https://www.wemakescholars.com/education-loan/punjab-and-sind-bank
Punjab and Sind Bank Education Loan
✓ Need-based Education Loan
✓ At interest rate starting from 9% P.A.
Table of content
- Punjab and Sind Bank Education Loan Schemes for Abroad Studies
- Punjab and Sind Bank Education Loan Schemes to Study in India
- Government Subsidy Schemes
- Punjab and Sind Bank Processing Fee
- Documents Required for Punjab and Sind Bank Education Loan
- Punjab and Sind Bank Education Loan Insurance:
- Punjab and Sind Bank Loan Margin Calculation
- How to apply for an Education Loan from Punjab and Sind Bank?
- Why go through WeMakeScholars?
- Why and How to Transfer your Education Loan to Punjab and Sind Bank?
- Punjab and Sind bank Education loan EMI Calculation as per Interest Rate
- Punjab and Sind Bank Education Loan Repayment process
- FAQ's
- Need Help? Ask Here!
Punjab and Sind bank is a public sector bank with its headquarters in New Delhi and 25 zonal offices located all over India.
The Punjab and Sind bank offers a range of education loan products for its customers with competitive interest rates.
- Punjab and Sind bank education loan for study abroad
- Punjab and Sind bank education loan to study in India
- Punjab and Sind bank excellence education loan
- Punjab and Sind bank skill education loan
Punjab and Sind Bank Education Loan Schemes for Abroad Studies
Education loan in Punjab and Sind Bank for abroad is provided as per the need of students so the loan amount is not capped up to a range. Here are the details of the Punjab and Sind Bank abroad education loans.
Parameter |
Details |
Loan Limit |
The loan is offered according to the needs of the student so it is not capped to a certain maximum amount. |
Expenses covered |
Study costs
Living expenses
Other
|
Accepted co-applicant |
Parents, parents-in-law, sibling, spouse |
Punjab and Sind Bank Education loan interest rate |
Depends on the profile of the student, but generally,
|
Moratorium Period |
Course Duration plus 1-year |
Repayment Duration |
Tenure can be for a maximum of 15 years |
Repayment policies |
The interest payment is optional in the moratorium period |
Eligibility Criteria |
|
Value of Collateral (only if it is a collateralized education loan) |
The value of collateral should be equal to 125% of the loan amount |
Accepted Collateral |
House, Flat, land and FD |
- The collateral value should be at least 125% of the sanctioned loan amount.
- Students seeking admission for job-oriented courses are eligible for the loan
- There are different types of education loans based on student's requirements. Hence choose the best-suited education loans.
Punjab and Sind Bank Education Loan Schemes to Study in India
The education loan products to study in India are:
- Punjab and Sind Bank education loan to study in India
- Punjab and Sind Bank Excellence Education loan
- Punjab and Sind Bank Skill Education loan
Punjab and Sind Bank Education Loan to Study in India:
The Punjab and Sind Bank education loan to study in India provides financial need-based education loans to students, who need expenses for their studies, travel and living expenses.
Parameter |
Details |
Loan Limit |
Financial need-based loan is offered to attain quality higher education and so the loan amount depends on the requirement of the student |
Expenses covered |
Study costs
Living expenses
Other
|
Accepted co-applicant |
Parents, parents-in-law, sibling, spouse |
Punjab and Sind Bank Education loan interest rate |
|
Moratorium Period |
Course Duration plus 1-year |
Repayment Duration |
Maximum of 15 years as loan tenure |
Repayment policies |
Interest payment optional in the moratorium period |
Eligibility Criteria |
|
Value of Collateral |
125% of the loan amount |
Accepted Collateral |
House, Flat, land, and FD |
Indicative List of the Eligible Courses
- Courses leading to graduate, postgraduate and PG diplomas from universities recognized by AIBMS/UGC/ AICTE/ ICMR/ Govt. etc.
- Courses similar to CA, ICWA, CFA, etc
- Courses conducted by top institutes like IITs, IIMs, IISc, NIFT, and XLRI. NID, etc.
