PNB PM Cares Education Loan Scheme

About PNB PM Cares Education Loan Scheme

The PNB PM Cares Education Loan Scheme provides financial assistance to Indian students who continue their education beyond high school. Students can receive loan funds to pay their educational expenses, including tuition, books, hostel, and laboratory fees. Students can fully concentrate on their education through child education plans because they provide competitive interest rates in combination with adaptable repayment structures. Everything related to the loan happens digitally, providing students with their parents with simple access to the process.

PNB PM Cares Education Loan – Rate of Interest

This education loan comes with an attractive interest rate of 8.10% per annum. Students also get a moratorium period that extends from course completion to 12 months, allowing them to start repayment once they secure a job.

Repayment Tenure

• Loans up to ₹7.50 lakh: Moratorium period + Up to 120 months

• Loans above ₹7.50 lakh: Moratorium period + Up to 180 months

Students can easily handle their financial obligations through this flexible repayment method, which imposes no new financial weights.

Key Features of PNB PM Cares Education Loan Scheme

• No Collateral Required: The scheme enables students who enrol in top premier institutions to obtain a loan without any security requirement.

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

• Comprehensive Coverage of Expenses: The insurance includes full expense coverage for tuition fees, hostel fees, essential items such as books and instruments, uniforms, laboratory fees, caution deposits, and study tours.

• Insurance Cover: Optional child investment plan to safeguard the student’s financial future.

• Flexible Moratorium Period: Repayment starts one year after course completion.

• Fully Digital Application Process: The online process makes it simple and quick for students to apply.

Investment

Secure

Secure your child’s future with or without you

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₹10,000/Month

& Get

₹1 Crore^*

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Eligibility Criteria

Students must meet the following criteria to apply for the PNB PM Cares Education Loan Scheme:

• Nationality: Indian nationals only.

• Age Requirement:

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

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

• Educational Qualification: The student must be admitted to a full-time course at a recognised educational institution in India.

Documents Required

To avail of this child education allowance, students and co-applicants must provide the following documents:

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

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

• Admission Letter: from the educational institution

• Institute’s Fee Structure:

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

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

• Passport-size Photographs: of the applicant and co-applicant

Most Important Terms and Conditions

• This education loan is available only for full-time students studying in recognised institutions.

• Repayment begins after the moratorium period (course duration + 1 year).

• The interest rate is linked to the Repo Rate, making it subject to change.

• No prepayment charges apply for early loan repayment.

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

• Students can claim a tax deduction under Section 80E of the Income Tax Act for the interest paid on the loan.