| Eligibility : Student
- Student should be an Indian National
- Secured admission to professional / technical courses in India or
abroad through entrance Test / Merit Based Selection process.
Courses
(a) Studies in India
- Graduation courses : B.A. B.Com, B.Sc., etc.
- Post Graduation courses : Masters & Phd.
- Professional Courses: Engg. , Medical, Agriculture , Veterinary,
Law ,Dental, Management , Computer etc.
- Computer certificate courses of reputed institutes accredited to
Deptt. of *electronics or institutes affiliated to university.
- Courses like ICWA , CA , CFA etc.
- Courses conducted by IIM, IIT, IISc , XLRI, NIFT, etc.
- Courses offered in India by reputed foreign universities .
- Evening courses of approved institutes.
- Other courses leading to diploma / degree etc. conducted by colleges/
universities approved by UGC/ Govt/ AICTE /AIBMS/ ICMR etc.
- Courses offered by National Institutes and other reputed private
institutions. Banks may have the system of appraising other institution
courses depending on the future prospects/recognition by user institutions.
(b) Studies Abroad :
- Graduation For job oriented professional/technical courses offered
by reputed universities.
- Post Graduation MCA,MBA,MS etc.
- Courses conducted CIMA-Londin, CPA in USA etc.
Loan Details
Coverage of expenses
- Fee payable to College/School/hostel.
- Examination/library/laboratory fee.
- Purchase 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-essential for the completion of the course.
- Any other expense required to complete the course- like study tours,
project work, Thesis etc.
Quantum
Need based finance subject to repaying capacity of the parents/students
with margin and the following ceilings.
- For studies in India - Maximum Rs.7.50 lacs.
- For studies Abroad - Maximum Rs.15.00 lacs.
Margin
- Upto 4 lacs - Nil
- Above 4 lacs for
- Education in India - 5%
- Education Abroad - 15%
Scholarship/assistantship to be included in margin.
Margin may be brought in on year to year basis as and when disbursements
are made on a pro-rata basis.
Security
- Upto Rs.4.00 lacs - No Security
- Above Rs 4.00 lacs and Upto Rs 7.5 lacs - Collateral in the form of
a suitable third party guarantee. The Bank may, at its discretion
waive third party guarantee if satisfied with the net worth/means of
parent who would be executing the documents as “joint borrower.”
- Above Rs 7.5 lacs - Collateral security of suitable value or suitable
third party guarantee alongwith the assignment of future income of the
student for payment of installments.
Note :
- The loan documents should be executed by both the student and the
parent/guardian as joint borrower.
- The security can be in the form of land/building/Govt. securities/Public
Sector Bonds/Units of UTI,NSC,KVP,LIC Policy, gold, shares/debentures,
bank deposit in the name of student/parent/guardian or any other third
party with suitable margin.
- Wherever the land/building is already mortgaged, the unencumbered
portion can be taken as security on II charge basis provided it covers
the required loan amount.
- In case the loan is given for purchase of computer the same is to
be hypothecated to the Bank.
Banks who wish to support highly meritorious/deserving students without
security may delegate such powers to fairly higher level authority.
Rate of Interest
- Upto Rs. 4 lacs - BPLR(-)1.00%
- Above Rs.4 lacs - BPLR (-)0.50%
Simple interest to be charged during the Repayment holiday/moratorium
period Penal interest @ 2% be charged for above Rs. 4.00 lacs for the
overdue amount and overdue period.
Processing Charges
No processing/upfront charges may be collected on educational loans.
Repayment Repayment holiday/Moratorium : Course period
+ 1 year or 6 months after getting job, whichever is earlier
The loan to be repaid in 5-7 years after commencement of repayment. If
the student is not able to complete the course within the scheduled time
, extension of time for completion of course may be permitted for a maximum
period of 2 years. If the student is not able to complete the course for
reasons beyond his control, sanctioning authority may at his discretion
consider such extension as may be deemed necessary to complete the course.
- The accrued interest during the repayment holiday period to be added
to the principal and repayment in Equated Monthly Instalments (EMI)
fixed.
- 1% interest concession may be provided for loanees if the interest
is serviced during the study period when repayment holiday is specified
for interest / repayment under the scheme.
Contact Details
Head Office
Public Relation Department
Punjab and Sind Bank Ltd.
1st Floor, 21, Rajendra Place, New Delhi-110008
Phone : 011-25719082
Fax : 011-25723793
E-mail : Contact
Now
Website : visit
Punjab and Sind Bank Zonal Offices |