- Job-oriented regular degree/diploma technical or professional courses
- Approved courses offered by reputed foreign universities in India
Get all the details of the Punjab and Sind Bank education loan to study in India by speaking to your financial officer at WeMakeScholars.
Punjab and Sind Bank Excellence Education Loan
The Punjab and Sind Bank excellence education loan is offered to students to pursue quality higher education in the IITs, IIMs, and ISB Hyderabad. Under the Punjab and Sind Bank excellence education loan scheme, up to 20 lacs of unsecured education loans can be offered to study in these prestigious institutions.
Parameter |
Details |
Loan Limit |
|
Expenses covered |
Study costs
Living expenses
Other
|
Accepted co-applicant |
Parents, parents-in-law, siblings, spouse |
Punjab and Sind Bank Excellence Education loan interest rate |
Depends on the category of the institute the student is going to, but the range of interest rates is between 8.50% to 8.70% |
Moratorium Period |
Course Duration plus 1-year |
Repayment Duration |
Tenure of up to 10 years excluding the moratorium period |
Repayment policies |
Interest payment optional in the moratorium period |
Eligibility Criteria |
|
Punjab and Sind Bank Skill Education Loan
Under the Punjab and Sind bank skill education loan, a loan of up to ₹1,50,000 is provided to students to pursue courses in ITI, polytechnic or the courses that help them upskill themselves.
Parameter |
Details |
Loan Limit |
|
Expenses covered |
Study costs
Living expenses
Other
|
Accepted co-applicant |
Parents, parents-in-law, sibling, spouse |
Punjab and Sind Bank Skill Education Loan Scheme |
11% is the general interest rate |
Moratorium Period |
|
Repayment Duration |
|
Repayment policies |
Paying interest in the moratorium period is not mandatory |
Eligibility Criteria |
|
Government Subsidy Schemes
The below schemes are started by the government for the less privileged students.
Dr. Ambedkar Central sector scheme - The scheme provides interest subsidies for overseas studies to OBC and EBC students who are less privileged with a family income of fewer than 8 lacs per annum.
Padho Pardesh scheme - The scheme provides interest subsidies for overseas educational studies for minorities(Muslims, Christians, Sikhs, Buddhists, Jains, and Zoroastrians) whose family income is less than 6 lacs per annum.
Note: The scheme is currently stopped. However, existing beneficiaries as on 31-3-2022 will continue to recieve the interest subsidy as usual.
Central Scheme for Interest Subsidy for Economically Weaker Sections - The Scheme provides interest subsidies to help the students of Economically weaker sections of society whose family income is less than 4.5 lacs per annum. The subsidy is provided for the moratorium period and only for students who are pursuing their education in India.
You can also go through the below video to easily understand about different government subsidy schemes.
Punjab and Sind Bank Processing Fee
There is no processing fee for Punjab and Sind bank for study in India loans. However, the borrower needs to deposit Rs 2000 in their savings account as a processing fee for their education loan. They can withdraw the amount once the full loan amount is availed.
The processing fee is to be paid directly to the bank. WeMakeScholars do not charge any fee to process your education loan.
Documents Required for Punjab and Sind Bank Education Loan
Check your eligibility for an education loan and then submit the following Education Loan document in Punjab and Sind bank to start your education loan process.
Section 1: Application form
Fill out the Punjab and Sind bank education loan form which will be sent to you by your financial officer at WeMakeScholars. With it attach 2 photographs and also sign it.
Section 2: Required Documents for Applicant (student) and co-applicant and/or Guarantor
1. Identity proof
- PAN Card or
- Aadhar card
- Passport if the student is going abroad
2. Proof of your residence
- Voter ID Card
- Aadhaar card
- Telephone Bill
Electricity Bill - Ration card
- Bank account statement
Note- If your current address and permanent address is different, then provide two different address proofs.
3. For co-applicant-
- Salaried co-applicant- 6 months bank account statement.
- Self-employed co-applicant- business transactions of 1 year.
