Punjab and Sind Bank Education Loan to Study Abroad

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Many Indian students dream of completing their higher education in a foreign country. They want to get enrolled at one of the most prestigious universities in the world so that their degrees can be recognized worldwide while also receiving top-quality course materials. 

However, the study abroad is undoubtedly one of the most expensive investments. Apart from the university tuition fees, the students also need to consider the expenses of flight tickets, accommodation, and living expenses. Due to the massive investment, many students fail to fulfill their plans to study abroad. 

This is where Punjab and Sind Bank education loans will prove handy. In this blog, we will discuss some crucial pieces of information regarding Punjab and Sind Bank education loans for study abroad programs. 

Schemes and Loans Provided by the Punjab and Sind Bank

For international students who want to pursue higher studies abroad, the Punjab and Sind Bank education loan for study abroad offers three different types of education loan options such as PSB Excellence-Education Loan, PSB Education Loan, and SB Skill Education Loan. Here’s a table with more information:

Name PSB Education Loan PSB Excellence-Education LoanPSB Skill Education Loan
Amount of the Loan INR 10 Lakh for domestic studies and INR 20 Lakh for international studiesINR 20 Lakh INR 5,000- INR 1,50,000 Lakh
Required Collateral No collateral is necessary for loans less than INR 4 Lakh. But the parents should join be borrowers 
A co-applicant or collateral would be required more a loan amount of more than INR 4 Lakh
banks require a co-applicant instead of any collateral The banks require parents to become joint borrowers instead of any collateral 
Interest Rate 8.60% – 9.10%8.85% – 9.05%10.10%
Margin Money N/A- Up to INR 4 Lakh
5%- Above 4 lakh 
15%- For overseas education 
N/A- Up to INR 4 Lakh
5%- Above 4 lakh
Processing FeesNilNilNil
Tenure of Repayment 15 years 10 years 3-7 years depending on the loan amount 

Benefits of the Punjab and Sind Bank Education Loan

There are numerous reasons why applying for the Punjab and Sind bank education loan for study abroad would prove beneficial for you:

  • The interest rate is comparatively lower than the other banks 
  • The government-provided interest subsidy schemes can be applied without any problems. 
  • Section 80E as per interest payment is applicable. 

Loan Process 

If you want to apply for Punjab and Sind Bank education loan to study abroad, here are a couple of important steps you need to remember:

  • Make sure you visit the official website of the bank as you can apply for the loan directly from there. 
  • Make sure you fill in all the necessary details as well as upload the relevant documents 
  • Apart from submitting the form, you also need to take a printout. 

When you’re done with the online application process, you need to visit the nearest branch of the Punjab and Sind bank for the other formalities. 

Also Read: Secured vs Unsecured Education Loans

Expenses Covered

This is one of the most important things you should know. Here are some of the most common expenses that will be covered by the Punjab and Sind bank education loan for study abroad:

  • Library fees 
  • Exam fees 
  • Tuition fees 
  • Accommodation costs 
  • Cost of uniforms, books, instruments, etc
  • Miscellaneous expenses like thesis, project work, study tours, etc

Must Read: Understanding Education Loan Application Process

Eligible Courses to Study in India

Here are the eligible courses to study in India:

  • Any type of UG or PG degree from universities that has AICTE/ ICMR/ AIBMS/Govt. Recognition. 
  • Diploma or degree courses such as pilot training, aerospace engineering, etc. 

Eligible Courses to Study Abroad

Here are the eligibility courses for studying abroad under this specific education loan:

  • Graduate courses for technical courses as well as professional courses. 
  • PG courses such as MBA, MCA, etc. from a prestigious university. 
  • Courses conducted by the CIMA-London. 

Also Read: Choose the Right Student Loan for Studying Abroad

Documents Required

This is another important thing you need to keep in mind about the Punjab and Sind Bank Education loan for studying abroad. Here are the documents you need to submit:

  • Signed application form for the education loan
  • Passport-sized photographs 
  • Admission proof from the university 
  • Relevant mark sheets 
  • An estimated chart of expenses 
  • Passport 
  • Address proof
  • Identity proof 


Q1. Is there any age limit while applying for Punjab and Sind Bank education loans?

Ans. Keep in mind there won’t be any age limit while applying for an education loan from this specific bank. But keep in mind that the parents need to be joined, borrowers.

Q2. Under whose name the bank will grant the loan?

Ans. The bank will grant loans under the name of the applicant or the name of the student.

Q3. Will the bank execute the contract of loan under the student’s name?

Ans. No, the loan amount as well as the contract will be executed under the name of the co-borrower as well the student.

This is everything you needed to know about the Punjab and Sind Bank Education loans. Make sure you contact Fly Finance if you’re facing problems with your student loans and the professionals will undoubtedly help you.

About Biprojit Chakraborty

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