PNB Honhaar Education Loan

About PNB Honhaar Education Loan

Students enrolled in top Indian institutions who pursue full-time courses can receive financial support through PNB’s Honhaar Education Loan program. The loan supports multiple educational costs, including tuition and hostel fees, as well as materials needed for studies. The addition of financial support occurs through child education allowance. The online application provides students and their parents with convenient admission methods.

PNB Honhaar Education Loan – Rate of Interest

The PNB Honhaar Education Loan provides valuable benefits to students and their parents through its starting interest rates at 8.15% per annum. Borrowers get a moratorium period that extends from the course duration to 12 months after completion, allowing them ample time to start repayments.

Repayment Tenure

• Loans up to ₹7.50 lakh: Moratorium period + Up to 10 years

• Loans above ₹7.50 lakh: Moratorium period + Up to 15 years

The long period to repay loans provides comfortable conditions for borrowers to handle their financial obligations without creating serious financial challenges.

Key Features of PNB Honhaar Education Loan

• No Collateral: No security is required for students admitted to top-tier institutions.

• Zero Processing Fees: No additional charges for loan processing.

• Comprehensive Expense Coverage: The insurance policy includes complete coverage for tuition and hostel expenses, study materials, and library payments.

• The Child Investment Plan is an extra option to protect future financial prospects for students.

• Customers can start loan repayments one year after finishing their coursework.

• Digital Application Process: Online application and approval process for ease of access.

Investment

Secure

Secure your child’s future with or without you

Start Investing

₹10,000/Month

& Get

₹1 Crore^*

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Eligibility Criteria

To avail of the PNB Honhaar Education Loan, applicants must meet the following criteria:

• Nationality: Indian nationals only.

• Age Range:

  • Student: Up to 40 years at the time of application.

  • Co-applicant (Parent/Guardian): 21-58 years (salaried) or 21-65 years (non-salaried).

• Educational Requirement: Must be enrolled in a full-time professional or technical course at a premier institution in India.

Documents Required

Students and co-applicants need to submit the following documents:

• Proof of Identity (Aadhaar Card/PAN Card/Passport/Voter ID)

• Proof of Residence (Utility bill, Voter ID, Aadhaar Card)

• Admission Letter from the Institution

• Fee Structure of the Institution

• Academic Mark Sheets (10th, 12th, and latest mark sheets)

• Proof of Income of Co-applicant (Salary slips, ITR, or bank statements)

• Passport-size photographs of the applicant and co-applicant

Most Important Terms and Conditions

• The loan is available only for students admitted to full-time courses in premier institutions.

• Repayment starts after the moratorium period (course duration + 12 months).

• The interest rate is floating and linked to the Repo Rate.

• No prepayment charges for early repayment.

• The loan does not cover external coaching or private tuition fees.

• Tax benefits are available under Section 80E of the Income Tax Act for interest rate on the loan.