4. Self attest Personal Asset & Liability Statement
Section 3: Applicant academic documents
- Education mark sheets and certificates(10th, 12th, Degree)
- Admission proof for the course (should be reflecting the total duration of the
course) - Fee structure (i-20 for US if available)
- Scorecard of GMAT/IELTS/GRE
- University Ranking
Section 4: Income documents for financial co-applicant
If Salaried
- 3 months salary slip
- Form 16 of last 2 yrs.
- Employers ID card
- Last 2 yrs ITR
If Self-employed
- ITR of last 3 yrs
- Last 3 yrs Balance sheet and Profit & Loss account (for self-employed businessman)
- Address proof of the business
Section 5: Other Documents
- A letter(format provided by the financial officer) stating that leftover expenses will be borne by the co-applicant
- Notarised joint affidavit with the student and co-applicant in Bank’s standard format.
Section 6: Additional docs (if applicable)
- Advance payment receipt(if any are made).
- All loan account statements of pending loans(last 1 year).
- Letter explaining the gap if the students had a failure/break in studies on Rs. 100 stamp paper. (Format to be provided by WeMakeScholars Financial officer)
Section 7: Collateral documents (Optional)
Collateral documents are required for collateral loans which are not the same for everyone. They differ from state to state. Ask your WeMakeScholars Financial officer to provide an accurate list of documents according to your state.
Punjab and Sind Bank Education Loan Insurance:
A loan insurance is to protect the loan amount. The Punjab and Sind bank takes 1 to 2% of the whole sanctioned as loan insurance. Loan insurance comes to use when the applicant is unable to pay the loan due to any unforeseen circumstances like disability or death of the applicant, then the loan is repaid by the insurance company.
You do not need to make an upfront payment for loan insurance as it is usually adjusted
with the loan that you take. Talk to your financial officer at WeMakeScholars for more details.
Punjab and Sind Bank Loan Margin Calculation
The Loan margin for Punjab and Sind Bank varies with the education loan scheme. However, there is no loan margin for loans up to 4 lacs.
Loan Margin for Study in India Loans
Scheme Name |
Above 4 lacs |
Above 10 lacs |
Punjab and Sind Bank education loan to study in India |
5% |
Same |
Punjab and Sind Bank Excellence Education loan |
5% |
15% |
Punjab and Sind Bank Skill education loan |
NIL |
NIL |
Loan Margin to Study Abroad
The Punjab and Sind bank education loans to study abroad do not have any loan margin for loans up to 4 lacs. However, there is a loan margin of 15% for loans above 4 lacs.
If you cannot arrange the 5% or 15% loan margin from your end, then you can talk to your financial officer at WeMakeScholars about it. He will either arrange a better offer by talking to the lender about it or will connect you to a lender who can offer you a better deal.
How to apply for an Education Loan from Punjab and Sind Bank?
You can apply for an education loan from Punjab and Sind bank through WeMakeScholars for a hassle-free faster education loan process.
Step 1- Request a callback from WeMakeScholars
Step 2- Your financial officer will check your eligibility for an education loan and will provide you with a document checklist
Step 3- Visit the bank with all the documents which were mentioned in the document checklist
Step 4- Fill up the application form provided by your WeMakeScholars financial officer and with it attach your documents and submit in the bank
Step 5- Once you are done with verifying all the details in the bank, you will get the loan sanctioned in the time stipulated by your WeMakeScholars financial officer.
Why should not go directly through banks?
Some of the reasons to not go directly through banks are:
- Incomplete education loan information
- Multiple visits for the full list of documents
- Many kinds of charges will be hidden from you
- The process will take longer than usual
- Chances of education loan sanction are fewer
Why go through WeMakeScholars?
WeMakeScholars is an organization that offers unbiased education loans to students to pursue higher education in India or abroad. We are supported by the Ministry of IT, govt of India under the Digital India campaign. We offer free of cost services to students going through us. We are partnered with 14+ banks(public/Pvt), which offers the student ease of choosing between different lenders.
