Calculate EMI

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Monthly EMI: 0.00
Total Loan Amount: 0.00
Interest Payable: 0.00
Total Payment (Principal + Interest) 0.00

Education Loan Scheme - PNB Kaushal

  • Objective
  • Purpose
  • Eligibility
  • Quantum Of Finance
  • Margin
  • Security
  • Repayment (Maximum)
  • Repayment Holiday/ Moratorium
  • Prepayment Charges
  • Rate Of Interest
  • Processing Charges/ Upfront Fee
  • Documentation Charges

Objective

  • The Scheme PNB Kaushal aims at providing financial support forpursuing skill development courses.
  • Students who secure admission in: Skill development courses of no minimum course duration;

Purpose

  • Tuition/ course fee.
  • Examination/ Library/ Laboratory fee.
  • Caution deposit.
  • Purchase of books, equipments and instruments.
  • Any other reasonable expenditure found necessary for completion of thecourse.

Eligibility

  • Should be an Indian national.
  • Student should have secured admission in a course run by IndustrialTraining Institutes (ITIs), Polytechnics or in a school recognizedby central or State education Boards or in a college affiliated torecognized university, training partners affiliated to National SkillDevelopment Corporation (NSDC)/Sector Skill Councils, State SkillMission, State Skill Corporation, preferably leading to a certificate /diploma / degree issued by such organization as per National SkillQualification Framework (NSQF).

Quantum Of Finance

  • Need Based finance to meet expenses on course subject to the following ceilings:
  • Minimum Rs.5000/-
  • Maximum Rs 1,50,000/-

Margin

  • Nil

Security

  • Parent(s)/guardian as joint borrower.No collateral or third party guarantee is required.

Repayment (Maximum)

  • For Loans upto Rs. 50,000 - Upto 3 years.
  • For Loans between Rs. 50,000 to Rs. 1 lakh - Upto 5 years
  • For Loans above Rs. 1 lakh - Upto 7 years

Repayment Holiday/ Moratorium

  • For courses of duration upto 1 year - 6 months from the completion of the course.
  • For courses of duration above 1 year - 12 months from the completion of the courses.

Prepayment Charges

  • NIL

Rate Of Interest

-

Processing Charges/ Upfront Fee

  • -

Documentation Charges

  • -
Scheme Banner
FAQ Thumbnail
Who can apply for the loan?

Any Indian National is eligible for Education Loan.

Who can be co-obligant ?

The parents, grandparents, spouse, parents-in-law can be co-obligant.

What is the minimum amount of loan?

Rs. 0.50 lakh

What is the maximum amount of loan?

Rs. 1.50 lakh

Whether higher than the amount mentioned above can be sanctioned?

No.

Whether additional loan for the same course can be given?

Requirement of additional Education loan for the same course for which loan has already been sanctioned may be considered on merits as a part of the original project within the maximum loan amount limit of Rs. 1.50 lakh.

Whether additional loan for further skill development courses is available?

Top up loans to students pursuing further skill development courses within the overall eligibility limit, may be considered on merits.

For how long a period can I get the loan?

The loan is granted for the full term of the course and repayment is permitted within 3 to 7 years after repayment holiday/ moratorium, depending on the quantum of loan sanctioned.
Loans upto Rs. 50,000 - Upto 3 years
Loans between Rs. 50,000 to Rs 1 lakh - Upto 5 years
Loans above Rs. 1 lakh - Upto 7 years

What is the repayment holiday / moratorium period ?

For course of duration upto 1 year – 6 months from the course completion. For course of duration above 1 year – 12 months from the course completion.

Is there any concession in interest for Female Beneficiary?

Yes, 0.50% interest concession in the account is available. The rate of interest applicable at any time shall not be below Base rate/ MCLR/ RLLR of the Bank after providing concession in rate of interest.

What is the periodicity of charging of interest?

Simple interest at monthly rests is charged during the repayment holiday/ moratorium period whereas from the due date of repayment, interest is compounded on monthly basis.

Do you levy any penalty for default under the scheme?

There is no penalty for loans upto Rs. 25000/-. However, in case of default, penal interest @ 2% is charged on the outstanding amount.

What are the important documents that I need to provide?

The following documents are required to be furnished:
1. Loan application as per approved Performa of Ministry of Skill Development and Entrepreneurship.
2. Passport size photograph.
3. Proof of Address.
4. Proof of Age.
5. Proof of having secured pass marks in last qualifying examination.
6. Letter of admission in vocational/skill development courses.
7. Prospectus of the course wherein charges like Admission Fee, Examination Fee, Hostel Charges etc. are mentioned.
8. Details of Assets & Liabilities of parents/co-obligants/guarantors.
9. Copy of PAN / Aadhar of student borrower.
10. A declaration/an affidavit confirming that no loans are availed from other banks.
11. Any other document/information, depending upon the case and purpose of the loan.

Are there any charges or processing fee?

-

Since there is a moratorium period, how will my repayments be determined?

The outstanding interest for the moratorium period will be added to the loan amount at the time of commencement of the repayment. The EMI will be determined on this amount at the time the repayment is to commence.

Where can I avail of educational loan?

Loan application is to be submitted online through www.vidyalakshmi.co.in

Interest under PNB Kaushal scheme?

-

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Note on Prerequisites

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