{"id":7463,"date":"2023-10-05T18:36:48","date_gmt":"2023-10-05T13:06:48","guid":{"rendered":"https:\/\/fly.finance\/blog\/?p=7463"},"modified":"2023-10-05T18:36:49","modified_gmt":"2023-10-05T13:06:49","slug":"vidya-lakshmi-education-loan-punjab-and-sind-bank","status":"publish","type":"post","link":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-education-loan-punjab-and-sind-bank\/","title":{"rendered":"Vidya Lakshmi Education Loan Punjab and Sind Bank: A Comprehensive Guide&nbsp;"},"content":{"rendered":"\n<p>The Vidya Lakshmi portal is a single-window electronic platform that aims to provide educational loans and scholarships to meritorious students. The IT-based mechanism is a first of its kind and helps students keep track of their application status.&nbsp;<\/p>\n\n\n\n<p>Vidya Lakshmi was launched in 2015 under the joint efforts of the Ministry of Finance, the Ministry of Education, and the Indian Banks Association (IBA). Today, around 44 banks are registered with the <a href=\"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-education-loan\/\"><strong>Vidya Lakshmi Portal Education Loan<\/strong><\/a> and provide different loan schemes and scholarships for students planning to study in India and abroad.&nbsp;<\/p>\n\n\n\n<p>Punjab and Sind Bank is one such bank that provides schemes for students <a href=\"https:\/\/fly.finance\/blog\/education-loan\/how-to-apply-for-education-loan-through-vidya-lakshmi-portal\/\"><strong>applying for an education loan<\/strong><\/a> on the Vidya Lakshmi portal. In this blog, we are going to cover the important details about the Punjab and Sind Bank Vidya Lakshmi Education Loan.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><h2 id=\"table-of-contents\">Table of contents<\/h2><ul><li><a href=\"#h-benefits-of-punjab-and-sind-bank-vidya-lakshmi-education-loan\" data-level=\"2\">Benefits of Punjab and Sind Bank Vidya Lakshmi Education Loan<\/a><\/li><li><a href=\"#h-how-to-apply-for-punjab-and-sind-bank-vidya-lakshmi-education-loan\" data-level=\"2\">How to Apply for Punjab and Sind Bank Vidya Lakshmi Education Loan?<\/a><\/li><li><a href=\"#h-minimum-eligibility-criteria\" data-level=\"2\">Minimum Eligibility Criteria<\/a><\/li><li><a href=\"#h-interest-rates\" data-level=\"2\">Interest Rates\u00a0<\/a><\/li><li><a href=\"#h-is-there-any-processing-fee\" data-level=\"2\">Is there any Processing Fee?<\/a><\/li><li><a href=\"#h-documents-required\" data-level=\"2\">Documents Required<\/a><\/li><li><a href=\"#h-expenses-covered\" data-level=\"2\">Expenses Covered<\/a><\/li><li><a href=\"#h-faqs\" data-level=\"2\">FAQs?<\/a><\/li><\/ul><\/div>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td>Name of the scheme<\/td><td>Model Education Loan Scheme<\/td><\/tr><tr><td>What is the objective of the scheme<\/td><td>To provide financial support to meritorious students for pursuing higher education in India and abroad.<\/td><\/tr><tr><td>What expenses are covered<\/td><td>Tuition fees, hostel fees, cost of books, laptop cost, etc.<\/td><\/tr><tr><td>What is the repayment period<\/td><td>Upto INR 7.5 Lakhs &#8211; 120 months<br>Above INR 7.5 Lakhs &#8211; 180 months<\/td><\/tr><tr><td>Is there any concession in RoI for female students<\/td><td>A 0.50% concession is given to female students.<\/td><\/tr><tr><td>What is the interest rate<\/td><td><strong>For Male Borrowers: (Floating)<\/strong><br>&#8211; Upto INR 4 lakhs: 10.75%<br>&#8211; Between INR 4 lakhs to INR 7.5 lakhs: 10.75%<br>&#8211; Above INR 7.5 lakhs: 10.25%<br><br><strong>For Female Borrowers: (Floating)<\/strong><br>&#8211; Upto INR 4 lakhs: 10.25%<br>&#8211; Between INR 4 lakhs to INR 7.5 lakhs: 10.25%<br>&#8211; Above INR 7.5 lakhs: 9.75%<\/td><\/tr><tr><td>What is the maximum moratorium period<\/td><td>12 months<\/td><\/tr><tr><td>Who is accepted as joint borrowers with the student for education loans<\/td><td>Usually, parent(s)\/guardian are considered as joint borrowers. In the case of married individuals, the spouse or the parent(s)\/parents-in-law can also be considered as joint borrowers.<\/td><\/tr><tr><td>Is there any upper limit to the maximum quantum of finance for education loans in India and abroad<\/td><td>No, there is no such upper limit.<\/td><\/tr><tr><td>Is there any requirement of security for education loans up to INR 4 Lakhs<\/td><td>There is no requirement of security. However, parents need to be joint borrowers.