Punjab National Bank (PNB) is one of the oldest public sector banks in India established in 1894. The bank provides education loans to study abroad under the PNB Udaan scheme at affordable interest rates. You can get an education loan from PNB up to INR 1.5 crore based on your requirements. PNB education loan processing time depends on how all the stages involved in the loan processing are carried out and how promptly the borrower is responding to the enquiries made by the bank. Let’s check how the loan processing works and how long it takes.
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What is PNB Education Loan Processing Time?
Usually, the PNB overseas education loan is processed within 15-20 days and the loan disbursement is made within 72 hours after verifying the documents. The processing time depends on a lot of factors such as time taken in visa approval, admission confirmation from the university, sanctioned amount etc. Also, the borrower should fill and submit the application form ensuring that there is no mistake as it will create an unusual delay in the loan processing. Check below all the major steps to be followed to get an education loan from Punjab National Bank.
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Steps Involved in Loan Processing
Some of the major steps that are necessary to be followed for an education loan are submitting the loan application form along with the relevant documents, sanctioning of loan post verification and loan disbursement. Check the details for all the stages below:
Education Loan Application
It is very important to fill out the loan application properly as any single mistake or incorrect details in the application may lead to rejection of the loan application. To apply for a PNB education loan, you need to fill out the common education loan application form on the Vidya Lakshmi portal. Before submitting the form and relevant documents, check all the details filled by you carefully and then proceed. The bank will receive the application form and start the verification process. Always respond to the bank’s calls and emails properly so that the loan processing can be done on time.
PNB Education Loan Sanction
After receiving the loan application, PNB will start the verification process and credit inquiry will be made. After checking major details like the total loan requirement, net monthly income of co-applicant, university and course selected, debt-to-income ratio etc, the bank will approve the loan (subject to terms and conditions). The bank will also issue a loan sanction letter which you can also show to the university as evidence of financial support.
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Loan Disbursement
After receiving the loan sanction letter, check all the loan-related terms and conditions. The letter will contain details like net eligible loan amount, PNB education loan interest rate, type of interest rate (fixed or floating), repayment period etc. If you agree to all the terms and conditions of the loan, then you need to sign the letter and submit further documents required for PNB education loan. It includes documents like a visa approval letter, details of insurance, a letter of acceptance from the university etc. The bank will verify all the details and initiate the loan disbursement process. PNB education loan disbursement process will take around 24-48 hours. In this way, the PNB education loan processing is done by the bank.
FAQs on PNB Education Loan Processing Time
The processing time for a PNB education loan usually takes 15-20 days. However, the loan processing time can vary depending on various factors such as the application form, documents submitted etc.
Several factors can affect the processing time, including the clarity and accuracy of the submitted documents, verification processes, credit history and score etc.
PNB is known for its fast service and efficient loan processing. However, always try to respond properly to any communication made by the bank about any information or documents. Visit the branch and take follow up with the nodal officer handling your education loan.
If you experience delays beyond the usual loan processing time of the bank, visit the nearest branch of PNB and contact the loan officer or the designated point of contact for updates.
Yes, PNB provides an online tracking system where applicants can monitor the status of their education loan applications. You can simply log in to the Vidya Lakshmi Portal and track the status of the education loan.
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