Punjab National Bank Education Loan EMI Calculator - 2017-2018 StudyChaCha

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Old July 29th, 2017, 02:41 PM
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Default Punjab National Bank Education Loan EMI Calculator

Can you tell me in details about the PNB Saraswati Education Loan offered by PNB (Punjab National Bank) for its customers?
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Old July 29th, 2017, 02:51 PM
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Default Re: Punjab National Bank Education Loan EMI Calculator

The PNB Saraswati Education Loan offered by PNB (Punjab National Bank) is provided to student who wishes to pursue higher education in India.

Eligibility:
One must be an Indian national.

One must have gained admission to any recognized institute in India for a higher education course through an entrance test / merit based selection process, after passing Higher Secondary School i.e. 10+2 or equivalent.

One must have secured admission solely based on marks scored in the qualifying examinations. (Marks cut-off percentage of 60% for General category & 50% for SC/ST is considered).

Expenses Covered:
The loan covers all course related costs and fees for college/school/hostel, exams/ library/laboratory, caution deposit/building fund/refundable deposit (supported with relevant bills/receipts), books & equipment, course related travel, and insurance premium for student borrower.

Quantum of Loan:
One can avail the loan for a maximum amount of Rs 10 lakhs.

Repayment Period:
Loans up to Rs 7.50 lakhs must be repaid in a maximum period of up to 10 years and loans exceeding Rs 7.50 lakhs must be repaid within a maximum period of up to 15 years, in equal monthly instalments (EMIs).

One will be entitled to repayment holiday period of either ‘course duration + 1 year’ OR ‘6 months after getting a job’, whichever occurs earlier.

Interest Rate

Amount of Loan Repayable in Less Than Repayable in 3
3 Years (BR@10%) Years & Above

Up to Rs 4 lakh BR + 3.00% BR + 2.50% + Term Premium
(TP@0.50%)

Over Rs 4 lakh & up to
Rs 7.50 lakh BR + 4.00% BR + 3.50% + TP

Over Rs 7.50 lakh BR + 2.00% BR + 2.00%
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