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-benefits-of-punjab-and-sind-bank-vidya-lakshmi-education-loan\"><span id=\"benefits-of-punjab-and-sind-bank-vidya-lakshmi-education-loan\">Benefits of Punjab and Sind Bank Vidya Lakshmi Education Loan<\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Longer repayment period of 10-15 years (excluding moratorium).<\/li>\n\n\n\n<li>The loan will cover tuition fees, hostel fees, the cost of books, etc.<\/li>\n\n\n\n<li>Reimbursement of laptop cost.<\/li>\n\n\n\n<li>ROI concession to female students.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-apply-for-punjab-and-sind-bank-vidya-lakshmi-education-loan\"><span id=\"how-to-apply-for-punjab-and-sind-bank-vidya-lakshmi-education-loan\">How to Apply for Punjab and Sind Bank Vidya Lakshmi Education Loan?<\/span><\/h2>\n\n\n\n<p>It is easy to apply for the Vidya Lakshmi Education Loan from Punjab and Sind Bank through the Vidya Lakshmi Portal. Students are required to visit the official website of the Vidya Lakshmi Portal and <a href=\"https:\/\/fly.finance\/blog\/education-loan\/how-to-log-in-to-vidya-lakshmi-portal\/\"><strong>log in<\/strong><\/a> as a student. In case, you do not have an account on this portal, then you will first have to <a href=\"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-education-loan-registration-process\/\"><strong>register<\/strong><\/a>.<\/p>\n\n\n\n<p>Here is the step-by-step process that you need to follow after logging in:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Start the online application process through the Vidya Lakshmi Portal.<\/li>\n\n\n\n<li>While filling out the application form, select Punjab and Sind Bank as the lender.<\/li>\n\n\n\n<li>After selecting the bank, mention the required loan amount.<\/li>\n\n\n\n<li>Provide the necessary details and the supporting documents.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Must Read: <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/indian-bank-education-loan-vidya-lakshmi-portal\/\"><strong>Indian Bank Education Loan Vidya Lakshmi Portal: A Comprehensive Guide<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-minimum-eligibility-criteria\"><span id=\"minimum-eligibility-criteria\">Minimum Eligibility Criteria<\/span><\/h2>\n\n\n\n<p>The minimum eligibility criteria for availing of this loan are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The student should be an Indian national.<\/li>\n\n\n\n<li>The student should have secured admission to higher education courses in a recognised institution in India or abroad through an Entrance test\/Merit based selection process after completion of HSC\/ Graduation.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-interest-rates\"><span id=\"interest-rates\">Interest Rates&nbsp;<\/span><\/h2>\n\n\n\n<p>The interest rates charged on the Punjab and Sind Bank Vidya Lakshmi Loan largely depend on the loan amount that you are taking. Below are the details about the same:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Loan Amount<\/strong><\/td><td><strong>For Male Borrowers: (Floating)<\/strong><\/td><td><strong>For Female Borrowers: (Floating)<\/strong><\/td><\/tr><tr><td>Upto INR 4 lakhs<\/td><td>10.75%<\/td><td>10.25%<\/td><\/tr><tr><td>Between INR 4 lakhs to INR 7.5 lakhs<\/td><td>10.75%<\/td><td>10.25%<\/td><\/tr><tr><td>Above INR 7.5 lakhs<\/td><td>10.25%<\/td><td>9.75%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-is-there-any-processing-fee\"><span id=\"is-there-any-processing-fee\">Is there any Processing Fee?<\/span><\/h2>\n\n\n\n<p>No processing fee or upfront charges are levied on loans sanctioned under the scheme. However, borrowers are supposed to deposit INR 2,000 (for studies abroad), in savings accounts, in lieu of the processing fee. This amount is a reserve and its withdrawal is allowed only after full availing of the loan. Otherwise the same is recovered as a processing fee.