Punjab National Bank Education Loan interest rate : Investment Banking Education

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Punjab National Bank Education Loan interest rate

Investment Banking Education / November 4, 2014

Age of the Applicant	Upto 35 years for non-employed personnels Upto 45 years in case of working employees/ executives
An Indian National having secured admission to professional/technical courses in recognized institutions. Students seeking admission for higher studies. Permanent employees who are employed for not less than three years with any organisation and who intend to acquire higher professional qualifications and have secured admissions in a reputed institute.
Maximum Loan Amount	Upto Rs. 1, 000, 000 for studies in India; with minimum margin money (own contribution by student/ family) of 5% of total cost for loan above 4 Lakh. No Margin for loan less than 4 Lakh Upto Rs. 2, 000, 000 for studies abroad with minimum margin money (own contribution by student/ family) of 15% of total cost for loan above 4 Lakh. No Margin for loan less than 4 Lakh Upto Rs. 1, 000, 000 for studies at IIT's, IIM's and ISB's with minimum margin money (own contribution by student/ family) of 5% of total cost
Which Cost Heads/ Expenses are Funded by Bank
Co-borrower/ Guarantor/ Security	Loans upto Rs. 4 lakh: Parents or guardian or husband/ in-laws in case of married woman required as co-borrower Loans above Rs. 4 lakh and upto Rs 7.5 lakh: Parents or guardian or husband/ in-laws in case of married woman required as co-borrower, guarantee from third party guarantor required Above Rs. 7.5 lakh: Parents or guardian or husband/ in-laws in case of married woman required as co-borrower
Repayment Frequency	Quarterly or monthly rests. Repayment typically starts 1 year after completing the course or six months after getting a job, whichever is earlier. Loan interest re‐payment will start immediately after disbursement of the first installment of the loan.
Repayment Period	Tenure of an education loan consists of Duration of Study + Grace Period after the Study + Repayment Period. For Indian courses repayment tenure is maximum of 5 years after the commencement of repayment. For Abroad courses repayment tenure is maximum for 7 years after the commencement of repayment. There is no prepayment penalty or charge on early prepayment or foreclosure.
Key Appraisal Criteria	Good academic record with atleast 50% marks in the qualifying examinations. Admission letter from bonafide educational institution. Passport/visa/i-20 form for studies abroad. Net-worth and credit history (CIBIL) of the guarantors.
Tax Benefits	Interest paid on education loan can be claimed as deduction from income of borrower (student) as per Section 80E of the Income Tax Act, 1961. Rebate can be claimed without any upper ceiling or cap. Rebate is available for full time courses, part time courses and vocational courses pursued in India and abroad. Rebate can be claimed within eight (8) years post moratorium period subject to actual payment of interest. Rebate is available for interest paid on loans for education of self, spouse, children or for the student of whom he/she is the legal guardian.

Source: www.myloancare.in