- Better Interest rates : Going through WeMakeScholars will automatically lower your interest rates to up to 2% from the bank’s average interest rate, as we are partnered with 14+(public/Pvt banks)
- Fastest processing time : We maintain an average timeline for education loan sanction of 21 working days for Govt. banks and 7 working days for Private banks and NBFCs after you submit all the documents. The time for an education loan sanction when you go through us is 50% lesser than the time the bank takes directly
- End-to-end support : We at WeMakeScholars also help you with disbursement and repayment along with loan sanction, even in a 12 hrs different timezone.
- Tax benefit: WeMakeScholars financial officer will educate you on different tax benefits you will have while availing an education loan.
- Cashback offered : We reward you with a cashback of ₹3000 when you go through us.
Students wishing to study abroad by taking an education loan can request a callback from our team.
Why and How to Transfer your Education Loan to Punjab and Sind Bank?
Why transfer to Punjab and Sind banks?
- The Punjab and Sind bank offers need-based loan and hence you can avail loan according to your financial need
- The bank gives you the option of paying or opting out of interest payment in the moratorium period
- The bank gives you enough time to repay your loan, i.e 15 years of the repayment period.
Here’s a hassle-free process to transfer your education loan to Punjab and Sind bank:
- Collect the information of the education loan outstanding amount from your previous bank
- Request a callback from WeMakeScholars and wait for him to call you.
- Tell your financial officer from WeMakeScholars that you wish to transfer your education loan to Punjab and Sind bank
- Your financial officer will give you a list of documents. Submit those documents to the Punjab and Sind bank
- The Punjab and Sind bank will clear off your loan with the previous bank and will start the education loan with them
You know how easy education loan transfers are when you go through WeMakeScholars!
Punjab and Sind bank Education loan EMI Calculation as per Interest Rate
Learn the calculation of EMIs through the example given below.
Suppose you have taken an education loan of 30 lacs at an interest rate of 9% per annum. Your course duration is 2 years and a moratorium period of course duration plus 1 year. Your loan tenure is 10 years excluding the moratorium period.
Here’s how much you will pay yearly!
Timeline |
EMI |
Interest Portion |
Principal Portion |
Loan Outstanding |
End of year 1 |
46083 |
25674 |
20409 |
3402745 |
End of year 2 |
46083 |
23759 |
22324 |
3145558 |
End of year 3 |
46083 |
21665 |
24418 |
2864245 |
End of year 4 |
46083 |
19374 |
26709 |
2556543 |
End of year 5 |
46083 |
16869 |
29214 |
2219977 |
End of year 6 |
46083 |
14128 |
31955 |
1851838 |
End of year 7 |
46083 |
11131 |
34952 |
1449165 |
End of year 8 |
46083 |
7852 |
38231 |
1008719 |
End of year 9 |
46083 |
4266 |
41817 |
526956 |
End of year 10 |
46083 |
343 |
45740 |
0 |
Ask your financial officer at WeMakeScholars to calculate EMI for your if you are unable to calculate it.
Punjab and Sind Bank Education Loan Repayment process
The Punjab and Sind bank offers the choice of interest payment during the moratorium period. However, if not paid in the moratorium period, it adds up in the EMIs after the moratorium period.
The bank also offers its students the choice of closing off the loan early through the following ways:
- Prepayment
- Choosing a shorter duration to repay the amount
- Loan transfer to another bank
Repayment of an education loan can take you through hassles like a sudden increase in the ROI. Avoid all the hassles of the repayment by going through WeMakeScholars!
FAQs:
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How much bank loan can I get for education from WeMakeScholars?
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Which bank provides education loans easily?
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Which bank is best for student education loans?
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Is there a processing fee for an education loan with Punjab & Sind Bank?
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Can I get an education loan without my parents/guardians from Punjab and Sind bank?
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What happens if I don't pay my student loan?
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Is an education loan free of interest?
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Do Punjab and Sind Bank give education loans?
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Who is eligible for an education loan?
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How do I repay my Punjab and Sind bank education loan?
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