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-documents-required\"><span id=\"documents-required\">Documents Required<\/span><\/h2>\n\n\n\n<p>Below is the list of documents that you need to submit while applying for the education loan:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>PAN card<\/li>\n\n\n\n<li>Aadhaar card<\/li>\n\n\n\n<li>Voter\u2019s ID\/Passport\/Driving License for Identification<\/li>\n\n\n\n<li>Telephone Bill \/ Electricity Bill for residential proof<\/li>\n\n\n\n<li>Application form<\/li>\n\n\n\n<li>Passport size photographs<\/li>\n\n\n\n<li>Offer letter<\/li>\n\n\n\n<li>A valid passport and visa<\/li>\n\n\n\n<li>Academic mark sheets from Xth standard to highest education<\/li>\n\n\n\n<li>Income proof of the guarantor\/Income certificate<\/li>\n\n\n\n<li>Collateral security documents<\/li>\n\n\n\n<li>Assets and liabilities statement of co-applicant and guarantor<\/li>\n\n\n\n<li>Sources of funds to repay the amount of the loan<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-expenses-covered\"><span id=\"expenses-covered\">Expenses Covered<\/span><\/h2>\n\n\n\n<p>This education loan will cover both the university and accommodation fees. The below-mentioned list will help you in understanding the <a href=\"https:\/\/leverageedu.com\/blog\/expenses-covered-in-education-loan\/\"><strong>expenses covered <\/strong><\/a>under the loan.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Fees payable to college\/hostel, examination fees&nbsp;<\/li>\n\n\n\n<li>Library and laboratory fees<\/li>\n\n\n\n<li>Travel expenses\/passage money for studies abroad<\/li>\n\n\n\n<li>Insurance premiums for students, if applicable<\/li>\n\n\n\n<li>Caution deposit, Building fund\/ refundable deposit supported by institution bills\/receipts<\/li>\n\n\n\n<li>Expenses incurred on purchase of books\/equipment\/ instruments\/ uniforms<\/li>\n\n\n\n<li>Purchase of computers<\/li>\n\n\n\n<li>Any other expenses required to complete the course like study tours, project work, thesis, etc.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-education-loan-sbi\/\"><strong>Vidya Lakshmi Education Loan From SBI: Application Process, Interest Rate &amp; Other Details<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs\"><span id=\"faqs\">FAQs?<\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1696510831580\"><strong class=\"schema-faq-question\">What expenses are considered for a loan under the scheme?<\/strong> <p class=\"schema-faq-answer\">The following expenses are covered under this scheme:<br\/>&#8211; Fees payable to college\/hostel, examination fees<br\/>&#8211; Library and laboratory fees<br\/>&#8211; Travel expenses and passage money for studies abroad<br\/>&#8211; Insurance premium for the student<br\/>&#8211; Expenses incurred on the purchase of books\/, equipment, instruments, uniforms<br\/>&#8211; Purchase of computers<br\/>&#8211; Any other expenses required to complete the course like study tours, project work, thesis, etc.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1696510861956\"><strong class=\"schema-faq-question\">Whether an education loan can be given to more than one child from the same family?<\/strong> <p class=\"schema-faq-answer\">Yes, it can be given as it does not affect the eligibility of another meritorious student obtaining an education loan from the same family.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1696510873674\"><strong class=\"schema-faq-question\">What is the moratorium period for education loans?<\/strong> <p class=\"schema-faq-answer\">The moratorium period allowed for education loans is the course period + 1 year.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1696510882885\"><strong class=\"schema-faq-question\">Is there any concession available on the RoI for female students under the Punjab &amp; Sind Bank Vidya Lakshmi Education Loan?<\/strong> <p class=\"schema-faq-answer\">Yes, a 0.50% concession is given to female students under this loan scheme.<\/p> <\/div> <\/div>\n\n\n\n<p>This blog was all about the details of applying for an education loan from the Punjab and Sind Bank through the Vidya Lakshmi Portal. Hope this blog was helpful in clarifying your doubts about this loan scheme.&nbsp;<\/p>\n\n\n\n<p>Please note that all the information mentioned above has been taken from the Vidya Lakshmi Portal and as these details may change over time, it is recommended that the students visit the Vidya Lakshmi Portal and the bank\u2019s website from time to time before applying for the loan.