PNB Education Loans provide students with opportunities to pursue studies with complete financial freedom. Various Punjab National Bank Education Loan schemes have low eligibility requirements and high loan amount availability. There are PNB Student Loan schemes that provide funds for diploma and certificate courses as well, which helps students from rural areas. The Education Loan for Abroad Studies PNB, provide faster loan sanction process and covers different expenses; to help students in the best possible manner. in order to apply for these PNB Education Loans you need to know complete information about the documents required for PNB Education loan.
Education Loan and Documentation Problems
Education Loan Documentation problems always limit the speed of loan sanction process. The common issues that a student might face because of incomplete education loan documents are:-
- Lack of information about subsidies and benefits
- Revisits for various verification
- Insecure Loan: leading to loss of collateral and/or extra charges
- Delay in Loan amount disbursal
- Loan Application rejection
Being ready with the documents required for PNB education loan, not only helps with application process but also clarity in repayment process. We’ve compiled the list of necessary documents required for Punjab National Bank Education Loan Process of application, so that you can get your education loan with ease and pursue your higher education dreams.
Documents required for PNB Education Loan checklist: Pre-Sanction and Post Sanction
The key to getting maximum benefits of an education loan is to have all the documents at hand while applying and even after applying for the loan. PNB Student Loan Departments prescribe the following list of documents for availing any education loan service. There are specific requirement of documents to avail education loan. Then, there are other documents required for PNB Education Loan that you might need to keep submitting periodically for smooth processing of the loan. Following lists will give you clear information about such process and documents.
The detailed list also includes documents required for PNB Education Loan which might not be required for specific Education Loan categories; but it is suggested to have the list handy in order to prevent any last minute hassle.
Documents Required for PNB Education Loan: Pre-Sanction
|Category of Documents required for PNB Student Loan||List of respective documents|
|Identification Documents||Adhaar Card, PAN Card, Voter ID, Driving License, Passport Copy of the borrower (any one)|
|Proof of Address: Electricity/Water/Landline Phone Bill etc.
-or- Attested affidavit from Government Gazzeted Officer (Magistrate, Sarpanch, tehsildar)
|Relationship proof with PNB Employee (co-borrower) (if applicable)|
|Academic Records||Educational marksheet and passing certificates (previous academic level)|
|Letter of Admission to the next Academic Institution|
|Conditional/Provisional Offer Letter (in case of Studies Abroad Loan and PNB Udaan)|
|Fee Structure from Educational Institution|
|Placement records of educational institution|
|Prospectus of the Educational course|
|Financial Records||Details of assets/liability of borrower/co-borrower and guarantor (Property Registry Copy/LIC/FDR/Saving Balance/RC of car/Bike/Securities’ De-Mat Statement/Bullion (Gold etc.) receipts|
|Bank Statement of the borrower/co-borrower/guarantor (latest 1 year at least)|
|Salary Slips (last 1 year)/ Form 16 IT Returns/ CA Audited Balance Sheets of Business/Proof of Business (Deed, agreement etc.)|
|Post dated Cheques- 6 Nos. (atleast)|
|Life Insurance of Applicant Demand letter/policy document (if applicable)|
Documents Required for PNB Education Loan: Post-Sanction
It’s not only that you might need documents before the sanction of PNB Education Loan; you might need some of them after getting the loan as well. PNB Bank takes the education of loan applicants very seriously and wishes to guide them correctly. These documents not only help you to complete the repayment process with ease but also apply for subsidy schemes offered by government. The following Post-Sanction Documents required for Education Loan in PNB, should be regularly submitted for continuous loan disbursal.
- Demand Letter for each installment of institutional expenses sought from Loan Corpus
- Copies of receipts for institutional payments thus made.
- Affidavit of other academic demands (laptop, two wheeler, research, academic tour etc.) duly sanctioned/attested by academic authority
- Transcripts of the applicants’ academic progress (at intervals, as and when issued by the institution)
PNB Education Loan Documentation, Processing and Other Charges you should know about
After knowing the documents required for PNB Education Loan, applicants generally remain unaware of the extra charges and surcharges for loan processing. Students are often confused between education loans terms and terminologies as well. The lack of information among applicants makes them feel that these are hidden charges, but every other bank charges these fees for Education Loan processing.
We’ve now provided below the documentation and processing charges of various PNB Study Loans
PNB Student Loan Charge Type
Rate of Charge and Recurrence details
|Processing Fees||Loan for Indian Institutions||NIL|
|Processing Fees||PNB Udaan (Education Abroad)||1% of Sanctioned Loan Amount
Minimum INR 10000/-
Refundable after 1st disbursement of Loan amount
|Documentation Charges||Loans for Educational Institutions in PNB College List Annexure 1 (IITs, IIMs etc.)||NIL|
|Documentation Charges||Loan upto INR 400000 (4 Lakhs)||INR 270 (fixed)|
|Documentation Charges||Loan more than INR 400000 (4 Lakhs)||INR 450 (fixed)|
|Security and Collateral Inspection Charges||If applicable for loans above INR 750000 (7.5 Lakhs)||INR 250 (excluding taxes)
At least once every three years, till complete loan duration
Did you know: Even entrance exam fees of many international institutions are covered by education loans. SAT Examinations for international institutions, LSATS for global law admissions, and other examinations like GMAT, GRE, TOEFL, IELTS etc. are funded by these student loans. Ask you education loan provider about coverage for these expenses.
Some other details about PNB Study Loans that you should know
Having all the information regarding the documents required for PNB Education Loan and charges allows applicants to be both mentally and economically prepared for taking the loan. Did you know that you can also adjust your PNB Bank Education Loan installments with your scholarships? PNB Education Loan Subsidy on interest paid is also ensured by Government of India CSIS Scheme.
One should always try to explore all options including scholarships for higher education to fund their education. In this era of competition and rising educational expense, only information serves as the appropriate tool for students to achieve their dreams of higher education. There are still more details that you should know about an education loan from PNB. You could visit our other information articles for the details about PNB Education Loan Scheme Limits, Margin Payments, PNB Education Loan EMIs, PNB Education Loan Status etc. Happy Learning!