EDUCATION LOAN - PNB SARASWATI
The Scheme aims at providing financial assistance to deserving / meritorious students (Indian Nationals) for pursuing higher professional and technical education in India or abroad.

Studies in India

• 1. Approved courses leading to Graduate/ Post Graduate degree and PG Diplomas conducted by recognized colleges/ universities recognized by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc.
• 2. Courses like ICWA, CA, CFA etc.
• 3. Courses conducted by IIMs, IITs, IISc, XLRI. NIFT, NID etc.
• 4. Regular Degree/Diploma courses like Aeronautical, pilot training, shipping, nursing etc., approved by Director General of Civil Aviation/Shipping, if the course is pursued in India.
• 5. Approved courses offered in India by reputed foreign universities.
• 6. Admission under Management Quota may also be considered.
• 7. For studying part-time job oriented courses (evening classes or otherwise), which are approved/recognized by the regulatory body/ authority.
• 8. Job oriented specialized programmes like maritime courses which are offered in collaboration with foreign institutions and may not be having recognition in India.

Studies abroad

• i) Graduation: For job oriented professional/technical courses offered by reputed universities.
• ii) Post graduation: MCA, MBA, MS, etc.
• iii) Courses conducted by CIMA- London, CPA in USA etc.
• iv) Degree/Diploma courses* like aeronautical, pilot training, shipping etc. provided these are recognized by competent regulatory bodies in India/abroad for the purpose of employment in India/abroad.

*Diploma Course and certificate courses shall not be covered under the eligible courses for study abroad except as mentioned above.

Eligibility:
Student eligibility
a) Should be an Indian National.
b) Should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test/ Merit Based Selection process after completion of HSC(10 plus 2 or equivalent). OR Where the admission is purely based on marks scored in qualifying examinations, there is a cut off percentage of marks of 50% for SC/ST and 60% for General category.

Expenses considered for Loan

• Fee payable to College / School / Hostel
• Examination / Library / Laboratory fee.
• of books / equipments / instruments / uniforms.
• Caution Deposit / Building Fund / Refundable Deposit supported by Institution Bills / Receipts,
• Travel Expenses / Passage money for studies abroad.
• Purchase of computers at reasonable cost, if required for completion of the course.
• Insurance premium for student borrower, if applicable
• Any other expense required to complete the course - like study tours, project work, thesis etc.

Quantum of Finance
Need based finance, subject to employability and earning potential of the student with prescribed margin as per the following ceilings :-
For studies in India: Maximum Rs.10.00 lacs.
For studies abroad: Maximum Rs.20.00 lacs.

Margin

• Upto Rs.4.00 lacs Nil.
• Above Rs.4.00 lacs
  Studies in India 5%
  Studies Abroad 15%

Security

• Upto Rs.4.00 lacs:
  Parent(s)/guardian be made joint borrower (s). No Security
• Above Rs 4.00 lacs and Upto Rs 7.5 lacs:
  Besides the parent(s)/guardian executing the documents as joint borrower(s), collateral security in the form of suitable third party guarantee will be taken
• Above Rs 7.5 lacs:
  Parent(s)/guardian be joint borrower(s).Tangible collateral security of suitable value acceptable to bank alongwith the assignment of future income of the student for payment of installments

Repayment
Repayment of loan will be in equated monthly instalments (EMIs) for period as under:

• For loans upto Rs.7.50 lac - upto 10 years
• For loans above Rs.7.50 lac - upto 15 years

Repayment holiday/Moratorium:
Course period + 1 year or 6 months after getting job, whichever is earlier.
Note : No prepayment penalty is levied for prepayment of loan.


Disclaimer:
     Since the rules, regulations, eligibility conditions, repayments and interests rates etc are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.