&nbsp;<\/p>\n\n\n\n<p>To know more about the Vidya Lakshmi Education Loan, the best <a href=\"https:\/\/fly.finance\/international-bank-account\"><strong>international bank accounts for students<\/strong><\/a>, forex and banking experience for global students or <a href=\"https:\/\/fly.finance\/blog\/money-transfer\/\"><strong>international money transfers<\/strong><\/a>, reach out to our experts at 1800572126 to help ease your <a href=\"https:\/\/leverageedu.com\/\"><strong>study abroad<\/strong><\/a> experience. Follow our social media handles on <a href=\"https:\/\/twitter.com\/flydotfinance\"><strong>Twitter<\/strong><\/a>, <a href=\"https:\/\/www.linkedin.com\/company\/flyfinance\/\"><strong>LinkedIn<\/strong><\/a> and <a href=\"https:\/\/instagram.com\/flydotfinance\"><strong>Instagram<\/strong><\/a>.&nbsp;<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Vidya Lakshmi portal is a single-window electronic platform that aims to provide educational loans and scholarships to meritorious students. The IT-based mechanism is a first of its kind and helps students keep track of their application status.&nbsp; Vidya Lakshmi was launched in 2015 under the joint efforts of the Ministry of Finance, the Ministry &#8230; <a title=\"Vidya Lakshmi Education Loan Punjab and Sind Bank: A Comprehensive Guide&nbsp;\" class=\"read-more\" href=\"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-education-loan-punjab-and-sind-bank\/\" aria-label=\"Read more about Vidya Lakshmi Education Loan Punjab and Sind Bank: A Comprehensive Guide&nbsp;\">Read more<\/a><\/p>\n","protected":false},"author":26,"featured_media":7466,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-7463","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Vidya Lakshmi Education Loan Punjab and Sind Bank: A Comprehensive Guide&nbsp;<\/title>\n<meta name=\"description\" content=\"This blog includes the details about the Vidya Lakshmi Education Loan Punjab and Sind Bank. 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Singh"},"url":"https:\/\/fly.finance\/blog\/author\/adrika\/"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-education-loan-punjab-and-sind-bank\/#faq-question-1696510831580","position":1,"url":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-education-loan-punjab-and-sind-bank\/#faq-question-1696510831580","name":"What expenses are considered for a loan under the scheme?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"The following expenses are covered under this scheme:<br\/>- Fees payable to college\/hostel, examination fees<br\/>- Library and laboratory fees<br\/>- Travel expenses and passage money for studies abroad<br\/>- Insurance premium for the student<br\/>- Expenses incurred on the purchase of books\/, equipment, instruments, uniforms<br\/>- Purchase of computers<br\/>- Any other expenses required to complete the course like study tours, project work, thesis, etc.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-education-loan-punjab-and-sind-bank\/#faq-question-1696510861956","position":2,"url":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-education-loan-punjab-and-sind-bank\/#faq-question-1696510861956","name":"Whether an education loan can be given to more than one child from the same family?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Yes, it can be given as it does not affect the eligibility of another meritorious student obtaining an education loan from the same family.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-education-loan-punjab-and-sind-bank\/#faq-question-1696510873674","position":3,"url":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-education-loan-punjab-and-sind-bank\/#faq-question-1696510873674","name":"What is the moratorium period for education loans?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"The moratorium period allowed for education loans is the course period + 1 year.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-education-loan-punjab-and-sind-bank\/#faq-question-1696510882885","position":4,"url":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-education-loan-punjab-and-sind-bank\/#faq-question-1696510882885","name":"Is there any concession available on the RoI for female students under the Punjab &amp; Sind Bank Vidya Lakshmi Education Loan?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Yes, a 0.50% concession is given to female students under this loan 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