A large number of students from the country go abroad to study, and the cost of studying abroad is high because the courses are very expensive. Additionally, many students are financially weak and need to take an education loan. Almost all the banks in the country offer education loans. However, the country’s second-largest government bank, Punjab National Bank (PNB), is running a scheme to meet the financial needs of students studying abroad. The name of this scheme is ‘PNB Udaan’.
PNB Udaan offers education loans to students studying abroad without charging any processing fee for loans up to Rs 4 lakh. For loans above this amount, the bank charges a processing fee of 15 per cent. Additionally, scholarship/assistance scholarships are included in the margin.
Eligibility:
The applicant should be a resident Indian.
The applicant must have secured admission to a higher education course in recognized institutions abroad through an entrance test or merit-based selection process after completing a Higher Secondary Certificate (HSC) or an equivalent qualification.
Courses Eligible for Loan:
The bank provides financial assistance to meritorious students of the country to pursue higher education abroad through PNB Udaan. The bank offers loans for job-oriented professional and technical courses.
Post-graduation courses such as MCA, MBA, MS, etc., are eligible for loans. The bank also offers loans for courses like CIMA-London, CPA in the USA, and degree/diploma courses such as aeronautical engineering, pilot training, shipping, etc., under various government subsidy schemes. However, all courses must be recognized by regulatory bodies for employment abroad.
Interest Rate:
According to the Punjab National Bank website, the loan amount is provided based on individual merit and the margin requirement. It may also depend on the reimbursement of fees paid within 6 months.
The interest rate for the loan will vary depending on the CIBIL score. For a CIBIL score of 800 and above, the loan is available at an interest rate of 9.40 per cent for 10 years. For a loan tenure exceeding 10 years, the interest rate will be 9.90 per cent. The repayment period for loans under the Udaan scheme is fixed at 15 years. For more details, you can visit the bank’s website: PNB Udaan.
Disclaimer: Times Bull will not be responsible for any financial investments made, as it is entirely your responsibility. Please consult a financial advisor for better results.