Ensuring that all the necessary documents are submitted timelessly on time is important to allow for proper verification which will take time. At each stage of the educational loan approval procedure, documents would have to be properly present. Consider the following key guidelines: Consider the following key guidelines:
- Copy documents avoiding any blurring or uncertainty on printouts for easy readability.
- Provide only genuine certificates; any forgery is strictly prohibited.
- Self-attest all submitted documents.
- Certificates should be issued according to the law by a gazetted officer.
- Do not miss document submission deadlines because this may limit the approval or even cancellation of the loan.
- Ensure that all required PDFs are always ready and handy.
FAQs on PNB Education Loan Documents Required
Along with the education loan application form, applicants must submit the acceptance letter from the university, class 10/12 mark sheet, graduation result, an Aadhar card, salary slips, ITR filing of the last three years, and many more.
Documents relating to identity, address, income, language proficiency, university fee structure, academic background, and application form are required for a PNB education loan.
The PNB education loan interest rates range from 9.25% to 10.75% under the PNB Udaan study abroad scheme.
Punjab National Bank usually takes 7-10 days to process PNB education loans. An upfront fee of 1% is also charged to process and sanction the loan amount.
Punjab National Bank provides need-based financing to study abroad. Students with excellent academic backgrounds and good credit history can avail of higher loan amounts at competitive interest rates.
This was all about the PNB education loan documents required. Make sure to keep them ready and avail of faster loan disbursement from the bank’s side.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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