PNB Overseas Education Loan: Details, Eligibility, Process

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PNB Overseas Education Loan: Studying abroad is a dream for many students, but the high costs of tuition, accommodation and other expenses can often make it seem impossible. Fortunately, PNB Overseas Education Loan can provide the necessary financial assistance to help you achieve your educational goals abroad.

In this article, we will discuss PNB Overseas Education Loan in depth along with eligibility, process, and limit, so you can make an informed decision and successfully apply for this loan.

PNB Abroad Education Loan – Overview

PNB (Punjab National Bank) is one of the most trusted and reliable banks in India that provides loans for overseas education. Check out the overview of PNB Abroad Education Loan overview provided in the table shown below:

Bank Name Punjab National Bank 
Minimum amount From a branch- INR 40 Lakh
From a regional processing centre- INR 60 Lakh
From a corporate centre (after special permission)- above INR 60 Lakh
Eligibility Should be a resident Indian
Should have got a merit-based admission to a well-ranked & recognized university abroad  
Interest Rate 9.55% (Non-listed colleges)
8.80% (Listed colleges)
Margin Money 15%
Repayment Period15 Year 
Moratorium Period 1 year after the course completion 
Processing Fee 1 % of the total loan amount 

Why Choose PNB for Overseas Education?

Choosing the right bank to finance your overseas education can be a daunting task. With so many options available, it’s important to consider the benefits of each bank to make an informed decision. Here are some reasons why you should choose PNB for your overseas education loan:

  • Low-Interest Rates: PNB offers competitive interest rates on their overseas education loans, which makes it an affordable option for students. The interest rates start from 9.20%, which is lower than most other banks.
  • Flexible Repayment Options: PNB provides flexible repayment options to students, depending on their financial situation. You can choose to repay the loan in monthly, quarterly, or annual instalments, as per your convenience.
  • Higher Loan Amounts: PNB offers higher loan amounts of up to INR 50 lakhs for overseas education, which can cover your tuition fees, accommodation, and other expenses. The loan amount is also dependent on various factors such as the course, destination, and financial situation.
  • Quick Loan Disbursal: PNB ensures quick disbursal of the loan amount to the foreign university/institution, which ensures that you can commence your studies without any delay.
  • Transparent Policies: PNB is known for its transparent policies and procedures, which ensure that there are no hidden charges or fees associated with the loan. This makes it easier for students to plan their finances accordingly.

Read all about Canara Bank Education Loan here!

Courses and universities are Eligible for PNB Education loan 

The PNB education loan are very rigid in terms of universities and courses

Undergraduate courses Professional and technical courses
Graduate coursesPopular courses like MBA, MS, etc.
Vocational course Courses conducted by CPA in the USA, CIMA in London 

PNB Overseas Education Loan Limit

PNB offers loans of up to INR 50 lakhs for studies abroad, although the exact amount depends on various factors such as your course, destination, and financial situation. The loan amount is typically disbursed in instalments as per the requirements of the foreign university/institution.

  • INR 40 Lakhs from a Branch 
  • INR 60 Lakhs from a Regional processing centre
  • INR 60 Lakhs from a Corporate Centre 

Find out how to get an Education Loan without Collateral

PNB Overseas Education Loan Eligibility

To be eligible for PNB Overseas Education Loan, you must meet the following criteria:

  • You must be a citizen of India
  • You must have secured admission to a recognized foreign university/institution for a course of study
  • You must have a co-borrower who has a steady source of income and can provide collateral security for the loan
  • You must be between 16 and 35 years of age

PNB Overseas Education Loan Process

To apply for PNB Overseas Education Loan, follow these steps:

  • Determine the amount you need: Before applying for the loan, you must have a clear idea of the amount you require for your education. You can calculate this based on your tuition fees, living expenses, and any other relevant costs.
  • Apply for the loan: Once you have all the necessary documents, you can visit the nearest PNB branch to apply for the loan. You will be required to fill out an application form and submit the required documents.
  • Loan approval and disbursal: After the bank reviews your application and documents, they will approve the loan if you meet the eligibility criteria. Once the loan is approved, the amount will be disbursed directly to the foreign university/institution to pay for your education.

Documents Required

These are the following documents required to be submitted by students to apply for the loan 

  • Admission letter from a foreign university/institution
  • Proof of identity (passport, PAN card, voter ID card, or driving license)
  • Proof of residence (utility bills, ration card, or rental agreement)
  • Income proof of the co-borrower
  • Collateral security documents

Know all about IOB Indian Overseas Bank Education Loan

FAQs

Q1. What is the interest rate for PNB Overseas Education Loan?

Ans. The interest rate for PNB Overseas Education Loan varies depending on the loan amount and tenure. As of March 2023, the interest rate ranges from 9.20% to 10.25%.

Q2. Can I apply for the loan without a co-borrower?

Ans. No, a co-borrower is mandatory for PNB Overseas Education Loan as they provide collateral security and ensure timely repayment of the loan.

Q3. How long does it take to process the loan?

Ans. The loan processing time can vary depending on the completeness of your application and the bank’s internal procedures. It can take anywhere from a few days to a few weeks for the loan to be approved and disbursed.

Need financial assistance regarding Education Loans abroad? Reach out to Fly Finance now!

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